Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest
used car e-commerce platform in China, today announced its
unaudited financial results for the third quarter ended
September 30, 2018.
Third Quarter 2018 Operational
Highlights:
- Transaction volume of used cars increased to
221,309 units in the third quarter of 2018, representing
year-on-year growth of 19.7%.
- Transaction volume for the 2C business
increased to 129,465 units in the third quarter of 2018,
representing year-on-year growth of 53.2%.
- Transaction volume for the 2B business
decreased to 91,844 units in the third quarter of 2018,
representing year-on-year decline of 8.5%.
- GMV of used cars reached RMB14,451 million in
the third quarter of 2018, up 14.8% from RMB12,584 million in the
same period last year.
- GMV for the 2C business increased to RMB10,172
million in the third quarter of 2018, representing year-on-year
growth of 34.5%.
- GMV for the 2B business decreased to RMB4,279
million in the third quarter of 2018, representing year-on-year
decline of 14.8%.
- Loan facilitation continues to be an important
component of Uxin’s transaction services. In the third quarter of
2018, Uxin facilitated financing for 60,131 used car transactions
on its platform.
- M3+ delinquency rate by balance1 was 1.43% as
of September 30, 2018, improved from 1.53% as of June 30,
2018.
Third Quarter 2018 Financial
Highlights:
- Total revenues were RMB863.7 million (US$125.5
million), representing year-on-year growth of 59.6%.
- 2C transaction facilitation revenue was
RMB138.6 million (US$20.1 million), representing year-on-year
growth of 165.3%.
- 2C loan facilitation revenue was RMB473.6
million (US$68.8 million), representing year-on-year growth of
96.4%.
- 2B transaction facilitation revenue was
RMB191.2 million (US$27.8 million), representing year-on-year
growth of 20.8%.
- Gross profit was RMB559.1 million (US$81.3
million) in the third quarter of 2018. Gross margin increased to
64.7% in the third quarter of 2018, compared to 63.8% in the same
period last year.
- Net loss was RMB594.0 million (US$86.3
million), compared to a net loss of RMB765.9 million in the prior
year period.
- Non-GAAP adjusted net loss was RMB517.0
million (US$75.2 million), compared to RMB390.4 million in the same
period last year. Non-GAAP adjusted net loss as a percentage of
total revenues was 59.9% in the third quarter of 2018, decreased
from 72.1% in the same period last year. Non-GAAP adjusted net loss
primarily excludes the impact of fair value change of derivative
liabilities and share-based compensation.
Mr. Kun Dai, Founder, Chairman and Chief Executive
Officer of Uxin, said, “We are pleased to report another strong
performance for the third quarter of 2018. Our relentless focus on
providing a broad selection of cars, digital transparency and a
one-stop solution continued to translate into outstanding user
experience and growing demand for our services from both consumers
and dealers.”
Mr. Dai added, “Our marketplace approach and
nationwide service network enabled us to make more than 290,000
cars available to consumers on the Uxin platform as of September
30, 2018. Our unique ability to facilitate cross-regional
transactions is creating an unprecedented selection of used cars
for consumers. In addition, the Uxin platform optimizes prices for
consumers by driving transaction efficiency and mitigating
information asymmetry. With our determination to enhance value
propositions for our users, we believe we can expand our market
leadership in China’s underserved used car market.”
Mr. Zhen Zeng, Chief Financial Officer of Uxin,
said, “We achieved robust revenue growth in the third quarter of
2018, driven by 108.7% year-on-year growth of our 2C business. In
addition, we continued to improve operating efficiency,
particularly in our sales and marketing efforts. With Uxin’s
growing brand awareness and higher conversion rate, our sales and
marketing expenses as a percentage of total revenues decreased to
87.5%, compared to 100.0% in the same period last year and 91.6% in
the second quarter of 2018. Looking forward, we are confident that
our focus on growing our 2C platform and improving operating
efficiency will enable us to build a sustainable business over the
long term.”
Third Quarter 2018 Financial
Results Total revenues for the third
quarter of 2018 increased by 59.6% to RMB863.7 million (US$125.5
million) from RMB541.1 million in the same period last year,
primarily due to the increases in transaction volume, amount of
loans facilitated and take rate2.
