SHANGHAI, May 24, 2022 /PRNewswire/ -- ATRenew Inc.
("ATRenew" or the "Company") (NYSE: RERE), a leading
technology-driven pre-owned consumer electronics transactions and
services platform in China, today
announced its unaudited financial results for the first quarter
ended March 31, 2022.
First Quarter 2022 Highlights
- Total net revenues grew by 45.7% to RMB2,206.5 million (US$348.1 million) from RMB1,514.4 million in the first quarter of
2021.
- Loss from operations was RMB134.8
million (US$21.3 million),
compared to RMB111.4 million in the
first quarter of 2021. Adjusted income from operations
(non-GAAP)[1] was RMB3.9 million (US$0.6
million) compared to an adjusted loss from operations of
RMB33.6 million in the first quarter
of 2021.
- Total Gross Merchandise Volume
("GMV[2]") increased by 51.6% to
RMB9.4 billion from RMB6.2 billion in the first quarter of 2021.
GMV for product sales increased by 57.1% to RMB2.2 billion from RMB1.4
billion in the first quarter of 2021. GMV for online
marketplaces increased by 50.0% to RMB7.2 billion from RMB4.8
billion in the first quarter of 2021.
- Number of consumer products transacted[3]
increased by 31.3% to 8.4 million from 6.4 million in the first
quarter of 2021.
[1] See
"Reconciliations of GAAP and Non-GAAP Results" for more
information.
|
[2] "GMV" represents
the total dollar value of goods distributed to merchants and
consumers through transactions on the Company's platform in a given
period for which payments have been made, prior to returns and
cancellations, excluding shipping cost but including sales
tax.
|
[3] "Number of
consumer products transacted" represents the number of consumer
products distributed to merchants and consumers through
transactions on the Company's PJT Marketplace, Paipai Marketplace
and other channels the Company operates in a given period, prior to
returns and cancellations, excluding the number of consumer
products collected through AHS Recycle; a single consumer product
may be counted more than once according to the number of times it
is transacted on PJT Marketplace, Paipai Marketplace and other
channels the Company operates through the distribution process to
end consumer.
|
Mr. Kerry Xuefeng Chen, the
Founder, Chairman, and Chief Executive Officer of ATRenew,
commented, "During the first quarter of 2022, our business
operations demonstrated resilience against the volatility brought
by a series of resurgences of COVID-19 outbreaks due to the highly
transmissible Omicron variant. We attribute our resilience to
the hard work and commitment of our team and the continued
implementation of our city-level service integration strategy. Our
upgraded strategy proved invaluable as we navigated challenges
posed by regional lockdowns leveraging fulfillment capabilities
from nearby cities to combat supply chain interruptions. However,
as macro uncertainty remains in the near future, we will prioritize
operational efficiency and aim at achieving decent growth while
synchronizing our business model with China's dual-carbon goal through the coming
decades."
Mr. Rex Chen, the Chief Financial
Officer of ATRenew, added, "We are pleased to report another
profitable quarter, with non-GAAP operating income reaching
RMB3.9 million. This result, achieved
in the face of the continuing macro headwinds, demonstrates the
extent to which we have optimized our cost structure compared with
the same quarter last year. Our swift adoption of flexible and
safety-focused operations safeguarded and bolstered our overall
growth. During the lockdown in Shanghai, in addition to providing our
employees with care and support, we also donated anti-COVID
supplies to universities and communities in Shanghai as part of our effort in further
integrating corporate social responsibility into our commercial
operations. In the near term, we will remain prudent in our
expansion and expenditure in the event that regional lockdowns
continue. We employ a disciplined and balanced capital allocation
strategy in order to ensure that we have sufficient cash to
sustain business operations and tackle potential contingencies.
Meanwhile, we firmly believe that strategically investing in supply
chain capabilities and technology will widen our competitive moat
in the long run."
First Quarter 2022 Financial Results
REVENUE
Total net revenues increased by 45.7% to RMB2,206.5 million (US$348.1 million) from RMB1,514.4 million in the same period of
2021.
- Net product revenues increased by 45.7% to RMB1,908.9 million (US$301.1 million) from RMB1,310.5 million in the same period of 2021.
