BEIJING, Jun. 4, 2021 /PRNewswire/ -- Ucommune
International Ltd. (NASDAQ: UK) ("Ucommune" or the
"Company"), a leading agile office space manager and provider
in China, today announced its
unaudited financial results for the first quarter ended
March 31, 2021.
First Quarter
2021 Financial Highlights
- Net revenues were RMB240.4
million, representing an increase of 17.5% from the first
quarter of 2020 and exceeding the high-end of the Company's
previously announced revenue guidance
range.
- Net loss was RMB126.8 million, compared with RMB82.9 million in the first quarter of
2020.
- Adjusted net loss[1], which excluded
share-based compensation expenses, impairment loss on long-lived
assets, change in fair value of warrant liability, impairment loss
on long-term investments, and loss on disposal of subsidiaries, was
RMB46.7 million, narrowing by 41.7%
year over year from RMB80.1 million
in the first quarter of 2020.
- EBITDA loss[2] was RMB102.0 million, compared with RMB60.0 million in the first quarter of
2020.
- Adjusted EBITDA loss[3] was
RMB33.0 million, compared with
RMB31.0 million in the first quarter
of 2020.
First Quarter 2021 Operating Highlights
- As of March 31, 2021, Ucommune had committed to 250 office
spaces in 84 cities, including 88 office spaces in tier-1
cities, 51 office spaces in new tier-1 cities, 105 office
spaces in cities tier-2 and below, and 6 office spaces
overseas, and providing approximately 642,800 square meters of
managed area to 1,154,000 members. Among those, 189 office
spaces, or 75.6% of total committed spaces, were in operation.
- As of March 31, 2021, Ucommune's total number of
spaces contracted under the Company's asset-light
model had increased by 144.0% to 122 spaces located across 48
cities from 50 spaces located across 27 cities as of March 31,
2020. The Company's total managed area under contract[4] for
the asset-light model had increased by 107.0% to 365,000 square
meters from 176,600 square meters as of March 31,
2020.
Dr. Daqing Mao, Founder of
Ucommune, commented, "In the first quarter of 2021, we continued to
successfully expand our service offerings, committing to 16 new
spaces and bringing 26 new spaces into operation to reach 1,154,000
members around the globe. Our asset-light model also continued to
gain traction, with its total number of spaces under contract
recording triple-digit year-over-year growth for the third quarter
in a row. As such, our workspace membership services revenues
increased by 16.7% from the previous quarter. As we took another
step towards transforming our business and enlarging our
China-wide coverage, we also
benefited from the recovery trend in domestic advertising demand,
which was supported by the government's effective containment of
COVID-19 as well as our enhanced brand influence. We will continue
to channel resources towards the development of our
asset-light model, refine our services, and cultivate more vibrant
communities of urban professionals to support the transformation in
how people work and generate more sustainable shareholder
value."
Mr. Cheong Kwok Mun, Chief
Financial Officer of Ucommune, added, "We increased our net
revenues beyond expectations while narrowing our adjusted net loss
in the quarter. Net revenues grew by 17.5% on a year-over-year
basis, despite an aggressive streamlining of our self-managed
premises in the first quarter of 2020, which led to the closure of
many of our unprofitable premises. More importantly, our
asset-light model revenues grew by 250.6% and our asset-light model
gross profit grew by 148.0%. Our unique combination of
technology-enabled agile office space services and potent brand
awareness enables us to provide asset owners with a highly
compelling value proposition and breathe new life into urban areas
throughout China. Looking ahead,
we will remain focused on accelerating our business transformation
to enhance our overall profitability and augment our corporate
development."
First Quarter 2021 Financial Results
Total net revenues increased by 17.5% to RMB240.4 million in the first quarter
of 2021 from RMB204.5
million in the first quarter of 2020. Revenues from the
Company's asset-light model increased by 250.6% to RMB10.4 million in the first quarter
of 2021 from RMB3.0 million
in the first quarter of 2020.
