BEIJING, Dec. 23, 2020 /PRNewswire/ -- Ucommune
International Ltd. (NASDAQ: UK) ("Ucommune
International"), today announced the unaudited financial
results of its acquired company, Ucommune Group Holdings Limited
("Ucommune Group" or the "Company"), a leading agile office space
manager and provider in China, for
the first nine months ended September 30,
2020. The information provided in this release solely
represents the historical financial information of Ucommune Group
prior to its closing of the business combination with Ucommune
International on November 17,
2020.
Financial Highlights of the First Nine Months of
2020
- Net revenues were RMB598.5
million (US$88.1 million),
compared with RMB874.6 million in the
first nine months of 2019.
- Operating loss margin was 38%, compared with 64% in the
first nine months of 2019.
- Net loss was RMB358.8
million (US$52.8 million),
compared with RMB570.7 million in the
first nine months of 2019.
- EBITDA loss
(Non-GAAP) was RMB309.8 million
(US$45.6 million), compared with
RMB478.7 million in the first nine
months of 2019. For a reconciliation of EBITDA to net loss, see the
"Non-GAAP Financial Measures" section and the table captioned
"Ucommune Group Holdings Limited Reconciliation of GAAP and
Non-GAAP Results" below.
- EBITDA loss margin was 52%, compared with 55% in the
first nine months of 2019.
- Adjusted EBITDA loss (Non-GAAP) was RMB145.7 million (US$21.5
million), compared with RMB230.7
million in the first nine months of 2019. For a
reconciliation of adjusted EBITDA to net loss, see the "Non-GAAP
Financial Measures" section and the table captioned "Ucommune Group
Holdings Limited Reconciliation of GAAP and Non-GAAP Results"
below.
- Adjusted EBITDA loss margin was 24%, compared
with 26% in the first nine months of 2019.
- Adjusted net loss (Non-GAAP) was RMB278.8 million (US$41.1
million), compared with RMB343.1
million in the first nine months of 2019. For a
reconciliation of adjusted net loss to net loss, see the "Non-GAAP
Financial Measures" section and the table captioned "Ucommune Group
Holdings Limited Reconciliation of GAAP and Non-GAAP Results"
below.
Operating Highlights of the First Nine Months of 2020
- As of September 30, 2020,
Ucommune Group had 222 office spaces in 51 cities, among which 158
spaces were in operation, providing approximately 58,000
workstations to Ucommune Group's 860,400 members.
- As of September 30, 2020, under
Ucommune Group's asset light-model, the Company's total number of
spaces under contract increased by 126% to 106 from 47 as of
December 31, 2019, while its total
managed area under contract contractual increased by 59% to 272,900
square meters from 171,200 square meters as of December 31, 2019.1
_______________________________
1 Spaces and managed areas under contract include those in
operation, under construction, and in preparation for
construction.
Dr. Daqing Mao, Founder of
Ucommune Group, commented, "Despite the various challenges faced by
our industry in 2020, we limited the impact of these challenges on
our operations. At the end of 2019, we decided to transition our
business towards an asset-light model, and the rapid spread of the
pandemic since that time has only accelerated our business
transformation. During the first three quarters of 2020, we
proactively closed office spaces that negatively impacted our cash
flows and re-allocated our resources to business segments capable
of accelerating our progress to profitability. Consequently, our
workspace membership services revenues declined by only 18% year
over year, while our EBITDA loss narrowed by more than 35% during
the nine months period. Meanwhile, many of our corporate clients
faced economic uncertainties and thus chose to reduce their
advertising budgets, which negatively affected our marketing and
branding services revenues. Nevertheless, as China continues to embark on its economic
recovery, we are now seeing businesses gradually return to the old
norm of working in offices, and our workspace occupancy rate and
unit space revenue should improve accordingly. As a publicly traded
company, we plan to improve our business through innovation,
diversify our revenue streams, manage our expenditures, and
generate quality returns for our shareholders over the long run. We
have witnessed early success from our internally developed SAAS
management platform for office buildings and industrial parks.
Under this platform, services such as lease contract management,
CRM promotion management, IOT intelligent device management, member
operation management and asset management have enhanced the value
of properties managed by Ucommune Group."