The increase was primarily attributable to an increase in the
sourcing volume and the corresponding sales of pre-owned consumer
electronics through PJT Marketplace, Paipai Marketplace and the
Company's offline channels.
- Net service revenues increased by 46.0% to RMB297.6 million (US$46.9
million) from RMB203.9 million
in the same period of 2021. The increase was primarily due to the
increases in transaction volume on PJT Marketplace and Paipai
Marketplace.
OPERATING COSTS AND EXPENSES
Operating costs and expenses increased by 44.7% to RMB2,352.5 million (US$371.1 million) from RMB1,626.2 million in the same period of
2021.
- Merchandise costs increased by 49.7% to RMB1,640.0 million (US$258.7 million) from RMB1,095.7 million in the same period of 2021.
The increase was primarily due to the growth in product
revenues.
- Fulfillment expenses increased by 32.8% to RMB296.2 million (US$46.7
million) from RMB223.0 million
in the same period of 2021. The increase was primarily due to (i)
the increases in logistics expenses and operation center related
expenses, which were in line with the increase in sales of
pre-owned consumer electronics; (ii) an increase in personnel cost
in connection with the Company's growing business; and (iii) an
increase in the recognition of share-based compensation expense
resulting from options granted to employees with an IPO condition
since the second quarter of 2021.
- Selling and marketing expenses increased by 38.3% to
RMB307.8 million (US$48.6 million) from RMB222.6 million in the same period of 2021. The
increase was primarily due to (i) an increase in sales promotion
and coupon expenses in connection with business development; (ii)
an increase in personnel cost in connection with the Company's
growing business; and (iii) an increase in the recognition of
share-based compensation expense resulting from options granted to
employees with an IPO condition since the second quarter of
2021.
- General and administrative expenses increased by 53.1% to
RMB45.0 million (US$7.1 million) from RMB29.4 million in the same period of 2021. The
increase was primarily due to the increase in the recognition of
share-based compensation expense resulting from options granted to
employees with an IPO condition since the second quarter of
2021.
- Technology and content expenses increased by 14.4% to
RMB63.5 million (US$10.0 million) from RMB55.5 million in the same period of 2021. The
increase was primarily due to (i) the increases in operation center
and system upgrade related expenses in connection with the
Company's growing business; and (ii) the increase in the
recognition of share-based compensation expense resulting from
options granted to employees with an IPO condition since the second
quarter of 2021.
LOSS (INCOME) FROM OPERATIONS
Loss from operations increased by 21.0% to RMB134.8 million (US$21.3
million) from RMB111.4 million
in the same period of 2021. Adjusted income from operations
(non-GAAP), excluding amortization of intangible assets and
deferred cost resulting from assets and business acquisitions and
recognition of share-based compensation expense resulting from
options granted to employees, was RMB3.9
million (US$0.6 million),
compared to an adjusted loss from operations of RMB33.6 million in the same period of 2021.
NET LOSS
Net loss increased by 70.3% to RMB161.4
million (US$25.5 million) from
RMB94.8 million in the same period of
2021. Adjusted net loss (non-GAAP)[1] was RMB35.8 million (US$5.7
million), compared to RMB36.4
million in the same period of 2021.
BASIC AND DILUTED NET LOSS PER ORDINARY SHARE
Basic and diluted net loss per ordinary share were RMB0.99 (US$0.16),
compared to RMB32.13 in the same
period of 2021.
Adjusted basic and diluted net loss per ordinary share
(non-GAAP)[1] were
RMB0.22 (US$0.03), compared to RMB1.94 in the same period of 2021.
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM
INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE
PROVIDERS
Cash and cash equivalents, restricted cash, short-term
investments and funds receivable from third party payment service
providers decreased to RMB2,419.5
million (US$381.7 million) as
of March 31, 2022, from RMB2,421.9 million as of December 31, 2021.
Business Outlook
For the second quarter of 2022, the Company currently expects
its total revenues to be between RMB2,000.0
million and RMB2,050.0
million. This forecast only reflects the Company's current
and preliminary views on the market and operational conditions,
which are subject to change.
Recent Development
On December 28, 2021, ATRenew
announced a share repurchase program, effective immediately, to
repurchase up to US$100 million of
its shares over a twelve-month period. As of March 31, 2022, the company had repurchased
4,753,840 American depositary shares ("ADSs") in the open market at
an average price of US$4.73 per ADS,
with a total cash consideration of US$22
million.
