Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN),
one of the primary dealership networks in the premium used car
segment in China, today announced its unaudited financial results
for the three months ended June 30, 20191.
Second Quarter 2019 Operational Highlights
- Number of Self-Owned and Affiliated Network
Dealerships were 14 and 4, respectively, as of June 30,
2019, unchanged from March 31, 2019.
- Gross Merchandise Value (GMV)2 was US$108.1
million, representing a decrease of 3.1% from US$111.6 million in
the second quarter of 2018.
- Number of cars sold was 1,667 units, compared
with 1,543 units sold in the second quarter of 2018.
- Inventory turnover days were 42 days, compared
with 67 days in the second quarter of 2018.
Second Quarter 2019 Financial Highlights
- Total net revenues were US$100.0 million,
representing a decrease of 8.1% from US$108.8 million in the second
quarter of 2018.
- Gross profit was US$2.5 million, representing
an increase of 120.6% from US$1.1 million in the second quarter of
2018.
- Loss from operations was US$6.3 million,
compared with a loss of US$13.7 million in the second quarter of
2018.
- Net income attributable to the Company was
US$76.8 million, compared with a net loss attributable to the
Company of US$ 9.6 million in the second quarter of 2018.
- Adjusted loss from continuing operations3
(non-GAAP) was US$0.5 million, compared with an adjusted loss from
continuing operations of US$5.3 million in the second quarter of
2018.
- Adjusted loss from
operations3 (non-GAAP) was US$0.3
million, compared with an adjusted loss from operations of US$6.4
million in the second quarter of 2018.
- Adjusted EBITDA from continuing operations4
(non-GAAP) was US$0.2 million, compared with negative US$4.4
million in the second quarter of 2018.
“We are one of the primary dealership networks in the premium
used car segment in China with opportunity ahead of us to grow. The
premium used car segment is a very large percentage of the total
used car market in China, with a growth rate faster than the
overall used car market. The strong demand is driven by both
continued income increase of China’s middle class, and the
favourable value proposition of used cars in the challenging
macroeconomic environment. We are well positioned to capture this
extraordinary market opportunity and further solidify our
leadership in the premium used car market as we continue to power
our dealers with capital, technological systems, and marketing
capabilities. Our strategy is to provide consumers with the
simplest, most comprehensive and transparent services
available. We believe this differentiated business model,
combined with our scale, funding availability for our dealerships,
and a multitude of value-added services, gives us a significant
competitive advantage,” commented Mr. Joseph Chen, chairman of
Kaixin.
“In the second quarter, we saw improvement in our core operating
efficiency as we benefited from strategic focus on the operational
optimization of both our dealerships and our corporate
headquarters. After rolling out a pilot program upgrading our SAAS
system at selected dealerships, we are very pleased to see both
enhanced procurement efficiency and inventory management, as well
as improved communication between our dealerships and headquarters.
We plan to extend the pilot program to all of our dealerships in
the second half of 2019. Regarding corporate functions, in the
second quarter we implemented strategic initiatives to streamline
operations, in an effort to make finance, human resources, IT,
procurement, legal, and facilities management more efficient and
cost effective. As a result, we improved our operating loss margin
by 6.3 percentage points year-over-year in the second quarter 2019.
Going forward, we will continue to refine our business and
operating model, targeting further market penetration and eventual
profitability,” added Mr. Chen Ji, chief executive officer of
Kaixin.
Ms. Lucy Yang, chief financial officer of Kaixin, said, “Our
second quarter 2019 revenue was US$100.0 million, a decline of 8.1%
compared with the same period last year. The revenue decline was
primarily due to our reduction in resources allocated to
low-performing dealers, as we aim to reallocate resources to better
performing dealers for our long term growth and profitability, I am
glad to see that both our gross margin and operating margin
improved year-over-year by 1.5 and 6.3 percentage points,
respectively, as we made the transition to more efficient
operations at both our dealers and corporate headquarters. Our
adjusted EBITDA from continuing operations turned positive to $0.2
million in the second quarter 2019, compared with negative $4.4
million in the second quarter 2018, and our adjusted loss from
operations narrowed significantly to US$0.3 million in the second
quarter, from a loss of $6.4 million in the same quarter 2018. With
our current balanced strategy for both our top- and bottom- line
growth, we are confident in our ability to deliver healthy
operational results and continue to improve our profitability in
the second half of 2019.”