Mr. Cheong Kwok Mun, Chief
Financial Officer of Ucommune Group, added, "Our
strategic transformation towards an asset-light business model
has helped us mitigate the negative impact from COVID-19, as
evidenced by our less-than-expected revenue decline and
faster-than-expected margin improvement. As we redirect more of our
resources towards managing our workspace profitability and
prudently controlling our expenses, we are confident that we are
well on our way towards profitability and positive cash flow in the
coming years. Looking ahead, we are confident that our
asset-light business model, market leadership in agile office space
management, and capital markets access should pave the way towards
a sustainable, measured, and profitable growth trajectory."
First Nine Months of 2020 Unaudited Financial Results
Total net revenues were RMB598.5
million (US$88.1
million) in the first nine months
of 2020, representing a decrease of 32% from RMB874.6 million in the first nine months
of 2019. Revenues from the asset light-model were RMB26.3 million (US$3.9
million) in the first nine months
of 2020, representing an increase of 79% from
RMB14.7 million in the first nine
months of 2019.
- Workspace membership services revenues were
RMB346.2 million (US$51.0 million) in the first nine months of
2020, representing a decrease of 18% from RMB419.6 million in the first nine months of
2019. This decrease was mainly due to the decreased number of
spaces in operation and the contraction of the Company's co-working
space services, primarily caused by the outbreak of COVID-19 in the
first nine months of 2020. Nevertheless, as a result of
China's early success in
containing the COVID-19 epidemic and the Company's improved
operating efficiency, the Company has achieved significant
transformational improvements since the third quarter of 2020,
particularly in terms of occupancy rates and unit space
revenue.
- Marketing and branding services revenues were RMB207.4 million (US$30.5
million) in the first nine months of 2020, representing a
decrease of 49% from RMB403.5 million
in the first nine months of 2019, mainly due to decreased demand
for advertising and marketing services in the first nine months of
2020.
- Other services revenues were RMB45.0 million (US$6.6
million) in the first nine months of 2020, representing a
decrease of 13% from RMB51.5 million
in the first nine months of 2019, primarily due to the decrease in
net revenue generated from the Company's interior design and
construction services, resulting from the suspension of design and
construction services caused by COVID-19.
Total costs of revenues were RMB682.8 million (US$100.6 million) in the first nine months
of 2020, representing a decrease of 33% from RMB1,017.4 million in the first nine months
of 2019. Costs of revenues from the asset light-model
were RMB17.6 million
(US$2.6 million) in the first
nine months of 2020, representing an increase of 83% from
RMB9.6 million in the first nine
months of 2019.
- Costs of workspace membership were RMB446.5 million (US$65.8
million ) in the first nine months of 2020, representing a
decrease of 26% from RMB605.2 million
in the first nine months of 2019, mainly due to decreased
operational costs related to leases as well as decreased costs for
property services and staff.
- Costs of marketing and branding services were
RMB189.1 million (US$27.8 million) in the first nine months of
2020, representing a decrease of 48% from RMB364.4 million in the first nine months of
2019, mainly due to decreased advertising costs, which was in line
with the decrease in advertising revenue.
- Costs of other services were RMB47.2 million (US$7.0
million) in the first nine months of 2020, representing a
decrease of 1% from RMB47.7 million
in the first nine months of 2019, mainly due to decreased staff
costs.
General and administrative expenses were RMB87.2 million (US$12.8
million) in the first nine months of 2020,
representing a decrease of 32% from RMB128.8
million in the first nine months of 2019, mainly as a
result of decreased staff costs as Ucommune Group optimized its
staff structure and reduced its general and administrative
personnel to increase operational efficiency, and lower
professional service fees.
Sales and marketing expenses were RMB22.9 million (US$3.4 million) in the first nine months
of 2020, representing a decrease of 53% from RMB48.3 million in the first nine months
of 2019, mainly as the result of the reduction in staff costs
as well as promotion-related cost control measures, which
were in line with the Company's reduced spaces due to
the negative impact of COVID-19.
Impairment loss on long-lived assets was RMB33.5 million (US$4.9 million ) in the first nine months
of 2020, representing a decrease of 27% from RMB46.1 million in the first nine months
of 2019, primarily due to lower impairment of those
spaces where the carrying value is not expected to be fully
recoverable.
Pre-opening expenses were nil in the first nine
months of 2020, representing a decrease of 100% from
RMB14.1 million in the first nine
months of 2019, mainly as the result of the Company's temporary slowdown in
co-working space expansion.
