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 second quarter ended
June 30, 2018.
Second Quarter 2018 Operational
Highlights:
- Transaction volume of used
cars increased to 187,710 units in the second quarter of
2018, representing year-on-year growth of 28.7%.
- Transaction volume for the 2C business
increased to 95,541 units in the second quarter of 2018,
representing year-on-year growth of 50.4%.
- Transaction volume for the 2B business
increased to 92,169 units in the second quarter of 2018,
representing year-on-year growth of 12.0%.
- GMV of used cars
reached RMB12,561 million in the second quarter of 2018, up 28.0%
from RMB9,810 million in the same period last year.
- GMV for the 2C business increased to RMB8,014
million in the second quarter of 2018, representing year-on-year
growth of 38.8%.
- GMV for the 2B business increased to RMB4,547
million in the second quarter of 2018, representing year-on-year
growth of 12.6%.
- Loan facilitation
continues to be an important component of Uxin’s transaction
services. In the second quarter of 2018, Uxin facilitated financing
for 42,674 used car transactions on its platform.
- M3+ delinquency rate by
balance1 was 1.53% as of June 30, 2018, relatively stable
compared to 1.56% as of March 31, 2018.
Second Quarter 2018 Financial
Highlights:
- Total revenues
were RMB665.7 million (US$100.6 million), representing year-on-year
growth of 79.6%.
- 2C transaction facilitation revenue was
RMB94.1 million (US$14.2 million), representing year-on-year growth
of 94.1%.
- 2C loan facilitation revenue was RMB321.7
million (US$48.6 million), representing year-on-year growth of
83.3%.
- 2B transaction facilitation revenue was
RMB160.7 million (US$24.3 million), representing year-on-year
growth of 47.8%.
- Gross profit was
RMB406.9 million (US$61.5 million) in the second quarter of 2018.
Gross margin increased to 61.1% in the quarter of 2018, compared to
55.8% in the same period last year.
- Net income was
RMB209.7 million (US$31.7 million), compared to a net loss of
RMB569.5 million in the prior year period.
- Non-GAAP adjusted net
loss was RMB434.1 million (US$65.6 million), compared to
RMB386.7 million in the same period last year. Adjusted net loss
primarily excludes the impact of fair value change of derivative
liabilities and share-based compensation.
Mr. Kun Dai, Founder, Chairman and Chief
Executive Officer of Uxin, said, “We are pleased to report a strong
performance for our first quarter as a public company. Our
innovative integrated online and offline business model, superior
transaction experience, proprietary technology, and big data
insights continued to enhance the value propositions to our users
and drive robust demand for our services.”
Mr. Dai added, “As we continue to improve user
experience and optimize our operating efficiency, we will implement
a series of strategic measures in the second half of 2018. We will
continue to invest in cutting-edge technology, such as virtual
reality-enabled functions, which we believe will provide our users
with more transparency and a better online used car shopping
experience. Separately, we historically provided inspection and
other complementary services that enabled consumers to sell used
cars through our 2B business. Starting in the second half of 2018,
we will take an alternative approach that connects these consumers
with quality dealers on our platform without us providing
inspection and other services directly. Due to this change to our
service approach, we will no longer record the corresponding GMV,
which has historically made an immaterial contribution to our
overall business. Our B2B auction business remains unchanged. The
e-commerce market for used cars is still in its infancy in China.
We are excited about the tremendous opportunities ahead, and we
will continue to optimize our model and provide more value-added
services to our users.”
Mr. Michael Zeng, Chief Financial Officer of
Uxin, said, “Strong growth in the volume of transactions and amount
of loans facilitated drove robust top-line growth during the second
quarter, as more users were attracted to Uxin’s e-commerce
platform. We also continued to see operating leverage given the
larger scale and improved efficiency. Looking ahead, with the
capital raised through our recent IPO, we are well positioned to
invest in our network, technology and user experience and cement
our position as the leading player in China’s used car e-commerce
industry.”