2C Business: Revenue of the 2C
business increased to RMB612.2 million in the three months ended
September 30, 2018, representing growth of 108.7% from RMB293.3
million in the same period last year.
- 2C transaction facilitation revenue was RMB138.6 million
(US$20.1 million) for the third quarter of 2018, an increase of
165.3% from RMB52.2 million for the third quarter of 2017,
primarily due to the increases in the transaction volume and GMV of
used cars sold through the 2C business. The transaction volume for
the 2C business increased to 129,465 units in the third quarter of
2018, representing year-on-year growth of 53.2%. The GMV for the 2C
business increased to RMB10,172 million in the third quarter of
2018, representing year-on-year growth of 34.5%. As a result of the
Company’s focus on continually improving service and user
experience, increasing business scale and generating greater
pricing power, the take rate for 2C transaction facilitation
reached 1.4% during the quarter, compared to 0.7% in the same
period last year.
- 2C loan facilitation revenue increased to RMB473.6 million
(US$68.8 million) in the third quarter of 2018, up 96.4% from
RMB241.1 million for the same period a year ago, primarily due to
the increases in the volume and amount of loans facilitated. The
attach rate3 of the loan facilitation services was approximately
46.4%, which has remained relatively stable compared to recent
quarters. The average service fee rate for used car loan
facilitation, as measured by the used car loan facilitation revenue
divided by the total amount of used car loans facilitated, was 6.9%
in the third quarter of 2018, compared to 6.1% in the same period
last year.
2B Business:
- 2B transaction facilitation revenue was RMB191.2 million
(US$27.8 million) in the third quarter of 2018, representing an
increase of 20.8% from the third quarter of 2017, due to the
increase in take rate. The transaction volume for the 2B business
decreased to 91,844 units in the third quarter of 2018, due to the
Company’s recent change of approach in serving consumers with
car-selling needs as disclosed in the prior quarter. Despite the
impact of the change in business approach in the third quarter
2018, B2B business experienced 18.6% year-on-year growth in terms
of number of transactions. The GMV for the 2B business decreased to
RMB4,279 million in the third quarter of 2018, representing
year-on-year decrease of 14.8%. Excluding the impact of the change
in business approach, B2B business experienced 13.3% year-on-year
growth in terms of GMV. The take rate for 2B transaction
facilitation was 4.5% in the third quarter, compared to 3.2% in the
same period last year, as a result of Uxin’s increasing scale and
pricing power.
Cost of revenues increased by
55.7% year-on-year to RMB304.6 million (US$44.3 million) for the
third quarter of 2018, primarily due to the increases in the number
of personnel engaged in car inspection, quality control, customer
service and after-sale service, and cost of title transfer,
registration and fulfillment expenses, which were correspondingly
driven by the increase in the transaction volume.
Gross margin was 64.7% in the
third quarter of 2018, compared to 63.8% in the same period last
year.
Total operating expenses were
RMB1,101.7 million (US$160.2 million). Total operating expenses
excluding share-based compensation expenses were RMB1,024.8
million.
- Sales and marketing expenses
increased by 39.6% year-on-year to RMB755.4 million (US$109.8
million) for the third quarter of 2018. The increase was primarily
due to the increase in the number of employees, partially offset by
the decrease in branding expenses which were RMB 211.3 million in
the third quarter of 2018. Sales and marketing expenses excluding
share-based compensation expenses as a percentage of total revenues
was 87.5% during the quarter, compared to 100.0% in the third
quarter of 2017.
- General and administrative expenses increased
by 2.6% year-on-year to RMB266.3 million (US$38.7 million) for the
third quarter of 2018. The change was mainly due to the increase in
the number of employees, partially offset by the decrease in
share-based compensation expenses. The general and administrative
expenses excluding the impact of share-based compensation expenses
of RMB76.4 million, were RMB189.9 million, which represented 22.0%
of total revenues, compared to 22.5% in the third quarter of
2017.
- Research and development expenses increased by
67.9% year-on-year to RMB82.4 million (US$12.0 million) for the
third quarter of 2018. The increase was primarily due to the
increases in the salaries and benefits expenses of employees
engaged in research and development and development expenses of IT
systems. The research and development expenses excluding the impact
of share-based compensation expenses of RMB0.7 million, were
RMB81.7 million, which represented 9.5% of total revenues, compared
to 9.1% in the third quarter of 2017.