Conference Call Information
The Company's management will hold a conference call
Tuesday, May 24, 2022, at
08:00 A.M. Eastern Time (or
08:00 P.M. Beijing Time on
Tuesday, May 24, 2022) to discuss the
financial results. Listeners may access the call by dialing the
following numbers:
International:
|
|
1-412-317-6061
|
United States Toll
Free:
|
|
1-888-317-6003
|
Mainland China Toll
Free:
|
|
4001-206115
|
Hong Kong Toll
Free:
|
|
800-963976
|
Access
Code:
|
|
8697849
|
The replay will be accessible through May 31, 2022, by dialing the following
numbers:
International:
|
|
1-412-317-0088
|
United States Toll
Free:
|
|
1-877-344-7529
|
Access
Code:
|
|
7316914
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
ir.atrenew.com.
About ATRenew Inc.
Headquartered in Shanghai,
ATRenew Inc. operates a leading technology-driven pre-owned
consumer electronics transactions and services platform in
China under the brand ATRenew.
Since its inception in 2011, ATRenew has been on a mission to give
a second life to all idle goods, addressing the environmental
impact of pre-owned consumer electronics by facilitating recycling
and trade-in services, and distributing the devices to prolong
their lifecycle. ATRenew's open platform integrates C2B, B2B, and
B2C capabilities to empower its online and offline services.
Through its end-to-end coverage of the entire value chain and its
proprietary inspection, grading, and pricing technologies, ATRenew
sets the standard for China's
pre-owned consumer electronics industry.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB6.3393 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of March 31,
2022.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial measures in
evaluating its business. For example, the Company uses adjusted
loss from operations, adjusted net loss and adjusted net loss per
ordinary share as supplemental measures to review and assess its
financial and operating performance. The presentation of these
non-GAAP financial measures is not intended to be considered in
isolation, or as a substitute for the financial information
prepared and presented in accordance with U.S. GAAP. Adjusted loss
from operations is loss from operations excluding the impact of
share-based compensation expenses and amortization of intangible
assets and deferred cost resulting from assets and business
acquisitions. Adjusted net loss is net loss excluding the impact of
share-based compensation expenses, amortization of intangible
assets and deferred cost resulting from assets and business
acquisitions and tax effect of amortization of intangible assets
and deferred cost resulting from assets and business acquisitions.
Adjusted net loss per ordinary share is adjusted net loss
attributable to ordinary shareholders divided by weighted average
number of shares used in calculating net loss per ordinary share.
Adjusted net loss attributable to ordinary shareholders is net loss
attributable to ordinary shareholders excluding the impact of
share-based compensation expenses, amortization of intangible
assets and deferred cost resulting from assets and business
acquisitions and tax effect of amortization of intangible assets
and deferred cost resulting from assets and business
acquisitions.
The Company presents non-GAAP financial measures because they
are used by the Company's management to evaluate the Company's
financial and operating performance and formulate business plans.
The Company believes that adjusted loss from operations and
adjusted net loss help identify underlying trends in the Company's
business that could otherwise be distorted by the effect of certain
expenses that are included in loss from operations and net loss.
The Company also believes that the use of non-GAAP financial
measures facilitates investors' assessment of the Company's
operating performance. The Company believes that adjusted loss from
operations and adjusted net loss provide useful information about
the Company's operating results, enhance the overall understanding
of the Company's past performance and future prospects and allow
for greater visibility with respect to key metrics used by the
Company's management in its financial and operational decision
making.
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 non-GAAP financial measures is that they
do not reflect all items of income and expense that affect the
Company's operations. Share-based compensation expenses,
amortization of intangible assets and deferred cost resulting from
assets and business acquisitions and tax effect of amortization of
intangible assets and deferred cost resulting from assets and
business acquisitions have been and may continue to be incurred in
the Company's business and is not reflected in the presentation of
non-GAAP financial measures. Further, the non-GAAP measures may
differ from the non-GAAP measures used by other companies,
including peer companies, potentially limiting the comparability of
their financial results to the Company's. In light of the foregoing
limitations, the non-GAAP financial measures for the period should
not be considered in isolation from or as an alternative to loss
from operations, net loss, and net loss attributable to ordinary
shareholders per share, or other financial measures prepared in
accordance with U.S. GAAP.