Second Quarter 2018 Financial
Results
Total revenues for the second
quarter of 2018 increased by 79.6% to RMB665.7 million (US$100.6
million) from RMB370.7 million in the same period last year,
primarily due to the increases in transaction volume, amount of
loans facilitated and take rate2.
2C Business: Revenue of the 2C
business increased to RMB415.8 million in the three months ended
June 30, 2018, representing growth of 85.7% from RMB223.9 million
in the same period last year.
- 2C transaction facilitation revenue
was RMB94.1 million (US$14.2 million) for the second quarter of
2018, an increase of 94.1% from RMB48.5 million for the second
quarter of 2017, primarily due to the increases in the transaction
volume and GMV of used cars sold through the 2C business. The
transaction volume for the 2C business increased to 95,541 units in
the second quarter of 2018, representing year-on-year growth of
50.4%. The GMV for the 2C business increased to RMB8,014 million in
the second quarter of 2018, representing year-on-year growth of
38.8%. As a result of the Company’s focus on improving service
quality, increasing scale and greater pricing power, the take rate
for 2C transaction facilitation was 1.2% during the quarter,
compared to 0.8% in the same period last year.
- 2C loan facilitation revenue
increased to RMB321.7 million (US$48.6 million) in the second
quarter of 2018, up 83.3% from RMB175.5 million for the same period
a year ago, primarily due to the increases in the volume and amount
of loans facilitated. The attach rate3 of the loan facilitation
services was approximately 44.7%, relatively stable compared to
recent quarters. The average service fee rate for used car loan
facilitation, as measured by the used car loan facilitation revenue
divided by the total amount of used car loans facilitated, was 7.1%
in the second quarter of 2018, compared to 4.8% in the same period
last year.
2B Business:
- 2B transaction facilitation revenue
was RMB160.7 million (US$24.3 million) in the second quarter of
2018, representing an increase of 47.8% from the second quarter of
2017, primarily due to the increases in the transaction volume and
take rate. The transaction volume for the 2B business increased to
92,169 units in the second quarter of 2018, representing
year-on-year growth of 12.0%. The GMV for the 2B business increased
to RMB4,547 million in the second quarter of 2018, representing
year-on-year growth of 12.6%. The take rate for 2B transaction
facilitation was 3.5% in the second quarter, compared to 2.7% in
the same period last year, as a result of Uxin’s increasing scale
and pricing power.
Cost of revenues increased by
58.1% year-on-year to RMB258.8 million (US$39.1 million) for the
second quarter of 2018, primarily due to increases in the number of
personnel engaged in car inspection, quality control, customer
service and after-sale service, cost of title transfer and
registration, and cost of new cars sold.
Gross margin was 61.1% in the
second quarter of 2018, compared to 55.8% in the same period last
year.
Total operating expenses were
RMB1,711.3 million (US$258.6 million). Total operating expenses
excluding share-based compensation were RMB811.1 million.
- Sales and marketing
expenses increased by 31.2% year-on-year to RMB609.5
million (US$92.1 million) for the second quarter of 2018. The
increase was primarily due to the increases in the compensation of
sales and marketing personnel. The branding expenses were
approximately RMB200.9 million in the second quarter of 2018, which
was relatively stable compared to the same period last year. The
sales and marketing expenses excluding the impact of share-based
compensation of RMB0.6 million, were RMB608.9 million and
represented a year-on-year increase of 31.0%. As Uxin continues to
realize operating leverage, sales and marketing expenses excluding
share-based compensation expenses as a percentage of total revenues
was 91.5% during the quarter, compared to 125.4% in the second
quarter of 2017.
- General and administrative
expenses increased by 929.8% year-on-year to RMB1,024.4
million (US$154.8 million) for the second quarter of 2018. The
increase was primarily attributable to the increases in share-based
compensation and the salaries and benefits expenses. The increase
in share-based compensation was the result of: a) compensation
expenses of RMB225.7 million associated with the options granted to
management and employees, which were recognized upon the completion
of the IPO, and b) the issuance of restricted shares of RMB620.4
million. The general and administrative expenses excluding the
impact of share-based compensation expense of RMB883.1 million,
were RMB141.3 million, which represented 21.2% of total
revenues.
