BEIJING, Aug. 6, 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 second quarter ended
June 30, 2021.
Second Quarter 2021 Financial
Highlights
- Net revenues were RMB260.7
million, representing an increase of 34.3% from the second
quarter of 2020 and exceeding the high-end of the Company's
previously announced revenue guidance range.
- Net loss was RMB156.9
million, compared with RMB106.6
million in the second quarter of 2020.
- Adjusted net loss[1], which excluded
share-based compensation expense, impairment loss on long-lived
assets, change in fair value of warrant liability, and gain/(loss)
on disposal of subsidiaries, was RMB21.9
million, narrowing by 72.3% year over year from RMB78.9 million in the second quarter of
2020.
- EBITDA loss[2] was RMB136.2 million, compared with RMB91.6 million in the second quarter of
2020.
- Adjusted EBITDA loss[3] was RMB21.9 million, compared with RMB38.5 million in the second quarter of
2020.
Second Quarter
2021 Operating Highlights
- As of June 30, 2021, Ucommune had
committed to 282 office spaces in 87 cities, including 102 office
spaces in tier-1 cities, 62 office spaces in new tier-1 cities and
112 office spaces in cities tier-2 and below, and was providing
approximately 701,400 square meters of managed area to 1,162,900
members. Among those, 228 office spaces, or 80.8% of total
committed spaces, were in operation.
- As of June 30, 2021, Ucommune's
total number of spaces contracted under the Company's asset-light
model increased by 141% to 154 spaces located across 52 cities from
64 spaces located across 32 cities as of June 30, 2020. The Company's total managed area
under contract[4] for the asset-light model increased by
98% to 438,800 square meters from 221,440 square meters as of
June 30, 2020.
[1] For a
reconciliation of net loss to adjusted net loss, 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.
|
Dr. Daqing Mao, Founder and
Chairman of Ucommune, commented, "China's urbanization process has transitioned
from an era of early development to one of refined operation. As a
result, construction and urban planning are more focused on quality
improvement as opposed to outward expansion. This trend aligns
perfectly with our mission to develop our intelligent agile office
service ecosystem. We continue to focus on expanding our
asset-light business, guided by our vision to satisfy market demand
for limited urban development space, develop smart cities, and
reduce carbon emissions. Following our strong performance during
the second quarter, we believe that we are fully capable of
building on our growth momentum in the second half of the
year."
Ms. Xin Guan, Chief Executive
Officer of Ucommune, commented, "In the second quarter, our net
revenues increased by 34.3% year over year as advertising demand
recovered to pre-pandemic levels and we continued to expand our
SaaS services as well as our interior design and construction
services. We increased our geographic coverage and added 32 office
spaces in total. This pace of development showcases the advantage
of our asset-light model to quickly increase our presence
nationwide. Our asset-light model was also successful at improving
occupancy rates of agile workspaces for our landlord partners. We
are confident that our strategy to transform our business to the
asset-light model will enhance our industry leadership and bring
lasting value to our partners, members, shareholders, and society
as a whole."
Mr. Siyuan Wang, Chief Financial
Officer of Ucommune, added, "Our revenues once again exceeded the
high-end of our previously announced guidance range and we further
reduced our adjusted net loss to RMB21.9
million. We achieved improved margins as a result of the
growth in our higher-margin asset-light business as a percentage of
revenue, as well as the development of our SaaS services. As we
continue to grow our asset-light business and generate business
synergies through our SaaS services as well as our interior
design and construction services, our profitability is likely to
improve going forward."
Second Quarter 2021 Financial
Results
Total net revenues increased by 34.3% to
RMB260.7 million in the
second quarter of 2021 from RMB194.0
million in the second quarter of 2020. Revenues
from the asset-light model increased by 292.1% to RMB15.2 million in the second quarter
of 2021 from RMB3.9 million in the
second quarter of 2020.
- Workspace membership services revenues
decreased by 12.8% to RMB95.4 million
in the second quarter of 2021 from RMB109.4
million in the second quarter of 2020, mainly due to the
closure of unprofitable spaces in operation and 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 80.8% to RMB126.0
million in the second quarter of 2021 from RMB69.7 million in the second quarter of 2020,
mainly due to increased demand for advertising and marketing
services as customer demand fully recovered to pre-epidemic
levels.
- Other services revenues increased by 162.3% to
RMB39.2 million in the second quarter
of 2021 from RMB14.9 million in the
second quarter of 2020, primarily due to increased net revenues
from the Company's interior design and construction services and
its SaaS services.
