BEIJING, Sept. 18, 2020 /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, 2020.
Key Second Quarter 2020 Financial and Operating Metrics
Compared with the Prior Year Period
The Company's financial and operational results for the second
quarter of 2020 have been materially and adversely impacted by the
COVID-19 pandemic:
- Net revenues decreased by 73.1% to RMB54.7 million (US$7.7
million) from RMB203.5
million.
- Gross profit decreased by 70.1% to RMB43.0 million (US$6.1
million) from RMB144.0
million. Gross margin increased to 78.6% from 70.8%.
- Quarterly number of organized auto shows across China decreased by 82.3% from 344 in 186
cities to 61 in 56 cities. Quarterly number of special promotion
events decreased by 48.7% from 154 to 79.
- Quarterly number of automobile sale transactions facilitated
decreased by 82.2% to 19,656 from 110,444. Quarterly Gross
Merchandise Volume of new automobiles sold decreased by 81.6% to
RMB2.8 billion (US$0.4 billion) from RMB15.2 billion.
- Sales operations covered 134 cities as of June 30, 2020, compared with 146 cities as of
March 31, 2020 and 155 cities as of
June 30, 2019.
First Half 2020 Financial and Operating Metrics Compared with
the Prior Year Period
- Net revenues decreased by 80.3% to RMB64.4 million (US$9.1
million) from RMB326.4
million.
- Gross profit decreased by 79.1% to RMB48.7 million (US$6.9
million) from RMB232.9
million. Gross margin increased to 75.6% from 71.4%.
- The number of auto shows organized during the first half of
2020 decreased by 87.2% to 67 in 60 cities from 522 auto shows in
203 cities across China. The
number of special promotion events organized during the first half
of 2020 decreased by 44.6% to 92 from 166.
- The number of automobile sales transactions facilitated during
the first half of 2020 decreased by 87.5% to 21,961 from 175,085,
and the Gross Merchandise Volume of new automobiles sold during the
first half of 2020 decreased by 86.9% to RMB3.1 billion (US$0.4
billion) from RMB23.6
billion.
Mr. Wei Wen, Chairman and Chief
Executive Officer of TuanChe, commented, "In the second quarter, we
are pleased to report a 63.3% year-over-year reduction of net
losses attributable to the Company's shareholders primarily driven
by the acceleration of our rigorous cost measures and online
strategy, albeit a year-over-year decrease of 73.1% in net revenues
and a year-over-year decrease of 70.1% in gross profit due to
material COVID-19 related impact. Our offline auto shows and
special promotion events have gradually resumed since May and are
now mostly back to normal in some cities we operate. We will
continue to assess and adjust the pace of resumption of our offline
business and focus on generating higher ROIs. Our revenues from
virtual dealership, online marketing services and others increased
by 180.0% year-over-year, primarily driven by successful online
sales events that were held during the second quarter and, most
notably, the live streaming promotion events we conducted in
collaboration with TMall Auto during the week of June 18th, 2020. Such encouraging
results were propelled by our unique integration of touch points
and channels for online customer acquisition and marketing with
offline promotional activities, which not only creates a seamless
and holistic shopping experience for consumers, but also helps auto
OEMs and dealers effectively reach customers and achieve increased
sales conversion rates. As live streaming promotion events become
the central component for the acceleration of full digitalization
of automotive marketing, we see ourselves increasingly
well-positioned to capture the enormous opportunity associated with
changes in the automotive retail industry."
Mr. Chenxi Yu, Deputy Chief
Financial Officer of TuanChe, added, "While the COVID-19 pandemic
was effectively contained in China, the Company continued to hold fewer
auto shows and special promotion events during the second quarter
of 2020 than usual, in accordance with all national and local
regulatory guidelines on COVID-19 prevention and control and for
the best interest of public health. This resulted in a 73.1%
year-over-year decline in net revenues to RMB54.7 million in the second quarter. Amidst the
COVID-19 and macroeconomic challenges, we remained focused on
optimizing our cost structure, which resulted in a 66.8%
year-over-year reduction in operating expenses, and significantly
reduced our net losses both year-over-year and sequentially. We are
closely monitoring the circumstances and will adjust our operation
strategy accordingly, while keeping a disciplined cost structure in
order to deliver positive returns for our shareholders in the long
run."