- Research and development
expenses increased by 63.9% year-on-year to RMB82.4
million (US$12.5 million) for the second quarter of 2018. The
increase was primarily due to the increases in the salaries and
benefits expenses of employees engaged in research and development
and share-based compensation. The research and development expense
excluding the impact of share-based compensation of RMB16.5
million, were RMB65.9 million, which represented 9.9% of total
revenues.
Gains/Loss from guarantee
liability resulted in a nominal gain of RMB5.1 million
(US$0.8 million) for the second quarter of 2018. The slight gain
was the result of relatively stable delinquency rate as compared to
that of the first quarter of 2018.
Loss from operations for the
second quarter of 2018 was RMB1,304.4 million (US$197.1 million),
compared to RMB387.8 million in the same period last year. Loss
from operations excluding the impact of share-based compensation
expenses of RMB900.4 million, which were comprised of RMB274.7
million of expenses recognized from the options granted to
management and employees, and the issuance of restricted shares of
RMB620.4 million, and the reclassification and re-designation of
class A and class B ordinary shares of RMB5.3 million, was RMB404.0
million.
Fair value change of derivative
liabilities resulted in a gain of RMB1,544.2 million
(US$233.4 million) for the second quarter of 2018, compared with a
loss of RMB182.8 million for the second quarter of 2017. The change
was mainly due to the change of value of the Company before the IPO
due to market conditions.
Net income for the second
quarter of 2018 was RMB209.7 million (US$31.7 million), compared
with net loss of RMB569.5 million in the second quarter of 2017,
primarily due to the gain from fair value change of derivative
liabilities.
Non-GAAP adjusted net loss,
which excludes the impact of share-based compensation of RMB900.4
million, comprised of expenses of RMB274.7 million recognized from
the options granted to management and employees, the issuance of
restricted shares of RMB620.4 million, the reclassification and
re-designation of class A and class B ordinary shares of RMB5.3
million, and fair value change of derivative liabilities in the
amount of RMB1,544.2 million, was RMB434.1 million (US$65.6
million), compared to RMB386.7 million in the same period last
year. Derivatives liabilities were related to the bifurcated
conversion features of the preferred shares of the Company and
bifurcated share swap feature and redemption feature of redeemable
non-controlling interests which were converted into ordinary shares
of the Company upon IPO.
As of June 30, 2018, the Company had cash
and cash equivalents of RMB829.4 million (US$125.4 million),
and restricted cash of RMB1,805.6 million (US$272.9 million).
In June 2018, the Company received net proceeds of US$74.6 million
by issuing convertible notes to Golden Fortune Company Limited. In
July 2018, the Company received net proceeds of US$209.0 million
from its IPO and net proceeds of US$98.5 million by issuing
convertible notes to CNCB (Hong Kong) Investment Limited and CNCB
(Hong Kong) Capital Limited.
All the amounts due from Mr. Kun Dai, Gao Li
Group and Xin Gao Group Limited, both controlled by Mr. Kun Dai,
were settled through surrender of shares to the Company from Xin
Gao Group Limited.
Business Outlook
For the third quarter of 2018, Uxin expects
total revenues to be in the range of RMB810 million to RMB850
million. This forecast reflects the Company's current and
preliminary views on the market and operational conditions, which
are subject to change.
Notes:
- 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.
- Take rate is
measured by the revenue of the 2C/2B used car business divided by
the GMV of the 2C/2B business.
- The attach rate of
used car loan facilitation services in the 2C business was measured
by the number of used car loans facilitated divided by the total
number of 2C used car transactions.
Conference Call
The Company’s management will host an earnings
conference call at 8:00 AM on August 22, 2018 U.S. Eastern Time
(8:00 PM on August 22, 2018 Beijing/Hong Kong time).