Gains/Loss from guarantee
liability resulted in a nominal gain of RMB2.4 million
(US$0.4 million) for the third quarter of 2018. The gain was the
result of relatively stable delinquency rate as compared to that of
the second quarter of 2018.
Loss from operations for the third
quarter of 2018 was RMB542.7 million (US$78.9 million), compared to
RMB523.0 million in the same period last year. Loss from operations
excluding the impact of share-based compensation expenses of
RMB77.0 million was RMB465.7 million.
Fair value change of derivative
liabilities was nil for the third quarter of 2018,
compared to a loss of RMB237.9 million for the third quarter of
2017. The impact of derivative liabilities would no longer exist
going forward as the preferred shares were converted into ordinary
shares at the time of IPO.
Net loss for the third quarter of
2018 was RMB594.0 million (US$86.3 million), compared to net loss
of RMB765.9 million in the third quarter of 2017, primarily due to
the decrease of loss from fair value change of derivative
liabilities.
Non-GAAP adjusted net loss, which
excludes the impact of share-based compensation expenses of RMB77.0
million, was RMB517.0 million (US$75.2 million), compared to
RMB390.4 million in the same period last year.
As of September 30, 2018, the Company had cash
and cash equivalents of RMB677.1 million (US$98.4 million),
and restricted cash of RMB1,838.4 million (US$267.2
million).
In addition, the board of directors of the Company
recently has approved the increase of the maximum number of shares
available for issuance pursuant to all awards under its 2018
Amended and Restated Share Incentive Plan (the “2018 Plan”) by
14,297,163 Class A ordinary shares, representing 1.5% of the total
number of outstanding ordinary shares on a fully-diluted basis. The
2018 Plan will be amended and restated accordingly.
Business Outlook
For the fourth quarter of 2018, Uxin expects total
revenues to be in the range of RMB1.02 billion to RMB1.06
billion. This forecast reflects the Company's current and
preliminary views on the market and operational conditions, which
are subject to change.
Notes:
1. M3+ delinquency rate is defined as the
outstanding principal balance of used car loans that were 90 or
more calendar days past due as a percentage of the sum of total
outstanding principal balance of the used car loans facilitated
through the Company’s 2C business (including the principal of loans
it paid financing partners under its guarantee to financing
partners) as of a specific date.2. Take rate is measured by the
revenue of the 2C/2B used car business divided by the GMV of the
2C/2B business.3. The attach rate of used car loan facilitation
services in the 2C business was measured by the number of used car
loans facilitated divided by the total number of 2C used car
transactions.
Conference Call
The Company’s management will host an earnings
conference call at 8:00 AM on November 20, 2018 U.S. Eastern Time
(9:00 PM on November 20, 2018 Beijing/Hong Kong time).
Dial-in details for the earnings conference call
are as follows:
U.S.: |
|
+1 866 519 4004 or +1
845 675 0437 |
International: |
|
+65 6713 5090 |
Mainland China: |
|
400-620 8038 or 800-819
0121 |
Hong Kong: |
|
800-906 601 or +852
3018 6771 |
Conference ID: |
|
5289076 |
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.xin.com/.
A replay of the conference call will be accessible
approximately one hour after the conclusion of the live call until
December 5, 2018, by dialing the following telephone numbers:
U.S.: |
|
+1 646 254 3697 |
International: |
|
+61 2 8199 0299 |
Conference ID: |
|
5289076 |
|
|
|
About UxinUxin Limited (Nasdaq:
UXIN) is the largest used car e-commerce platform in China. Uxin’s
mission is to enable people to buy the car of their choice, no
matter where they are located or what their budget is. Uxin enables
consumers and dealers to buy and sell cars through an innovative
integrated online and offline platform that addresses each step of
the transaction and covers the entire value chain. Its online
presence is bolstered by an offline network of more than 670
service centers in over 270 cities throughout China.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses a
non-GAAP measure, adjusted net loss, as a supplemental measure to
review and assess its operating performance. The presentation of
the non-GAAP financial measure 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. The Company
defines adjusted net loss as net (loss)/income excluding
share-based compensation and fair value change of derivative
liabilities. The Company presents the non-GAAP financial measure
because it is used by the management to evaluate the operating
performance and formulate business plans. Adjusted net loss enables
the management to assess the Company’s operating results without
considering the impact of share-based compensation and fair value
change of derivative liabilities, which are non-cash charges. The
Company also believes that the use of the non-GAAP measure
facilitates investors' assessment of its operating
performance.
