PHOENIX, Dec. 29, 2021 /PRNewswire/ -- Renren Inc.
(NYSE: RENN) ("Renren" or the "Company"), which operates two
US-based SaaS businesses, Chime Technologies Inc. ("Chime") and
Trucker Path Inc. ("Trucker Path"), today announced its unaudited
financial results for the six months ended June 30, 2021.
First Half of 2021 Highlights
Except where specified otherwise, the following commentary
compares results for the six months ended June 30, 2021 to results for the corresponding
period in 2020, excluding those of Kaixin Auto Holdings
("Kaixin").
- The Company completed its deconsolidation of Kaixin on
June 25, 2021 through Kaixin's
reverse acquisition of Haitaoche Limited ("Haitaoche"). Upon
completion of the reverse acquisition, the Company's ownership
interest in Kaixin decreased from 69.4% as of December 31, 2020 to 33.3% as of June 30, 2021. The Company recognized a gain on
the deconsolidation of US$123.7
million. For periods on and after June 25, 2021, Renren is accounting for its
retained non-controlling investment in Kaixin under the equity
method of accounting.
- Total net revenues improved 91% to US$15.0 million compared to US$7.9 million for the six months ended
June 30, 2020.
- Paying subscriptions to the Company's SaaS businesses, Chime
and Trucker Path as of June 30, 2021
reached 2,100 and 59,000 respectively, representing an increase of
32% and 129% compared to June 30,
2020. Chime's active seats, which are defined
as eligible users on a paid subscription and registered to use the
platform, increased to 16,100 from 6,900.
- Gross Margins from the Company's SaaS businesses ended the
period at 84% as compared to 79% for the corresponding period ended
June 30, 2020. When compared to
RenRen's consolidated Gross Margins while operating Kaixin, margins
increased 67%, from 17% for the six months ended June 30, 2020. This increase is primarily due to
the deconsolidation of the Kaixin auto business which has
historically operated at lower margins than the SaaS
businesses.
- Operating loss of US$7.1
million, improved 60% from that of US$17.9 million in the corresponding period in
2020.
- Net loss from continuing operations attributable to the
Company was US$49.7 million, compared
to that of US$13.3 million in the
corresponding period in 2020.
- Adjusted loss from
operations (1) (non-GAAP) of
US$2.8 million, improved from an
adjusted loss from operations of US$8.0
million in the corresponding period in 2020.
- Adjusted net income from continuing operations
(1) (non-GAAP) was US$1.9million, compared to an adjusted net loss
from continuing operations of US$3.9
million in the corresponding period in 2020.
- The Company's cash and cash equivalents increased to
US$70.6 million from US$19.6 million at December 31, 2020 mainly due to the repayment of
a promissory note from a related party.
(1) Adjusted
loss from operations and adjusted net (loss) income from continuing
operations are non-GAAP measures. Adjusted loss from operations is
defined as loss from operations excluding share-based compensation
expenses and amortization of intangible assets, and adjusted net
(loss) income from continuing operations is defined as net (loss)
income from continuing operations excluding share-based
compensation expenses, fair value change of contingent
consideration, amortization of intangible assets and pick up of
loss from the equity method investment in Kaixin. See "About
Non-GAAP Financial Measures" below.
|
First Half 2021 Results
The Company
The following results compare the first half of 2021 to the
results for the first half of 2020, excluding Kaixin.
Total net revenues from SaaS and other for the first
half of 2021 were US$15.0 million
compared to US$7.9 million for the
six months ended June 30, 2020,
representing a 91% increase from the corresponding period in 2020.
The Company's paying subscriptions at June
30, 2021 for Chime and Trucker Path increased to 2,100 and
59,000, by 32% and 129%, respectively compared to June 30, 2020. Active seats for Chime, defined as
eligible users on a paid subscription and registered to use the
platform, increased to 16,100 from 6,900 while total users on
Trucker Path increased to 834,100 from 669,700.
Gross Margins from SaaS and other were 84% in
the first half of 2021 compared to 79% in the first half of 2020.
Consolidated Gross Margins for the six months ended June 30, 2020 were 17% and included results of
operations derived from the Kaixin business, which was
deconsolidated on June 25, 2021.
Operating expenses were US$19.6 million, a 19% decrease from the
corresponding period of 2020. The decreased spending resulted from
lower SBC which decreased to US$4.3
million in the first half of 2021 from US$9.8 million in the first half of 2020.
Selling and marketing expenses were US$6.1 million, a 28% increase from the
corresponding period of 2020. The increase corresponds to the
Company's increased marketing and promotional activities.