Second Quarter 2019 Results
Total net revenues for the second quarter of
2019 were US$100.0 million, representing an 8.1% decrease from the
second quarter of 2018.
Automobile sales revenues for the second quarter of 2019 were
US$98.3 million, representing a 7.9% decrease from the second
quarter of 2018. The decrease was mainly due to our reduction in
resources allocated to low-performing dealers, as we aim to
reallocate resources to better performing dealers for our long-term
growth and profitability.
Cost of revenues was US$97.4 million,
representing a decrease of 9.5% from US$107.6 million in the second
quarter of 2018. The decrease was in line with the decrease in
revenue.
Gross profit was US$2.5 million, representing
an increase of 120.6% from US$1.1 million in the second quarter of
2018. Gross profit margin was 2.5% in the second quarter of 2019,
compared with 1.0% in the second quarter of 2018.
Operating expenses were US$8.8 million, a 40.9%
decrease from US$14.8 million in the second quarter of 2018. The
decrease was primarily attributable to the optimization and
streamlining of our IT systems, processes and personnel
allocations.
Selling and marketing expenses were US$3.7 million, a 42.1%
decrease from US$6.4 million in the second quarter of 2018. The
decrease resulted from the effort to improve operation efficiency
in headcount and personnel-related expenses.
Research and development expenses were US$0.9 million, a 24.8%
decrease from US$1.3 million in the second quarter of 2018. The
decrease was primarily due to the decrease in headcount and
personnel-related expenses.
General and administrative expenses were US$4.1 million, a 42.6%
decrease from US$7.2 million in the second quarter of 2018. The
decrease was primarily due to the decrease in headcount and
personnel-related expenses, as a result of optimization of our
operation management system.
Loss from operations was US$6.3 million,
compared with a loss from operations of US$13.7 million in the
second quarter of 2018.
Net income attributable to the Company was
US$76.8 million, compared with a net loss attributable to the
Company of US$9.6 million in the second quarter of 2018, primarily
due to the accrual of consideration of fair value change related to
cooperation agreements with dealers.
Adjusted loss from continuing operations
(non-GAAP) was US$0.5 million, compared with an adjusted
loss from continuing operations of US$5.3 million in the second
quarter of 2018.
Adjusted loss from operations (non-GAAP) was
US$0.3 million, compared with an adjusted net loss of US$6.4
million in the second quarter of 2018.
Adjusted EBITDA from continuing operations
(non-GAAP) was US$0.2 million, compared with negative
US$4.4 million in the second quarter of 2018.
Business Outlook
For the third quarter of 2019, the management of
the Company currently expects:
- Total revenues for the third quarter of 2019 to be in the range
of US$70.0 million to US$80.0 million. This forecast reflects the
Company's current and preliminary views on the market and
operational conditions, which are subject to change.
Conference Call Information
The Company's management will host an earnings conference call
at 9:00 AM U.S. Eastern Time on November 26, 2019 (10:00 PM
Beijing/Hong Kong time on November 26, 2019).
Interested parties may participate in the conference call by
dialing:
United
States: |
1-845-675-0437 |
International: |
+65-6713-5090 |
Hong Kong: |
+852-3018-6771 |
Mainland China: |
400-620-8038 |
Conference ID: |
9286069 |
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.kaixin.com.
A replay of the conference call will be accessible by phone at
the following number until December 3, 2019:
United
States: |
1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong: |
+852-3051-2780 |
Mainland China: |
400-632-2162 |
Replay Access Code: |
9286069 |
About Kaixin Auto Holdings
Kaixin Auto Holdings is one of the primary dealership networks
in the premium used car segment in China. Supported by the rapid
growth of China's used car market and leveraging its own hybrid
business model that offers both strong online and offline presence,
Kaixin has transformed from a tech-enabled financing platform into
a nationwide dealer network that combines its own and affiliated
dealers as well as value-added and after-sale services.
