BEIJING, Sept. 29, 2021 /PRNewswire/ -- TuanChe
Limited ("TuanChe," "Company," "we" or "our") (NASDAQ: TC), a
leading omni-channel automotive marketplace in China, today announced its unaudited financial
results for the second quarter ended June
30, 2021.
Key Second Quarter 2021 Financial and Operating
Metrics
- Net revenues increased by 141.9% to RMB132.4 million (US$20.5
million) from RMB54.7 million
in the same period of 2020.
- Gross profit increased by 126.6% to RMB97.5 million (US15.1 million) from
RMB43.0 million in the same period of
2020.
- Quarterly number of auto shows organized across China increased by 188.5% to 176 in 110 cities
from 61 in 56 cities in the same period of 2020.
- Quarterly number of automobile sale transactions facilitated
increased by 105.4% to 40,364 from 19,656 in the same period of
2020. Quarterly gross merchandise volume of new automobiles sold
increased by 103.6% to RMB5.7 billion
(US$0.9 billion) from RMB2.8 billion in the same period of 2020.
- Sales operations covering 125 cities as of June 30, 2021, compared to 125 cities as of
March 31, 2021 and 134 cities as of
June 30, 2020.
First Half 2021 Financial and Operating Metrics
- Net revenues increased by 231.1% to RMB213.3 million (US$33.0
million) from RMB64.4 million
in the same period of 2020.
- Gross profit increased by 232.4% to RMB161.9 million (US$25.1
million) from RMB48.7 million
in the same period of 2020.
- The number of auto shows organized during the first half of
2021 increased by 314.9% to 278 in 133 cities from 67 auto shows in
60 cities across China in the same
period of 2020.
- The number of automobile sales transactions facilitated during
the first half of 2021 increased by 192.3% to 64,187 from 21,961 in
the same period of 2020, and the gross merchandise volume of new
automobiles sold during the first half of 2021 increased by 190.3%
to RMB9.0 billion (US$1.4 billion) from RMB3.1 billion in the same period of 2020.
Mr. Wei Wen, Chairman and Chief Executive Officer of
TuanChe, commented, "We maintained our positive momentum in the
second quarter of 2021 with robust topline growth, improved our
profitability and made solid progress in our omni-channel strategy.
Our net revenues reached RMB132.4
million, a 141.9% year-over-year increase, fueled by the
strength of our offline marketing services and advances in our
online initiatives. As we continued to innovate diversified retail
scenarios through strategic cooperation, we organized 176 auto
shows in 110 cities during the second quarter. This resulted in the
number of automobile sale transactions facilitated and the GMV of
new automobiles sold more than doubled on a year-over-year basis,
generating net revenues of RMB99.4
million, which was up by 197.9% year-over-year from the low
base last year. Looking ahead, we are optimistic that our extensive
online and offline outreach, comprehensive capabilities in
marketing innovation, strength in data analytics and deeper
engagement with strategic partners will outline promising prospects
for the Company."
Mr. Chenxi Yu, Deputy Chief Financial Officer of TuanChe,
added, "We are encouraged by our progress in the second quarter, as
we innovate and introduce services and applications that improve
consumers' purchase experience and provide creative marketing
solutions to OEMs and dealers. In the second quarter, our gross
profit climbed to RMB97.5 million,
representing year-over-year growth of 126.6%, benefitting from the
strong topline growth and our robust gross margin of 73.6%. Our
cost management strategy was also effective with general and
administrative expenses down by 48.6% year-over-year. Net loss
attributable to shareholders thus narrowed further by 84.9%
year-over-year to RMB6.0 million. We
are confident that as our strategy continues to evolve to adapt to
the changing market environment and consumer needs, we will
continue to create value for OEMs, dealers and consumers."
Recent Business Developments
As the COVID-19 pandemic is largely under control in
China, the Company has gradually
resumed offline operations in some cities since the end of
May 2020, with the pace of recovery
subject to the ongoing development of the COVID-19 pandemic and the
associated government guidance. Recent developments of the COVID-19
pandemic in China, such as
reported cases in the Guangdong
province in the second quarter of 2021, continue to generate
uncertainties over the Company's business, results of operations,
financial condition and cash flow. Furthermore, as business
operations of industry customers have also been disrupted by the
COVID-19 pandemic, the Company continues to experience delays in
collecting accounts receivables from these customers. See "Business
Outlook" for the Company's current and preliminary views on the
impact of COVID-19 on the auto market and operational conditions
for the third quarter. The Company also continues to closely
monitor both the development of the pandemic and regulatory
responses and restrictions as well as the impact on the Company's
business, results of operations, financial condition and cash
flows. Moreover, the Company has implemented and will continue
to implement measures to adjust the pace of business operations and
conserve resources and may resort to other cost cutting measures
for cash flow management.