Research and development expenses were US$4.7 million, a 25% decrease from the
corresponding period in 2020. The decrease was primarily due to a
decrease in headcount and general operating expenses of the IT
team.
General and administrative expenses were US$8.9 million, a 33% decrease from the
corresponding period in 2020. The decrease was primarily due to
lower share-based compensation expense, offset by an increase in
legal fees related to the proposed settlement of RenRen shareholder
derivative lawsuits.
Share-based compensation expenses, included in operating
expenses, were US$4.3 million,
compared to US$9.8 million in the
corresponding period in 2020.
Loss from operations of US$7.1 million, improved from that of
US$17.9 million in the corresponding
period in 2020.
Net loss from continuing operations attributable to the
Company was US$49.7 million,
compared to that of US$13.3 million
in the corresponding period in 2020.
Adjusted loss from operations (non-GAAP) was US$2.8 million, improved from that of
US$8.0 million in the corresponding
period in 2020. Adjusted loss from operations is defined as loss
from operations excluding share-based compensation expenses and
amortization of intangible assets.
Adjusted net income from continuing operations (non-GAAP)
was US$1.9 million, compared to an
adjusted net loss from continuing operations of US$3.9 million in the corresponding period in
2020. Adjusted net (loss) income from continuing operations is
defined as net (loss) income from continuing operations excluding
share-based compensation expenses, fair value change of contingent
consideration, amortization of intangible assets and pick up of
loss from equity method investment in Kaixin.
Business Outlook
The Company expects to generate revenues in an amount ranging
from US$32.2 million to US$34.2 million for the fiscal year 2021. This
forecast reflects the Company's current and preliminary view, which
is subject to change.
Deconsolidation of Kaixin Auto Holdings
On June 25, 2021, Kaixin Auto
Holdings ("Kaixin") completed a reverse acquisition with Haitaoche
Limited ("Haitaoche"), in which Kaixin issued an aggregate of
74,035,502 ordinary shares to acquire 100% of the share capital of
Haitaoche (the "Issuance"). Following the Issuance, Renren owned
less than 50% of Kaixin's total outstanding ordinary shares and
lost control of Kaixin. Following the Issuance, the management of
Haitaoche became the management of Kaixin and obtained the right to
elect a majority of Kaixin's board of directors. Haitaoche was not
a related party to Renren before the Issuance.
Under GAAP, loss of control of a subsidiary is deemed to have
occurred when, among other things, a parent Company owns less than
a majority of the outstanding common stock of the subsidiary, and
is unable to unilaterally control the subsidiary through other
means such as having the ability or being able to obtain the
ability to elect a majority of the subsidiary's Board of Directors.
Renren determined that all of those loss of control factors were
present with respect to Kaixin on June 25,
2021. Accordingly, Renren deconsolidated Kaixin's financial
statements and results of operations from Renren, effective
June 25, 2021, in accordance with ASC
810-10-40-4(c), Consolidation, which is referred to as the
"Kaixin Deconsolidation" in this press release.
For periods on and after June 25,
2021, Renren is accounting for its retained noncontrolling
investment in Kaixin under the equity method of accounting. Renren
held 47.8 million shares of Kaixin ordinary shares, or
approximately 33.3% of Kaixin outstanding ordinary shares as of
June 30, 2021 and thus became a
related party to Kaixin.
In connection with the Kaixin Deconsolidation and in accordance
with ASC 810, Renren recorded a gain on deconsolidation of
US$123.7 million related to the
remeasurement of its retained interest in 33.3% of Kaixin ordinary
shares from cost to fair value based on the share price as of
June 25, 2021. The gain
is included in the income from discontinued operation, net of
tax, in the condensed consolidated statements of operations for the
half year ended June 30, 2021.
Kaixin's results of operations for the period from January 1, 2021 through June 24, 2021, the date immediately preceding the
Kaixin Deconsolidation, and for the years ended December 31, 2020 and 2019, shown in the table
below, are included in the consolidated results of operations of
Renren as net gain/loss from the discontinued operations, net of
nil taxes, for those respective periods, after intercompany
eliminations, as applicable.
|
For the Period
from
January 1, 2021
through
June 24, 2021
|
Year Ended
December 31,
2020
|
Year Ended
December 31,
2019
|
(in thousands of U.S.
dollars)
|
Loss from
Discontinued Operations, net of nil taxes
|
$(10,896)
|
$(5,320)
|
$(69,068)
|
RenRen Settlement
On October 7, 2021, Renren entered
into a Stipulation of Settlement (the "Stipulation") as a nominal
defendant with respect to the consolidated shareholder derivative
lawsuits currently pending in New York State Supreme
Court (the "Court") with other defendants and the plaintiffs
who have brought claims derivatively on behalf of Renren (the
"Action").
