BEIJING, Dec. 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 third quarter ended September 30, 2020.
Key Third Quarter 2020 Financial and Operating Metrics
Compared with the Prior Year Period
The Company's financial and operational results for the third
quarter of 2020 continued to be adversely impacted by the COVID-19
pandemic:
- Net revenues decreased by 26.2% to RMB100.0 million (US$14.7
million) from RMB135.6
million.
- Gross profit decreased by 22.6% to RMB72.1 million (US$10.6
million) from RMB93.2 million.
Gross margin increased to 72.1% from 68.7%.
- Quarterly number of organized auto shows across China decreased by 28.3% from 212 in 150
cities to 152 in 107 cities. Quarterly number of special promotion
events decreased by 66.7% from 192 to 64.
- Quarterly number of automobile sale transactions facilitated
decreased by 36.2% to 48,995 from 76,798. Quarterly Gross
Merchandise Volume of new automobiles sold decreased by 33.3% to
RMB7.0 billion (US$1.0 billion) from RMB10.5 billion.
- Sales operations covered 129 cities as of September 30, 2020, compared with 134 cities as
of June 30, 2020 and 148 cities as of
September 30, 2019.
First Nine Months 2020 Financial and Operating Metrics
Compared with the Prior Year Period
- Net revenues decreased by 64.4% to RMB164.5 million (US$24.2
million) from RMB462.0
million.
- Gross profit decreased by 63.0% to RMB120.8 million (US$17.8
million) from RMB326.1
million. Gross margin increased to 73.5% from 70.6%.
- The number of auto shows organized during the first nine months
of 2020 decreased by 70.2% to 219 in 133 cities from 734 auto shows
in 233 cities across China. The
number of special promotion events organized during the first nine
months of 2020 decreased by 56.4% to 156 from 358.
- The number of automobile sales transactions facilitated during
the first nine months of 2020 decreased by 71.8% to 70,956 from
251,883, and the Gross Merchandise Volume of new automobiles sold
during the first nine months of 2020 decreased by 70.6% to
RMB10.0 billion (US$1.5 billion) from RMB34.0 billion.
Mr. Wei Wen, Chairman and Chief
Executive Officer of TuanChe, commented, "We are pleased to report
third quarter results that demonstrated our momentum in rebuilding
revenues and reducing net losses in the wake of the severe market
conditions brought about by COVID-19 earlier in the year. Our net
revenues were RMB100.0 million, 26.2%
lower compared with the same quarter last year, yet improving 82.7%
over the second quarter primarily driven by recovery of offline
marketing services as our gradual resumption of offline auto shows
that began in May is making steady progress. In addition to the
sequential quarter-over-quarter recovery of revenue, we further
mitigated our net loss to RMB41.2
million, compared with RMB47.5
million in the same quarter last year.
"If there is a silver-lining to the ravages of the pandemic it
has been the phenomenal growth in the digital economy. Our online
services, including live streaming events, are benefitting from
this trend as we recognize positive revenue contribution from this
segment. In the third quarter, net revenues generated from virtual
dealership, online marketing services and others increased by
160.9% to RMB15.4 million. A key
factor in this area has been the collaborative partnerships we've
established with TMall and Baidu Youjia, the auto segment of the
giant Baidu portal. Through these engagements we not only become
part of their ecosystems contributing value through strong OEM and
dealer relationships, but also gain significant exposure for our
events through their extensive reach and gain valuable user data
and insight. In further developing our digital offerings within the
area of automotive marketing, we see a clear pathway to increasing
opportunities that play to our strengths in multi-channeled
automotive transaction facilitation.
"Core to our value proposition is assisting automotive OEMs and
dealers in optimizing their marketing efforts, user acquisition
strategies and conversion rates to create a shopping and buying
experience for customers that is smooth, natural and effortless.
With the multitude of dynamic forces that are now rapidly reshaping
the industry, we are confident that drawing on our years of honed
expertise and executing our multi-pronged strategies will position
us to deliver sustained shareholder value in the long-term" Mr. Wen
concluded.
Mr. Chenxi Yu, Deputy Chief
Financial Officer of TuanChe, added, "Against the backdrop of a
recovering consumer market we are pleased to deliver top-line
recovery over the second quarter and moderate the year-over-year
decrease, supported by growing offline market activities and the
robust performance of our online segments. Maintaining the strength
in the prior quarter, net revenues from virtual dealership, online
marketing services and others grew 160.9% year-over-year.