Unaudited Second Quarter 2021 Financial Results
Net Revenues
Net revenues in the second quarter of 2021 increased by 141.9%
to RMB132.4 million (US$20.5 million) from RMB54.7 million in the same period of prior year,
primarily due to 190.2% year-over-year increase of revenues
generated from offline marketing services to RMB101.1 million (US$15.7
million) from RMB34.9 million
in the same period of prior year, as well as the strong revenue
growth generated from online marketing services and others.
- Offline marketing services. Net revenues generated from
auto shows increased by 197.9% to RMB99.4
million (US$15.4 million) in
the second quarter of 2021 from RMB33.4
million in the same period of prior year, and net revenues
generated from special promotion events increased by 14.6% to
RMB1.7 million (US$263 thousand) in the second quarter of 2021
from RMB1.5 million in the same
period of prior year. The increase in offline marketing services
primarily due to the resumption of offline business activities as a
result of the alleviation of the COVID-19 pandemic.
- Virtual dealership, online marketing services and
others. Net revenues generated from virtual dealership, online
marketing services and others increased by 57.4% to RMB31.3 million (US$4.8
million) in the second quarter of 2021 from RMB19.9 million in the same period of prior year,
primarily due to our continuous expansion of collaboration with
Baidu Youjia and Webank.
Gross Profit
Gross profit increased by 126.6% to RMB97.5 million (US$15.1
million) in the second quarter of 2021 from RMB43.0 million in the same period of prior year.
Gross margin was 73.6% in the second quarter of 2021 compared to
78.6% in the same period of prior year, primarily attributable to
the change in revenue mix.
Total Operating Expenses and Loss from
Operations
Total operating expenses increased by 25.9% to RMB106.8 million (US$16.5
million) in the second quarter of 2021 from RMB84.9 million in the same period of prior
year.
- Selling and marketing expenses increased by 72.1% to
RMB83.6 million (US$12.9 million) in the second quarter of 2021
from RMB48.6 million in the same
period of prior year, primarily due to increases in promotion
expenses and staff compensation expenses as a result of increased
volume of offline events.
- General and administrative expenses decreased by 48.6% to
RMB14.4 million (US$2.2 million) in the second quarter of 2021
from RMB28.0 million in the same
period of prior year, primarily due to decrease in the general and
administrative staff compensation expenses and allowance for
doubtful accounts, as a result of the optimization of the company's
employees compensation structure under the impact of COVID-19 and
the strengthening of accounts receivable management.
- Research and development expenses increased by 6.9% to
RMB8.8 million (US$1.4 million) in the second quarter of 2021
from RMB8.3 million in the same
period of prior year, primarily due to higher staff compensation
expenses for research and development personnel.
As a result of the foregoing, loss from operations decreased by
77.8% to RMB9.3 million (US$1.4 million) in the second quarter of 2021
from RMB41.8 million in the same
period of prior year.
Net loss attributable to the Company's Shareholders and
Non-GAAP Measures
Net loss attributable to the Company's shareholders in the
second quarter of 2021 decreased by 84.9% to RMB6.0 million (US$0.9
million) from RMB40.0 million
in the same period of prior year. Basic and diluted loss per
ordinary share were both RMB0.02
(US$0.003) in the second quarter of
2021 compared with RMB0.13 in the
same period of prior year.
Adjusted net loss attributable to the Company's shareholders in
the second quarter of 2021 decreased by 91.1% to RMB2.9 million (US$0.4
million) from RMB32.8 million
in the same period of prior year. Adjusted basic and diluted net
loss per ordinary share were both RMB0.01 (US$0.001)
in the second quarter of 2021 compared with RMB0.11 in the same period of prior year.