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 third quarter of 2019 and quotations
from management in this announcement, as well as Kaixin’s strategic
and operational plans, contain forward-looking statements. Kaixin
may also make written or oral forward-looking statements in its
filings with the U.S. Securities and Exchange Commission ("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 Kaixin’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: our goals and strategies; our future
business development, financial condition and results of
operations; the expected growth of the social networking site
market in China; our expectations regarding demand for and market
acceptance of our services; our expectations regarding the
retention and strengthening of our relationships with used auto
dealerships; our plans to enhance user experience, infrastructure
and service offerings; competition in our industry in China; and
relevant government policies and regulations relating to our
industry. Further information regarding these and other risks is
included in our 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 Kaixin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
About Non-GAAP Financial Measures
To supplement Kaixin's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Kaixin uses "adjusted loss from operations",
"adjusted loss from continuing operations" and “adjusted EBITDA
from continuing operations”, which are defined as non-GAAP
financial measures by the SEC, in evaluating its business. We
define adjusted loss from operations as loss from operations
excluding share-based compensation expenses, provision for
financing receivable, provision for PPE, one-time provision for
other receivable and one-time listing fee and adjusted loss from
continuing operations as (loss) income from continuing operations
excluding share-based compensation expenses, fair value change of
contingent consideration, provision for financing receivable,
provision for PPE, one-time provision for other receivable and
one-time listing fee. Adjusted EBITDA from continuing operations is
defined as (loss) income from continuing operations excluding fair
value change of contingent consideration, share-based compensation
expense, interest expenses, income tax expenses, depreciation,
provision for financing receivable, provision for PPE, one-time
provision for other receivable and one-time listing fee. Kaixin
continuously and periodically reviews the operating results and
business performance from operational perspectives. 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, Kaixin believes that including adjusted
income (loss) from operations and excluding the impact of such fair
value changes more appropriately reflects Kaixin’s results of
operations, and provides investors with a better understanding of
Kaixin’s business performance. To facilitate investors and
analysts, we present the foresaid impact in "Reconciliation of
non-GAAP results of operations measures to the comparable GAAP
financial measures" retrospectively. We present adjusted income
(loss) from operations, income (loss) from continuing operations
and EBITDA from continuing operations because they are used by our
management to evaluate our operating performance. We also believe
that these non-GAAP financial measures provide useful information
to investors and others in understanding and evaluating our
consolidated results of operations in the same manner as our
management and in comparing financial results across accounting
periods and to those of our 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:
Kaixin Auto HoldingsLei Song Tel: (86 10) 8448
1818 ext. 2111Email: kaixin.ir@renren-inc.com
The Piacente Group, Inc.Ross WarnerTel: +86
(10) 6508-0677Email: Kaixin@tpg-ir.com
Jason FinklesteinTel: +1 (212) 481-2050Email:
Kaixin@tpg-ir.com
SOURCE: Kaixin Auto Holdings
_________________________
1 The operation data and financial information other than
presented in “Discontinued operations” in this press release
excludes Shandong Jieying Huaqi Automobile Service Co., Ltd.
(“Ji’nan Dealership”), as Kaixin transferred its equity interests
along with the relevant assets to its corporate parent, Renren
Inc., in the second half of 2018.
2 Includes automobile sales transactions at the Company’s
dealerships including cars owned by Kaixin and cars sourced by
Kaixin Affiliated Network Dealers that Kaixin sells pursuant to
profit-sharing arrangements.
