BEIJING, April 12, 2021
/PRNewswire/ -- TuanChe Limited ("TuanChe," "Company," "we" or
"our") (NASDAQ: TC), a leading omni-channel automotive marketplace
in China, today announced its
unaudited financial results for the fourth quarter and full year
ended December 31, 2020.
Key Fourth Quarter 2020 Financial and Operating Metrics
Compared with the Prior Year Period
The Company's financial and operational results for the fourth
quarter of 2020:
- Net revenues decreased by 9.3% to RMB165.8 million (US$25.4
million) from RMB182.8
million.
- Gross profit decreased by 8.7% to RMB120.6 million (US$18.5
million) from RMB132.1
million. Gross margin increased to 72.8% from 72.3%.
- Quarterly number of organized auto shows across China decreased by 28.3% from 321 in 149
cities to 230 in 135 cities. Quarterly number of special promotion
events decreased by 81.0% from 269 to 51.
- Quarterly number of automobile sale transactions facilitated
decreased by 32.4% to 69,308 from 102,472. Quarterly Gross
Merchandise Volume of new automobiles sold decreased by 27.4% to
RMB9.8 billion (US$1.5 billion) from RMB13.5billion.
- Sales operations covered 126 cities as of December 31, 2020, compared with 129 cities as of
September 30, 2020 and 148 cities as
of December 31, 2019.
Key Full Year 2020 Financial and Operating Metrics Compared
with the Prior Year
- Net revenues decreased by 48.8% to RMB330.2 million (US$50.6
million) from RMB644.8
million.
- Gross profit decreased by 47.3% to RMB241.4 million (US$37.0
million) from RMB458.2
million. Gross margin increased to 73.1% from 71.1%.
- The number of auto shows organized in 2020 decreased by 57.4%
to 449 in 172 cities from 1,055 auto shows in 233 cities across
China. The number of special
promotion events organized in 2020 decreased by 67.0% to 207 from
627.
- The number of automobile sales transactions facilitated in 2020
decreased by 60.4% to 140,264 from 354,355, and the Gross
Merchandise Volume of new automobiles sold in 2020 decreased by
58.3% to RMB19.8 billion
(US$3.0 billion) from RMB47.5 billion.
Mr. Wei Wen, Chairman and Chief
Executive Officer of TuanChe, commented, "We saw continued momentum
in the fourth quarter as our net revenues of RMB165.8 million beat the top end of our guidance
range by 7.0% and net loss narrowed by 37.6% quarter-over-quarter.
The better-than-expected results were primarily driven by our
offline marketing services that benefited from China's solid year-over-year passenger vehicle
retail sales growth of 7.5% in the fourth quarter according to
China Passenger Car Association, our measured steps to resume our
offline auto shows, and our continued focus on locations generating
higher returns.
"The unforeseen and extraordinary challenges that unfolded last
year did not hinder our ability to capitalize on opportunities that
presented themselves, as the overall acceleration of internet
penetration boosted online auto retail. During 2020, we focused on
a number of initiatives such as deepening our collaboration with
TMall and Baidu Youjia, as we position ourselves for the continued
shift to online commerce and establish our brand as a leader in
this industry. Our efforts have produced meaningful results. In the
fourth quarter of 2020, our net revenues from virtual dealership,
online marketing services and others increased by 579.2% to
RMB35.9 million. Looking ahead in
2021 and beyond, we see a defined path for us to continue serving
evolving consumer needs by leveraging our strengths as a leading
omni-channel automotive marketplace."
Mr. Chenxi Yu, Deputy Chief
Financial Officer of TuanChe, added, "We concluded a challenging
2020 with a fourth quarter that demonstrated solid improvement. Our
net revenues, although 9.3% lower than the same period in 2019,
grew 65.7% compared with the third quarter. We achieved significant
top line recovery and, at the same time, took a comprehensive
approach to managing our costs. This resulted in slower operating
expense growth of 29.5% quarter-over-quarter, leading to a narrowed
net loss of RMB25.7 million, which
was 37.6% and 62.0% lower versus the last quarter and the same
quarter from last year, respectively. Meanwhile we maintained a
combined balance of cash and cash equivalents and time deposits of
RMB155.6 million, which will provide
us with the runway we need to create a platform for future
growth."
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 Hebei province in the first quarter of 2021,
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
first quarter of 2021. The Company
also continues to closely monitor both the development of the
pandemic and regulatory responses and restrictions as well as the
impact on the Company's business, results of operations, financial
condition and cash flows. Moreover, the Company has implemented
and will continue to implement measures to adjust the pace of
business operations and conserve resources and may resort to other
cost cutting measures for cash flow management.