(1)
Adjusted EBITDA was a loss of RMB1.6
million (US$0.2 million) in
the second quarter of 2021 compared with a loss of RMB32.1 million in the same period of prior year.
(1)
_______________
(1) For details on the calculation of and reconciliation to
the nearest GAAP measures for each of adjusted net loss
attributable to the Company's shareholders, adjusted net loss per
ordinary share and adjusted EBITDA, please refer to "Use of
Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP and
GAAP Results."
Balance Sheet and Cash Flow
As of June 30, 2021, the Company
had RMB126.2 million (US$19.5 million) cash and cash equivalents and
RMB22.1 million (US$3.4 million) restricted cash. Net cash used in
operating activities in the second quarter of 2021 was RMB3.26 million (US$0.51
million) compared with net cash used in operating activities
of RMB5.7 million in the same period
of prior year.
Unaudited First Half 2021 Financial Results
Net Revenues
Net revenues in the first half of 2021 increased by 231.1% to
RMB213.3 million (US$33.0 million) from RMB64.4 million in the same period of prior year,
primarily due to a 291.8% year-over-year increase in revenue
generated from offline marketing services to RMB160.0 million (US$24.8
million) from RMB40.8 million
in the same period of prior year, primarily due to the
effective containment of the COVID-19 pandemic in the first half of
2021 compared with the extremely serious epidemic situation in the
first half of 2020.
- Offline marketing services. Revenues generated from auto shows
in the first half of 2021 increased by 304.8% to RMB158.1 million (US$24.5
million) from RMB39.1 million
in the same period of prior year, and revenues generated from
special promotion events in the first half of 2021 increased by
7.0% to RMB1.9 million (US$0.3 million) from RMB1.8 million in the same period of prior year,
primarily due to the resumption of offline business activities as a
result of the alleviation of the COVID-19 pandemic.
- Virtual dealership, online marketing services and others.
Revenue generated from virtual dealership, online marketing
services and others increased by 125.9% to RMB53.3 million (US$8.3
million) in the first half of 2021 from RMB23.6 million in the same period of prior year,
primarily due to our continuous expansion of online marketing
services, including deepen collaboration with Baidu Youjia and
Webank.
Gross Profit
Gross profit in the first half of 2021 increased by 232.4% to
RMB161.9 million (US$25.1 million) from RMB48.7 million in the same period of prior year.
Gross margin increased to 75.9% in the first half of 2021 from
75.6% in the same period of prior year.
Total Operating Expenses and Loss from
Operations
Total operating expenses in the first half of 2021 increased by
26.5% to RMB189.2 million
(US$29.3 million) from RMB149.5 million in the same period of prior
year.
- Selling and marketing expenses in the first half of 2021
increased by 75.3% to RMB140.8
million (US$21.8 million) from
RMB80.3 million in the same period of
prior year, primarily due to increases in promotion expenses and
staff compensation expenses as a result of increased volume of
offline events.
- General and administrative expenses in the first half of 2021
decreased by 41.4% to RMB30.6 million
(US$4.7 million) from RMB52.3 million in the same period of prior year,
primarily due to decrease in the general and administrative staff
compensation expenses and allowance for doubtful accounts, as a
result of the optimization of the company's compensation structure
under the impact of COVID-19 and the strengthening of accounts
receivable management.
- Research and development expenses in the first half of 2021
increased by 4.9% to RMB17.7 million
(US$2.7 million) from RMB16.9 million in the same period of prior year,
primarily due to higher staff compensation expenses for research
and development personnel.
Loss from operations decreased by 73.0% to RMB27.2 million (US$4.2
million) in the first half of 2021 from RMB100.8 million in the same period of prior
year.
Net loss attributable to the Company's Shareholders and
Non-GAAP Measures
Net loss attributable to the Company's shareholders in the first
half of 2021 decreased by 76.6% to RMB22.6
million (US$3.5 million) from
RMB96.5 million in the same period of
prior year. Basic and diluted loss per ordinary share were both
RMB0.07(US$0.01) in the first half of 2021 compared to
RMB0.32 in the same period of prior
year.