Recent Business Developments
In order to fully support the government's guidance on COVID-19
pandemic prevention and control and in the interest of public
health, the Company held very few offline events in April 2020. Since the end of May 2020, the Company has gradually resumed
offline operations in some cities, with the pace of recovery
subject to the ongoing development of the COVID-19 pandemic and the
associated government guidance. Recent development of the COVID-19
pandemic in China, such as the
cases reported in Beijing in June
and in Xinjiang Uygur Autonomous Region and Dalian city in the third quarter, continues to
generate uncertainties over the Company's business, results of
operations, financial condition and cash flows. Furthermore, as the
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 and
recorded an increased bad debt expense due to liquidity issues of
certain 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. The Company will also continue to implement
measures to adjust the pace of business operations and conserve
resources and may resort to other costs cutting measures in
response to cash flow management.
Unaudited Second Quarter 2020 Financial Results
Net Revenues
Net revenues in the second quarter of 2020 decreased by 73.1% to
RMB54.7 million (US$7.7 million) from RMB203.5 million in the prior year period,
primarily due to a 82.3% year-over-year decrease of revenues
generated from offline marketing services to RMB34.9 million (US$4.9
million) from RMB196.4 million
in the prior year period, and partially offset by the strong growth
of revenues generated from virtual dealerships, online marketing
services and others.
- Offline marketing services. Net revenues generated from
auto shows decreased by 82.5% to RMB33.4
million (US$4.7 million) in
the second quarter of 2020 from RMB190.6
million in the prior year period, and net revenues generated
from special promotion events decreased by 74.5% to RMB1.5 million (US$0.2
million) in the second quarter of 2020 from RMB5.8 million in the prior year period,
primarily due to the adverse impacts 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 180.0% to RMB19.9 million (US$2.8
million) in the second quarter of 2020 from RMB7.1 million in the prior year period,
primarily due to our continuous expansion of online marketing
services, including commencement of live streaming promotion events
and revenues generated from our acquisition of Longye International
Limited in January 2020.
Gross Profit
Gross profit decreased by 70.1% to RMB43.0 million (US$6.1
million) in the second quarter of 2020 from RMB144.0 million in the prior year period. Gross
margin increased to 78.6% in the second quarter of 2020 from 70.8%
in the prior year period, primarily attributable to the change in
the revenue mix.
Total Operating Expenses and Loss from Continuing
Operations
Total operating expenses decreased by 66.8% to RMB84.9 million (US$12.0
million) in the second quarter of 2020 from RMB255.5 million in the prior year period.
- Selling and marketing expenses decreased by 77.7% to
RMB48.6 million (US$6.9 million) in the second quarter of 2020
from RMB217.5 million in the prior
year period, primarily due to decreases in promotion expenses and
staff compensation as a result of control measures taken by the
Company and reduced offline events.
- General and administrative expenses decreased by 0.3% to
RMB28.0 million (US$4.0 million) in the second quarter of 2020
from RMB28.1 million in the prior
year period, primarily due to the Company's cost control
measures.
- Research and development expenses decreased by 16.3% to
RMB8.3 million (US$1.2 million) in the second quarter of 2020
from RMB9.9 million in the prior year
period, primarily due to the Company's cost control measures.
As a result of the foregoing, loss from continuing operations
was RMB41.8 million (US$5.9 million) in the second quarter of 2020
compared with RMB111.4 million in the
prior year period.
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 2020 decreased by 63.3% to RMB40.0 million (US$5.7
million) from RMB108.9 million
in the prior year period. Basic and diluted loss per ordinary share
from continuing operations were both RMB0.13 (US$0.02)
in the second quarter of 2020 compared with RMB0.36 in the prior year period.