Unaudited Fourth Quarter 2020 Financial Results
Net Revenues
Net revenues in the fourth quarter of 2020 decreased by 9.3% to
RMB165.8 million (US$25.4 million) from RMB182.8 million in the prior year period,
primarily due to a 26.8% year-over-year decrease of revenues
generated from offline marketing services to RMB129.9 million (US$19.9
million) from RMB177.5 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 24.4% to RMB128.8
million (US$19.7 million) in
the fourth quarter of 2020 from RMB170.4
million in the prior year period, and net revenues generated
from special promotion events decreased by 84.9% to RMB1.1 million (US$165
thousand) in the fourth quarter of 2020 from RMB7.1 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 579.2% to RMB35.9 million (US$5.5
million) in the fourth quarter of 2020 from RMB5.3 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 decreased by 8.7% to RMB120.6 million (US$18.5
million) in the fourth quarter of 2020 from RMB132.1 million in the prior year period. Gross
margin increased to 72.8% in the fourth quarter of 2020 from 72.3%
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 26.2% to RMB148.5 million (US$22.8
million) in the fourth quarter of 2020 from RMB201.2 million in the prior year period.
- Selling and marketing expenses decreased by 32.5% to
RMB107.7 million (US$16.5 million) in the fourth quarter of 2020
from RMB159.6 million in the prior
year period, primarily due to decreases in promotion expenses and
staff compensation expenses as a result of cost control measures
taken by the Company and reduced volume of offline events.
- General and administrative expenses increased by 9.7% to
RMB30.6 million (US$4.7 million) in the fourth quarter of 2020
from RMB27.8 million in the prior
year period, primarily due to impairment in prepayment for
advertising services.
- Research and development expenses decreased by 25.8% to
RMB10.2 million (US$1.6 million) in the fourth quarter of 2020
from RMB13.8 million in the prior
year period, primarily due to the decrease in staff compensation
expenses as a result of the decrease in headcount of research and
development departments.
As a result of the foregoing, loss from continuing operations
was RMB27.9 million (US$4.3 million) in the fourth quarter of 2020
compared with RMB69.1 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
fourth quarter of 2020 decreased by 62.5% to RMB25.4 million (US$3.9
million) from RMB67.7 million
in the prior year period. Basic and diluted loss per ordinary share
from continuing operations were both RMB0.08 (US$0.01)
in the fourth quarter of 2020 compared with RMB0.23 in the prior year period.
Adjusted net loss attributable to the Company's shareholders was
RMB22.5 million (US$3.4 million) in the fourth quarter of 2020
compared with RMB58.0 million in the
prior year period. Adjusted basic and diluted net loss per ordinary
share were both RMB0.07 (US$0.01) in the fourth quarter of 2020 compared
with RMB0.20 in the prior year
period. (1)
Adjusted EBITDA was a loss of RMB21.3
million (US$3.3 million) in
the fourth quarter of 2020 compared with a loss of RMB57.8 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 December 31, 2020, the
Company had RMB109.9 million
(US$16.8 million) cash and cash
equivalents, RMB45.7 million
(US$7.0 million) time deposits,
collectively RMB155.6 million
(US$23.8 million). Net cash used in
operating activities in the fourth quarter of 2020 was RMB1.0 million (US$0.2
million) compared with net cash used in operating activities
of RMB27.1 million in the prior year
period.
Unaudited Full Year 2020 Financial
Results
Net Revenues
Net revenues in the full year of 2020 decreased by 48.8% to
RMB330.2 million (US$50.6 million) from RMB644.8 million in the prior year period,
primarily due to a 59.0% year-over-year decrease in revenue
generated from offline marketing services to RMB255.3 million (US$39.1
million) from RMB623.2 million
in the prior year period, partially offset by the development 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 full year of 2020 decreased by 58.5% to RMB250.5 million (US$38.4
million) from RMB603.4 million
in the prior year period, and revenues generated from special
promotion events in the full year of 2020 decreased by 75.5% to
RMB4.9 million (US$0.7 million) from RMB19.8 million in the prior year period,
primarily due to the adverse impacts of the COVID-19 pandemic.