The Company compensates for these limitations by reconciling the
non-GAAP financial measures to the nearest U.S. GAAP performance
measures, which should be considered when evaluating the Company's
performance. For reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures,
please see the section of the accompanying tables titled,
"Reconciliations of GAAP and Non-GAAP Results."
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. ATRenew 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. Statements that are not
historical facts, including statements about ATRenew's beliefs,
plans 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: ATRenew's
strategies; ATRenew's future business development, financial
condition and results of operations; ATRenew's ability to maintain
its relationship with major strategic investors; its ability to
provide facilitate pre-owned consumer electronics transactions and
provide relevant services; its ability to maintain and enhance the
recognition and reputation of its brand; 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 is included in ATRenew's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and ATRenew does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Investor Relations Contact
In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com
In the United States:
ICR, LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461
ATRENEW
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
|
As of March
31,
|
|
|
|
2021
|
|
|
2022
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
1,356,342
|
|
|
|
1,126,509
|
|
|
|
177,702
|
|
Restricted
cash
|
|
|
150,000
|
|
|
|
—
|
|
|
|
—
|
|
Short-term
investments
|
|
|
510,467
|
|
|
|
880,000
|
|
|
|
138,817
|
|
Amount due from
related parties, net
|
|
|
410,088
|
|
|
|
304,907
|
|
|
|
48,098
|
|
Inventories
|
|
|
478,751
|
|
|
|
667,833
|
|
|
|
105,348
|
|
Funds receivable from
third party payment service providers
|
|
|
405,095
|
|
|
|
412,958
|
|
|
|
65,143
|
|
Prepayments and other
receivables, net
|
|
|
840,102
|
|
|
|
776,980
|
|
|
|
122,566
|
|
Total current
assets
|
|
|
4,150,845
|
|
|
|
4,169,187
|
|
|
|
657,674
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
investments
|
|
|
241,527
|
|
|
|
237,746
|
|
|
|
37,504
|
|
Property and
equipment, net
|
|
|
103,843
|
|
|
|
102,149
|
|
|
|
16,114
|
|
Intangible assets,
net
|
|
|
1,075,811
|
|
|
|
994,752
|
|
|
|
156,918
|
|
Goodwill
|
|
|
1,803,415
|
|
|
|
1,803,415
|
|
|
|
284,482
|
|
Other non-current
assets
|
|
|
127,321
|
|
|
|
105,118
|
|
|
|
16,582
|
|
Total non-current
assets
|
|
|
3,351,917
|
|
|
|
3,243,180
|
|
|
|
511,600
|
|
TOTAL
ASSETS
|
|
|
7,502,762
|
|
|
|
7,412,367
|
|
|
|
1,169,274
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
94,999
|
|
|
|
154,364
|
|
|
|
24,350
|
|
Accounts
payable
|
|
|
41,311
|
|
|
|
74,974
|
|
|
|
11,827
|
|
Contract
liabilities
|
|
|
211,964
|
|
|
|
258,784
|
|
|
|
40,822
|
|
Accrued expenses and
other current liabilities
|
|
|
296,627
|
|
|
|
368,817
|
|
|
|
58,179
|
|
Accrued payroll and
welfare
|
|
|
105,787
|
|
|
|
75,249
|
|
|
|
11,870
|
|
Amount due to related
parties
|
|
|
73,976
|
|
|
|
65,787
|
|
|
|
10,378
|
|
Total current
liabilities
|
|
|
824,664
|
|
|
|
997,975
|
|
|
|
157,426