Adjusted net loss attributable to the Company's shareholders
decreased by 81.2% to RMB15.9 million
(US$2.5 million) in the first half of
2021 from an adjusted net loss of RMB84.6
million in the same period of prior year. Adjusted basic and
diluted loss per ordinary share were both RMB0.05 (US$0.01)
in the first half of 2021 compared to RMB0.28 in the same period of prior
year. (1)
Adjusted EBITDA was a loss of RMB11.8
million (US$1.8 million) in
the first half of 2021 compared to a loss of RMB82.8 million in the same period of prior
year.(1)
Business Outlook
For the third quarter of 2021, the Company expects net revenues
to range from approximately RMB60.0
million to RMB65.0 million,
representing a year-over-year approximate decrease of 40.0% to
35.0%. This is primarily attributable to the estimated declining
number of offline events that is expected to be held in the third
quarter of 2021 (including auto shows and special promotion events)
due to the COVID-19 pandemic.
This forecast reflects the Company's current and preliminary
views on the market and operational conditions as well as the
influence of the COVID-19 pandemic, which are subject to
change.
Exchange Rate
This press release contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars, in this press release, were made at
a rate of RMB6.4566 to US$1.00, the noon buying rate in effect on
June 30, 2021 in the City of New York for cable transfers in
Renminbi per U.S. dollar as certified for customs purposes by the
Federal Reserve Bank of New York.
No representation is made that the Renminbi amounts could have
been, or could be, converted, realized or settled into U.S. dollars
at that rate on June 30, 2021, or at
any other rate.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, the Company's business plans and development,
business outlook, as well as the length and severity of the
COVID-19 pandemic and its impact on the Company's business and
industry, which can be identified by terminology such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
Use of Non-GAAP Financial Measures
To supplement the Company's unaudited condensed consolidated
quarterly financial information which are presented in accordance
with U.S. GAAP, the Company also uses adjusted net loss
attributable to the Company's shareholders, adjusted net loss per
ordinary share and adjusted EBITDA as additional non-GAAP financial
measures. The Company presents these non-GAAP financial measures
because they are used by the Company's management to evaluate its
operating performance. The Company also believes that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating the Company's
consolidated results of operations in the same manner as its
management and in comparing financial results across accounting
periods and to those of the Company's peer companies.
The Company defines adjusted net loss as net loss excluding the
impact of share-based compensation expenses, fair value loss
of guarantee liability and impairment of long-term investment. The
Company defines adjusted net loss per ordinary share as adjusted
net loss divided by the weighted average number of ordinary shares.
The Company defines adjusted EBITDA as net loss excluding the
impact of depreciation and amortization, interest income net,
share-based compensation expenses,fair value loss of guarantee
liability and impairment of long-term investment. The Company
believes that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
the Company's operating results. These non-GAAP financial measures
are adjusted for the impact of items that the Company does not
consider indicative of the operational performance of the Company's
business, and should not be considered in isolation or construed as
an alternative to net income/(loss) or any other measure of
performance or as an indicator of the Company's operating
performance.
In addition, the non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools. One of the key limitations of using these non-GAAP financial
measures is that they do not reflect all items of income and
expense that affect the Company's operations. Interest income or
expenses, depreciation and amortization, share-based compensation
expenses and fair value loss of guarantee liability have been and
may continue to be incurred in the Company's business and are not
reflected in the presentation of these non-GAAP measures. Further,
these non-GAAP financial measures may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to the Company's
data. The Company encourages investors and others to review the
Company's financial information in its entirety and not rely on a
single financial measure. Investors are encouraged to compare the
historical non-GAAP financial measures with the most directly
comparable GAAP measures.
About TuanChe
Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading
omni-channel automotive marketplace in China. TuanChe offers services to connect
automotive consumers with various industry players such as
automakers, dealers and other automotive service providers. TuanChe
provides automotive marketing and transaction related services by
integrating its online platforms with offline sales events. Through
its integrated marketing solutions, TuanChe turns individual and
isolated automobile purchase transactions into large-scale
collective purchase activities by creating an interactive
many-to-many environment. Furthermore, leveraging its proprietary
data analytics and advanced digital marketing system, TuanChe's
online marketing service platform helps industry customers increase
the efficiency and effectiveness of their advertising placements.
For more information, please contact ir@tuanche.com.