- Virtual dealership, online marketing services and
others. Revenue generated from virtual dealership, online
marketing services and others increased significantly to
RMB74.9 million (US$11.5 million) in the full year of 2020 from
RMB21.6 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 full year of 2020 decreased by 47.3% to
RMB241.4 million (US$37.0 million) from RMB458.2 million in the prior year period. Gross
margin increased to 73.1% in the full year of 2020 from 71.1% 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 full year of 2020 decreased by
42.6% to RMB412.8 million
(US$63.3 million) from RMB719.2 million in the prior year period.
- Selling and marketing expenses in the full year of 2020
decreased by 51.1% to RMB279.7
million (US$42.9 million) from
RMB572.0 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 volume of offline events.
- General and administrative expenses in the full year of 2020
decreased by 4.9% to RMB98.8 million
(US$15.1 million) from RMB103.9 million in the prior year period,
primarily due to the decrease in staff compensation expenses as a
result of cost control measures taken by the Company.
- Research and development expenses in the full year of 2020
decreased by 20.9% to RMB34.3 million
(US$5.3 million) from RMB43.3 million in the prior year period,
primarily due to the decrease in staff compensation expenses as a
result of the decrease in headcount of research and development
departments.
Loss from continuing operations was RMB171.3 million (US$26.3
million) in the full year of 2020 compared to RMB261.0 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 full
year of 2020 was RMB163.0 million
(US$25.0 million) compared to
RMB250.6 million in the prior year
period. Basic and diluted loss per ordinary share from continuing
operations were both RMB0.54(US$0.08) in
the full year of 2020 compared to RMB0.85 in the prior year period.
Adjusted net loss attributable to the Company's shareholders was
RMB145.4 million (US$22.3 million) in the full year of 2020
compared to an adjusted net loss of RMB139.7
million in the prior year period. Adjusted basic and diluted
loss per ordinary share were both RMB0.48 (US$0.07)
in the full year of 2020 compared to RMB0.48 in the prior year period.
(1)
Adjusted EBITDA was a loss of RMB141.1
million (US$21.6 million) in
the full year of 2020 compared to an adjusted EBITDA of
RMB143.9 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."
Business Outlook
For the first quarter of 2021, the Company expects net revenues
to range from approximately RMB76.0
million to RMB80.0 million,
representing a year-over-year approximate increase of 684.2% to
725.5%. This is primarily attributable to the improvement of the
epidemic situation.
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 Monday, April 12, 2021, 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 April 19, 2021, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
US Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10154599
|
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 RMB6.5250 to US$1.00, the noon buying rate in effect on
December 31, 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 December 31, 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
Chenxi Yu
Tel: +86 (10) 6398-2942
Email: ir@tuanche.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: tuanche@tpg-ir.com
Yang Song
Tel: +86 (10) 6508-0677
Email: tuanche@tpg-ir.com
TUANCHE
LIMITED
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amount in
thousands, except as noted)
|
|
|
|
As
of
|
|
|
December 31,
2019
|
|
December 31,
2020
|
|
|
RMB
(Audited)
|
|
RMB
(Unaudited)
|
|
US$
(Unaudited)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
193,920
|
|
109,916
|
|
16,845
|
Restricted
cash
|
|
1,529
|
|
29,829
|
|
4,571
|
Time
deposits
|
|
69,762