Dial-in details for the earnings conference call
are as follows:
U.S.:
International: Mainland China:
Hong Kong:Conference ID: |
|
+1
8665194004 or +1 8456750437+65 67135090400-6208038 or 800-8190121
800-906601 or +852 301867712295489 |
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 September 6, 2018, by dialing the following telephone
numbers:
U.S.:International:Conference ID: |
|
+1
646 254 3697+61 2 8199 02992295489 |
About Uxin
Uxin 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 670 service centers in over 270
cities throughout China.
Use of Non-GAAP Financial
Measures
In evaluating the business, the Company
considers and uses a non-GAAP measure, adjusted net loss, 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 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 RMB6.6166 to US$1.00, representing the index rates
on June 30, 2018 stipulated by the People’s Bank of China. The
Company makes no representation that the RMB or US$ 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:
Trista RenUxin 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)/Income(In
thousands except for number of shares and per share data)
|
|
Three
months ended June 30, 2017 |
|
|
Three months endedJune 30, 2018 |
|
|
Six months endedJune 30,2018 |
|
|
|
RMB |
|
|
RMB |
|
US$ |
|
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
2C
Transaction facilitation revenue |
|
48,479 |
|
|
94,112 |
|
14,224 |
|
|
189,247 |
|
29,353 |
|
2C Loan
facilitation revenue |
|
175,467 |
|
|
321,657 |
|
48,614 |
|
|
680,615 |
|
105,699 |
|
2B
Transaction facilitation revenue |
|
108,766 |
|
|
160,703 |
|
24,288 |
|
|
269,748 |
|
41,629 |
|
Others |
|
37,958 |
|
|
89,210 |
|
13,483 |
|
|
175,512 |
|
27,208 |
|
Total revenues |
|
370,670 |
|
|
665,682 |
|
100,609 |
|
|
1,315,122 |
|
203,889 |
|
|
|
|
|
|
|
|
|
|
Operating cost and expenses: |
|
|
|
|
|
|
|
|
Cost of
revenue |
|
(163,727 |
) |
|
(258,774 |
) |
(39,110 |
) |
|
(481,060 |
) |
(74,460 |
) |
Sales
and marketing |
|
(464,660 |
) |
|
(609,519 |
) |
(92,120 |
) |
|
(1,242,590 |
) |
(192,798 |
) |
General
and administrative |
|
(99,476 |
) |
|
(1,024,431 |
) |
(154,827 |
) |
|
(1,185,639 |
) |
(180,464 |
) |
Research
and development |
|
(50,272 |
) |
|
(82,411 |
) |
(12,455 |
) |
|
(150,474 |
) |
(23,279 |
) |
Gains/(losses) from guarantee liability |
|
19,655 |
|
|
5,090 |
|
769 |
|
|
(12,575 |
) |
(2,040 |
) |
|
|
|
|
|
|
|
|
|
Total operating cost and expenses |
|
(758,480 |
) |
|
(1,970,045 |
) |
(297,743 |
) |
|
(3,072,338 |
) |
(473,041 |
) |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(387,810 |
) |
|
(1,304,363 |
) |
(197,134 |
) |
|
(1,757,216 |
) |
(269,152 |
) |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(611 |
) |
|
(24,762 |
) |
(3,742 |
) |
|
(46,485 |
) |
(7,197 |
) |
Other
expenses |
|
(2,071 |
) |
|
(5,059 |
) |
(765 |
) |
|
(9,009 |
) |
(1,393 |
) |
Foreign
exchange gains/(losses) |
|
(1,205 |
) |
|
2,058 |
|
311 |
|
|
3,283 |
|
506 |
|
Fair
value change of derivative liabilities |
|
(182,847 |
) |
|
1,544,205 |
|
233,383 |
|
|
1,185,090 |
|
176,273 |
|