3 Adjusted loss from continuing operations and adjusted loss
from operations are non-GAAP measures. We define adjusted loss from
continuing operations as (loss) income from continuing operations
excluding share-based compensation expenses, fair value change of
contingent consideration, provision for financing receivable,
provision for PPE, one-time provision for other receivable, and
one-time listing fee. We define adjusted loss from operations as
loss from operations excluding share-based compensation expenses,
provision for financing receivable, provision for PPE, one-time
provision for other receivable and one-time listing fee. See "About
Non-GAAP Financial Measures" below.
4 Adjusted EBITDA from continuing operations is a non-GAAP
financial measure. It is defined as (loss) income from continuing
operations excluding fair value change of contingent consideration,
share-based compensation expense, interest expenses, income tax
expenses, depreciation, provision for financing receivable,
provision for PPE, one-time provision for other receivable and
one-time listing fee. See "About Non-GAAP Financial Measures"
below.
KAIXIN AUTO HOLDINGS |
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(In thousands of US dollars) |
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
June
30, |
|
|
|
2018 |
|
2019 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
7,950 |
|
$ |
7,283 |
|
Restricted
Cash |
|
|
|
5,818 |
|
|
- |
|
Accounts
receivable, net |
|
|
|
1,480 |
|
|
745 |
|
Financing
receivable, net |
|
|
|
3,486 |
|
|
107 |
|
Prepaid
expenses and other current assets |
|
|
|
38,714 |
|
|
45,557 |
|
Inventory |
|
|
|
57,950 |
|
|
43,704 |
|
Total current assets |
|
|
|
115,398 |
|
|
97,396 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property and
equipment, net |
|
|
|
813 |
|
|
196 |
|
Goodwill |
|
|
|
75,021 |
|
|
75,136 |
|
Right-of-use
lease assets |
|
|
|
- |
|
|
3,643 |
|
Total non-current assets |
|
|
|
75,834 |
|
|
78,975 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
$ |
191,232 |
|
$ |
176,371 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
|
$ |
4,975 |
|
$ |
5,099 |
|
Short-term
debt |
|
|
|
49,887 |
|
|
17,657 |
|
Accrued
expenses and other current liabilities |
|
|
|
10,644 |
|
|
12,071 |
|
Short-term
lease liabilities |
|
|
|
- |
|
|
1,878 |
|
Amounts due
to related parties |
|
|
|
78,108 |
|
|
4,228 |
|
Advance from
customers |
|
|
|
4,078 |
|
|
1,146 |
|
Contingent
consideration |
|
|
|
11,929 |
|
|
- |
|
Income tax
payable |
|
|
|
7,590 |
|
|
7,974 |
|
Total current liabilities |
|
|
|
167,211 |
|
|
50,053 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term
contingent consideration |
|
|
|
93,741 |
|
|
- |
|
Long-term
lease liabilities |
|
|
|
- |
|
|
1,166 |
|
Total non-current liabilities |
|
|
|
93,741 |
|
|
1,166 |
|
|
|
|
|
|
|
|
TOTAL LIABILITES |
|
|
$ |
260,952 |
|
$ |
51,219 |
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
Ordinary
shares |
|
|
|
2 |
|
|
4 |
|
Additional
paid-in capital |
|
|
|
38,559 |
|
|
180,609 |
|
Statutory
reserves |
|
|
|
4,004 |
|
|