Loss from operations was RMB227.9
million (US$33.6 million) in
the first nine months of 2020, representing a decrease of 59% from
RMB559.3 million in the first nine
months of 2019.
Other expenses, net were RMB84.2 million (US$12.4 million) in the first nine months
of 2020, representing an increase of 311% from RMB20.5 million in the first nine months
of 2019, mainly due to loss resulting from the Company's
disposal of spaces.
Net loss was RMB358.8
million (US$52.8
million) in the first nine months of 2020,
representing a decrease of 37% from RMB570.7
million in the first nine months of 2019.
Basic and diluted net loss per share were both
RMB2.61 (US$0.39) in the first nine months
of 2020, representing a decrease of 55% from RMB5.84 in the first nine months
of 2019, mainly as the result of lower net loss and an
increase in weighted average shares outstanding.
Cash, cash equivalents and restricted cash were
RMB112.4 million (US$16.6 million) as of September 30, 2020, representing a decrease of
43% from RMB196.3 million as
of December 31, 2019, primarily due to the repayment of
loans.
Net cash used in operating activities was RMB2.3 million (US$0.4
million), representing a decrease of 99% from RMB231.6 million in the first nine months
of 2019, mainly due to decreased cash used for leased
facilities as a result of the Company's temporary slowdown in
co-working space expansion.
Business Outlook
For the full year of 2020, the Company expects net revenues to
be in the range of RMB850 million to
RMB870 million. The forecast reflects
the Company's current and preliminary views on the market and its
operational conditions, which are subject to change.
Recent Developments
On November 17, 2020, Ucommune
International consummated its previously announced business
combination, which resulted in Ucommune Group being a wholly owned
subsidiary of Ucommune International.
In connection with the closing of the Company's business
combination, as of November 18, 2020,
certain backstop investors had invested an aggregate amount of
$68.0 million pursuant to backstop
agreements, including an aggregate investment of $60.9 million in a PIPE financing.
As of November 25, there were
80,451,843 ordinary shares outstanding, consisting of 70,999,436
Class A ordinary shares and 9,452,407 Class B ordinary shares. The
Class A ordinary shares and warrants of the Company are trading on
The Nasdaq Stock Market under the symbols "UK" and "UKOMW,"
respectively.
About Ucommune International Ltd.
Ucommune International is China's leading agile office space manager and
provider. Founded in 2015, Ucommune International has created a
large-scale intelligent agile office ecosystem covering
economically vibrant regions throughout China to empower its members with flexible and
cost-efficient office space solutions. Ucommune International's
various offline agile office space services include self-operated
models, such as U Space, U Studio, and U Design, as well as
asset-light models, such as U Brand and U Partner. By utilizing its
expertise in the real estate and retail industries, Ucommune
International operates its agile office spaces with high efficiency
and engages in the urban transformation of older and under-utilized
buildings to redefine commercial real estate in China.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB6.7896 to US$1.00, the exchange rate on September 30, 2020, set forth in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary Unaudited Financial
Information
The unaudited financial information set out in this earnings
release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial
statements may be identified when audit work has been performed for
the Company's year-end audit, which could result in
significant differences from this preliminary unaudited financial
information.
Safe Harbor Statements
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's growth strategies; its future business development,
results of operations and financial condition; its ability to
understand buyer needs and provide products and services to attract
and retain buyers; its ability to maintain and enhance the
recognition and reputation of its brand; its ability to rely on
merchants and third-party logistics service providers to provide
delivery services to buyers; its ability to maintain and improve
quality control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China's e-commerce market; changes
in its revenues and certain cost or expense items; the expected
growth of China's e-commerce
market; PRC governmental policies and regulations relating to the
Company's industry, and general economic and business conditions
globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
Non-GAAP Financial Measures
To supplement the Company's combined and consolidated financial
statements, which are prepared and presented in accordance with
U.S. GAAP, Ucommune Group uses the following non-GAAP financial
measures for Ucommune Group's combined and consolidated results:
EBITDA (including EBITDA margin), adjusted EBITDA (including
adjusted EBITDA margin) and adjusted net loss. The Company
believes that EBITDA, adjusted EBITDA and adjusted net loss
help understand and evaluate the Company's core operating
performance.