(Loss)/income before income tax |
|
|
|
|
|
|
|
|
expense |
|
(574,544 |
) |
|
212,079 |
|
32,053 |
|
|
(624,337 |
) |
(100,963 |
) |
Income
tax expense |
|
93 |
|
|
(2,363 |
) |
(357 |
) |
|
(5,384 |
) |
(837 |
) |
Equity
in losses of affiliates |
|
4,926 |
|
|
- |
|
- |
|
|
- |
|
- |
|
Net (loss)/ income |
|
(569,525 |
) |
|
209,716 |
|
31,696 |
|
|
(629,721 |
) |
(101,800 |
) |
Less:
net loss attributable to non-controlling interests
shareholders |
|
(8,947 |
) |
|
(6,006 |
) |
(908 |
) |
|
(13,740 |
) |
(2,138 |
) |
Net (loss)/income attributable to UXIN
LIMITED |
|
(560,578 |
) |
|
215,722 |
|
32,604 |
|
|
(615,981 |
) |
(99,662 |
) |
Accretion on redeemable preferred shares |
|
(138,435 |
) |
|
(161,412 |
) |
(24,617 |
) |
|
(318,951 |
) |
(49,671 |
) |
Deemed
dividend to preferred shareholders |
|
|
|
|
|
|
(544,773 |
) |
(86,636 |
) |
Net (loss)/income attributable to ordinary
shareholders |
|
(699,013 |
) |
|
54,310 |
|
7,987 |
|
|
(1,479,705 |
) |
(235,969 |
) |
Net (loss)/income |
|
(569,525 |
) |
|
209,716 |
|
31,696 |
|
|
(629,721 |
) |
(101,800 |
) |
Foreign
currency translation |
|
44,881 |
|
|
(31,723 |
) |
(4,794 |
) |
|
(19,588 |
) |
(2,864 |
) |
Total comprehensive (loss)/income |
|
(524,644 |
) |
|
177,993 |
|
26,902 |
|
|
(649,309 |
) |
(104,664 |
) |
Less:
total comprehensive loss attributable to non-controlling interests
shareholders |
|
(11,230 |
) |
|
(11,116 |
) |
(1,680 |
) |
|
(18,871 |
) |
(2,913 |
) |
Total comprehensive (loss)/income attributable to Uxin’s
shareholders |
|
(513,414 |
) |
|
189,109 |
|
28,582 |
|
|
(630,438 |
) |
(101,751 |
) |
Net (loss)/income attributable to ordinary
shareholders |
|
(699,013 |
) |
|
54,310 |
|
7,987 |
|
|
(1,479,705 |
) |
(235,969 |
) |
Weighted
average shares outstanding-basic |
|
49,318,860 |
|
|
100,856,242 |
|
100,856,242 |
|
|
75,229,919 |
|
75,229,919 |
|
Weighted
average shares outstanding-diluted |
|
49,318,860 |
|
|
840,459,078 |
|
840,459,078 |
|
|
75,229,919 |
|
75,229,919 |
|
Net
(loss)/income per share-basic |
|
(14.17 |
) |
|
0.54 |
|
0.08 |
|
|
(19.67 |
) |
(3.14 |
) |
Net loss
per share-diluted |
|
(14.17 |
) |
|
(1.59 |
) |
(0.24 |
) |
|
(19.67 |
) |
(3.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based compensation charges included are as
follows:
|
Three
months EndedJune 30, 2017 |
Three
months EndedJune 30, 2018 |
|
|
|
(In thousands of RMB) |
Cost of revenue |
- |
172 |
Sales
and marketing |
- |
562 |
General
and administrative |
- |
883,149 |
Research
and development |
- |
16,495 |
|
|
|
Uxin LimitedUnaudited
Consolidated Balance Sheets (In thousands except for
number of shares and per share data)
|
|
As of |
|
|
As of |
|
|
|
December 31, |
|
|
June 30, |
|
|
|
2017 |
|
|
2018 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
291,973 |
|
|
|
|
829,444 |
|
|
|
125,358 |
|
Restricted cash |
|
1,617,230 |
|
|
|
|
1,805,552 |
|
|
|
272,882 |
|
IPO
proceeds receivable |
|
- |
|
|
|
|
1,382,673 |
|
|
|
208,970 |
|
Accounts
receivable |
|
40,155 |
|
|
|
|
63,320 |
|
|
|
9,570 |
|
Short-term investments |
|
1,000 |
|
|
|
|
30,600 |
|
|
|
4,625 |
|
Amounts