The non-GAAP financial measure is not defined under
U.S. GAAP and is not presented in accordance with
U.S. GAAP. The non-GAAP financial measure has limitations as
analytical tools. One of the key limitations of using adjusted net
loss is that it does not reflect all items of income and expense
that affect the Company’s operations. Share-based compensation and
fair value change of derivative liabilities have been and may
continue to be incurred in the business and is not reflected in the
presentation of adjusted net loss. Further, the non-GAAP measure
may differ from the non-GAAP information used by other companies,
including peer companies, and therefore their comparability may be
limited.
The Company compensates for these limitations by
reconciling the non-GAAP financial measure to the nearest
U.S. GAAP performance measure, all of which should be
considered when evaluating the Company’s performance. The Company
encourages you to review its financial information in its entirety
and not rely on a single financial measure.
Reconciliations of Uxin’s non-GAAP financial
measures to the most comparable U.S. GAAP measure are included at
the end of this press release.
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, except for those transaction amounts
that were actually settled in U.S. dollars. Unless otherwise
stated, all translations from RMB to US$ were made at the rate of
RMB6.8792 to US$1.00, representing the index rate as of the end of
September 2018 stipulated by the People’s Bank of China. The
Company makes no representation that the RMB or US$ amounts
referred could be converted into US$ or RMB, as the case may be, at
any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the United States 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 and quotations
from management in this announcement, as well as Uxin’s strategic
and operational plans, contain forward-looking statements. Uxin may
also make written or oral forward-looking statements in its
periodic reports to 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 Uxin’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: Uxin’s goal and strategies; its expansion plans; its
future business development, financial condition and results of
operations; Uxin’s expectations regarding demand for, and market
acceptance of, its services; its ability to provide differentiated
and superior customer experience, maintain and enhance customer
trust in its platform, and assess and mitigate various risks,
including credit; its expectations regarding maintaining and
expanding its relationships with business partners, including
financing partners; trends and competition in China’s used car
e-commerce industry; the laws and regulations relating to Uxin’s
industry; the general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Uxin’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 Uxin does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor enquiries, please
contact:
Nancy SongUxin Investor RelationsTel: +86 10
5691-6765Email: ir@xin.com
For media enquiries, please
contact:
Yi-Ke HongBrunswick GroupTel: +86 10
5960-8600Email: uxin@brunswickgroup.com
Uxin Limited Unaudited
Consolidated Statements of Comprehensive (Loss)/Income(In
thousands except for number of shares and per share data)
|
|
Three months ended September 30, 2017 |
|
Three months endedSeptember 30, 2018 |
|
Nine months ended September 30,2018 |