EBITDA, adjusted EBITDA and adjusted net loss are presented to
enhance investors' overall understanding of the Company's financial
performance and should not be considered a substitute for, or
superior to, the financial information prepared and presented in
accordance with U.S. GAAP. Investors are encouraged to review the
reconciliation of the historical non-GAAP financial measure to its
most directly comparable GAAP financial measures. As EBITDA,
adjusted EBITDA and adjusted net loss have material limitations as
analytical metrics and may not be calculated in the same manner by
all companies, they may not be comparable to other similarly titled
measures used by other companies.
In light of the foregoing limitations, you should not consider
EBITDA, adjusted EBITDA and adjusted net loss as substitutes for,
or superior to, net loss prepared in accordance with GAAP. The
Company encourages investors and others to review its financial
information in its entirety and not rely on any single financial
measure. For more information on these non-GAAP financial measures,
please see the table captioned "Ucommune Group Holdings Limited
Reconciliation of GAAP and Non-GAAP Results" near the end of this
release.
EBITDA represents net loss before interest income, interest
expense, provision for income taxes, depreciation of property and
equipment and amortization of intangible assets.
Adjusted EBITDA represents net loss before (i) interest income,
interest expense, other expense, net, provision for income taxes
and loss on disposal of subsidiaries and (ii) certain non-cash
expenses, consisting of impairment loss on long-term
investments. impairment loss on long-lived assets, depreciation of
property and equipment, amortization of intangible assets and
change in fair value of liabilities to be settled in shares, which
we do not believe are reflective of our core operating performance
during the periods presented.
Adjusted net loss represents net loss before impairment loss on
long-lived assets, impairment loss on long-term investments, change
in fair value of liabilities to be settled in shares and loss on
disposal of subsidiaries.
For investor and media inquiries, please contact:
Ucommune International Ltd.
ir@ucommune.com
ICR, LLC.
Sharon Zhou
ucommune@icrinc.com
+1 (212) 537-3847
FINANCIAL STATEMENTS
UCOMMUNE GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of RMB and USD, except for number of
shares)
|
As of December 31,
2019
|
|
As of September
30, 2020
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
(unaudited)
|
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
175,774
|
|
89,607
|
|
13,198
|
Term
deposits
|
41,715
|
|
42,950
|
|
6,326
|
Short-term
investments
|
37,930
|
|
14,350
|
|
2,114
|
Accounts
receivable
|
86,200
|
|
66,369
|
|
9,775
|
Prepaid expenses and
other current assets
|
135,830
|
|
169,277
|
|
24,933
|
Amounts due from
related parties, current
|
52,611
|
|
31,052
|
|
4,573
|
Held-for-sale
asset
|
356,233
|
|
-
|
|
-
|
Total current
assets
|
886,293
|
|
413,605
|
|
60,919
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Restricted
cash
|
20,527
|
|
22,777
|
|
3,355
|
Long-term
investments
|
29,329
|
|
79,768
|
|
11,749
|
Property and
equipment, net
|
567,844
|
|
387,864
|
|
57,126
|
Right-of-use assets,
net
|
1,851,729
|
|
1,299,685
|
|
191,423
|
Intangible assets,
net
|
40,105
|
|
34,204
|
|
5,038
|
Goodwill
|
1,533,485
|
|
1,533,485
|
|
225,858
|
Rental
deposit
|
98,486
|
|
76,507
|
|
11,268
|
Long-term prepaid
expenses
|
116,363
|
|
116,173
|
|
17,110
|
Amounts due from
related parties, non-current
|
884
|
|
544
|
|
80
|
Other assets,
non-current
|
185
|
|
120,318
|
|
17,721
|
Total non-current
assets
|
4,258,937
|
|