Total costs of revenues increased by 20.2% to
RMB263.7 million in the
second quarter of 2021 from RMB219.4
million in the second quarter of 2020. Costs of
revenues from the Company's asset-light model increased by 321.1%
to RMB10.6 million in the
second quarter of 2021 from RMB2.5 million in the second quarter
of 2020, which was primarily in line with the increase in
revenues from the Company's asset-light model.
- Costs of workspace membership decreased by 13.8% to
RMB113.6million in the second quarter
of 2021 from RMB131.8 million in the
second quarter of 2020, mainly due to decreased operational costs
related to leases and staff, partly offset by an increase in
share-based compensation expense, amounting to RMB10.4 million.
- Costs of marketing and branding
services increased by 77.0% to RMB121.4 million in the second quarter of 2021
from RMB68.6 million in the second
quarter of 2020, mainly due to increased advertising spending,
which was in line with the increase in advertising revenue.
- Costs of other services increased by 51.0% to
RMB28.7 million in the second quarter
of 2021 from RMB19.0 million in the
second quarter of 2020, which was in line with the increase in
other services revenues.
General and administrative expenses increased by 555.8%
to RMB136.8 million in the
second quarter of 2021 from RMB20.9 million in the second quarter
of 2020, mainly due to an increase in share-based compensation
expense of RMB95.8 million and
professional service fees.
Sales and marketing expenses increased by 196.4% to
RMB15.2 million in the
second quarter of 2021 from RMB5.1 million in the second quarter
of 2020, mainly due to the increase in share-based
compensation expense.
EBITDA loss was RMB136.2 million in the second quarter of
2021, compared with RMB91.6 million
in the second quarter of 2020.
Adjusted EBITDA loss narrowed by
43.0% to RMB21.9 million in the
second quarter of 2021 from RMB38.5
million in the second quarter of 2020.
Impairment loss on long-lived assets
was RMB0.4 million in the second quarter
of 2021, compared with RMB31.2
million in the second quarter of 2020,
primarily due to the impairment of the property of one
subsidiary accrued in the second quarter
of 2020.
Other income, net was RMB20.8
million in the second quarter
of 2021, compared to other expense, net of RMB25.5 million in the second quarter
of 2020. The change was mainly due to debt forgiveness from
creditors of the Company and early termination of lease contracts
which resulted in a corresponding reversal of expenses
during the second quarter of 2021, while a disposal loss of
long-term assets of unprofitable spaces was recorded
during the second quarter of 2020.
Net loss was RMB156.9 million in the
second quarter of 2021, compared with RMB106.6 million in the second quarter
of 2020.
Adjusted net loss was RMB21.9 million in the second quarter
of 2021, compared with RMB78.9
million in the second quarter of 2020.
Basic and diluted net loss per share were both
RMB1.95 in the second quarter
of 2021, compared with RMB1.66
in the second quarter of 2020.
Basic and diluted adjusted net loss per
share[5] were both RMB0.35 in the second quarter
of 2021, compared with RMB1.22
in the second quarter of 2020.
Cash, cash equivalents and restricted
cash were RMB374.0
million as of June 30, 2021, compared with RMB400.8 million as of December 31,
2020.
Business Outlook
For the third quarter of 2021, the Company expects net revenues
to be in the range of RMB250 million
to RMB280 million, representing a
year-over-year increase of 25% to 40%. 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 21, 2021, Ucommune
announced executive and board member changes as follows.
- Mr. Cheong Kwok Mun has resigned
from his positions of Chairman of the Board and Chief Financial
Officer for personal reasons. Mr. Cheong will remain on the Board
as a director.
- Dr. Daqing Mao, founder and
prior board director of the Company, has been appointed to the
position of Chairman of the Board.
- Mr. Siyuan Wang, previously
financial controller of the Company, has been promoted to the
position of Chief Financial Officer.
- Ms. Xin Guan has replaced Mr.
Zhuangkun He as Chief Executive Officer while retaining her
original position of Chief Operating Officer. Mr. He, a co-founder
of Ucommune, will continue to work as an advisor for the Company
with a focus on strategic planning.
- Mr. Zirui Wang, previously the risk officer of risk control
department for the Company, has been appointed to the position of
Chief Risk Officer.
- Mr. Guohang Wang has resigned from the position of Chief
Strategy Officer. Ms. Xin Guan,
Chief Operating Officer and newly appointed Chief Executive
Officer, will assume the responsibility for the work previously
assigned to Mr. Wang in this role.
|
[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.
|
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 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 RMB6.4566 to US$1.00, the exchange rate on June 30, 2021,
set forth in the H.10 statistical release of the Federal Reserve
Board. The Company makes no representation that the RMB or US$
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, adjusted
EBITDA 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
gain/(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,
impairment loss on long-lived assets, change in fair value of
warrant liability and gain/(loss) on disposal of subsidiaries.