The Stipulation contemplated (a) the Action will be dismissed
with prejudice, (b) the claims brought by the plaintiffs against
the defendants will be released, and (c) the administrator approved
by the Court will distribute the Settlement Fund (as
defined below) pursuant to the Stipulation (the "Settlement").
As the claims are brought nominally in the name of Renren, the
plaintiffs purport to asset claims on behalf Renren and do not seek
to impose any liability on Renren. Renren is a party to the
settlement agreement but did not contribute any amount to the
Settlement or any amount for the administration of the
Settlement. In connection with the Settlement, Oak Pacific
Investment and Duff & Phelps, LLC will contribute to a
settlement fund (the "Settlement Fund"), which amount before any
deduction of expenses will be the greater
of $300,000,000 or the sum of (a) $38.6866 per
ADS multiplied by the number of issued and outstanding ADSs as of
the record date set by Renren's Board of Directors after
the approval of the Settlement by the Court (the "Record Date") and
(b) $0.859701 per Class A ordinary share multiplied by
the total number of issued and outstanding Class A ordinary shares
as of the Record Date. However, the defendants and certain current
or former Renren directors and/or officers specifically
identified in the Stipulation will not be entitled to receive any
of the Settlement Fund.
During a hearing held before the Court on December 9,
2021, the Court announced that it intended to deny the motion
to approve the Stipulation. Subsequently, on December 10,
2021, the Court issued a written order formally denying the motion
to approve the Stipulation, and set a subsequent hearing
on January 31, 2022. The Court rejected the procedure
under the Stipulation for setting the Record Date for determining
the holders of Renren's Class A ordinary shares and ADSs
entitled to distributions from the Settlement Fund. The Court
also stated that the proposed fee award to plaintiffs' counsel was
too high. The plaintiffs filed a notice of appeal with the
Court on December 15, 2021.
Conference Call Information
The Company will not host a conference call. Please contact our
Investor Relations Department if you have any questions.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates several US-based SaaS
businesses including Chime, Inc. and Trucker Path.
Renren's American depositary shares, each of which currently
represents forty-five Class A ordinary shares, trade
on NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under 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," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook for the second half of 2020 and quotations
from management in this announcement, as well as Renren's strategic
and operational plans, contain forward-looking statements. Renren
may also make written or oral forward-looking statements in its
filings with the U.S. Securities and Exchange Commission ("SEC"),
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 Renren'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: Renren's goals and strategies; Renren's future business
development, financial condition and results of operations;
Renren's expectations regarding demand for and market acceptance of
its services; Renren's plans to enhance user experience,
infrastructure and service offerings. Further information regarding
these and other risks is included in our annual report on
Form 20-F and other documents filed with the SEC. All
information provided in this press release and in the
attachments is as of the date of this press release, and Renren
does not undertake any obligation to update
any forward-looking statement, except as required under
applicable law.
About Non-GAAP Financial Measures
To supplement Renren's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Renren uses "adjusted loss from operations"
and "adjusted net (loss) income from continuing operations" which
are defined as non-GAAP financial measures by the SEC, in
evaluating its business. Renren defines adjusted loss from
operations as loss from operations excluding share-based
compensation expenses and amortization of intangible assets, and
adjusted net (loss) income from continuing operations as net (loss)
income from continuing operations excluding share-based
compensation expenses, fair value change of contingent
consideration, amortization of intangible assets, and the pick-up
of loss from equity method investment in Kaixin. Renren
continuously and periodically reviews its operating results and
business performance. Starting from the first quarter of 2018,
there was a significant impact on net (loss) income due to the
material and significant noncash amount of fair value change of
contingent consideration relating to the used auto dealerships of
the emerging used auto business. Kaixin completed the reverse
acquisition with Haitaoche on June 25,
2021, which created significant goodwill on Kaixin's
financial statements and a significant portion of such goodwill was
impaired as of June 30, 2021.
Subsequent to completion of the reverse acquisition, Renren started
to account for its 33.3% retained non-controlling investment in
Kaixin under the equity method of accounting. Due to the nature of
the business, Renren believes that in disclosing adjusted net
(loss) income from continuing operations by excluding the impact of
fair value changes and pick-up of equity method investment loss
derived from Kaixin's goodwill impairment and also non-cash
expenses for i) share-based compensation, and ii) intangible asset
amortization, RenRen more appropriately presents its results of
operations, and provides investors with useful information to
understand Renren's business performance. To facilitate investors'
and analysts' comparative analysis, the aforesaid impact is
presented retrospectively in "Reconciliation of non-GAAP results of
operations measures to the comparable GAAP financial measures".