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities, non-current
|
|
|
34,501
|
|
|
|
35,511
|
|
|
|
5,602
|
|
Deferred tax
liabilities
|
|
|
223,138
|
|
|
|
210,025
|
|
|
|
33,131
|
|
Total non-current
liabilities
|
|
|
257,639
|
|
|
|
245,536
|
|
|
|
38,733
|
|
TOTAL
LIABILITIES
|
|
|
1,082,303
|
|
|
|
1,243,511
|
|
|
|
196,159
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
|
6,420,459
|
|
|
|
6,168,856
|
|
|
|
973,115
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
7,502,762
|
|
|
|
7,412,367
|
|
|
|
1,169,274
|
|
ATRENEW
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended,
|
|
|
|
March 31,
2021
|
|
|
December 31,
2021
|
|
|
March 31,
2022
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product
revenues
|
|
|
1,310,547
|
|
|
|
2,075,955
|
|
|
|
1,908,932
|
|
|
|
301,127
|
|
Net service
revenues
|
|
|
203,884
|
|
|
|
359,873
|
|
|
|
297,572
|
|
|
|
46,941
|
|
Operating expenses
(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise
costs
|
|
|
(1,095,696)
|
|
|
|
(1,800,488)
|
|
|
|
(1,640,022)
|
|
|
|
(258,707)
|
|
Fulfillment
expenses
|
|
|
(223,019)
|
|
|
|
(290,128)
|
|
|
|
(296,220)
|
|
|
|
(46,728)
|
|
Selling and marketing
expenses
|
|
|
(222,580)
|
|
|
|
(368,767)
|
|
|
|
(307,794)
|
|
|
|
(48,553)
|
|
General and
administrative expenses
|
|
|
(29,408)
|
|
|
|
(51,898)
|
|
|
|
(44,958)
|
|
|
|
(7,092)
|
|
Technology and
content expenses
|
|
|
(55,499)
|
|
|
|
(61,962)
|
|
|
|
(63,539)
|
|
|
|
(10,023)
|
|
Total operating
expenses
|
|
|
(1,626,202)
|
|
|
|
(2,573,243)
|
|
|
|
(2,352,533)
|
|
|
|
(371,103)
|
|
Other operating
income, net
|
|
|
361
|
|
|
|
11,523
|
|
|
|
11,241
|
|
|
|
1,773
|
|
Loss from
operations
|
|
|
(111,410)
|
|
|
|
(125,892)
|
|
|
|
(134,788)
|
|
|
|
(21,262)
|
|
Interest
expense
|
|
|
(6,552)
|
|
|
|
(1,785)
|
|
|
|
(1,003)
|
|
|
|
(158)
|
|
Interest
income
|
|
|
3,420
|
|
|
|
2,086
|
|
|
|
1,724
|
|
|
|
272
|
|
Other income (loss),
net
|
|
|
914
|
|
|
|
(53,301)
|
|
|
|
(38,623)
|
|
|
|
(6,093)
|
|
Loss before income
taxes
|
|
|
(113,628)
|
|
|
|
(178,892)
|
|
|
|
(172,690)
|
|
|
|
(27,241)
|
|
Income tax
benefits
|
|
|
19,459
|
|
|
|
82,103
|
|
|
|
13,113
|
|
|
|
2,069
|
|
Share of loss in
equity method investments
|
|
|
(612)
|
|
|
|
(6,847)
|
|
|
|
(1,775)
|
|
|
|
(280)
|
|
Net
loss
|
|
|
(94,781)
|
|
|
|
(103,636)
|
|
|
|
(161,352)
|
|
|
|
(25,452)
|
|
Accretion of
convertible redeemable preferred shares
|
|
|
(508,627)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Net loss
attributable to ordinary shareholders of
the Company
|
|
|
(603,408)
|
|
|
|
(103,636)
|
|
|
|
(161,352)
|
|
|
|
(25,452)
|
|
Net loss per
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(32.13)
|
|
|
|
(0.63)
|
|
|
|
(0.99)
|
|
|
|
(0.16)
|
|
Diluted
|
|
|
(32.13)
|
|
|
|
(0.63)
|
|
|
|
(0.99)
|
|
|
|
(0.16)
|
|
Weighted average
number of shares used in
calculating net loss per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
18,782,620
|
|
|
|
163,367,269
|
|
|
|
162,576,959
|
|
|
|
162,576,959
|
|
Diluted
|
|
|
18,782,620
|
|
|
|
163,367,269
|
|
|
|
162,576,959
|
|
|
|
162,576,959
|
|
Net
loss
|
|
|
(94,781)
|
|
|
|
(103,636)
|
|
|
|
(161,352)
|
|
|
|
(25,452)
|
|
Foreign currency
translation adjustments
|
|
|
(275)
|
|
|
|
1,390
|
|
|
|
499
|
|
|
|
79
|
|
Total
comprehensive loss
|
|
|