Furthermore, we continuously executed rigorous cost and expense
control measures. With these
measures, we were able to register an increased gross margin
to 72.1% and a 21.4% reduction of total operating expenses
year-over-year, as well as achieve bottom line improvement. As we
look through to the end of the year, we are building on this
momentum and further strengthening the service capabilities that
serve as the foundation of our unique omni-channel platform. We are
in a good place to be able to capture long-term prospects in the
changing industry and provide real benefits to all in our value
chain."
Recent Business Developments
As the COVID-19 pandemic has become
largely under control in China, 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 Xinjiang Uygur Autonomous Region and Dalian city in the third quarter and in the
city of Qingdao in October, as
well as potential threat of a second wave of COVID-19 in the fourth
quarter globally, 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 fourth 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 costs cutting measures
for cash flow management.
Unaudited Third Quarter 2020 Financial Results
Net Revenues
Net revenues in the third quarter of 2020 decreased by 26.2% to
RMB100.0 million (US$14.7 million) from RMB135.6 million in the prior year period,
primarily due to a 34.8% year-over-year decrease of revenues
generated from offline marketing services to RMB84.6 million (US$12.5
million) from RMB129.7 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 33.2% to RMB82.6
million (US$12.2 million) in
the third quarter of 2020 from RMB123.6
million in the prior year period, and net revenues generated
from special promotion events decreased by 67.1% to RMB2.0 million (US$293
thousand) in the third quarter of 2020 from RMB6.0 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 160.9% to RMB15.4 million (US$2.3
million) in the third quarter of 2020 from RMB5.9 million in the prior year period,
primarily due to our continuous expansion of live streaming events
and collaboration with Baidu Youjia and Webank.
Gross Profit
Gross profit decreased by 22.6% to RMB72.1 million (US$10.6
million) in the third quarter of 2020 from RMB93.2 million in the prior year period. Gross
margin increased to 72.1% in the third quarter of 2020 from 68.7%
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 21.4% to RMB114.7 million (US$16.9
million) in the third quarter of 2020 from RMB146.0 million in the prior year period.
- Selling and marketing expenses decreased by 15.8% to
RMB91.6 million (US$13.5 million) in the third quarter of 2020
from RMB108.8 million in the prior
year period, primarily due to decreases in promotion expenses and
staff compensation expenses as a result of control measures taken
by the Company and reduced offline events.
- General and administrative expenses decreased by 36.3% to
RMB15.9 million (US$2.3 million) in the third quarter of 2020 from
RMB25.0 million in the prior year
period, primarily due to the decrease in staff compensation
expenses.
- Research and development expenses decreased by 41.3% to
RMB7.1 million (US$1.1 million) in the third quarter of 2020 from
RMB12.2 million in the prior year
period, primarily due to the decrease in staff compensation
expenses.
As a result of the foregoing, loss from continuing operations
was RMB42.6 million (US$6.3 million) in the third quarter of 2020
compared with RMB52.8 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 third
quarter of 2020 decreased by 11.9% to RMB41.2 million (US$6.1
million) from RMB46.8 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 third quarter of 2020 compared with RMB0.16 in the prior year period.
Adjusted net loss attributable to the Company's shareholders was
RMB38.3 million (US$5.6 million) in the third quarter of 2020
compared with RMB36.9 million in the
prior year period. Adjusted basic and diluted net loss per ordinary
share were both RMB0.13 (US$0.02) in the third quarter of 2020 compared
with RMB0.13 in the prior year
period. (1)
Adjusted EBITDA was a loss of RMB37.0
million (US$5.5 million) in
the third quarter of 2020 compared with a loss of RMB37.9 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 September 30, 2020, the
Company had RMB78.8 million
(US$11.6 million) cash and cash
equivalents, RMB95.3 million
(US$14.0 million) time deposits, and
RMB8.9 million (US$1.3 million) short-term investment which was
highly liquid, collectively RMB183.0
million (US$27.0 million). Net
cash used in operating activities in the third quarter of 2020 was
RMB6.9 million (US$1.0 million) compared with net cash used in
operating activities of RMB55.7
million in the prior year period.