Renren presents adjusted loss from operations and adjusted net
(loss) income from continuing operations because they are used by
Renren's management to evaluate its operating performance. Renren
also believes that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
Renren's consolidated results of operations in the same manner as
Renren's management and in comparing financial results across
accounting periods and to those of Renren's peer companies.
These non-GAAP financial measures are not intended to be
considered in isolation from, or as a substitute for, the financial
information prepared and presented in accordance with GAAP. For
more information on these non-GAAP financial measures, please see
the table captioned "Reconciliation of non-GAAP results of
operations measures to the comparable GAAP financial measures" at
the end of this release.
RENREN
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
(In thousands of US
dollars)
|
|
|
|
As
of
|
|
|
December
31,
|
|
June
30,
|
|
|
|
2020
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
19,630
|
|
$
|
70,611
|
|
Restricted
cash
|
|
|
14,457
|
|
|
9,234
|
|
Accounts receivable,
net
|
|
|
474
|
|
|
376
|
|
Prepaid expenses and
other current assets
|
|
|
2,196
|
|
|
4,495
|
|
Amounts due from
related parties
|
|
|
764
|
|
|
5,328
|
|
Inventory
|
|
|
704
|
|
|
649
|
|
Amount due from
subsidiary held for sale
|
|
|
2,255
|
|
|
-
|
|
Current assets held
for sale
|
|
|
48,467
|
|
|
-
|
|
Total current
assets
|
|
|
88,947
|
|
|
90,693
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
439
|
|
|
260
|
|
Goodwill and
intangible assets, net
|
|
|
449
|
|
|
449
|
|
Long-term
investments
|
|
|
53,641
|
|
|
127,386
|
|
Amount due from
related parties- non-current
|
|
|
67,985
|
|
|
-
|
|
Right-of-use lease
assets
|
|
|
2,135
|
|
|
1,579
|
|
Other non-current
assets
|
|
|
77
|
|
|
92
|
|
Total non-current
assets
|
|
|
124,726
|
|
|
129,766
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
213,673
|
|
$
|
220,459
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
951
|
|
$
|
925
|
|
Short-term
debt
|
|
|
11,400
|
|
|
1,585
|
|
Accrued expenses and
other current liabilities
|
|
|
10,834
|
|
|
11,635
|
|
Short-term lease
liabilities
|
|
|
1,409
|
|
|
1,304
|
|
Amounts due to
related parties
|
|
|
697
|
|
|
999
|
|
Deferred revenue and
advance from customers
|
|
|
602
|
|
|
1,297
|
|
Income tax
payable
|
|
|
13,841
|
|
|
14,547
|
|
Contingent
consideration
|
|
|
407
|
|
|
256
|
|
Current liabilities
held for sale
|
|
|
40,962
|
|
|
-
|
|
Total current
liabilities
|
|
|
81,103
|
|
|
32,548
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
1,585
|
|
|
-
|
|
Long-term lease
liabilities
|
|
|
589
|
|
|
100
|
|
Long-term contingent
consideration
|
|
|
1,652
|
|
|
1,041
|
|
Total non-current
liabilities
|
|
|
3,826
|
|
|
1,141
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
$
|
84,929
|
|
$
|
33,689
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
|
770
|
|
|
806
|
|
Class B ordinary
shares
|
|
|
305
|
|
|
305
|
|
Additional paid-in
capital
|
|
|
741,130
|
|
|
754,771
|
|
Statutory
reserves
|
|
|
6,712
|
|
|
6,712
|
|
Accumulated
deficit
|
|
|
(634,054)
|
|
|
(567,263)
|
|
Accumulated other
comprehensive loss
|
|
|
(9,706)
|
|
|
(9,933)
|
|
Total Renren Inc.