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 June 30,
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
348,064
|
|
306,136
|
|
47,414
|
Restricted
cash
|
52,199
|
|
67,861
|
|
10,510
|
Term
deposits
|
47,710
|
|
4,760
|
|
737
|
Short-term
investments
|
5,900
|
|
10,230
|
|
1,584
|
Accounts receivable,
net
|
125,359
|
|
135,483
|
|
20,984
|
Prepaid expenses and
other current assets
|
163,401
|
|
178,467
|
|
27,641
|
Amounts due from
related parties, current
|
24,504
|
|
22,440
|
|
3,476
|
Total current
assets
|
767,137
|
|
725,377
|
|
112,346
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
527
|
|
-
|
|
-
|
Long-term
investments
|
9,051
|
|
22,407
|
|
3,470
|
Property and
equipment, net
|
350,980
|
|
316,875
|
|
49,078
|
Right-of-use assets,
net
|
879,348
|
|
719,568
|
|
111,447
|
Intangible assets,
net
|
28,420
|
|
23,961
|
|
3,711
|
Goodwill
|
1,533,485
|
|
1,533,485
|
|
237,507
|
Rental
deposit
|
61,170
|
|
54,454
|
|
8,431
|
Long-term prepaid
expenses
|
113,271
|
|
113,176
|
|
17,529
|
Amounts due from
related parties, non-current
|
297
|
|
498
|
|
77
|
Other assets,
non-current
|
194,444
|
|
194,444
|
|
30,116
|
Total non-current
assets
|
3,170,993
|
|
2,978,868
|
|
461,366
|
TOTAL
ASSETS
|
3,938,130
|
|
3,704,245
|
|
573,712
|
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 June 30,
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings
|
49,457
|
|
74,908
|
|
11,602
|
Long-term borrowings,
current portion
|
3,618
|
|
4,251
|
|
658
|
Note
payable
|
12,105
|
|
14,000
|
|
2,168
|
Accounts
payable
|
272,299
|
|
228,148
|
|
35,336
|
Accrued expenses and
other current liabilities
|
263,997
|
|
215,656
|
|
33,401
|
Amounts due to related
parties, current
|
92,737
|
|
50,901
|
|
7,884
|
Advance workspace
membership fee
|
53,667
|
|
56,102
|
|
8,689
|
Contract
liabilities
|
14,833
|
|
25,622
|
|
3,968
|
Income taxes
payable
|
1,366
|
|
706
|
|
109
|
Deferred subsidy
income
|
9,562
|
|
8,570
|
|
1,327
|
Lease liabilities,
current
|
365,049
|
|
329,096
|
|
50,970
|
Total current
liabilities
|
1,138,690
|
|
1,007,960
|
|
156,112
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
15,242
|
|
12,800
|
|
1,982
|
Refundable deposits
from members, non-current
|
16,477
|
|
21,095
|
|
3,267
|
Deferred tax
liabilities
|
1,543
|
|
1,101
|
|
171
|
Lease liabilities,
non-current
|
580,562
|
|
448,329
|
|
69,437
|
Warrant
liability
|
-
|
|
38,356
|
|
5,940
|
Total non-current
liabilities
|
613,824
|
|
521,681
|
|
80,797
|
TOTAL
LIABILITIES
|
1,752,514
|
|
1,529,641
|
|
236,909
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Class A ordinary
shares (400,000,000 and 400,000,000 authorized,
70,999,436 and 75,937,707 issued and outstanding as of December
31, 2020 and June 30, 2021, with par value of US$0.0001 and
US$0.0001, respectively)
|
49
|
|
53
|
|
8
|
Class B ordinary
shares (100,000,000 and 100,000,000 authorized,
9,452,407 and 9,452,407 issued and outstanding as of December
31,
2020 and June 30, 2021, with par value of US$0.0001 and
US$0.0001, respectively)
|
6
|
|
6
|
|
1
|
Additional paid-in
capital
|
4,230,656
|
|
4,514,147
|
|
699,152
|
Statutory
reserves
|
5,065
|
|
5,065
|
|
784
|
Accumulated
deficit
|
(2,240,205)
|
|
(2,538,327)
|
|
(393,137)
|
Accumulated other
comprehensive income
|
4,742
|
|
2,709
|
|
420
|
Total Ucommune
International Ltd.