Unaudited First Nine Months 2020 Financial Results
Net Revenues
Net revenues in the first nine months of 2020 decreased by 64.4%
to RMB164.5 million (US$24.2 million) from RMB462.0 million in the prior year period,
primarily due to a 71.8% year-over-year decrease in revenue
generated from offline marketing services to RMB125.5 million (US$18.5
million) from RMB445.7 million
in the prior year period, partially offset by the accelerated
growth of new business initiatives, such as live streaming events
and collaboration with Baidu Youjia and Webank, which are included
in virtual dealership and online marketing services.
- Offline marketing services. Revenues generated from auto
shows in the first nine months of 2020 decreased by 71.9% to
RMB121.7 million (US$17.9 million) from RMB433.0 million in the prior year period, and
revenues generated from special promotion events in the first nine
months of 2020 decreased by 70.1% to RMB3.8
million (US$0.6 million) from
RMB12.6 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
RMB39.0 million (US$5.7 million) in the first nine months of 2020
from RMB16.3 million in the prior
year period, primarily due to our continuous expansion of live
streaming events and collaboration with Baidu Youjia and
Webank.
Gross Profit
Gross profit in the first nine months of 2020 decreased by 63.0%
to RMB120.8 million (US$17.8 million) from RMB326.1 million in the prior year period. Gross
margin increased to 73.5% in the first nine months of 2020 from
70.6% 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 nine months of 2020
decreased by 49.0% to RMB264.2
million (US$38.9 million) from
RMB518.1 million in the prior year
period.
- Selling and marketing expenses in the first nine months of 2020
decreased by 58.3% to RMB171.9
million (US$25.3 million) from
RMB412.4 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 nine months of
2020 decreased by 10.2% to RMB68.3
million (US$10.1 million) from
RMB76.1 million in the prior year
period, primarily due to the decrease in staff compensation
expenses.
- Research and development expenses in the first nine months of
2020 decreased by 18.7% to RMB24.0
million (US$3.5 million) from
RMB29.6 million in the prior year
period, primarily due to the decrease in staff compensation
expenses.
Loss from continuing operations was RMB143.4 million (US$21.1
million) in the first nine months of 2020 compared to
RMB191.9 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
nine months of 2020 was RMB137.7
million (US$20.3 million)
compared to RMB182.9 million in the
prior year period. Basic and diluted loss per ordinary share from
continuing operations were both RMB0.45(US$0.07) in
the first nine months of 2020 compared to RMB0.62 in the prior year period.
Adjusted net loss attributable to the Company's shareholders was
RMB122.9 million (US$18.1 million) in the first nine months of 2020
compared to an adjusted net loss of RMB81.6
million in the prior year period. Adjusted basic and diluted
loss per ordinary share were both RMB0.40(US$0.06) in
the first nine months of 2020 compared to adjusted basic and
diluted earnings per ordinary share, which were both RMB0.28 in the prior year period.
(1)
Adjusted EBITDA was a loss of RMB119.8
million (US$17.6 million) in
the first nine months of 2020 compared to an adjusted EBITDA of
RMB86.1 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 fourth quarter of 2020, the Company expects net revenues
to range from approximately RMB145.0
million to RMB155.0 million,
representing a year-over-year approximate decrease of 20.7% to
15.2%. This is primarily attributable to the estimated declining
number of offline events that is expected to be held in the fourth