|
|
45,674
|
|
7,000
|
Accounts receivable,
net
|
|
72,391
|
|
66,126
|
|
10,134
|
Prepayment and other
current assets
|
|
193,782
|
|
59,856
|
|
9,173
|
Total current
assets
|
|
531,384
|
|
311,401
|
|
47,723
|
Non‑current
assets:
|
|
|
|
|
|
|
Property, equipment
and software, net
|
|
20,360
|
|
5,708
|
|
875
|
Intangible
assets
|
|
-
|
|
21,821
|
|
3,344
|
Operating lease
right-of-use assets, net(2)
|
|
-
|
|
10,801
|
|
1,655
|
Long-term
investments
|
|
7,874
|
|
8,949
|
|
1,371
|
Goodwill
|
|
-
|
|
115,414
|
|
17,688
|
Other non-current
assets
|
|
7,577
|
|
313
|
|
48
|
Total non‑current
assets
|
|
35,811
|
|
163,006
|
|
24,981
|
Total
assets
|
|
567,195
|
|
474,407
|
|
72,704
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
5,825
|
|
21,794
|
|
3,340
|
Advances from
customers
|
|
4,805
|
|
21,466
|
|
3,290
|
Salary and welfare
benefits payable
|
|
68,025
|
|
57,996
|
|
8,888
|
Other taxes
payable
|
|
22,494
|
|
22,992
|
|
3,524
|
Current portion of
deferred revenue
|
|
-
|
|
4,054
|
|
621
|
Short-term operating
lease liabilities(2)
|
|
-
|
|
5,911
|
|
906
|
Guarantee
liabilities
|
|
-
|
|
387
|
|
59
|
Other current
liabilities
|
|
40,913
|
|
41,564
|
|
6,370
|
Total current
liabilities
|
|
142,062
|
|
176,164
|
|
26,998
|
Non‑current
liabilities:
|
|
|
|
|
|
|
Non-current portion of
deferred revenue
|
|
-
|
|
185
|
|
28
|
Deferred tax
liability
|
|
-
|
|
5,451
|
|
835
|
Long-term operating
lease liabilities(2)
|
|
-
|
|
4,048
|
|
620
|
Other non‑current
liabilities
|
|
2,158
|
|
1,498
|
|
230
|
Total non-current
liabilities
|
|
2,158
|
|
11,182
|
|
1,713
|
Total
liabilities
|
|
144,220
|
|
187,346
|
|
28,711
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
173
|
|
181
|
|
28
|
Class B ordinary
shares
|
|
35
|
|
35
|
|
5
|
Treasury
stock
|
|
(47,888)
|
|
(47,241)
|
|
(7,240)
|
Additional paid-in
capital
|
|
1,187,577
|
|
1,221,339
|
|
187,177
|
Accumulated
deficit
|
|
(718,666)
|
|
(881,700)
|
|
(135,126)
|
Accumulated other
comprehensive income/(loss)
|
|
2,403
|
|
(4,450)
|
|
(682)
|
Total equity
attributable to equity shareholders of
the company
|
|
423,634
|
|
288,164
|
|
44,162
|
Non-controlling
interests
|
|
(659)
|
|
(1,103)
|
|
(169)
|
Total
shareholders'
equity
|
|
422,975
|
|
287,061
|
|
43,993
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
567,195
|
|
474,407
|
|
72,704
|
(2) In February 2016, the
Financial Accounting Standards Board issued ASU No. 2016-02, Leases
("ASU 2016-02"). Under the new provisions, all lessees will report
a right-of-use asset and a liability for the obligation to make
payments for all leases with the exception of those leases with a
term of 12 months or less. The Company adopted this guidance
effective December 31, 2020 using the
modified retrospective method, with the comparative information not
being restated and continues to be reported under the accounting
standards in effect for those periods. The most significant impact
upon adoption was the recognition of right-of-use assets and lease
liabilities for operating lease related to office buildings.
TUANCHE
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the three
months ended December 31,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
|
Continuing
operations
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
170,401
|
|
128,804
|
|
19,740
|
|
Special
promotion events
|
|
7,127
|
|
1,076
|
|
165
|
|
Virtual dealership,
online marketing services and others
|
|
5,283
|
|
35,880
|
|
5,499
|
|
Total net
revenues
|
|
182,811
|
|
165,760
|
|
25,404
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(50,725)
|
|
(45,159)
|
|
(6,921)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
132,086
|
|
120,601
|
|
18,483
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(159,596)
|
|
(107,723)
|
|
(16,509)
|
|
General
and administrative expenses
|