shareholders' equity
|
|
|
105,157
|
|
|
185,398
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
23,587
|
|
|
1,372
|
|
|
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
|
128,744
|
|
|
186,770
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
|
213,673
|
|
$
|
220,459
|
|
RENREN
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
(In thousands of US
dollars, except share data and per share data, ADS data, and per
ADS data)
|
|
|
|
For the six months
ended
|
|
|
June
30,
|
|
|
|
2020
|
|
2021
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
7,865
|
|
$
|
14,992
|
|
Cost of
revenues
|
|
|
(1,618)
|
|
|
(2,472)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
6,247
|
|
|
12,520
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling and
marketing
|
|
|
(4,750)
|
|
|
(6,072)
|
|
Research and
development
|
|
|
(6,198)
|
|
|
(4,664)
|
|
General and
administrative
|
|
|
(13,234)
|
|
|
(8,875)
|
|
Total operating
expenses
|
|
|
(24,182)
|
|
|
(19,611)
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(17,935)
|
|
|
(7,091)
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
427
|
|
|
404
|
|
Fair value change of
contingent consideration
|
|
|
557
|
|
|
761
|
|
Interest
income
|
|
|
3,729
|
|
|
143
|
|
Interest
expenses
|
|
|
(172)
|
|
|
(51)
|
|
Total other
income, net
|
|
|
4,541
|
|
|
1,257
|
|
|
|
|
|
|
|
|
|
Loss before
provision of income tax and loss in equity method
investments
|
|
|
(13,394)
|
|
|
(5,834)
|
|
Income tax
expenses
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Loss before loss
in equity method investments and noncontrolling
interest
|
|
|
(13,394)
|
|
|
(5,834)
|
|
Income (Loss) in
equity method investments, net of tax
|
|
|
79
|
|
|
(43,586)
|
|
Loss from
continuing operations
|
|
|
(13,315)
|
|
|
(49,420)
|
|
|
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
|
|
Loss from operations
of discontinued operation net of income tax
|
|
|
(5,790)
|
|
|
(10,896)
|
|
Gain on
deconsolidation of the discontinued operation, net of income
tax
|
|
|
-
|
|
|
123,667
|
|
(Loss) income from
discontinued operation, net of tax
|
|
|
(5,790)
|
|
|
112,771
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
|
(19,105)
|
|
|
63,351
|
|
Net loss attributable
to noncontrolling interests
|
|
|
2,528
|
|
|
3,440
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations attributable to Renren Inc.
|
|
|
(13,315)
|
|
|
(49,655)
|
|
Net (loss) income
from discontinued operations attributable to Renren Inc.
|
|
|
(3,262)
|
|
|
116,446
|
|
Net (loss) income
attributable to Renren Inc.
|
|
$
|
(16,577)
|
|
|
66,791
|
|
|
|
|
|
|
|
|
|
Net loss per share
from continuing operations attributable to Renren
Inc. shareholders:
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
(0.013)
|
|
|
(0.046)
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share from discontinued operations attributable to Renren
Inc. shareholders:
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
(0.003)
|
|
|
0.108
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to Renren Inc. shareholders:
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
(0.016)
|
|
|
0.062
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Renren Inc. shareholders per ADS*:
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
(0.704)
|
|
|
2.776
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in calculating net
(loss) income per ordinary share attributable to
Renren Inc. shareholders:
|
|
Basic and
diluted
|
|
|
1,058,890,544
|
|
|
1,082,621,413
|
|
|
|
|
|
|
|
|
|
* Each ADS represents
45 Class A ordinary shares.
|
Reconciliation of Non-GAAP results of operations measures to the comparable
GAAP financial measures
|
(In thousands of US
dollars)
|
|
|
|
|
|
|
For the six months
ended
|
|
|
|
June
30,
|
|
|
2020
|
|
2021
|
|
Loss from
operations
|
|
$
|
(17,935)
|
|
$
|
(7,091)
|
|
Add back: Share-based
compensation expenses
|
|
|
9,783
|
|
|
4,292
|
|
Add back:
Amortization of intangible assets
|
|
|
192
|
|
|
-
|
|
Adjusted loss from
operations
|
|
$
|
(7,960)
|
|
$
|
(2,799)
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(13,315)
|
|
$
|
(49,420)
|
|
Add back: Pick up of
loss from the equity method investment in Kaixin*
|
|
|
-
|
|
|
47,837
|
|
Add back: Share-based
compensation expenses
|
|
|
9,783
|
|
|
4,292
|
|
Less: Fair value
change of contingent consideration
|
|
|
(557)
|
|
|
(761)
|
|
Add back:
Amortization of intangible assets
|
|
|
192
|
|
|
-
|
|
Adjusted net
(loss) income from continuing operations
|
|
$
|
(3,897)
|
|
$
|
1,948
|
|
|
* Represents pick up
of net loss from equity method investment in KAIXIN AUTO HOLDINGS,
in which the Company retained a non-controlling interest after
deconsolidating it on June 25, 2021. During the period from June
25, 2021 to June 30, 2021, the loss picked up from Kaixin raised
from Kaixin's Goodwill impairment, and excluded in from the net
loss from continuing operations to get to the non-GAAP adjusted net
(loss) income from continuing operations.
|
View original
content:https://www.prnewswire.com/news-releases/renren-announces-unaudited-first-half-2021-financial-results-301451677.html
SOURCE Renren Inc.