Adjusted net loss attributable to the Company's shareholders was
RMB32.8 million (US$4.6 million) in the second quarter of 2020
compared with RMB29.3 million in the
prior year period. Adjusted basic and diluted net loss per ordinary
share were both RMB0.11 (US$0.02) in the second quarter of 2020 compared
with RMB0.10 in the prior year
period.(1)
Adjusted EBITDA was a loss of RMB32.1
million (US$4.5 million) in
the second quarter of 2020 compared with a loss of RMB30.4 million in the prior year period.
(1)
(1)For details on the
calculation of and reconciliation to the nearest GAAP measures for
each of adjusted net income/(loss) attributable to the Company's
shareholders, adjusted net income/(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, 2020, the Company
had cash and cash equivalents, time deposits, and short-term
investment of RMB200.4 million
(US$28.4 million). Net cash used in
operating activities in the second quarter of 2020 was RMB5.7 million (US$0.8
million) compared with net cash used in operating activities
of RMB7.7 million in the prior year
period.
Unaudited First Half 2020 Financial Results
Net Revenues
Net revenues in the first half of 2020 decreased by 80.3% to
RMB64.4 million (US$9.1 million) from RMB326.4 million in the prior year period,
primarily due to a 87.1% year-over-year decrease in revenue
generated from offline marketing services to RMB40.9 million (US$5.8
million) from RMB316.0 million
in the prior year period, partially offset by the accelerated
growth of new business initiatives, including virtual dealership
and online marketing services.
- Offline marketing services. Revenues generated from auto
shows in the first half of 2020 decreased by 87.4% to RMB39.1 million (US$5.5
million) from RMB309.4 million
in the prior year period, and revenues generated from special
promotion events in the first half of 2020 decreased by 73.0% to
RMB1.8 million (US$0.3 million) from RMB6.6 million in the prior year period,
primarily due to the adverse impacts of the COVID-19 pandemic.
- Virtual dealership, online marketing services and
others. Revenue generated from virtual dealership, online
marketing services and others increased significantly to
RMB23.6 million (US$3.3 million) in the first half of 2020 from
RMB10.4 million in the prior year
period, primarily due to our continuous expansion of online
marketing services, including commencement of live streaming
promotion events and revenues generated from our acquisition of
Longye International Limited in January
2020.
Gross Profit
Gross profit in the first half of 2020 decreased by 79.1% to
RMB48.7 million (US$6.9 million) from RMB232.9 million in the prior year period. Gross
margin increased to 75.6% in the first half of 2020 from 71.4% in
the prior year period, primarily attributable to the change in the
revenue mix.
Total Operating Expenses and Loss from Continuing
Operations
Total operating expenses in the first half of 2020 decreased by
59.8% to RMB149.5 million
(US$21.2 million) from RMB372.0 million in the prior year period.
- Selling and marketing expenses in the first half of 2020
decreased by 73.5% to RMB80.3 million
(US$11.4 million) from RMB303.6 million in the prior year period,
primarily due to the decreases in staff compensation and promotion
expenses as a result of cost control measures taken by the Company
and reduced offline events.
- General and administrative expenses in the first half of 2020
increased by 2.6% to RMB52.3 million
(US$7.4 million) from RMB51.0 million in the prior year period,
primarily due to the increases in allowance for doubtful accounts
and amortization.
- Research and development expenses in the first half of 2020
decreased by 2.8% to RMB16.9 million
(US$2.4 million) from RMB17.4 million in the prior year period,
primarily due to the Company's cost control measures.
Loss from continuing operations was RMB100.8 million (US$14.3
million) in the first half of 2020 compared to RMB139.1 million in the prior year period.
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 2020 was RMB96.5 million
(US$13.7 million) compared to
RMB136.2 million in the prior year
period. Basic and diluted loss per ordinary share from continuing
operations were both RMB0.32(US$0.05) in
the first half of 2020 compared to RMB0.46 in the prior year period.