(95,056)
|
|
|
|
(102,246)
|
|
|
|
(160,853)
|
|
|
|
(25,373)
|
|
Accretion of
convertible redeemable preferred shares
|
|
|
(508,627)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
comprehensive loss attributable to
ordinary shareholders
|
|
|
(603,683)
|
|
|
|
(102,246)
|
|
|
|
(160,853)
|
|
|
|
(25,373)
|
|
ATRENEW
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS (CONTINUED)
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended,
|
|
|
|
March 31,
2021
|
|
|
December 31,
2021
|
|
|
March 31,
2022
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
expenses
|
|
|
—
|
|
|
|
(10,291)
|
|
|
|
(14,763)
|
|
|
|
(2,329)
|
|
Selling and marketing
expenses
|
|
|
—
|
|
|
|
(8,600)
|
|
|
|
(15,406)
|
|
|
|
(2,430)
|
|
General and
administrative expenses
|
|
|
—
|
|
|
|
(18,977)
|
|
|
|
(16,583)
|
|
|
|
(2,616)
|
|
Technology and
content expenses
|
|
|
—
|
|
|
|
(7,656)
|
|
|
|
(4,559)
|
|
|
|
(719)
|
|
(2) Includes
amortization of intangible assets and deferred cost resulting
from assets and business acquisitions as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
(76,258)
|
|
|
|
(88,455)
|
|
|
|
(85,755)
|
|
|
|
(13,528)
|
|
Technology and
content expenses
|
|
|
(1,580)
|
|
|
|
(1,580)
|
|
|
|
(1,580)
|
|
|
|
(249)
|
|
Reconciliations of
GAAP and Non-GAAP Results
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended,
|
|
|
|
March 31,
2021
|
|
|
December 31,
2021
|
|
|
March 31,
2022
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Loss from
operations
|
|
|
(111,410)
|
|
|
|
(125,892)
|
|
|
|
(134,788)
|
|
|
|
(21,262)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
|
—
|
|
|
|
45,524
|
|
|
|
51,311
|
|
|
|
8,094
|
|
Amortization of
intangible assets and deferred cost resulting from assets and
business acquisitions
|
|
|
77,838
|
|
|
|
90,035
|
|
|
|
87,335
|
|
|
|
13,777
|
|
Adjusted (loss)
income from operations (non-GAAP)
|
|
|
(33,572)
|
|
|
|
9,667
|
|
|
|
3,858
|
|
|
|
609
|
|
Net
loss
|
|
|
(94,781)
|
|
|
|
(103,636)
|
|
|
|
(161,352)
|
|
|
|
(25,452)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
|
—
|
|
|
|
45,524
|
|
|
|
51,311
|
|
|
|
8,094
|
|
Amortization of
intangible assets and deferred cost resulting from assets and
business acquisitions
|
|
|
77,838
|
|
|
|
90,035
|
|
|
|
87,335
|
|
|
|
13,777
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of
amortization of intangible assets and deferred cost resulting
from assets and business acquisitions
|
|
|
(19,459)
|
|
|
|
(82,103)
|
|
|
|
(13,113)
|
|
|
|
(2,069)
|
|
Adjusted net loss
(non-GAAP)
|
|
|
(36,402)
|
|
|
|
(50,180)
|
|
|
|
(35,819)
|
|
|
|
(5,650)
|
|
Adjusted net loss
per ordinary share (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(1.94)
|
|
|
|
(0.31)
|
|
|
|
(0.22)
|
|
|
|
(0.03)
|
|
Diluted
|
|
|
(1.94)
|
|
|
|
(0.31)
|
|
|
|
(0.22)
|
|
|
|
(0.03)
|
|
Weighted average
number of shares used in calculating net loss per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
18,782,620
|
|
|
|
163,367,269
|
|
|
|
162,576,959
|
|
|
|
162,576,959
|
|
Diluted
|
|
|
18,782,620
|
|
|
|
163,367,269
|
|
|
|
162,576,959
|
|
|
|
162,576,959
|
|
View original
content:https://www.prnewswire.com/news-releases/atrenew-inc-reports-unaudited-first-quarter-2022-financial-results-301553548.html
SOURCE ATRenew Inc.