|
|
RMB |
|
|
RMB |
|
US$ |
|
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
2C Transaction facilitation
revenue |
|
52,236 |
|
|
138,595 |
|
20,147 |
|
|
327,842 |
|
49,500 |
|
2C Loan
facilitation revenue |
|
241,093 |
|
|
473,623 |
|
68,849 |
|
|
1,154,238 |
|
174,548 |
|
2B
Transaction facilitation revenue |
|
158,282 |
|
|
191,192 |
|
27,793 |
|
|
460,940 |
|
69,422 |
|
Others |
|
89,485 |
|
|
60,255 |
|
8,759 |
|
|
235,767 |
|
35,967 |
|
Total revenues |
|
541,096 |
|
|
863,665 |
|
125,548 |
|
|
2,178,787 |
|
329,437 |
|
|
|
|
|
|
|
|
|
|
Operating cost and expenses: |
|
|
|
|
|
|
|
|
Cost of
revenue |
|
(195,674 |
) |
|
(304,600 |
) |
(44,278 |
) |
|
(785,660 |
) |
(118,738 |
) |
Sales
and marketing |
|
(541,237 |
) |
|
(755,436 |
) |
(109,815 |
) |
|
(1,998,026 |
) |
(302,613 |
) |
General
and administrative |
|
(259,493 |
) |
|
(266,344 |
) |
(38,717 |
) |
|
(1,451,983 |
) |
(219,181 |
) |
Research
and development |
|
(49,049 |
) |
|
(82,371 |
) |
(11,974 |
) |
|
(232,845 |
) |
(35,253 |
) |
(Losses)/gains from guarantee liability |
|
(18,610 |
) |
|
2,414 |
|
351 |
|
|
(10,161 |
) |
(1,689 |
) |
|
|
|
|
|
|
|
|
|
Total operating cost and expenses |
|
(1,064,063 |
) |
|
(1,406,337 |
) |
(204,433 |
) |
|
(4,478,675 |
) |
(677,474 |
) |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(522,967 |
) |
|
(542,672 |
) |
(78,885 |
) |
|
(2,299,888 |
) |
(348,037 |
) |
|
|
|
|
|
|
|
|
|
Interest
income/(expenses) |
|
4,560 |
|
|
(38,611 |
) |
(5,613 |
) |
|
(85,096 |
) |
(12,810 |
) |
Other
(expenses)/income |
|
(4,343 |
) |
|
3,107 |
|
452 |
|
|
(5,902 |
) |
(941 |
) |
Foreign
exchange losses |
|
(4,493 |
) |
|
(10,805 |
) |
(1,571 |
) |
|
(7,522 |
) |
(1,065 |
) |
Fair
value change of derivative liabilities |
|
(237,867 |
) |
|
- |
|
- |
|
|
1,185,090 |
|
176,273 |
|
Loss before income tax expense |
|
(765,110 |
) |
|
(588,981 |
) |
(85,617 |
) |
|
(1,213,318 |
) |
(186,580 |
) |
Income
tax expense |
|
(2,341 |
) |
|
(5,018 |
) |
(729 |
) |
|
(10,402 |
) |
(1,566 |
) |
Equity
in gains of affiliates |
|
1,577 |
|
|
- |
|
- |
|
|
- |
|
- |
|
Net loss |
|
(765,874 |
) |
|
(593,999 |
) |
(86,346 |
) |
|
(1,223,720 |
) |
(188,146 |
) |
Less:
net loss attributable to non-controlling interests
shareholders |
|
(8,662 |
) |
|
(1,479 |
) |
(215 |
) |
|
(15,219 |
) |
(2,353 |
) |
Net loss attributable to UXIN LIMITED |
|
(757,212 |
) |
|
(592,520 |
) |
(86,131 |
) |
|
(1,208,501 |
) |
(185,793 |
) |
Accretion on redeemable preferred shares |
|
(139,073 |
) |
|
- |
|
- |
|
|
(318,951 |
) |
(49,671 |
) |
Deemed
dividend to preferred shareholders |
|
(233,117 |
) |
|
- |
|
- |
|
|
(544,773 |
) |
(86,636 |
) |
Net loss attributable to ordinary
shareholders |
|
(1,129,402 |
) |
|
(592,520 |
) |
(86,131 |
) |
|
(2,072,225 |
) |
(322,100 |
) |
Net loss |
|
(765,874 |
) |
|
(593,999 |
) |
(86,346 |
) |
|
(1,223,720 |
) |
(188,146 |
) |
Foreign
currency translation |
|
(25,585 |
) |
|
15,337 |
|
2,229 |
|
|
(4,251 |
) |
(635 |
) |
Total comprehensive loss |
|
(791,459 |
) |
|
(578,662 |
) |
(84,117 |
) |
|
(1,227,971 |
) |
(188,781 |
) |
Less:
total comprehensive loss attributable to non-controlling interests
shareholders |
|
(7,599 |
) |
|
(1,479 |
) |
(215 |
) |
|
(20,350 |
) |
(3,128 |
) |
Total comprehensive loss attributable to Uxin’s
shareholders |
|
(783,860 |
) |
|
(577,183 |
) |
(83,902 |
) |
|
(1,207,621 |
) |
(185,653 |
) |
Net loss attributable to ordinary