Adjusted net loss attributable to the Company's shareholders was
RMB84.6 million (US$12.0 million) in the first half of 2020
compared to an adjusted net loss of RMB44.8
million in the prior year period. Adjusted basic and diluted
loss per ordinary share were both RMB0.28(US$0.04) in
the first half of 2020 compared to adjusted basic and diluted
earnings per ordinary share, which were both RMB0.15 in the prior year period.
(1)
Adjusted EBITDA was a loss of RMB82.8
million (US$11.7 million) in
the first half of 2020 compared to an adjusted EBITDA of
RMB48.2 million in the prior year
period. (1)
(1)For details on the
calculation of and reconciliation to the nearest GAAP measures for
each of adjusted net income/(loss) attributable to the Company's
shareholders, adjusted net income/(loss) per ordinary share and
adjusted EBITDA, please refer to "Use of Non-GAAP Financial
Measures" and "Reconciliation of Non-GAAP and GAAP
Results."
|
Business Outlook
For the third quarter of 2020, the Company expects net revenues
to range from approximately RMB90.0
million to RMB95.0 million,
representing a year-over-year approximate decrease of 33.6% to
29.9%. This is primarily attributable to the estimated declining
number of offline events that is expected to be held in the third
quarter of 2020 (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.
Share Repurchase Program
On June 17, 2019, TuanChe
announced that its board of directors had authorized a share
repurchase program of up to US$20.0
million worth of the Company's ADSs for a period not to
exceed 12 months and beginning on June 17,
2019. The Company had repurchased 427,738 ADSs for
approximately US$2.0 million under
this program.
Conference Call Information
TuanChe's management will hold a conference call on Friday, September 18, 2020, at 8:00 A.M. Eastern Time or 8:00 P.M. Beijing Time on the same day to discuss
the financial results. Listeners may access the call by dialing the
following numbers:
International:
|
+1-412-902-4272
|
US Toll
Free:
|
+1-888-346-8982
|
Mainland
China:
|
400-120-1203
|
Hong Kong,
China:
|
800-905-945
|
The replay will be accessible through September 25, 2020, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
US Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10147683
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.tuanche.com/.
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 RMB7.0651 to US$1.00, the noon buying rate in effect on
June 30, 2020 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, 2020, 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 condensed consolidated quarterly
financial information which are presented in accordance with U.S.
GAAP, the Company also uses adjusted net income/(loss) attributable
to the Company's shareholders, adjusted net income/(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 income/(loss) as net
income/(loss) excluding the impact of share-based compensation
expenses and impairment of investment. The Company defines adjusted
net income/(loss) per ordinary share as adjusted net income/(loss)
divided by the weighted average number of ordinary shares. The
Company defines adjusted EBITDA as net income/(loss) excluding the
impact of depreciation and amortization, interest
income/(expenses), net, share-based compensation expenses and
impairment of 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 impairment of investment 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. TuanChe also provides virtual dealership