For investor and media inquiries, please contact:
TuanChe Limited
Investor Relations
Tel: +86 (10) 6398-2942
Email: ir@tuanche.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com
Yang Song
Tel: +86 (10) 6508-0677
Email: tuanche@tpg-ir.com
TUANCHE
LIMITED
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amount in
thousands, except as noted)
|
|
|
|
As
of
|
|
|
December 31,
2020
|
|
June 30,
2021
|
|
|
RMB
Audited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
109,916
|
|
126,150
|
|
19,538
|
Restricted
cash
|
|
29,829
|
|
22,088
|
|
3,421
|
Time
deposits
|
|
45,674
|
|
-
|
|
-
|
Accounts receivable,
net
|
|
66,126
|
|
57,841
|
|
8,958
|
Prepayment and other
current assets
|
|
59,856
|
|
68,266
|
|
10,573
|
Total current
assets
|
|
311,401
|
|
274,345
|
|
42,490
|
Non‑current
assets:
|
|
|
|
|
|
|
Property, equipment
and software, net
|
|
5,708
|
|
4,713
|
|
730
|
Identifiable
intangible assets from acquisition
|
|
21,821
|
|
19,801
|
|
3,067
|
Operating lease
right-of-use assets, net
|
|
10,801
|
|
7,999
|
|
1,239
|
Long-term
investments
|
|
8,949
|
|
4,130
|
|
640
|
Goodwill
|
|
115,414
|
|
115,414
|
|
17,875
|
Other non-current
assets
|
|
313
|
|
313
|
|
48
|
Total non‑current
assets
|
|
163,006
|
|
152,370
|
|
23,599
|
Total
assets
|
|
474,407
|
|
426,715
|
|
66,089
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
21,794
|
|
21,647
|
|
3,353
|
Advances from
customers
|
|
21,466
|
|
4,835
|
|
749
|
Salary and welfare
benefits payable
|
|
57,996
|
|
45,050
|
|
6,977
|
Short-term
borrowings
|
|
-
|
|
7,000
|
|
1,084
|
Other taxes
payable
|
|
22,992
|
|
24,555
|
|
3,803
|
Current portion of
deferred revenue
|
|
4,054
|
|
3,729
|
|
578
|
Short-term operating
lease liabilities
|
|
5,911
|
|
4,437
|
|
687
|
Guarantee
liabilities
|
|
387
|
|
1,929
|
|
299
|
Other current
liabilities
|
|
41,564
|
|
36,010
|
|
5,577
|
Total current
liabilities
|
|
176,164
|
|
149,192
|
|
23,107
|
Non‑current
liabilities:
|
|
|
|
|
|
|
Non-current portion of
deferred revenue
|
|
185
|
|
830
|
|
129
|
Deferred tax
liability
|
|
5,451
|
|
4,935
|
|
764
|
Long-term operating
lease liabilities
|
|
4,048
|
|
2,522
|
|
391
|
Other non‑current
liabilities
|
|
1,498
|
|
1,229
|
|
190
|
Total non-current
liabilities
|
|
11,182
|
|
9,516
|
|
1,474
|
Total
liabilities
|
|
187,346
|
|
158,708
|
|
24,581
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
181
|
|
181
|
|
28
|
Class B ordinary
shares
|
|
35
|
|
35
|
|
5
|
Treasury
stock
|
|
(45,886)
|
|
(45,886)
|
|
(7,107)
|
Additional paid-in
capital
|
|
1,221,339
|
|
1,225,755
|
|
189,845
|
Accumulated
deficit
|
|
(881,700)
|
|
(904,296)
|
|
(140,057)
|
Accumulated other
comprehensive loss
|
|
(5,805)
|
|
(6,679)
|
|
(1,035)
|
Total equity
attributable to equity shareholders of
the Company
|
|
288,164
|
|
269,110
|
|
41,679
|
Non-controlling
interests
|
|
(1,103)
|
|
(1,103)
|
|
(171)
|
Total
shareholders'
equity
|
|
287,061
|
|
268,007
|
|
41,508
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
474,407
|
|
426,715
|
|
66,089
|
TUANCHE
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the three
months ended June 30,
|
|
|
|
2020
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
33,371
|
|
99,427
|
|
15,399
|
|
Special
promotion events
|
|
1,482
|
|
1,699
|
|
263
|
|
Virtual dealership,
online marketing services and others
|
|
19,895
|
|
31,310
|
|
4,849
|
|
Total net
revenues
|
|
54,748
|
|
132,436
|
|
20,511
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(11,702)
|
|
(34,906)
|
|
(5,406)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
43,046
|
|