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, December 18, 2020, at 7:30 A.M. Eastern Time or 8:30 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 December 25, 2020, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
US Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10150388
|
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 RMB6.7896 to US$1.00, the noon buying rate in effect on
September 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 September 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
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,
2019
|
|
Sept 30,
2020
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
193,920
|
|
78,778
|
|
11,603
|
Restricted
cash
|
|
1,529
|
|
9,202
|
|
1,355
|
Short-term
investments
|
|
-
|
|
8,900
|
|
1,311
|
Time
deposits
|
|
69,762
|
|
95,341
|
|
14,042
|
Accounts receivable,
net
|
|
72,391
|
|
48,566
|
|
7,153
|
Prepayment and other
current assets
|
|
193,782
|
|
83,766
|
|
12,337
|
Total current
assets
|
|
531,384
|
|
324,553
|
|
47,801
|
Non–current
assets:
|
|
|
|
|
|
|
Property, equipment
and software, net
|
|
20,360
|
|
6,574
|
|
968
|
Intangible
assets
|
|
-
|
|
22,854
|
|
3,366
|
Long-term
investments
|
|
7,874
|
|
8,912
|
|
1,313
|
Goodwill
|
|
-
|
|
115,414
|
|
17,002
|
Other non-current
assets
|
|
7,577
|
|
313
|
|
46
|
Total non–current
assets
|
|
35,811
|
|
154,067
|
|
22,695
|
Total
assets
|
|
567,195
|
|
478,620
|
|
70,496
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
5,825
|
|
4,463
|
|
657
|
Advances from
customers
|
|
4,805
|
|
30,539
|
|
4,498
|
Short-term
borrowings
|
|
-
|
|
3,000
|
|
442
|
Salary and welfare
benefits payable
|
|
68,025
|
|
55,976
|
|
8,244
|
Other taxes
payable
|
|
22,494
|
|
22,488
|
|
3,312
|
Current portion of
deferred revenue
|
|
-
|
|
6,326
|
|
932
|
Guarantee
liabilities
|
|
-
|
|
154
|
|
23
|
Other current
liabilities
|
|
40,913
|
|
33,184
|
|
4,888
|
Total current
liabilities
|
|
142,062
|
|
156,130
|
|
22,996
|
Non–current
liabilities:
|
|
|
|
|
|
|
Deferred
revenue
|
|
-
|
|
1,058
|
|
156
|
Deferred tax
liability
|
|
-
|
|
5,709
|
|
841
|
Other non–current
liabilities
|
|
2,158
|
|
1,700
|
|
251
|
Total non-current
liabilities
|
|
2,158
|
|
8,467
|
|
1,248
|
Total
liabilities
|
|
144,220
|
|
164,597
|
|
24,244
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
173
|
|
181
|
|
27
|
Class B ordinary
shares
|
|
35
|
|
35
|
|
5
|
Treasury
stock
|
|
(47,888)
|
|
(47,241)
|
|
(6,959)
|
Additional paid-in
capital
|
|
1,187,577
|
|
1,218,659
|
|
179,491
|
Accumulated
deficit
|
|
(718,666)
|
|
(856,333)
|
|
(126,124)
|
Accumulated other
comprehensive income/(loss)
|
|
2,403
|
|
(497)
|
|
(73)
|
Total equity
attributable to equity shareholders of
the company
|
|
423,634
|
|
314,804
|
|
46,367
|
Non-controlling
interests
|
|
(659)
|
|
(781)
|
|
(115)
|
Total
shareholders'
equity
|
|
422,975
|
|
314,023
|
|
46,252
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
567,195
|
|
478,620
|
|
70,496
|
TUANCHE
LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in
thousands, except share and per share data)
|
|
|
|
|
|
For the three
months ended September 30,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
|
Continuing
operations
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
123,631
|
|
82,616
|
|
12,168
|
|
Special
promotion events
|
|
6,036
|
|
1,988
|
|
293
|
|
Virtual dealership,
online marketing services and others
|
|
5,913
|
|
15,425
|
|
2,272
|
|
Total net
revenues
|
|
135,580
|
|
100,029
|
|
14,733
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(42,377)
|
|
(27,926)
|
|
(4,113)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
93,203
|
|
72,103
|
|
10,620
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(108,801)