services by connecting automakers and franchised dealerships with
secondary dealers, which ultimately helps automakers penetrate and
expand into lower-tier cities. 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
Cynthia Tan
Tel: +86 (10) 6398-6232
Email: ir@tuanche.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com
Ross Warner
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,
2019
|
|
June 30,
2020
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
193,920
|
|
141,983
|
|
20,096
|
Restricted
cash
|
|
1,529
|
|
2,710
|
|
384
|
Short-term
investment
|
|
-
|
|
8,900
|
|
1,260
|
Time
deposits
|
|
69,762
|
|
49,557
|
|
7,014
|
Accounts receivable,
net
|
|
72,391
|
|
50,061
|
|
7,086
|
Prepayment and other
current assets
|
|
193,782
|
|
86,459
|
|
12,237
|
Total current
assets
|
|
531,384
|
|
339,670
|
|
48,077
|
Non–current
assets:
|
|
|
|
|
|
|
Property, equipment
and software, net
|
|
20,360
|
|
6,733
|
|
953
|
Intangible
assets
|
|
-
|
|
23,888
|
|
3,381
|
Long-term
investments
|
|
7,874
|
|
8,625
|
|
1,221
|
Goodwill
|
|
-
|
|
115,414
|
|
16,339
|
Other non-current
assets
|
|
7,577
|
|
313
|
|
44
|
Total non–current
assets
|
|
35,811
|
|
154,973
|
|
21,938
|
Total
assets
|
|
567,195
|
|
494,643
|
|
70,015
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
5,825
|
|
3,816
|
|
540
|
Advances from
customers
|
|
4,805
|
|
15,222
|
|
2,155
|
Short-term
borrowings
|
|
-
|
|
3,000
|
|
425
|
Salary and welfare
benefits payable
|
|
68,025
|
|
52,542
|
|
7,437
|
Other taxes
payable
|
|
22,494
|
|
21,810
|
|
3,087
|
Current portion of
deferred revenue
|
|
-
|
|
1,269
|
|
180
|
Other current
liabilities
|
|
40,913
|
|
30,665
|
|
4,341
|
Total current
liabilities
|
|
142,062
|
|
128,324
|
|
18,165
|
Non–current
liabilities:
|
|
|
|
|
|
|
Deferred
revenue
|
|
-
|
|
2,379
|
|
337
|
Deferred tax
liability
|
|
-
|
|
5,967
|
|
845
|
Other non–current
liabilities
|
|
2,158
|
|
1,910
|
|
271
|
Total non-current
liabilities
|
|
2,158
|
|
10,256
|
|
1,453
|
Total
liabilities
|
|
144,220
|
|
138,580
|
|
19,618
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
173
|
|
178
|
|
25
|
Class B ordinary
shares
|
|
35
|
|
35
|
|
5
|
Treasury
stock
|
|
(47,888)
|
|
(47,888)
|
|
(6,778)
|
Additional paid-in
capital
|
|
1,187,577
|
|
1,216,391
|
|
172,169
|
Accumulated
deficit
|
|
(718,666)
|
|
(815,151)
|
|
(115,377)
|
Accumulated other
comprehensive income
|
|
2,403
|
|
3,279
|
|
464
|
Total equity
attributable to equity shareholders of
the company
|
|
423,634
|
|
356,844
|
|
50,508
|
Non-controlling
interests
|
|
(659)
|
|
(781)
|
|
(111)
|
Total
shareholders'
equity
|
|
422,975
|
|
356,063
|
|
50,397
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
567,195
|
|
494,643
|
|
70,015
|
TUANCHE
LIMITED
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
(Amount in
thousands, except share and per share data)
|
|
|
|
|
|
For the three
months ended June 30,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Continuing
operations
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
190,607
|
|
33,371
|
|
4,723
|
|
Special
promotion events
|
|
5,801
|
|
1,482
|
|
210
|
|
Virtual dealership,
online marketing services and others
|
|
7,106
|
|
19,895
|
|
2,816
|
|
Total net
revenues
|
|
203,514
|
|
54,748
|
|
7,749
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(59,469)
|
|
(11,702)
|
|
(1,656)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
144,045
|
|
43,046
|
|
6,093
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(217,509)
|
|
(48,577)
|
|
(6,876)
|