97,530
|
|
15,105
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(48,577)
|
|
(83,579)
|
|
(12,945)
|
|
General
and administrative expenses
|
|
(28,023)
|
|
(14,405)
|
|
(2,231)
|
|
Research
and development expenses
|
|
(8,255)
|
|
(8,825)
|
|
(1,367)
|
|
Total operating
expenses
|
|
(84,855)
|
|
(106,809)
|
|
(16,543)
|
|
Loss from
operations
|
|
(41,809)
|
|
(9,279)
|
|
(1,438)
|
|
Other expenses,
net:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
484
|
|
74
|
|
12
|
|
Exchange
(loss)/gain
|
|
(130)
|
|
144
|
|
22
|
|
Gain/(loss) from an
equity method investment
|
|
219
|
|
(61)
|
|
(9)
|
|
Impairment of a
long-term investment
|
|
|
|
(700)
|
|
(108)
|
|
Others,
net
|
|
996
|
|
3,527
|
|
547
|
|
Loss before income
taxes
|
|
(40,240)
|
|
(6,295)
|
|
(974)
|
|
Income
tax expense
|
|
164
|
|
258
|
|
40
|
|
Net
loss
|
|
(40,076)
|
|
(6,037)
|
|
(934)
|
|
Net loss
attributable to TuanChe Limited's shareholders
|
|
(39,970)
|
|
(6,037)
|
|
(934)
|
|
Net loss
attributable to the Non-controlling interests
|
|
(106)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(40,076)
|
|
(6,037)
|
|
(934)
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(6)
|
|
(1,382)
|
|
(214)
|
|
Total other
comprehensive loss
|
|
(6)
|
|
(1,382)
|
|
(214)
|
|
Total
comprehensive loss
|
|
(40,082)
|
|
(7,419)
|
|
(1,148)
|
|
Comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
TuanChe Limited's
shareholders
|
|
(39,976)
|
|
(7,419)
|
|
(1,148)
|
|
Non-controlling
interests
|
|
(106)
|
|
-
|
|
-
|
|
Net loss per
share
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
(0.13)
|
|
(0.02)
|
|
(0.003)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
303,332,885
|
|
305,919,043
|
|
305,919,043
|
|
TUANCHE
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the six months
ended June 30,
|
|
|
|
2020
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
39,061
|
|
158,129
|
|
24,491
|
|
Special
promotion events
|
|
1,787
|
|
1,911
|
|
296
|
|
Virtual dealership,
online marketing services and others
|
|
23,591
|
|
53,287
|
|
8,253
|
|
Total net
revenues
|
|
64,439
|
|
213,327
|
|
33,040
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(15,716)
|
|
(51,390)
|
|
(7,959)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
48,723
|
|
161,937
|
|
25,081
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(80,314)
|
|
(140,810)
|
|
(21,809)
|
|
General
and administrative expenses
|
|
(52,323)
|
|
(30,643)
|
|
(4,746)
|
|
Research
and development expenses
|
|
(16,888)
|
|
(17,722)
|
|
(2,745)
|
|
Total operating
expenses
|
|
(149,525)
|
|
(189,175)
|
|
(29,300)
|
|
Loss from
operations
|
|
(100,802)
|
|
(27,238)
|
|
(4,219)
|
|
Other expenses,
net:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
1,451
|
|
496
|
|
77
|
|
Exchange
gain
|
|
590
|
|
246
|
|
38
|
|
Gain/(loss) from an
equity method investment
|
|
52
|
|
(220)
|
|
(34)
|
|
Impairment of a
long-term investment
|
|
|
|
(700)
|
|
(108)
|
|
Others,
net
|
|
1,586
|
|
4,304
|
|
666
|
|
Loss before income
taxes
|
|
(97,123)
|
|
(23,112)
|
|
(3,580)
|
|
Income
tax expense
|
|
516
|
|
516
|
|
80
|
|
Net
loss
|
|
(96,607)
|
|
(22,596)
|
|
(3,500)
|
|
Net loss
attributable to TuanChe Limited's shareholders
|
|
(96,485)
|
|
(22,596)
|
|
(3,500)
|
|
Net loss
attributable to the Non-controlling interests
|
|
(122)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(96,607)
|
|
(22,596)
|
|
(3,500)
|
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
876
|
|
(874)
|
|
(135)
|
|
Total other
comprehensive income/(loss)
|
|
876
|
|
(874)
|
|
(135)
|
|
Total
comprehensive loss