- Workspace membership services
revenues decreased by 30.8% to RMB89.7 million in the first quarter
of 2021 from RMB129.6
million in the first quarter of 2020, mainly due to the
closure of unprofitable spaces in operation and the contraction of
the Company's self-operated coworking space services resulting from
the Company's transformation to an asset-light model.
- Marketing and branding
services revenues increased by 98.4% to
RMB112.6 million in the
first quarter of 2021 from RMB56.8
million in the first quarter of 2020, mainly due to
pent up demand for advertising and marketing services as the
impact of COVID-19 mitigated and advertising demand fully
recovered to pre-epidemic levels during the first quarter of
2021.
- Other services revenues increased by 109.9% to
RMB38.1 million in the
first quarter of 2021 from RMB18.1
million
in the first quarter of 2020, primarily
due to increased net revenue from the Company's interior design and
construction services.
Total costs of revenues increased by 17.0% to
RMB266.4 million in the
first quarter of 2021 from RMB227.6 million in the first quarter
of 2020. Costs of revenues from the Company's asset-light
model increased by 279.9% to RMB8.8 million in the first quarter
of 2021 from RMB2.3
million in the first quarter of 2020, which was in line
with the increase in revenues from the Company's asset-light model
businesses.
- Costs of workspace membership decreased
by 22.4% to RMB131.2 million in the first quarter
of 2021 from RMB169.1
million in the first quarter of 2020, mainly due to
decreased operating costs as well as decreased costs for property
services and staff, partly offset by the increase in share-based
compensation expenses, amounting to RMB10.9
million.
- Costs of marketing and branding
services increased by 118.0% to RMB106.9 million in the
first quarter of 2021 from RMB49.0
million in the first quarter of 2020, mainly due to
increased advertising costs, which was in line with the increase in
advertising revenue.
- Costs of other services increased by 198.6% to
RMB28.3 million in the
first quarter of 2021 from RMB9.5
million in the first quarter of 2020, mainly due to
increased costs related to interior design and construction
services.
General and administrative expenses increased by 361.1%
to RMB91.1 million in the first
quarter of 2021 from RMB19.8
million in the first quarter of 2020, mainly due to an
increase in share-based compensation expenses of RMB54.7 million, professional service fees, and
directors' and officers' liability insurance fees associated with
the Company's public listing.
Sales and marketing expenses increased by 10.4% to
RMB13.0 million in the first
quarter of 2021 from RMB11.8
million in the first quarter of 2020, mainly due to the
increase in share-based compensation expenses.
EBITDA loss increased by 70.0% to
RMB102.0 million in the first quarter
of 2021 from RMB60.0 million in the
first quarter of 2020.
Adjusted EBITDA loss[3] increased
by 6.2% to RMB33.0 million in the
first quarter of 2021 from RMB31.0
million in the first quarter of 2020.
Impairment loss on long-lived assets increased by 307.0%
to RMB9.3 million in the first
quarter of 2021 from RMB2.3
million in the first quarter of 2020,
primarily due to the increase in impairment costs for
spaces where the carrying value is not expected to be fully
recoverable.
Other (expense) income, net represents other income, net,
of RMB11.1 million in the first
quarter of 2021, as compared with other expense, net of
RMB26.1 million in the first quarter
of 2020, mainly due to the Company's decision to voluntarily
close office spaces as part of its business transformation, which
led to the early termination of lease contracts and a corresponding
reversal of expenses related to the lease contracts.
Net loss increased by 53.0% to RMB126.8 million in the first quarter
of 2021 from RMB82.9
million in the first quarter of 2020. Adjusted net
loss[4] was RMB46.7 million in the first quarter
of 2021, compared with RMB80.1
million in the first quarter of 2020.
Basic and diluted net loss per share were both
RMB1.60 in the first quarter
of 2021, representing an increase of 22.2% from RMB1.31 in the first quarter
of 2020, mainly due to the increased net loss, which was
partly offset by the increase in weighted average shares
outstanding.