4,004 |
|
Accumulated
deficit |
|
|
|
(146,073 |
) |
|
(88,764 |
) |
Accumulated
other comprehensive income (loss) |
|
|
|
1,382 |
|
|
(1,075 |
) |
|
|
|
|
|
|
|
Total Kaixin Auto Holdings shareholders'
equity |
|
|
|
(102,126 |
) |
|
94,778 |
|
|
|
|
|
|
|
|
Non-controlling interest |
|
|
|
32,406 |
|
|
30,374 |
|
|
|
|
|
|
|
|
TOTAL EQUITY |
|
|
|
(69,720 |
) |
|
125,152 |
|
|
|
|
|
|
|
|
TOAL
LIABILITIES AND EQUITY |
|
|
$ |
191,232 |
|
$ |
176,371 |
|
|
|
|
|
|
|
|
KAIXIN AUTO
HOLDINGS |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
(In thousands of US
dollars, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
For the Six Months Ended |
|
|
|
June
30, |
|
|
March
31, |
|
|
June
30, |
|
|
|
|
June
30, |
|
|
June
30, |
|
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
|
|
2018 |
|
|
2019 |
Net
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile sales |
|
$ |
106,700 |
|
|
$ |
102,620 |
|
|
$ |
98,294 |
|
|
|
|
$ |
199,556 |
|
|
$ |
200,914 |
|
Financing income |
|
|
194 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
2,317 |
|
|
|
- |
|
Others |
|
|
1,858 |
|
|
|
2,026 |
|
|
|
1,659 |
|
|
|
|
|
4,210 |
|
|
|
3,685 |
|
Total net revenues |
|
|
108,752 |
|
|
|
104,646 |
|
|
|
99,953 |
|
|
|
|
|
206,083 |
|
|
|
204,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile sales |
|
|
(101,649 |
) |
|
|
(98,472 |
) |
|
|
(94,832 |
) |
|
|
|
|
(189,926 |
) |
|
|
(193,304 |
) |
Cost of financing income |
|
|
(952 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
(3,130 |
) |
|
|
- |
|
Provision for financing receivable |
|
|
(4,872 |
) |
|
|
- |
|
|
|
(2,594 |
) |
|
|
|
|
(4,872 |
) |
|
|
(2,594 |
) |
Others |
|
|
(140 |
) |
|
|
(57 |
) |
|
|
(14 |
) |
|
|
|
|
(193 |
) |
|
|
(71 |
) |
Total cost of revenues |
|
|
(107,613 |
) |
|
|
(98,529 |
) |
|
|
(97,440 |
) |
|
|
|
|
(198,121 |
) |
|
|
(195,969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,139 |
|
|
|
6,117 |
|
|
|
2,513 |
|
|
|
|
|
7,962 |
|
|
|
8,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
|
(6,357 |
) |
|
|
(4,359 |
) |
|
|
(3,681 |
) |
|
|
|
|
(13,124 |
) |
|
|
(8,040 |
) |
Research and development |
|
|
(1,253 |
) |
|
|
(974 |
) |
|
|
(942 |
) |
|
|
|
|
(2,405 |
) |
|
|
(1,916 |
) |
General and administrative |
|
|
(7,228 |
) |
|
|
(2,817 |
) |
|
|
(4,146 |
) |
|
|
|
|
(17,357 |
) |
|
|
(6,963 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
(14,838 |
) |
|
|
(8,150 |
) |
|
|
(8,769 |
) |
|
|
|
|
(32,886 |
) |
|
|
(16,919 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(13,699 |
) |
|
|
(2,033 |
) |
|
|
(6,256 |
) |
|
|
|
|
(24,924 |
) |
|
|
(8,289 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(expense) income |
|
|
1,990 |
|
|
|
1,102 |
|
|
|
404 |
|
|
|
|
|
2,205 |
|
|
|
1,506 |
|
Fair value
change of contingent consideration |
|
|
(8,538 |
) |
|
|
(17,733 |
) |
|
|
83,327 |
|
|
|
|
|
(15,677 |
) |
|
|
65,594 |
|
Interest
income |
|
|
156 |
|
|
|
43 |
|
|
|
16 |
|
|
|
|
|
495 |
|
|
|
59 |
|
Interest
expenses |
|
|
(765 |
) |
|
|
(630 |
) |
|
|
(404 |
) |
|
|
|
|
(1,894 |
) |
|
|
(1,034 |
) |