|
|
(91,628)
|
|
(13,495)
|
|
General
and administrative expenses
|
|
(25,049)
|
|
(15,944)
|
|
(2,348)
|
|
Research
and development expenses
|
|
(12,182)
|
|
(7,145)
|
|
(1,052)
|
|
Total operating
expenses
|
|
(146,032)
|
|
(114,717)
|
|
(16,895)
|
|
Loss from
continuing operations
|
|
(52,829)
|
|
(42,614)
|
|
(6,275)
|
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
1,240
|
|
540
|
|
80
|
|
Exchange
gain/(loss)
|
|
515
|
|
(323)
|
|
(48)
|
|
Investment
income
|
|
278
|
|
287
|
|
42
|
|
Others,
net
|
|
3,320
|
|
670
|
|
99
|
|
Loss from
continuing operations before income taxes
|
|
(47,476)
|
|
(41,440)
|
|
(6,102)
|
|
Income
tax expense
|
|
-
|
|
258
|
|
38
|
|
Net loss from
continuing operations
|
|
(47,476)
|
|
(41,182)
|
|
(6,064)
|
|
Net
loss
|
|
(47,476)
|
|
(41,182)
|
|
(6,064)
|
|
Net loss
attributable to TuanChe Limited's shareholders
|
|
(46,757)
|
|
(41,182)
|
|
(6,064)
|
|
Net loss
attributable to NCI
|
|
(719)
|
|
-
|
|
-
|
|
Net
loss
|
|
(47,476)
|
|
(41,182)
|
|
(6,064)
|
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
6,828
|
|
(3,776)
|
|
(556)
|
|
Total other
comprehensive income/(loss)
|
|
6,828
|
|
(3,776)
|
|
(556)
|
|
Total
comprehensive loss
|
|
(40,648)
|
|
(44,958)
|
|
(6,620)
|
|
Comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
Equity shareholders of
the company
|
|
(39,929)
|
|
(44,958)
|
|
(6,620)
|
|
Non-controlling
interests
|
|
(719)
|
|
-
|
|
-
|
|
Net loss
attributable to TuanChe Limited's ordinary
shareholders per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.16)
|
|
(0.13)
|
|
(0.02)
|
|
Diluted
|
|
(0.16)
|
|
(0.13)
|
|
(0.02)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
293,839,627
|
|
305,552,839
|
|
305,552,839
|
|
Diluted
|
|
293,839,627
|
|
305,552,839
|
|
305,552,839
|
|
TUANCHE
LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in
thousands, except share and per share data)
|
|
|
|
|
|
For the nine
months ended September 30,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
|
Continuing
operations
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
433,006
|
|
121,677
|
|
17,921
|
|
Special
promotion events
|
|
12,645
|
|
3,775
|
|
556
|
|
Virtual dealership,
online marketing services and others
|
|
16,311
|
|
39,016
|
|
5,746
|
|
Total net
revenues
|
|
461,962
|
|
164,468
|
|
24,223
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(135,816)
|
|
(43,642)
|
|
(6,428)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
326,146
|
|
120,826
|
|
17,795
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(412,444)
|
|
(171,942)
|
|
(25,324)
|
|
General
and administrative expenses
|
|
(76,051)
|
|
(68,267)
|
|
(10,055)
|
|
Research
and development expenses
|
|
(29,554)
|
|
(24,033)
|
|
(3,540)
|
|
Total operating
expenses
|
|
(518,049)
|
|
(264,242)
|
|
(38,919)
|
|
Loss from
continuing operations
|
|
(191,903)
|
|
(143,416)
|
|
(21,124)
|
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
5,953
|
|
1,991
|
|
293
|
|
Exchange
(loss)/ gain
|
|
(424)
|
|
267
|
|
39
|
|
Investment
(loss)/gain
|
|
(797)
|
|
339
|
|
50
|
|
Impairment of investment
|
|
(1,000)
|
|
-
|
|
-
|
|
Others,
net
|
|
4,425
|
|
2,256
|
|
332
|
|
Loss from
continuing operations before income taxes
|
|
(183,746)
|
|
(138,563)
|
|
(20,410)
|
|
Income
tax expense
|
|
-
|
|
774
|
|
114
|
|
Net loss from
continuing operations
|
|
(183,746)
|
|
(137,789)
|
|
(20,296)
|
|
Net
loss
|
|
(183,746)
|
|
(137,789)
|
|
(20,296)
|
|
Net loss
attributable to TuanChe Limited's shareholders
|
|
(182,946)
|
|
(137,667)
|
|
(20,278)
|
|
Net loss
attributable to NCI
|
|
(800)
|
|
(122)
|
|
(18)
|
|
Net
loss
|
|
(183,746)
|
|
(137,789)
|
|
(20,296)
|
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