|
(27,839)
|
|
(30,553)
|
|
(4,682)
|
|
Research
and development expenses
|
|
(13,785)
|
|
(10,234)
|
|
(1,568)
|
|
Total operating
expenses
|
|
(201,220)
|
|
(148,510)
|
|
(22,759)
|
|
Loss from
continuing operations
|
|
(69,134)
|
|
(27,909)
|
|
(4,276)
|
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
1,067
|
|
418
|
|
64
|
|
Exchange
loss
|
|
(237)
|
|
(292)
|
|
(45)
|
|
Investment
(loss)/income
|
|
(120)
|
|
594
|
|
91
|
|
Others,
net
|
|
871
|
|
1,242
|
|
190
|
|
Loss from
continuing operations before income taxes
|
|
(67,553)
|
|
(25,947)
|
|
(3,976)
|
|
Income
tax expense
|
|
-
|
|
258
|
|
40
|
|
Net loss from
continuing operations
|
|
(67,553)
|
|
(25,689)
|
|
(3,936)
|
|
Net
loss
|
|
(67,553)
|
|
(25,689)
|
|
(3,936)
|
|
Net loss
attributable to TuanChe Limited's shareholders
|
|
(67,694)
|
|
(25,367)
|
|
(3,887)
|
|
Net profit(loss)
attributable to NCI
|
|
141
|
|
(322)
|
|
(49)
|
|
Net
loss
|
|
(67,553)
|
|
(25,689)
|
|
(3,936)
|
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
1,527
|
|
(3,953)
|
|
(606)
|
|
Total other
comprehensive income/(loss)
|
|
1,527
|
|
(3,953)
|
|
(606)
|
|
Total
comprehensive loss
|
|
(66,026)
|
|
(29,642)
|
|
(4,542)
|
|
Comprehensive
Income/(loss)
attributable to:
|
|
|
|
|
|
|
|
Equity shareholders of
the company
|
|
(66,167)
|
|
(29,320)
|
|
(4,493)
|
|
Non-controlling
interests
|
|
141
|
|
(322)
|
|
(49)
|
|
Net loss
attributable to TuanChe Limited's ordinary
shareholders per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.23)
|
|
(0.08)
|
|
(0.01)
|
|
Diluted
|
|
(0.23)
|
|
(0.08)
|
|
(0.01)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
294,148,126
|
|
305,735,883
|
|
305,735,883
|
|
Diluted
|
|
294,148,126
|
|
305,735,883
|
|
305,735,883
|
|
TUANCHE
LIMITED
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the year ended
December 31,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
|
Continuing
operations
Net
revenues
|
|
|
|
|
|
|
|
Offline Marketing
Services:
|
|
|
|
|
|
|
|
Auto
shows
|
|
603,407
|
|
250,481
|
|
38,388
|
|
Special
promotion events
|
|
19,772
|
|
4,851
|
|
743
|
|
Virtual dealership,
online marketing services and others
|
|
21,594
|
|
74,896
|
|
11,478
|
|
Total net
revenues
|
|
644,773
|
|
330,228
|
|
50,609
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(186,541)
|
|
(88,801)
|
|
(13,609)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
458,232
|
|
241,427
|
|
37,000
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing expenses
|
|
(572,040)
|
|
(279,665)
|
|
(42,861)
|
|
General
and administrative expenses
|
|
(103,890)
|
|
(98,820)
|
|
(15,145)
|
|
Research
and development expenses
|
|
(43,339)
|
|
(34,267)
|
|
(5,252)
|
|
Total operating
expenses
|
|
(719,269)
|
|
(412,752)
|
|
(63,258)
|
|
Loss from
continuing operations
|
|
(261,037)
|
|
(171,325)
|
|
(26,258)
|
|
Other
expenses:
|
|
|
|
|
|
|
|
Interest
income, net
|
|
7,020
|
|
2,409
|
|
369
|
|
Exchange
loss
|
|
(661)
|
|
(25)
|
|
(4)
|
|
Investment
(loss)/gain
|
|
(917)
|
|
933
|
|
143
|
|
Impairment of investment
|
|
(1,000)
|
|
-
|
|
-
|
|
Others,
net
|
|
5,296
|
|
3,498
|
|
536
|
|
Loss from
continuing operations before income taxes
|
|
(251,299)
|
|
(164,510)
|
|
(25,214)
|
|
Income
tax expense
|
|
-
|
|
1,032
|
|
158
|
|
Net loss from
continuing operations
|
|
(251,299)
|
|
(163,478)
|
|
(25,056)
|
|
Net
loss
|
|
(251,299)
|
|
(163,478)
|
|
(25,056)
|
|
Net loss
attributable to TuanChe Limited's shareholders
|
|
(250,640)
|
|
(163,034)
|
|
(24,988)
|
|
Net loss
attributable to NCI
|
|
(659)
|
|
(444)
|
|
(68)
|
|
Net
loss
|
|
(251,299)
|
|
(163,478)
|
|
(25,056)
|
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
9,771
|
|
(6,853)
|
|
(1,050)
|
|
Total other
comprehensive income/(loss)
|
|
9,771
|
|
(6,853)
|
|
(1,050)
|
|
Total
comprehensive loss
|
|
(241,528)
|
|
(170,331)
|
|
(26,106)