shareholders' equity
|
2,000,313
|
|
1,983,653
|
|
307,228
|
Noncontrolling
interests
|
185,303
|
|
190,951
|
|
29,575
|
TOTAL
EQUITY
|
2,185,616
|
|
2,174,604
|
|
336,803
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
3,938,130
|
|
3,704,245
|
|
573,712
|
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
June 30,
|
|
For the Six
Months
Ended June
30,
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Workspace membership
revenue
|
109,370
|
|
95,412
|
|
14,777
|
|
239,004
|
|
185,079
|
|
28,665
|
Marketing and branding
service revenue
|
69,714
|
|
126,049
|
|
19,523
|
|
126,480
|
|
238,692
|
|
36,969
|
Other service
revenue
|
14,941
|
|
39,192
|
|
6,070
|
|
33,083
|
|
77,264
|
|
11,967
|
Total
revenue
|
194,025
|
|
260,653
|
|
40,370
|
|
398,567
|
|
501,035
|
|
77,601
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Workspace
membership
|
(131,835)
|
|
(113,616)
|
|
(17,597)
|
|
(300,909)
|
|
(244,817)
|
|
(37,917)
|
Marketing and branding
service
|
(68,587)
|
|
(121,403)
|
|
(18,803)
|
|
(117,612)
|
|
(228,266)
|
|
(35,354)
|
Other
services
|
(19,017)
|
|
(28,722)
|
|
(4,448)
|
|
(28,496)
|
|
(57,027)
|
|
(8,832)
|
Total cost of
revenue
|
(219,439)
|
|
(263,741)
|
|
(40,848)
|
|
(447,017)
|
|
(530,110)
|
|
(82,103)
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on
long-lived assets
|
(31,178)
|
|
(447)
|
|
(69)
|
|
(33,462)
|
|
(9,742)
|
|
(1,509)
|
Sales and marketing
expenses
|
(5,117)
|
|
(15,166)
|
|
(2,349)
|
|
(16,873)
|
|
(28,141)
|
|
(4,358)
|
General and
administrative expenses
|
(20,863)
|
|
(136,811)
|
|
(21,189)
|
|
(40,618)
|
|
(227,892)
|
|
(35,296)
|
Change in fair value
of warrant liability
|
-
|
|
(22,358)
|
|
(3,463)
|
|
-
|
|
(20,181)
|
|
(3,126)
|
Loss from
operations
|
(82,572)
|
|
(177,870)
|
|
(27,548)
|
|
(139,403)
|
|
(315,031)
|
|
(48,791)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(5,278)
|
|
(61)
|
|
(9)
|
|
(7,085)
|
|
(664)
|
|
(103)
|
Subsidy
income
|
3,735
|
|
919
|
|
142
|
|
6,578
|
|
2,623
|
|
406
|
Impairment loss on
long-term investments
|
-
|
|
-
|
|
-
|
|
-
|
|
(461)
|
|
(71)
|
Gain/(loss) on
disposal of subsidiaries
|
3,551
|
|
-
|
|
-
|
|
3,018
|
|
(950)
|
|
(147)
|
Other
(expense)/income, net
|
(25,509)
|
|
20,756
|
|
3,215
|
|
(51,647)
|
|
31,855
|
|
4,934
|
Loss before income
taxes and loss from equity
method investments
|
(106,073)
|
|
(156,256)
|
|
(24,200)
|
|
(188,539)
|
|
(282,628)
|
|
(43,772)
|
Provision for income
taxes
|
(683)
|
|
(613)
|
|
(95)
|
|
(1,085)
|
|
(1,082)
|
|
(168)
|
Gain/(loss) from
equity method investments
|
180
|
|
(32)
|
|
(5)
|
|
144
|
|
(27)
|
|
(4)
|
Net
loss
|
(106,576)
|
|
(156,901)
|
|
(24,300)
|
|
(189,480)
|
|
(283,737)
|
|
(43,944)
|
Less:
Net(loss)/income attributable to noncontrolling
interests
|
(2,388)
|
|
7,790
|
|
1,207
|
|
(3,225)
|
|
14,385
|
|
2,228
|
Net loss
attributable to Ucommune International Ltd.