3,671,325
|
|
540,728
|
TOTAL
ASSETS
|
5,145,230
|
|
4,084,930
|
|
601,647
|
UCOMMUNE GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued
(Amounts in thousands of RMB and USD, except for number of
shares)
|
As of December 31,
2019
|
|
As of September 30,
2020
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
(unaudited)
|
|
(unaudited)
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
138,647
|
|
86,276
|
|
12,707
|
Long-term borrowings,
current portion
|
14,390
|
|
9,018
|
|
1,328
|
Accounts
payable
|
325,682
|
|
235,294
|
|
34,655
|
Accrued expenses and
other current liabilities
|
276,577
|
|
254,330
|
|
37,459
|
Amounts due to related
parties, current
|
43,251
|
|
77,537
|
|
11,420
|
Advance workspace
membership fee
|
99,226
|
|
63,057
|
|
9,287
|
Contract
liabilities
|
23,875
|
|
14,690
|
|
2,164
|
Income taxes
payable
|
325
|
|
1,170
|
|
172
|
Deferred subsidy
income
|
11,974
|
|
8,919
|
|
1,314
|
Convertible
bond
|
69,762
|
|
-
|
|
-
|
Held-for-sale
liabilities
|
32,514
|
|
-
|
|
-
|
Lease liabilities,
current
|
589,467
|
|
588,375
|
|
86,658
|
Total current
liabilities
|
1,625,690
|
|
1,338,666
|
|
197,164
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
5,000
|
|
20,707
|
|
3,050
|
Refundable deposits
from members, non-current
|
14,308
|
|
21,008
|
|
3,094
|
Deferred tax
liabilities
|
2,427
|
|
1,985
|
|
292
|
Lease liabilities,
non-current
|
1,393,691
|
|
959,092
|
|
141,259
|
Total non-current
liabilities
|
1,415,426
|
|
1,002,792
|
|
147,695
|
TOTAL
LIABILITIES
|
3,041,116
|
|
2,341,458
|
|
344,859
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary
shares
|
92
|
|
92
|
|
14
|
Subscription
receivable
|
(87)
|
|
(78)
|
|
(11)
|
Additional paid-in
capital
|
3,645,708
|
|
3,645,708
|
|
536,955
|
Statutory
reserves
|
3,827
|
|
3,827
|
|
564
|
Accumulated
deficit
|
(1,750,475)
|
|
(2,093,781)
|
|
(308,381)
|
Accumulated other
comprehensive (loss) income
|
(926)
|
|
112
|
|
18
|
Total Ucommune
Group Holdings Limited
shareholders' equity
|
1,898,139
|
|
1,555,880
|
|
229,159
|
Noncontrolling
interests
|
205,975
|
|
187,592
|
|
27,629
|
TOTAL
EQUITY
|
2,104,114
|
|
1,743,472
|
|
256,788
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
5,145,230
|
|
4,084,930
|
|
601,647
|
UCOMMUNE GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF
OPERATIONS (Amounts in thousands of RMB and USD, except for number
of shares and per share data)
|
For the
Nine Months Ended September 30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
Workspace membership
revenue
|
419,634
|
|
346,162
|
|
50,984
|
Marketing and branding
service revenue
|
403,484
|
|
207,357
|
|
30,540
|
Other service
revenue
|
51,451
|
|
44,957
|
|
6,621
|
Total
revenue
|
874,569
|
|
598,476
|
|
88,145
|
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
|
Workspace
membership
|
(605,190)
|
|
(446,526)
|
|
(65,766)
|
Marketing and branding
service
|
(364,442)
|
|
(189,077)
|
|
(27,848)
|
Other
services
|
(47,722)
|
|
(47,222)
|
|
(6,955)
|
Total cost of
revenue
|
(1,017,354)
|
|
(682,825)
|
|
(100,569)
|
Operating
expenses:
|
|
|
|
|
|
Impairment loss on
long-lived assets
|
(46,122)
|
|
(33,457)
|
|
(4,928)
|
Pre-opening
expenses
|
(14,148)
|
|
-
|
|
-
|
Sales and marketing
expenses
|
(48,344)
|
|
(22,853)
|
|
(3,366)
|
General and
administrative expenses
|
(128,836)
|
|
(87,220)
|
|
(12,846)
|
Remeasurement gain of
previously held equity interests in connection with step
acquisitions
|
386
|
|
-
|
|
-
|
Change in fair value
of advance for equity interests subscription
|
(179,475)
|
|
-
|
|
-
|
Loss from
operations
|
(559,324)
|
|
(227,879)
|
|
(33,564)
|
|
|
|
|
|
|
Interest
income
|
4,901
|
|
4,233
|
|
623
|
Interest
expense
|
(7,960)
|
|
(14,962)
|
|