|
|
Comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
Equity shareholders
of the company
|
|
(240,869)
|
|
(169,887)
|
|
(26,038)
|
|
Non-controlling
interests
|
|
(659)
|
|
(444)
|
|
(68)
|
|
Net loss
attributable to TuanChe Limited's ordinary
shareholders per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.85)
|
|
(0.54)
|
|
(0.08)
|
|
Diluted
|
|
(0.85)
|
|
(0.54)
|
|
(0.08)
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
294,922,074
|
|
304,439,440
|
|
304,439,440
|
|
Diluted
|
|
294,922,074
|
|
304,439,440
|
|
304,439,440
|
|
TUANCHE
LIMITED
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the three
months ended December 31,
|
|
|
2019
|
|
2020
|
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
|
Net
loss
|
|
(67,553)
|
|
(25,689)
|
|
(3,936)
|
|
Add:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,141
|
|
1,875
|
|
287
|
|
Subtract:
|
|
|
|
|
|
|
|
Interest income,
net
|
|
1,067
|
|
418
|
|
64
|
|
EBITDA
|
|
(67,479)
|
|
(24,232)
|
|
(3,713)
|
|
Add:
|
|
|
|
|
|
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
233
|
|
36
|
|
Share-based
compensation expenses
|
|
9,668
|
|
2,683
|
|
411
|
|
Adjusted
EBITDA
|
|
(57,811)
|
|
(21,316)
|
|
(3,266)
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(67,553)
|
|
(25,689)
|
|
(3,936)
|
|
Add:
|
|
|
|
|
|
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
233
|
|
36
|
|
Share-based
compensation expenses
|
|
9,668
|
|
2,683
|
|
411
|
|
Adjusted net
loss
|
|
(57,885)
|
|
(22,773)
|
|
(3,489)
|
|
Adjusted net loss
attributable to the Company's
shareholders
|
|
(58,026)
|
|
(22,451)
|
|
(3,440)
|
|
Adjusted net
profit(loss) attributable to NCI
|
|
141
|
|
(322)
|
|
(49)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
Basic
|
|
294,148,126
|
|
305,735,883
|
|
305,735,883
|
|
Diluted
|
|
294,148,126
|
|
305,735,883
|
|
305,735,883
|
|
Adjusted net loss
per share from continuing
operations
|
|
|
|
|
|
|
|
Basic
|
|
(0.20)
|
|
(0.07)
|
|
(0.01)
|
|
Diluted
|
|
(0.20)
|
|
(0.07)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
TUANCHE
LIMITED
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
|
(Amount in
thousands, except share and per share data)
|
|
|
|
For the year ended
December 31,
|
|
|
2019
|
|
2020
|
|
|
RMB
Unaudited
|
|
RMB
Unaudited
|
|
US$
Unaudited
|
Net
loss
|
|
(251,299)
|
|
(163,478)
|
|
(25,056)
|
Add:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
3,483
|
|
7,109
|
|
1,090
|
Subtract:
|
|
|
|
|
|
|
Interest income,
net
|
|
7,020
|
|
2,409
|
|
369
|
EBITDA
|
|
(254,836)
|
|
(158,778)
|
|
(24,335)
|
Add:
|
|
|
|
|
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
233
|
|
36
|
Share-based
compensation expenses
|
|
109,968
|
|
17,448
|
|
2,674
|
Impairment of
investment
|
|
1,000
|
|
-
|
|
-
|
Adjusted
EBITDA
|
|
(143,868)
|
|
(141,097)
|
|
(21,625)
|
|
|
|
|
|
|
|
Net
loss
|
|
(251,299)
|
|
(163,478)
|
|
(25,056)
|
Add:
|
|
|
|
|
|
|
Fair value loss of
guarantee liability
|
|
-
|
|
233
|
|
36
|
Share-based
compensation expenses
|
|
109,968
|
|
17,448
|
|
2,674
|
Impairment of
investment
|
|
1,000
|
|
-
|
|
-
|
Adjusted net
loss
|
|
(140,331)
|
|
(145,797)
|
|
(22,346)
|
Adjusted net loss
attributable to the
Company's shareholders
|
|
(139,672)
|
|
(145,353)
|
|
(22,278)
|
Adjusted net loss
attributable to NCI
|
|
(659)
|
|
(444)
|
|
(68)
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares
|
|
|
|
|
|
|
Basic
|
|
294,922,074
|
|
304,439,440
|
|
304,439,440
|
Diluted
|
|
294,922,074
|
|
304,439,440
|
|
304,439,440
|
Adjusted net loss
per share from
continuing operations
|
|
|
|
|
|
|
Basic
|
|
(0.48)
|
|
(0.48)
|
|
(0.07)
|
Diluted
|
|
(0.48)
|
|
(0.48)
|
|
(0.07)
|
View original
content:http://www.prnewswire.com/news-releases/tuanche-announces-unaudited-fourth-quarter-and-full-year-2020-financial-results-301266561.html
SOURCE TuanChe Limited