|
|
(95,731)
|
|
(23,470)
|
|
(3,635)
|
|
Comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
TuanChe Limited's
shareholders
|
|
(95,609)
|
|
(23,470)
|
|
(3,635)
|
|
Non-controlling
interests
|
|
(122)
|
|
-
|
|
-
|
|
Net loss per
share
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
(0.32)
|
|
(0.07)
|
|
(0.01)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
303,221,278
|
|
305,884,935
|
|
305,884,935
|
|
TUANCHE
LIMITED
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the three
months ended June 30,
|
|
|
|
2020
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net
loss
|
|
(40,076)
|
|
(6,037)
|
|
(934)
|
|
Add :
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,308
|
|
1,407
|
|
218
|
|
Subtract:
|
|
|
|
|
|
|
|
Interest income,
net
|
|
484
|
|
74
|
|
12
|
|
EBITDA
|
|
(39,252)
|
|
(4,704)
|
|
(728)
|
|
Add :
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
7,191
|
|
2,304
|
|
357
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
130
|
|
20
|
|
Impairment of a
long-term investment
|
|
-
|
|
700
|
|
108
|
|
Adjusted
EBITDA
|
|
(32,061)
|
|
(1,570)
|
|
(243)
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(40,076)
|
|
(6,037)
|
|
(934)
|
|
Add :
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
7,191
|
|
2,304
|
|
357
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
130
|
|
20
|
|
Impairment of a
long-term investment
|
|
-
|
|
700
|
|
108
|
|
Adjusted net
loss
|
|
(32,885)
|
|
(2,903)
|
|
(449)
|
|
Adjusted net loss
attributable to TuanChe Limited's
shareholders
|
|
(32,779)
|
|
(2,903)
|
|
(449)
|
|
Adjusted net loss
attributable to the Non-controlling
interests
|
|
(106)
|
|
-
|
|
-
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
303,332,885
|
|
305,919,043
|
|
305,919,043
|
|
Adjusted net loss
per share from operations
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
(0.11)
|
|
(0.01)
|
|
(0.001)
|
|
|
|
|
|
|
|
|
|
TUANCHE
LIMITED
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the six months
ended June 30,
|
|
|
|
2020
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net
loss
|
|
(96,607)
|
|
(22,596)
|
|
(3,500)
|
|
Add :
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
3,446
|
|
4,634
|
|
718
|
|
Subtract:
|
|
|
|
|
|
|
|
Interest income,
net
|
|
1,451
|
|
496
|
|
77
|
|
EBITDA
|
|
(94,612)
|
|
(18,458)
|
|
(2,859)
|
|
Add :
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
11,847
|
|
4,415
|
|
684
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
1,542
|
|
239
|
|
Impairment of a
long-term investment
|
|
-
|
|
700
|
|
108
|
|
Adjusted
EBITDA
|
|
(82,765)
|
|
(11,801)
|
|
(1,828)
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(96,607)
|
|
(22,596)
|
|
(3,500)
|
|
Add :
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
11,847
|
|
4,415
|
|
684
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
1,542
|
|
239
|
|
Impairment of a
long-term investment
|
|
-
|
|
700
|
|
108
|
|
Adjusted net
loss
|
|
(84,760)
|
|
(15,939)
|
|
(2,469)
|
|
Adjusted net loss
attributable to TuanChe Limited's
shareholders
|
|
(84,638)
|
|
(15,939)
|
|
(2,469)
|
|
Adjusted net loss
attributable to the Non-controlling
interests
|
|
(122)
|
|
-
|
|
-
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
303,221,278
|
|
305,884,935
|
|
305,884,935
|
|
Adjusted net loss
per share from operations
|
|
|
|
|
|
|
|
Basic
and diluted
|
|
(0.28)
|
|
(0.05)
|
|
(0.01)
|
|
View original
content:https://www.prnewswire.com/news-releases/tuanche-announces-unaudited-second-quarter-2021-financial-results-301387639.html
SOURCE TuanChe Limited