Basic and diluted adjusted net loss per
share[5] were both RMB0.64 in the first quarter of 2021,
compared to basic and diluted adjusted net loss per
share[6] of RMB1.26
in the first quarter of 2020.
Cash, cash equivalents, and restricted
cash were RMB195.0
million as of March 31, 2021, representing a decrease
of 51.3% from RMB400.8 million as
of December 31, 2020, primarily due to short-term
financial investments and long-term investments made during the
first quarter of 2021 and working capital and general corporate
purposes cash expenditures, partially offset by the financing in
connection with the Company's underwritten public offering
consummated on February 2, 2021.
Business Outlook
For the second quarter of 2021, the Company expects net revenues
to be in the range of RMB240 million
to RMB260 million, representing
a year-over-year increase of 24% to 34%. The forecasts reflect the
Company's current and preliminary views on the market and its
operating conditions, which are subject to change.
Recent Developments
On June 2, 2021, the Company
announced it has signed a merger agreement with Guangdong Wanhe
Green Technology Co., Ltd, an eco-friendly and intelligent space
renovation service provider in China, to promote carbon neutrality and
eco-friendly office environments.
On June 4, 2021, UK Wisdom
Limited, a blank check company incorporated as a Cayman Islands exempted company, of which
(i) the Company owns an 85% equity interest, and
(ii) Mao Daqing, the Company's founder, director and
controlling shareholder owns a 15% interest, publicly filed a
registration statement in connection with a contemplated initial
public offering of 5,000,000 units. Each unit consists of one
Class A ordinary share and one right. Every ten rights
entitles the holder to receive one Class A ordinary share upon
consummation of the Company's initial business combination. The
units are expected to be listed on the Nasdaq Capital Market, or
Nasdaq, under the symbol "UKWIU". The foregoing is a preliminary
summary of terms and is subject to change.
A registration statement relating to UK Wisdom Limited's
securities has been filed with the Securities and Exchange
Commission, but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This press release shall
not constitute an offer to sell or a solicitation of an offer to
buy these securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The proposed offering of these securities will be
made only by means of a prospectus. A preliminary prospectus
relating to these securities may be obtained when available from
Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.
About Ucommune International Ltd.
Ucommune is China's leading
agile office space manager and provider. Founded in 2015, Ucommune
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'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 operates its agile office
spaces with high efficiency and engages in the urban transformation
of older and underutilized 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 RMB 6.5518 to US$1.00, the exchange rate on March 31, 2021, set forth in the H.10 statistical
release of the Federal Reserve Board. The Company makes no
representation that the RMB or US$ 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 members' needs and provide products and services to
attract and retain members; its ability to maintain and enhance the
recognition and reputation of its brand; its ability to maintain
and improve quality control policies and measures; its ability to
establish and maintain relationships with members and business
partners; trends and competition in China's agile office space market; changes in
its revenues and certain cost or expense items; the expected growth
of China's agile office space
market; PRC governmental policies and regulations relating to the
Company's business and industry, and general economic and business
conditions in China and globally
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 uses the following non-GAAP financial measures
for Ucommune'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 International Ltd.
Reconciliation of GAAP and Non-GAAP Results" near the end of this
release.
EBITDA represents net loss before interest expense, net,
provision for income taxes, depreciation of property and equipment
and amortization of intangible assets.
Adjusted EBITDA represents net loss before (i) interest expense,
net, other (expense)income, net, provision for income taxes and
loss on disposal of subsidiaries and (ii) certain non-cash
expenses, consisting of share-based compensation expense,
impairment loss on long-lived assets, impairment loss on long-term
investments, depreciation of property and equipment,
amortization of intangible assets and change in fair value of
warrant liability, which we do not believe are reflective of the
Company's core operating performance during the periods
presented.