|
General
and administrative expenses
|
|
(28,109)
|
|
(28,023)
|
|
(3,966)
|
|
Research
and development expenses
|
|
(9,860)
|
|
(8,255)
|
|
(1,168)
|
|
Total operating
expenses
|
|
(255,478)
|
|
(84,855)
|
|
(12,010)
|
|
Loss from
continuing operations
|
|
(111,433)
|
|
(41,809)
|
|
(5,917)
|
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
1,885
|
|
484
|
|
69
|
|
Exchange
gain/ (loss)
|
|
187
|
|
(130)
|
|
(18)
|
|
Investment
(loss)/income
|
|
(794)
|
|
219
|
|
31
|
|
Others,
net
|
|
1,178
|
|
996
|
|
141
|
|
Loss from
continuing operations before income taxes
|
|
(108,977)
|
|
(40,240)
|
|
(5,694)
|
|
Income
tax expense
|
|
-
|
|
164
|
|
23
|
|
Net loss from
continuing operations
|
|
(108,977)
|
|
(40,076)
|
|
(5,671)
|
|
Net
loss
|
|
(108,977)
|
|
(40,076)
|
|
(5,671)
|
|
Net loss
attributable to the TuanChe Limited's shareholders
|
|
(108,896)
|
|
(39,970)
|
|
(5,656)
|
|
Net loss
attributable to the NCI
|
|
(81)
|
|
(106)
|
|
(15)
|
|
Net
loss
|
|
(108,977)
|
|
(40,076)
|
|
(5,671)
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
8,541
|
|
(6)
|
|
(1)
|
|
Total other
comprehensive income/ (loss)
|
|
8,541
|
|
(6)
|
|
(1)
|
|
Total
comprehensive loss
|
|
(100,436)
|
|
(40,082)
|
|
(5,672)
|
|
Comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
Equity shareholders of
the company
|
|
(100,355)
|
|
(39,976)
|
|
(5,657)
|
|
Non-controlling
interests
|
|
(81)
|
|
(106)
|
|
(15)
|
|
Net loss
attributable to the TuanChe Limited's ordinary shareholders
per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.36)
|
|
(0.13)
|
|
(0.02)
|
|
Diluted
|
|
(0.36)
|
|
(0.13)
|
|
(0.02)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
298,742,143
|
|
303,332,885
|
|
303,332,885
|
|
Diluted
|
|
298,742,143
|
|
303,332,885
|
|
303,332,885
|
|
TUANCHE
LIMITED
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
(Amount in
thousands, except share and per share data)
|
|
|
|
|
|
For the six months
ended June 30,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Continuing
operations
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
309,375
|
|
39,061
|
|
5,529
|
|
Special
promotion events
|
|
6,609
|
|
1,787
|
|
253
|
|
Virtual dealership,
online marketing services and others
|
|
10,398
|
|
23,591
|
|
3,339
|
|
Total net
revenues
|
|
326,382
|
|
64,439
|
|
9,121
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(93,439)
|
|
(15,716)
|
|
(2,224)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
232,943
|
|
48,723
|
|
6,897
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(303,643)
|
|
(80,314)
|
|
(11,368)
|
|
General
and administrative expenses
|
|
(51,002)
|
|
(52,323)
|
|
(7,406)
|
|
Research
and development expenses
|
|
(17,372)
|
|
(16,888)
|
|
(2,390)
|
|
Total operating
expenses
|
|
(372,017)
|
|
(149,525)
|
|
(21,164)
|
|
Loss from
continuing operations
|
|
(139,074)
|
|
(100,802)
|
|
(14,267)
|
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
4,713
|
|
1,451
|
|
205
|
|
Exchange
(loss)/ gain
|
|
(939)
|
|
590
|
|
84
|
|
Investment
(loss)/income
|
|
(1,075)
|
|
52
|
|
7
|
|
Impairment of investment
|
|
(1,000)
|
|
-
|
|
-
|
|
Others,
net
|
|
1,105
|
|
1,586
|
|
224
|
|
Loss from
continuing operations before income taxes
|
|
(136,270)
|
|
(97,123)
|
|
(13,747)
|
|
Income
tax expense
|
|
-
|
|
516
|
|
73
|
|
Net loss from
continuing operations
|
|
(136,270)
|
|
(96,607)
|
|
(13,674)
|
|
Net
loss
|
|
(136,270)
|
|
(96,607)
|
|
(13,674)
|
|
Net loss
attributable to the TuanChe Limited's shareholders
|
|
(136,189)
|
|
(96,485)
|