Total non-operating (loss) income |
|
|
(7,157 |
) |
|
|
(17,218 |
) |
|
|
83,343 |
|
|
|
|
|
(14,871 |
) |
|
|
66,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before provision of income tax and
noncontrolling interest, net of tax |
|
|
(20,856 |
) |
|
|
(19,251 |
) |
|
|
77,087 |
|
|
|
|
|
(39,795 |
) |
|
|
57,836 |
|
Income tax
expenses |
|
|
(234 |
) |
|
|
(365 |
) |
|
|
(263 |
) |
|
|
|
|
(1,110 |
) |
|
|
(628 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
|
|
(21,090 |
) |
|
|
(19,616 |
) |
|
|
76,824 |
|
|
|
|
|
(40,905 |
) |
|
|
57,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of income
tax |
|
|
11,341 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
10,062 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income |
|
|
(9,749 |
) |
|
|
(19,616 |
) |
|
|
76,824 |
|
|
|
|
|
(30,843 |
) |
|
|
57,208 |
|
Net loss
(income) attributable to non-controlling interests |
|
|
100 |
|
|
|
108 |
|
|
|
(7 |
) |
|
|
|
|
120 |
|
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income attributable to Kaixin Auto Holdings |
|
$ |
(9,649 |
) |
|
$ |
(19,508 |
) |
|
$ |
76,817 |
|
|
|
|
$ |
(30,723 |
) |
|
$ |
57,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share from discontinued operations attributable to Kaixin Auto
Holdings shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.45 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
0.40 |
|
|
$ |
- |
|
Diluted |
|
$ |
0.45 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
0.40 |
|
|
$ |
- |
|
Net (loss)
income per share attributable to Kaixin Auto Holdings
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.39 |
) |
|
$ |
(0.78 |
) |
|
$ |
2.25 |
|
|
|
|
$ |
(1.23 |
) |
|
$ |
1.94 |
|
Diluted |
|
$ |
(0.39 |
) |
|
$ |
(0.78 |
) |
|
$ |
1.67 |
|
|
|
|
$ |
(1.23 |
) |
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in calculating net (loss) income per
ordinary share attributable to Kaixin Auto Holdings
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,984,300 |
|
|
|
24,984,300 |
|
|
|
34,193,535 |
|
|
|
|
|
24,984,300 |
|
|
|
29,609,923 |
|
Diluted |
|
|
24,984,300 |
|
|
|
24,984,300 |
|
|
|
46,046,897 |
|
|
|
|
|
24,984,300 |
|
|
|
52,809,497 |
|
Weighted
average number of shares used in calculating net income per
ordinary share from discontinued operations attributable to Kaixin
Auto Holdings shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
24,984,300 |
|
|
|
24,984,300 |
|
|
|
34,193,535 |
|
|
|
|
|
24,984,300 |
|
|
|
29,609,923 |
|
Diluted |
|
|
24,984,300 |
|
|
|
24,984,300 |
|
|
|
46,046,897 |
|
|
|
|
|
24,984,300 |
|
|
|
52,809,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Non-GAAP results of operations measures to the comparable GAAP
financial measures |
(In thousands of US
dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
For the Six Months Ended |
|
|
|
June
30, |
|
|
March
31, |
|
|
June
30, |
|
|
|
|
June
30, |
|
|
June
30, |
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
|
|
2018 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
$ |
(13,699 |
) |
|
$ |
(2,033 |
) |
|
$ |
(6,256 |
) |
|
|
|