|
(104,188)
|
|
(164,691)
|
|
(25,507)
|
|
(186,255)
|
|
(298,122)
|
|
(46,172)
|
Net loss per share
attributable to ordinary shareholders
of Ucommune International Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
(1.66)
|
|
(1.95)
|
|
(0.30)
|
|
(2.97)
|
|
(3.53)
|
|
(0.55)
|
- Diluted
|
(1.66)
|
|
(1.95)
|
|
(0.30)
|
|
(2.97)
|
|
(3.53)
|
|
(0.55)
|
Weighted average
shares used in calculating net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
62,811,339
|
|
84,517,049
|
|
|
|
62,811,339
|
|
84,517,049
|
|
|
- Diluted
|
62,811,339
|
|
84,517,049
|
|
|
|
62,811,339
|
|
84,517,049
|
|
|
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
June 30,
|
|
For the Six
Months
Ended June
30,
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(106,576)
|
|
(156,901)
|
|
(24,300)
|
|
(189,480)
|
|
(283,737)
|
|
(43,944)
|
Other comprehensive
loss, net of tax
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Foreign currency
translation adjustments
|
(4,404)
|
|
(5,298)
|
|
(821)
|
|
1,052
|
|
(2,033)
|
|
(315)
|
Total
Comprehensive loss
|
(110,980)
|
|
(162,199)
|
|
(25,121)
|
|
(188,428)
|
|
(285,770)
|
|
(44,259)
|
Less: Comprehensive
loss attributable to noncontrolling
interest
|
(2,119)
|
|
8,191
|
|
1,269
|
|
(3,214)
|
|
14,385
|
|
2,228
|
Comprehensive loss
attributable to Ucommune
International Ltd.'s shareholders
|
(108,861)
|
|
(170,390)
|
|
(26,390)
|
|
(185,214)
|
|
(300,155)
|
|
(46,487)
|
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 June 30,
|
|
For the Six
Months
Ended June
30,
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(106,576)
|
|
(156,901)
|
|
(24,300)
|
|
(189,480)
|
|
(283,737)
|
|
(43,944)
|
Interest expense,
net
|
5,278
|
|
61
|
|
9
|
|
7,085
|
|
664
|
|
103
|
Provision for income
taxes
|
683
|
|
613
|
|
95
|
|
1,085
|
|
1,082
|
|
168
|
Depreciation of
property and equipment
|
6,485
|
|
17,719
|
|
2,744
|
|
24,764
|
|
39,125
|
|
6,060
|
Amortization of
intangible assets
|
2,518
|
|
2,291
|
|
355
|
|
4,932
|
|
4,657
|
|
721
|
EBITDA
(non-GAAP)
|
(91,612)
|
|
(136,217)
|
|
(21,097)
|
|
(151,614)
|
|
(238,209)
|
|
(36,892)
|
Share-based
compensation expense
|
-
|
|
112,225
|
|
17,381
|
|
-
|
|
183,817
|
|
28,470
|
Impairment loss on
long-lived assets
|
31,178
|
|
447
|
|
69
|
|
33,462
|
|
9,742
|
|
1,509
|
Change in fair value
of warrant liability
|
-
|
|
22,358
|
|
3,463
|
|
-
|
|
20,181
|
|
3,126
|
Impairment loss on
long-term investments
|
-
|
|
-
|
|
-
|
|
-
|
|
461
|
|
71
|
Gain/(loss) on
disposal of subsidiaries
|
(3,551)
|
|
-
|
|
-
|
|
(3,018)
|
|
950
|
|
147
|
Other expense/(income), net
|
25,509
|
|
(20,756)
|
|
(3,215)
|
|
51,647
|
|
(31,855)
|
|
(4,934)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(non-GAAP)
|
(38,476)
|
|
(21,943)
|
|
(3,399)
|
|
(69,523)
|
|
(54,913)
|
|
(8,503)
|
|
|
The table below sets
forth a reconciliation of net loss to adjusted net loss for the
periods indicated:
|
|
|
|
For the
Three Months Ended
June 30,
|
|
For the Six
Months
Ended June
30,
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(106,576)
|
|
(156,901)
|
|
(24,300)
|
|
(189,480)
|
|
(283,737)
|
|
(43,944)
|
Share-based
compensation expense
|
-
|
|
112,225
|
|
17,381
|
|
-
|
|
183,817
|
|
28,470
|
Impairment loss on
long-lived assets
|
31,178
|
|
447
|
|
69
|
|
33,462
|
|
9,742
|
|
1,509
|
Change in fair value
of warrant liability
|
-
|
|
22,358
|
|
3,463
|
|
-
|
|
20,181
|
|
3,126
|
Impairment loss on
long-term investments
|
-
|
|
-
|
|
-
|
|
-
|
|
461
|
|
71
|
Gain/(loss) on
disposal of subsidiaries
|
(3,551)
|
|
-
|
|
-
|
|
(3,018)
|
|
950
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss
(non-GAAP)
|
(78,949)
|
|
(21,871)
|
|
(3,387)
|
|
(159,036)
|
|
(68,586)
|
|
(10,621)
|
View original
content:https://www.prnewswire.com/news-releases/ucommune-international-ltd-announces-unaudited-second-quarter-2021-financial-results-301350180.html
SOURCE Ucommune International Ltd