due from related parties |
|
608,291 |
|
|
|
|
- |
|
|
|
- |
|
Advance
to consumers on behalf of financing partners |
|
827,417 |
|
|
|
|
413,400 |
|
|
|
62,479 |
|
Loan
recognized as a result of payment under the guarantee, net |
|
252,555 |
|
|
|
|
481,804 |
|
|
|
72,817 |
|
Advance
to sellers |
|
246,287 |
|
|
|
|
401,682 |
|
|
|
60,708 |
|
Other
receivables, net |
|
251,649 |
|
|
|
|
609,173 |
|
|
|
92,067 |
|
Inventory |
|
77,941 |
|
|
|
|
18,311 |
|
|
|
2,768 |
|
Prepaid
expenses and other current assets |
|
249,769 |
|
|
|
|
507,433 |
|
|
|
76,691 |
|
Financial lease receivables, net |
|
438,693 |
|
|
|
|
358,604 |
|
|
|
54,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
4,902,960 |
|
|
|
|
6,901,996 |
|
|
|
1,043,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Property, equipment and software, net |
|
156,625 |
|
|
|
|
192,855 |
|
|
|
29,147 |
|
Intangible assets, net |
|
9,949 |
|
|
|
|
24,699 |
|
|
|
3,733 |
|
Goodwill** |
|
75,849 |
|
|
|
|
114,094 |
|
|
|
17,244 |
|
Long
term investments |
|
40,628 |
|
|
|
|
55,347 |
|
|
|
8,365 |
|
Other
non-current assets |
|
112,902 |
|
|
|
|
112,902 |
|
|
|
17,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
395,953 |
|
|
|
|
499,897 |
|
|
|
75,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
5,298,913 |
|
|
|
|
7,401,893 |
|
|
|
1,118,685 |
|
LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS’
DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
426,783 |
|
|
|
|
652,093 |
|
|
|
|
98,554 |
|
Accounts
payable |
|
|
65,694 |
|
|
|
|
65,910 |
|
|
|
|
9,961 |
|
Amounts
due to related parties |
|
|
|
|
|
|
|
|
|
|
|
Guarantee liabilities |
|
|
173,907 |
|
|
|
|
201,085 |
|
|
|
|
30,391 |
|
Deposit
of interests from consumers and payable to financing
partners—current |
|
|
732,273 |
|
|
|
|
750,184 |
|
|
|
|
113,379 |
|
Advance
from buyers collected on behalf of sellers |
|
|
226,891 |
|
|
|
|
177,777 |
|
|
|
|
26,868 |
|
Other
payables and accruals |
|
|
927,389 |
|
|
|
|
1,027,739 |
|
|
|
|
155,327 |
|
Deferred
revenue |
|
|
27,598 |
|
|
|
|
23,011 |
|
|
|
|
3,478 |
|
Other
current liabilities |
|
|
163,355 |
|
|
|
|
- |
|
|
|
|
- |
|
Derivative liabilities |
|
|
1,596,424 |
|
|
|
|
- |
|
|
|
|
- |
|
Convertible notes |
|
|
- |
|
|
|
|
493,764 |
|
|
|
|
74,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
4,340,314 |
|
|
|
|
3,391,563 |
|
|
|
|
512,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Long-term borrowings |
|
|
374,104 |
|
|
|
|
680,062 |
|
|
|
|
102,781 |
|
Deposit
of interests from consumers and payable to financing
partners—non-current |
|
|
343,823 |
|
|
|
|
224,854 |
|
|
|
|
33,983 |
|
Deferred
tax liabilities |
|
|
1,653 |
|
|
|
|
5,490 |
|
|
|
|
830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
719,580 |
|
|
|
|
910,406 |
|
|
|
|
137,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
5,059,894 |
|
|
|
|
4,301,969 |
|
|
|
|
650,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A |
|
|
94,411 |
|
|
|
|
- |
|
|
|
|
- |
|
Series
A-1 |
|
|
69,193 |
|
|
|
|
- |
|
|
|
|
- |
|
Series
B |
|
|
180,294 |
|
|
|
|
- |
|
|
|
|
- |
|
Series
C |
|