8,244
|
|
(2,900)
|
|
(427)
|
|
Total other
comprehensive income/(loss)
|
|
8,244
|
|
(2,900)
|
|
(427)
|
|
Total
comprehensive loss
|
|
(175,502)
|
|
(140,689)
|
|
(20,723)
|
|
Comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
Equity shareholders
of the company
|
|
(174,702)
|
|
(140,567)
|
|
(20,705)
|
|
Non-controlling
interests
|
|
(800)
|
|
(122)
|
|
(18)
|
|
Net loss
attributable to TuanChe Limited's ordinary
shareholders per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.62)
|
|
(0.45)
|
|
(0.07)
|
|
Diluted
|
|
(0.62)
|
|
(0.45)
|
|
(0.07)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
295,182,891
|
|
304,004,138
|
|
304,004,138
|
|
Diluted
|
|
295,182,891
|
|
304,004,138
|
|
304,004,138
|
|
TUANCHE
LIMITED
RECONCILIATION OF NON-GAAP AND GAAP RESULTS
(Amount in
thousands, except share and per share data)
|
|
|
|
For the three
months ended September 30,
|
|
|
2019
|
|
2020
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
Net
loss
|
|
(47,476)
|
|
(41,182)
|
|
(6,064)
|
Add :
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
944
|
|
1,788
|
|
263
|
Subtract:
|
|
|
|
|
|
|
Interest income,
net
|
|
1,240
|
|
540
|
|
80
|
EBITDA
|
|
(47,772)
|
|
(39,934)
|
|
(5,881)
|
Add :
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
9,891
|
|
2,918
|
|
430
|
Adjusted
EBITDA
|
|
(37,881)
|
|
(37,016)
|
|
(5,451)
|
|
|
|
|
|
|
|
Net
loss
|
|
(47,476)
|
|
(41,182)
|
|
(6,064)
|
Add :
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
9,891
|
|
2,918
|
|
430
|
Adjusted net
loss
|
|
(37,585)
|
|
(38,264)
|
|
(5,634)
|
Adjusted net loss
attributable to the Company's shareholders
|
|
(36,866)
|
|
(38,264)
|
|
(5,634)
|
Adjusted net loss
attributable to NCI
|
|
(719)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
Basic
|
|
293,839,627
|
|
305,552,839
|
|
305,552,839
|
Diluted
|
|
293,839,627
|
|
305,552,839
|
|
305,552,839
|
Adjusted net loss
per share from continuing operations
|
|
|
|
|
|
|
Basic
|
|
(0.13)
|
|
(0.13)
|
|
(0.02)
|
Diluted
|
|
(0.13)
|
|
(0.13)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TUANCHE
LIMITED
RECONCILIATION OF NON-GAAP AND GAAP RESULTS
(Amount in
thousands, except share and per share data)
|
|
|
|
For the nine
months ended September 30,
|
|
|
2019
|
|
2020
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
Net
loss
|
|
(183,746)
|
|
(137,789)
|
|
(20,296)
|
Add :
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
2,342
|
|
5,234
|
|
771
|
Subtract:
|
|
|
|
|
|
|
Interest income,
net
|
|
5,953
|
|
1,991
|
|
293
|
EBITDA
|
|
(187,357)
|
|
(134,546)
|
|
(19,818)
|
Add :
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
100,300
|
|
14,765
|
|
2,175
|
Impairment of
investment
|
|
1,000
|
|
-
|
|
-
|
Adjusted
EBITDA
|
|
(86,057)
|
|
(119,781)
|
|
(17,643)
|
|
|
|
|
|
|
|
Net
loss
|
|
(183,746)
|
|
(137,789)
|
|
(20,296)
|
Add :
|
|
|
|
|
|
|
Share-based
compensation expenses
|
|
100,300
|
|
14,765
|
|
2,175
|
Impairment of
investment
|
|
1,000
|
|
-
|
|
-
|
Adjusted net
loss
|
|
(82,446)
|
|
(123,024)
|
|
(18,121)
|
Adjusted net loss
attributable to the Company's shareholders
|
|
(81,646)
|
|
(122,902)
|
|
(18,103)
|
Adjusted net loss
attributable to NCI
|
|
(800)
|
|
(122)
|
|
(18)
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares
|
|
|
|
|
|
|
Basic
|
|
295,182,891
|
|
304,004,138
|
|
304,004,138
|
Diluted
|
|
295,182,891
|
|
304,004,138
|
|
304,004,138
|
Adjusted net loss
per share from
continuing operations
|
|
|
|
|
|
|
Basic
|
|
(0.28)
|
|
(0.40)
|
|
(0.06)
|
Diluted
|
|
(0.28)
|
|
(0.40)
|
|
(0.06)
|
View original
content:http://www.prnewswire.com/news-releases/tuanche-announces-unaudited-third-quarter-2020-financial-results-301195826.html
SOURCE TuanChe Limited