Adjusted net loss represents net loss before share-based
compensation expense, impairment loss on long-lived assets, change
in fair value of warrant liability and loss on disposal of
subsidiaries.
[1] For a reconciliation of net loss to adjusted net income, see
the "Non-GAAP Financial Measures" section and the table captioned
"Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP
Results" below.
[2] For a reconciliation of net loss to EBITDA, see the
"Non-GAAP Financial Measures" section and the table titled
"Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP
Results" below.
[3] For a reconciliation of net loss to adjusted EBITDA, see the
"Non-GAAP Financial Measures" section and the table titled
"Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP
Results" below.
[4] Spaces and managed area under contract include those in
operation, under construction, and in preparation for
construction.
[5] For a reconciliation of net loss to adjusted net income, see
the "Non-GAAP Financial Measures" section and the table captioned "
Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP
Results" below.
[6] For a reconciliation of net loss to adjusted net income, see
the "Non-GAAP Financial Measures" section and the table captioned "
Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP
Results" below.
For investor and media inquiries, please
contact:
Ucommune International Ltd.
ir@ucommune.com
ICR, LLC.
Robin Yang
ucommune@icrinc.com
+1 (212) 537-3847
FINANCIAL
STATEMENTS UCOMMUNE INTERNATIONAL
LTD. UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS (Amounts in thousands of RMB and
USD, except for number of shares)
|
|
As of December
31, 2020
|
|
As of March 31,
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
348,064
|
|
142,454
|
|
21,743
|
Restricted
cash
|
52,199
|
|
52,570
|
|
8,024
|
Term
deposits
|
47,710
|
|
32,310
|
|
4,931
|
Short-term
investments
|
5,900
|
|
200,747
|
|
30,640
|
Accounts receivable,
net
|
125,359
|
|
154,504
|
|
23,582
|
Prepaid expenses and
other current assets
|
163,401
|
|
145,918
|
|
22,268
|
Amounts due from
related parties, current
|
24,504
|
|
23,256
|
|
3,550
|
Total current
assets
|
767,137
|
|
751,759
|
|
114,738
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Restricted
cash
|
527
|
|
-
|
|
-
|
Long-term
investments
|
9,051
|
|
22,439
|
|
3,425
|
Property and
equipment, net
|
350,980
|
|
332,689
|
|
50,778
|
Right-of-use assets,
net
|
879,348
|
|
763,692
|
|
116,562
|
Intangible assets,
net
|
28,420
|
|
25,905
|
|
3,954
|
Goodwill
|
1,533,485
|
|
1,533,485
|
|
234,056
|
Rental
deposit
|
61,170
|
|
57,229
|
|
8,735
|
Long-term prepaid
expenses
|
113,271
|
|
113,231
|
|
17,282
|
Amounts due from
related parties, non-current
|
297
|
|
637
|
|
97
|
Other assets,
non-current
|
194,444
|
|
194,461
|
|
29,684
|
Total non-current
assets
|
3,170,993
|
|
3,043,768
|
|
464,573
|
TOTAL
ASSETS
|
3,938,130
|
|
3,795,527
|
|
579,311
|
UCOMMUNE
INTERNATIONAL LTD. UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS - continued (Amounts
in thousands of RMB and USD, except for number of
shares)
|
|
As of December
31, 2020
|
|
As of March 31,
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
49,457
|
|
77,500
|
|
11,829
|
Long-term borrowings,
current portion
|
3,618
|
|
4,630
|
|
707
|
Note
payable
|
12,105
|
|
7,749
|
|
1,183
|
Accounts
payable
|
272,299
|
|
236,847
|
|
36,150
|
Accrued expenses and