(2,204)
|
Subsidy
income
|
20,521
|
|
12,706
|
|
1,871
|
Impairment loss on
long-term investments
|
(2,000)
|
|
(3,507)
|
|
(517)
|
Loss on disposal of
subsidiaries
|
-
|
|
(43,032)
|
|
(6,338)
|
Other expense,
net
|
(20,469)
|
|
(84,176)
|
|
(12,398)
|
Loss before income
taxes and loss from equity
method
investments
|
(564,331)
|
|
(356,617)
|
|
(52,527)
|
Provision for income
taxes
|
(4,780)
|
|
(2,330)
|
|
(343)
|
(Loss)/gain from
equity method investments
|
(1,600)
|
|
144
|
|
21
|
Net
loss
|
(570,711)
|
|
(358,803)
|
|
(52,849)
|
Less: Net loss
attributable to noncontrolling interests
|
(18,763)
|
|
(15,497)
|
|
(2,282)
|
Net loss
attributable to Ucommune Group Holdings Limited
|
(551,948)
|
|
(343,306)
|
|
(50,567)
|
Net loss per share
attributable to ordinary shareholders of Ucommune Group Holdings
Limited
|
|
|
|
|
|
- Basic
|
(5.84)
|
|
(2.61)
|
|
(0.39)
|
- Diluted
|
(5.84)
|
|
(2.61)
|
|
(0.39)
|
Weighted average
shares used in calculating net loss per share
|
|
|
|
|
|
- Basic
|
94,434,484
|
|
131,312,984
|
|
131,312,984
|
- Diluted
|
94,434,484
|
|
131,312,984
|
|
131,312,984
|
UCOMMUNE GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(Amounts in thousands of RMB and USD, except for number of shares
and per share data)
|
For the Nine
Months Ended September 30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
Net loss
|
(570,711)
|
|
(358,803)
|
|
(52,849)
|
Other comprehensive
loss, net of tax
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(2,220)
|
|
1,039
|
|
153
|
Total Comprehensive
loss
|
(572,931)
|
|
(357,764)
|
|
(52,696)
|
Less: Comprehensive
loss attributable to noncontrolling interest
|
(18,793)
|
|
(15,496)
|
|
(2,282)
|
Comprehensive loss
attributable to Ucommune Group Holdings
Limited's
shareholders
|
(554,138)
|
|
(342,268)
|
|
(50,414)
|
UCOMMUNE GROUP HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of RMB and USD, except for number of shares
and per share data)
The following table sets forth a reconciliation of net
loss to EBITDA and adjusted EBITDA for the periods
indicated:
|
For the Nine
Months
Ended September 30,
|
|
2019
|
2020
|
2020
|
|
RMB
|
RMB
|
USD
|
Net
loss
|
(570,711)
|
(358,803)
|
(52,849)
|
Interest
income
|
(4,901)
|
(4,233)
|
(623)
|
Interest
expense
|
7,960
|
14,962
|
2,204
|
Provision for income
taxes
|
4,780
|
2,330
|
343
|
Depreciation of
property and equipment
|
78,637
|
31,009
|
4,567
|
Amortization of
intangible assets
|
5,514
|
4,907
|
723
|
EBITDA
(non-GAAP)
|
(478,721)
|
(309,828)
|
(45,635)
|
Impairment loss on
long-lived assets
|
46,122
|
33,457
|
4,928
|
Change in fair value
of liabilities to be settled in shares
|
179,475
|
-
|
-
|
Impairment loss on
long-term investments
|
2,000
|
3,507
|
517
|
Loss on disposal of
subsidiaries
|
-
|
43,032
|
6,338
|
Other expense,
net
|
20,469
|
84,176
|
12,398
|
|
|
|
|
Adjusted EBITDA
(non-GAAP)
|
(230,655)
|
(145,656)
|
(21,454)
|
The table below sets forth a reconciliation of net loss to
adjusted net loss for the periods indicated:
|
For the Nine
Months
Ended September 30,
|
|
2019
|
2020
|
2020
|
|
RMB
|
RMB
|
USD
|
Net
loss
|
(570,711)
|
(358,803)
|
(52,849)
|
Impairment loss on
long-lived assets
|
46,122
|
33,457
|
4,928
|
Change in fair value
of liabilities to be settled in shares
|
179,475
|
-
|
-
|
Impairment loss on
long-term investments
|
2,000
|
3,507
|
517
|
Loss on disposal of
subsidiaries
|
-
|
43,032
|
6,338
|
|
|
|
|
Adjusted net loss
(non-GAAP)
|
(343,114)
|
(278,807)
|
(41,066)
|
View original
content:http://www.prnewswire.com/news-releases/ucommune-international-ltd-reports-first-nine-months-of-2020-unaudited-financial-results-of-ucommune-group-holdings-limited-301198259.html
SOURCE Ucommune International Ltd.