shareholders |
|
(1,129,402 |
) |
|
(592,520 |
) |
(86,131 |
) |
|
(2,072,225 |
) |
(322,100 |
) |
Weighted
average shares outstanding-basic |
|
49,318,860 |
|
|
877,180,394 |
|
877,180,394 |
|
|
345,484,292 |
|
345,484,292 |
|
Weighted
average shares outstanding-diluted |
|
49,318,860 |
|
|
877,180,394 |
|
877,180,394 |
|
|
345,484,292 |
|
345,484,292 |
|
Net loss
per share-basic |
|
(22.90 |
) |
|
(0.68 |
) |
(0.10 |
) |
|
(6.00 |
) |
(0.93 |
) |
Net loss
per share-diluted |
|
(22.90 |
) |
|
(0.68 |
) |
(0.10 |
) |
|
(6.00 |
) |
(0.93 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based compensation charges included are as follows:
|
Three
months Ended Sep30, 2017 |
Three months Ended Sep30, 2018 |
|
(In thousands of
RMB) |
Cost of revenue |
- |
(14 |
) |
Sales
and marketing |
- |
(158 |
) |
General
and administrative |
137,656 |
76,442 |
|
Research
and development |
- |
681 |
|
|
|
|
|
|
|
|
|
Uxin LimitedUnaudited
Consolidated Balance Sheets (In thousands except for
number of shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
As
of |
|
|
As of |
|
|
December 31, |
|
|
September 30, |
|
|
2017 |
|
|
2018 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
291,973 |
|
|
677,098 |
|
|
98,427 |
Restricted cash |
|
1,617,230 |
|
|
1,838,356 |
|
|
267,234 |
Accounts
receivable |
|
40,155 |
|
|
47,217 |
|
|
6,866 |
Short-term investments |
|
1,000 |
|
|
580,936 |
|
|
84,448 |
Amounts
due from related parties |
|
608,291 |
|
|
- |
|
|
- |
Advance
to consumers on behalf of financing partners |
|
827,417 |
|
|
482,349 |
|
|
70,117 |
Loan
recognized as a result of payment under the guarantee, net |
|
252,555 |
|
|
458,220 |
|
|
66,609 |
Advance
to sellers |
|
246,287 |
|
|
906,624 |
|
|
131,792 |
Other
receivables, net |
|
251,649 |
|
|
729,959 |
|
|
106,111 |
Inventory |
|
77,941 |
|
|
18,208 |
|
|
2,647 |
Prepaid
expenses and other current assets |
|
249,769 |
|
|
479,722 |
|
|
69,735 |
Financial lease receivables, net |
|
438,693 |
|
|
472,019 |
|
|
68,615 |
|
|
|
|
|
|
|
|
|
Total current assets |
|
4,902,960 |
|
|
6,690,708 |
|
|
972,601 |
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property, equipment and software, net |
|
156,625 |
|
|
202,620 |
|
|
29,454 |
Intangible assets, net |
|
9,949 |
|
|
22,971 |
|
|
3,339 |
Goodwill |
|
75,849 |
|
|
114,094 |
|
|
16,585 |
Long
term investments |
|
40,628 |
|
|
347,506 |
|
|
50,515 |
Other
non-current assets |
|
112,902 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
Total non-current assets |
|
395,953 |
|
|
687,191 |
|
|
99,893 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
5,298,913 |
|
|
7,377,899 |
|
|
1,072,494 |
|
|
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY, AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
426,783 |
|
|
604,691 |
|
|
87,901 |
|
Accounts
payable |
|
65,694 |
|
|
107,402 |
|
|
15,613 |
|
Amounts
due to related parties |
|
|
|
|
|
|
|
|
|
Guarantee liabilities |
|
173,907 |
|
|
249,019 |
|
|
36,199 |
|
Deposit
of interests from consumers and payable to financing
partners—current |
|
732,273 |
|
|
611,200 |
|
|
88,848 |
|
Advance
from buyers collected on behalf of sellers |
|
226,891 |
|
|
146,499 |
|
|
21,296 |
|
Other
payables and accruals |
|
927,389 |
|
|
1,092,729 |
|
|
158,845 |
|
Deferred
revenue |
|
27,598 |
|
|
51,241 |
|
|
7,449 |
|
Other
current liabilities |
|
163,355 |
|
|
- |
|
|
- |
|
Derivative liabilities |
|
1,596,424 |