other current liabilities
|
263,997
|
|
207,311
|
|
31,642
|
Amounts due to related
parties, current
|
92,737
|
|
71,236
|
|
10,873
|
Advance workspace
membership fee
|
53,667
|
|
51,510
|
|
7,862
|
Contract
liabilities
|
14,833
|
|
15,911
|
|
2,428
|
Income taxes
payable
|
1,366
|
|
494
|
|
75
|
Deferred subsidy
income
|
9,562
|
|
8,430
|
|
1,287
|
Lease liabilities,
current
|
365,049
|
|
347,876
|
|
53,096
|
Total current
liabilities
|
1,138,690
|
|
1,029,494
|
|
157,132
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
15,242
|
|
13,286
|
|
2,028
|
Refundable deposits
from members, non-current
|
16,477
|
|
23,554
|
|
3,595
|
Deferred tax
liabilities
|
1,543
|
|
1,322
|
|
202
|
Lease liabilities,
non-current
|
580,562
|
|
486,376
|
|
74,235
|
Warrant
liability
|
-
|
|
16,312
|
|
2,490
|
Total non-current
liabilities
|
613,824
|
|
540,850
|
|
82,550
|
TOTAL
LIABILITIES
|
1,752,514
|
|
1,570,344
|
|
239,682
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Class A ordinary
shares
|
49
|
|
53
|
|
8
|
Class B ordinary
shares
|
6
|
|
6
|
|
1
|
Additional paid-in
capital
|
4,230,656
|
|
4,402,551
|
|
671,961
|
Statutory
reserves
|
5,065
|
|
5,065
|
|
773
|
Accumulated
deficit
|
(2,240,205)
|
|
(2,373,636)
|
|
(362,288)
|
Accumulated other
comprehensive income
|
4,742
|
|
8,408
|
|
1,283
|
Total Ucommune
International Ltd.
shareholders' equity
|
2,000,313
|
|
2,042,447
|
|
311,738
|
Non-controlling
interests
|
185,303
|
|
182,736
|
|
27,891
|
TOTAL
EQUITY
|
2,185,616
|
|
2,225,183
|
|
339,629
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
3,938,130
|
|
3,795,527
|
|
579,311
|
UCOMMUNE
INTERNATIONAL LTD. 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 Three
Months Ended March 31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
Workspace membership
revenue
|
129,634
|
|
89,667
|
|
13,686
|
Marketing and branding
service revenue
|
56,766
|
|
112,643
|
|
17,193
|
Other service
revenue
|
18,142
|
|
38,072
|
|
5,811
|
Total
revenue
|
204,542
|
|
240,382
|
|
36,690
|
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
|
Workspace
membership
|
(169,074)
|
|
(131,201)
|
|
(20,025)
|
Marketing and branding
service
|
(49,025)
|
|
(106,863)
|
|
(16,310)
|
Other
services
|
(9,479)
|
|
(28,305)
|
|
(4,320)
|
Total cost of
revenue
|
(227,578)
|
|
(266,369)
|
|
(40,655)
|
Operating
expenses:
|
|
|
|
|
|
Impairment loss on
long-lived assets
|
(2,284)
|
|
(9,295)
|
|
(1,419)
|
Sales and marketing
expenses
|
(11,756)
|
|
(12,975)
|
|
(1,980)
|
General and
administrative expenses
|
(19,755)
|
|
(91,081)
|
|
(13,902)
|
Change in fair value
of warrant liability
|
-
|
|
2,177
|
|
332
|
Loss from
operations
|
(56,831)
|
|
(137,161)
|
|
(20,934)
|
|
|
|
|
|
|
Interest expense,
net
|
(1,807)
|
|
(603)
|
|
(92)
|
Subsidy
income
|
2,843
|
|
1,704
|
|
260
|
Impairment loss on
long-term investments
|
-
|
|
(461)
|
|
(70)
|
Loss on disposal of
subsidiaries
|
(533)
|
|
(950)
|
|
(145)
|
Other
(expense)income, net
|
(26,138)
|
|
11,099
|
|
1,694
|
Loss before income
taxes and loss from equity
method investments
|
(82,466)
|
|
(126,372)
|
|
(19,287)
|
Provision for income
taxes
|
(402)
|
|
(469)
|
|
(72)
|
(Loss) gain from
equity method investments
|
(36)
|
|
5
|
|
1
|
Net
loss
|
(82,904)
|
|
(126,836)
|
|
(19,358)
|
Less: Net loss
attributable to non-controlling interests
|
(837)
|
|
6,595
|
|
1,007
|
Net loss
attributable to Ucommune International Ltd.