|
(13,657)
|
|
Net loss
attributable to the NCI
|
|
(81)
|
|
(122)
|
|
(17)
|
|
Net
loss
|
|
(136,270)
|
|
(96,607)
|
|
(13,674)
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
1,416
|
|
876
|
|
124
|
|
Total other
comprehensive income
|
|
1,416
|
|
876
|
|
124
|
|
Total
comprehensive loss
|
|
(134,854)
|
|
(95,731)
|
|
(13,550)
|
|
Comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
Equity shareholders
of the company
|
|
(134,773)
|
|
(95,609)
|
|
(13,533)
|
|
Non-controlling
interests
|
|
(81)
|
|
(122)
|
|
(17)
|
|
Net loss
attributable to the TuanChe Limited's ordinary shareholders
per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.46)
|
|
(0.32)
|
|
(0.05)
|
|
Diluted
|
|
(0.46)
|
|
(0.32)
|
|
(0.05)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
295,865,699
|
|
303,221,278
|
|
303,221,278
|
|
Diluted
|
|
295,865,699
|
|
303,221,278
|
|
303,221,278
|
|
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,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Net
loss
|
|
(108,977)
|
|
(40,076)
|
|
(5,671)
|
|
Add:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
772
|
|
1,308
|
|
185
|
|
Subtract:
|
|
|
|
|
|
|
|
Interest income,
net
|
|
1,885
|
|
484
|
|
69
|
|
EBITDA
|
|
(110,090)
|
|
(39,252)
|
|
(5,555)
|
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
79,641
|
|
7,191
|
|
1,018
|
|
Adjusted
EBITDA
|
|
(30,449)
|
|
(32,061)
|
|
(4,537)
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(108,977)
|
|
(40,076)
|
|
(5,671)
|
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
79,641
|
|
7,191
|
|
1,018
|
|
Adjusted net
loss
|
|
(29,336)
|
|
(32,885)
|
|
(4,653)
|
|
Adjusted net loss
attributable to the Company's
shareholders
|
|
(29,255)
|
|
(32,779)
|
|
(4,638)
|
|
Adjusted net loss
attributable to NCI
|
|
(81)
|
|
(106)
|
|
(15)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
298,742,143
|
|
303,332,885
|
|
303,332,885
|
|
Diluted
|
|
298,742,143
|
|
303,332,885
|
|
303,332,885
|
|
Adjusted net loss
per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.10)
|
|
(0.11)
|
|
(0.02)
|
|
Diluted
|
|
(0.10)
|
|
(0.11)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Net
loss
|
|
(136,270)
|
|
(96,607)
|
|
(13,674)
|
|
Add:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,398
|
|
3,446
|
|
488
|
|
Subtract:
|
|
|
|
|
|
|
|
Interest income,
net
|
|
4,713
|
|
1,451
|
|
205
|
|
EBITDA
|
|
(139,585)
|
|
(94,612)
|
|
(13,391)
|
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
90,409
|
|
11,847
|
|
1,677
|
|
Impairment of
investment
|
|
1,000
|
|
-
|
|
-
|
|
Adjusted
EBITDA
|
|
(48,176)
|
|
(82,765)
|
|
(11,714)
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(136,270)
|
|
(96,607)
|
|
(13,674)
|
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
90,409
|
|
11,847
|
|
1,677
|
|
Impairment of
investment
|
|
1,000
|
|
-
|
|
-
|
|
Adjusted net
loss
|
|
(44,861)
|
|
(84,760)
|
|
(11,997)
|
|
Adjusted net loss
attributable to the Company's
shareholders
|
|
(44,780)
|
|
(84,638)
|
|
(11,980)
|
|
Adjusted net loss
attributable to NCI
|
|
(81)
|
|
(122)
|
|
(17)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
295,865,699
|
|
303,221,278
|
|
303,221,278
|
|
Diluted
|
|
295,865,699
|
|
303,221,278
|
|
303,221,278
|
|
Adjusted net loss
per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.15)
|
|
(0.28)
|
|
(0.04)
|
|
Diluted
|
|
(0.15)
|
|
(0.28)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/tuanche-announces-unaudited-second-quarter-2020-financial-results-301133793.html
SOURCE TuanChe Limited