|
|
- |
|
|
- |
|
Convertible bonds |
|
- |
|
|
1,190,962 |
|
|
173,125 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
4,340,314 |
|
|
4,053,743 |
|
|
589,276 |
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
Long-term borrowings |
|
374,104 |
|
|
620,044 |
|
|
90,133 |
|
Deposit
of interests from consumers and payable to financing
partners—non-current |
|
343,823 |
|
|
101,711 |
|
|
14,785 |
|
Deferred
tax liabilities |
|
1,653 |
|
|
5,124 |
|
|
745 |
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
719,580 |
|
|
726,879 |
|
|
105,663 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
5,059,894 |
|
|
4,780,622 |
|
|
694,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A |
|
94,411 |
|
|
- |
|
|
- |
|
Series
A-1 |
|
69,193 |
|
|
- |
|
|
- |
|
Series
B |
|
180,294 |
|
|
- |
|
|
- |
|
Series
C |
|
408,559 |
|
|
- |
|
|
- |
|
Series
D |
|
1,703,667 |
|
|
- |
|
|
- |
|
Series
E |
|
1,146,351 |
|
|
- |
|
|
- |
|
Series
F |
|
1,563,657 |
|
|
- |
|
|
- |
|
Series
G |
|
3,214,932 |
|
|
- |
|
|
- |
|
Redeemable non-controlling interests |
|
39,580 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Total mezzanine equity |
|
8,420,644 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ deficit: |
|
|
|
|
|
|
|
|
|
Ordinary
shares |
|
30 |
|
|
573 |
|
|
83 |
|
Additional paid-in capital |
|
- |
|
|
12,883,307 |
|
|
1,872,791 |
|
Accumulated other comprehensive income |
|
76,607 |
|
|
75,535 |
|
|
10,980 |
|
Accumulated deficit |
|
(8,207,801 |
) |
|
(10,366,476 |
) |
|
(1,506,930 |
) |
|
|
|
|
|
|
|
|
|
|
Total Uxin’s shareholders’ deficit |
|
(8,131,164 |
) |
|
2,592,939 |
|
|
376,924 |
|
Non-controlling interests |
|
(50,461 |
) |
|
4,338 |
|
|
631 |
|
Total shareholders' deficit |
|
(8,181,625 |
) |
|
2,597,277 |
|
|
377,555 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS’
DEFICIT |
|
5,298,913 |
|
|
7,377,899 |
|
|
1,072,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uxin LimitedUnaudited
Reconciliations of GAAP And Non-GAAP Results (In
thousands except for number of shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
September 30, 2017 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(765,874 |
) |
|
(593,999 |
) |
|
(86,346 |
) |
|
|
|
|
|
|
|
|
|
|
Add: Share-based compensation expenses |
|
137,656 |
|
|
76,951 |
|
|
11,186 |
|
|
|
- |
|
|
(14 |
) |
|
(2 |
) |
|
|
- |
|
|
(158 |
) |
|
(23 |
) |
- General and administrative
|
|
137,656 |
|
|
76,442 |
|
|
11,112 |
|
|
|
- |
|
|
681 |
|
|
99 |
|
|
|
|
|
|
|
|
|
|
|
Fair value change of derivative liabilities |
|
237,867 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net
loss |
|
(390,351 |
) |
|
(517,048 |
) |
|
(75,160 |
) |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjusted net loss per share—basic |
|
(15.29 |
) |
|
(0.59 |
) |
|
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjusted net loss per share—diluted |
|
(15.29 |
) |
|
(0.59 |
) |
|
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding—basic |
|
49,318,860 |
|
|
877,180,394 |
|
|
877,180,394 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding—diluted |
|
49,318,860 |
|
|
877,180,394 |
|
|
877,180,394 |
|
|
|
|
|
|
|
|
|
|
|
Note: The conversion of Renminbi (RMB) into U.S.
dollars (USD) is based on the certified exchange rate of
USD1.00=RMB6.8792 as of the end of September 2018 stipulated by the
People’s Bank of China.
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