|
(82,067)
|
|
(133,431)
|
|
(20,365)
|
Net loss per share
attributable to ordinary shareholders of Ucommune
International Ltd.
|
|
|
|
|
|
- Basic
|
(1.31)
|
|
(1.60)
|
|
(0.24)
|
- Diluted
|
(1.31)
|
|
(1.60)
|
|
(0.24)
|
Weighted average
shares used in calculating net loss per share
|
|
|
|
|
|
- Basic
|
62,811,339
|
|
83,565,101
|
|
83,565,101
|
- Diluted
|
62,811,339
|
|
83,565,101
|
|
83,565,101
|
UCOMMUNE
INTERNATIONAL LTD. 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 Three
Months Ended March 31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
Net loss
|
(82,904)
|
|
(126,836)
|
|
(19,358)
|
Other comprehensive
loss, net of tax
|
-
|
|
-
|
|
-
|
Foreign currency
translation adjustments
|
5,456
|
|
3,265
|
|
498
|
Total Comprehensive
loss
|
(77,448)
|
|
(123,571)
|
|
(18,860)
|
Less: Comprehensive
loss attributable to non-controlling interest
|
(1,095)
|
|
6,194
|
|
945
|
Comprehensive loss
attributable to Ucommune International Ltd.'s
shareholders
|
(76,353)
|
|
(129,765)
|
|
(19,805)
|
UCOMMUNE INTERNATIONAL
LTD.
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:
UCOMMUNE
INTERNATIONAL LTD. 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 Three
Months Ended March 31,
|
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
USD
|
Net
loss
|
(82,904)
|
(126,836)
|
(19,358)
|
Interest expense,
net
|
1,807
|
603
|
92
|
Provision for income
taxes
|
402
|
469
|
72
|
Depreciation of
property and equipment
|
18,279
|
21,406
|
3,267
|
Amortization of
intangible assets
|
2,414
|
2,366
|
361
|
EBITDA
(non-GAAP)
|
(60,002)
|
(101,992)
|
(15,566)
|
Share-based
compensation expense
|
-
|
71,592
|
10,927
|
Impairment loss on
long-lived assets
|
2,284
|
9,295
|
1,419
|
Change in fair value
of warrant liability
|
-
|
(2,177)
|
(332)
|
Impairment loss on
long-term investments
|
-
|
461
|
70
|
Loss on disposal of
subsidiaries
|
533
|
950
|
145
|
Other
expense(income), net
|
26,138
|
(11,099)
|
(1,694)
|
|
|
|
|
Adjusted EBITDA
(non-GAAP)
|
(31,047)
|
(32,970)
|
(5,031)
|
The table below sets forth a reconciliation of net loss to
adjusted net loss for the periods indicated:
|
For the Three
Months Ended March 31,
|
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
USD
|
Net
loss
|
(82,904)
|
(126,836)
|
(19,358)
|
Share-based
compensation expense
|
-
|
71,592
|
10,927
|
Impairment loss on
long-lived assets
|
2,284
|
9,295
|
1,419
|
Change in fair value
of warrant liability
|
-
|
(2,177)
|
(332)
|
Impairment loss on
long-term investments
|
-
|
461
|
70
|
Loss on disposal of
subsidiaries
|
533
|
950
|
145
|
|
|
|
|
Adjusted net loss
(non-GAAP)
|
(80,087)
|
(46,715)
|
(7,129)
|
View original
content:http://www.prnewswire.com/news-releases/ucommune-international-ltd-announces-unaudited-first-quarter-2021-financial-results-301306250.html
SOURCE Ucommune International Ltd.