$ |
(24,924 |
) |
|
$ |
(8,289 |
) |
Add back: Shared-based compensation expenses |
|
|
2,412 |
|
|
|
635 |
|
|
|
1,875 |
|
|
|
|
|
9,827 |
|
|
|
2,510 |
|
Add back: Provision for financing receivable |
|
|
4,872 |
|
|
|
- |
|
|
|
2,594 |
|
|
|
|
|
4,872 |
|
|
|
2,594 |
|
Add back: Provision for PPE |
|
|
- |
|
|
|
- |
|
|
|
507 |
|
|
|
|
|
- |
|
|
|
507 |
|
Add back: One-time provision for other receivable |
|
|
- |
|
|
|
- |
|
|
|
150 |
|
|
|
|
|
- |
|
|
|
150 |
|
Add back: One-time listing fee |
|
|
1 |
|
|
|
62 |
|
|
|
843 |
|
|
|
|
|
1 |
|
|
|
905 |
|
Adjusted loss from operations |
|
$ |
(6,414 |
) |
|
$ |
(1,336 |
) |
|
$ |
(287 |
) |
|
|
|
$ |
(10,224 |
) |
|
$ |
(1,623 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
|
$ |
(21,090 |
) |
|
$ |
(19,616 |
) |
|
$ |
76,824 |
|
|
|
|
$ |
(40,905 |
) |
|
$ |
57,208 |
|
Add back: Fair value change of contingent consideration |
|
|
8,538 |
|
|
|
17,733 |
|
|
|
(83,327 |
) |
|
|
|
|
15,677 |
|
|
|
(65,594 |
) |
Add back: Shared-based compensation expenses |
|
|
2,412 |
|
|
|
635 |
|
|
|
1,875 |
|
|
|
|
|
9,827 |
|
|
|
2,510 |
|
Add back: Provision for financing receivable |
|
|
4,872 |
|
|
|
- |
|
|
|
2,594 |
|
|
|
|
|
4,872 |
|
|
|
2,594 |
|
Add back: Provision for PPE |
|
|
- |
|
|
|
- |
|
|
|
507 |
|
|
|
|
|
- |
|
|
|
507 |
|
Add back: One-time provision for other receivable |
|
|
- |
|
|
|
- |
|
|
|
150 |
|
|
|
|
|
- |
|
|
|
150 |
|
Add back: One-time listing fee |
|
|
1 |
|
|
|
62 |
|
|
|
843 |
|
|
|
|
|
1 |
|
|
|
905 |
|
Adjusted loss from continuing operations |
|
$ |
(5,267 |
) |
|
$ |
(1,186 |
) |
|
$ |
(534 |
) |
|
|
|
$ |
(10,528 |
) |
|
$ |
(1,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
|
$ |
(21,090 |
) |
|
$ |
(19,616 |
) |
|
$ |
76,824 |
|
|
|
|
$ |
(40,905 |
) |
|
$ |
57,208 |
|
Add back: Fair value change of contingent consideration |
|
|
8,538 |
|
|
|
17,733 |
|
|
|
(83,327 |
) |
|
|
|
|
15,677 |
|
|
|
(65,594 |
) |
Add back: Shared-based compensation expenses |
|
|
2,412 |
|
|
|
635 |
|
|
|
1,875 |
|
|
|
|
|
9,827 |
|
|
|
2,510 |
|
Add back: Provision for financing receivable |
|
|
4,872 |
|
|
|
- |
|
|
|
2,594 |
|
|
|
|
|
4,872 |
|
|
|
2,594 |
|
Add back: Provision for PPE |
|
|
- |
|
|
|
- |
|
|
|
507 |
|
|
|
|
|
- |
|
|
|
507 |
|
Add back: One-time provision for other receivable |
|
|
- |
|
|
|
- |
|
|
|
150 |
|
|
|
|
|
- |
|
|
|
150 |
|
Add back: One-time listing fee |
|
|
1 |
|
|
|
62 |
|
|
|
843 |
|
|
|
|
|
1 |
|
|
|
905 |
|
Add back: Interest expenses |
|
|
609 |
|
|
|
587 |
|
|
|
388 |
|
|
|
|
|
1,399 |
|
|
|
975 |
|
Add back: Income tax expenses |
|
|
234 |
|
|
|
365 |
|
|
|
263 |
|
|
|
|
|
1,110 |
|
|
|
628 |
|
Add back: Depreciation |
|
|
21 |
|
|
|
64 |
|
|
|
55 |
|
|
|
|
|
21 |
|
|
|
119 |
|
Adjusted EBITDA from continuing operations |
|
$ |
(4,403 |
) |
|
$ |
(170 |
) |
|
$ |
172 |
|
|
|
|
$ |
(7,998 |
) |
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaixin (NASDAQ:KXIN)
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From Mar 2024 to Apr 2024
Kaixin (NASDAQ:KXIN)
Historical Stock Chart
From Apr 2023 to Apr 2024