|
408,559 |
|
|
|
|
- |
|
|
|
|
- |
|
Series
D |
|
|
1,703,667 |
|
|
|
|
- |
|
|
|
|
- |
|
Series
E |
|
|
1,146,351 |
|
|
|
|
- |
|
|
|
|
- |
|
Series
F |
|
|
1,563,657 |
|
|
|
|
- |
|
|
|
|
- |
|
Series
G |
|
|
3,214,932 |
|
|
|
|
- |
|
|
|
|
- |
|
Redeemable non-controlling interests |
|
|
39,580 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mezzanine equity |
|
|
8,420,644 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ deficit: |
|
|
|
|
|
|
|
|
|
|
|
Ordinary
shares |
|
|
30 |
|
|
|
|
573 |
|
|
|
|
87 |
|
Additional paid-in capital |
|
|
- |
|
|
|
|
12,807,294 |
|
|
|
|
1,935,631 |
|
Accumulated other comprehensive income |
|
|
76,607 |
|
|
|
|
60,197 |
|
|
|
|
9,098 |
|
Accumulated deficit |
|
|
(8,207,801 |
) |
|
|
|
(9,773,957 |
) |
|
|
|
(1,477,187 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total Uxin’s shareholders’ deficit |
|
|
(8,131,164 |
) |
|
|
|
3,094,107 |
|
|
|
|
467,629 |
|
Non-controlling interests |
|
|
(50,461 |
) |
|
|
|
5,817 |
|
|
|
|
879 |
|
Total shareholders' deficit |
|
|
(8,181,625 |
) |
|
|
|
3,099,924 |
|
|
|
|
468,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS’
DEFICIT |
|
|
5,298,913 |
|
|
|
|
7,401,893 |
|
|
|
|
1,118,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
** As of June 30, 2018,
the Company recorded goodwill of RMB114.1 million (US$17.2
million), increased from RMB75.8 million as of December 31, 2017.
The increase was mainly due to the Company’s acquisition of
Zhejiang Dongwang Internet Technology Corporation, a company
engaged in salvage car auction business in China.
Uxin Limited
Unaudited Reconciliations of GAAP And
Non-GAAP Results (In thousands except for number of shares
and per share data)
|
Three months ended |
|
|
June 30, 2017 |
|
June 30, 2018 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
Net (loss)/income |
(569,525 |
) |
|
209,716 |
|
|
31,696 |
|
|
|
|
|
|
|
|
|
Add: Share-based compensation expenses |
- |
|
|
900,378 |
|
|
136, 079 |
|
|
Cost of
revenue |
- |
|
|
172 |
|
|
26 |
|
|
Sales
and marketing |
- |
|
|
562 |
|
|
85 |
|
|
General
and administrative |
- |
|
|
883, 149 |
|
|
133,475 |
|
|
Research
and development |
- |
|
|
16,495 |
|
|
2,493 |
|
|
|
|
|
|
|
|
|
Fair value change of derivative liabilities |
182,847 |
|
|
(1,544,205 |
) |
|
(233,383 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(386,678 |
) |
|
(434,111 |
) |
|
(65,608 |
) |
|
Non-GAAP adjusted net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per share—basic |
(14.17 |
) |
|
0.54 |
|
|
0.08 |
|
|
|
|
|
|
|
|
|
Net loss
per share—diluted |
(14.17 |
) |
|
(1.59 |
) |
|
(0.24 |
) |
|
|
|
|
|
|
|
|
Weighted
average shares outstanding—basic |
49,318,860 |
|
|
100,856,242 |
|
|
100,856,242 |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding—diluted |
49,318,860 |
|
|
840,459,078 |
|
|
840,459,078 |
|
|
|
|
|
|
|
|
|
|
|
|
Note: The conversion of Renminbi (RMB) into U.S.
dollars (USD) is based on the certified exchange rate of
USD1.00=RMB6.6166 on June 30 2018 stipulated by the People’s Bank
of China.
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