Uxin Reports Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results
Dear Shareholders,
First and foremost, on behalf of
The current economic landscape in
However, we are pleased to see opportunities amidst these challenges. Over the past year,
Reflecting on the past year, we have made substantial progress in numerous areas of our business, positioning us well for scalable profitability. I will highlight three key achievements:
First, our branding and sales capabilities have generated a positive flywheel effect, further enhancing sales efficiency. By connecting with customers through superior products and services, we have built a stronger network effect in regional markets as customer trust and reputation have grown, further boosting sales conversion rates. As a result, our in-store customer conversion rate has reached approximately 40%. Despite intense industry competition, our retail vehicle inventory turnover rate has improved by over 60% compared to the previous fiscal year, allowing us to achieve higher retail sales with the same inventory size.
Second, while increasing sales volume, we have also boosted our gross profit per vehicle. Our gross profit margin has risen from 1.2% in fiscal year 2023 to 5.9% in fiscal year 2024. In the used car industry, prices typically decrease as inventory ages. Therefore, by accelerating our sales turnover, we have naturally enhanced our gross profit per vehicle.
Meanwhile, leveraging our one-stop shopping experience at offline superstores and reconditioning factories, we have continuously expanded our high-margin value-added services. These include financing services, insurance, extended warranties, premium accessories, and maintenance. Over the past year, the penetration rate of these value-added services has rapidly increased, boosting our gross profit margin.
Additionally, our per-vehicle reconditioning costs have significantly decreased.
Third, we have continued to reduce costs, improve efficiency, and optimize our operating expenses. Adjusted EBITDA[1] for fiscal year 2024 was a loss of
Take marketing as an example, we have developed a highly cost-effective customer acquisition strategy, reducing advertising and promotion expenses by more than 50% compared to last year. Leveraging our large venues, we actively explored community-integrated marketing strategies by organizing events such as sports meetings, anime conventions, job fairs, and vehicle test drives etc. These activities increased our regional market exposure, generating substantial organic traffic and significantly lowering customer acquisition costs.
In the past year, our offline superstore model has proven successful, placing
First, we aim to significantly increase sales volume, projecting a year-over-year retail sales growth of 150% for fiscal year 2025. We are confident in maintaining our current sales efficiency and will gradually ramp up inventory, expecting inventory levels to increase 2-3 times compared to the beginning of the fiscal year. This will drive continuous retail sales growth in the coming quarters, ensuring the achievement of our sales targets for the new fiscal year.
Second, we plan to achieve company-wide profitability at scale. Our goal is to achieve positive Adjusted EBITDA for the entire company in the quarter between October and
Third, we will finalize the location selection and operational preparations for 2-3 new superstores, enhancing our integrated online and offline superstore network. Recently, we announced a strategic partnership with the
Everything is in place for us to achieve our goals. We have confidence in the competitive advantage of
Chairman and Chief Executive Officer of
[1] This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.1 to our Current Report on Form 6-K on |
Highlights for the Quarter Ended
-
Transaction volume was 4,058 units for the three months ended
March 31, 2024 , a decrease of 6.8% from 4,354 units in the last quarter and an increase of 12.5% from 3,607 units in the same period last year. - Retail transaction volume was 3,124 units, an increase of 1.4% from 3,081 units in the last quarter and an increase of 38.3% from 2,259 units in the same period last year.
-
Total revenues were
RMB319.2 million (US$44.2 million ) for the three months endedMarch 31, 2024 , a decrease of 22.3% fromRMB410.5 million in the last quarter and a decrease of 7.2% fromRMB343.8 million in the same period last year. -
Gross margin was 6.6% for the three months ended
March 31, 2024 , compared with 4.8% in the last quarter and 2.3% in the same period last year. -
Loss from operations was
RMB109.8 million (US$15.2 million ) for the three months endedMarch 31, 2024 , compared withRMB73.1 million in the last quarter andRMB57.4 million in the same period last year. -
Non-GAAP adjusted EBITDA was a loss of
RMB39.7 million (US$5.5 million ), compared with a loss ofRMB43.8 million in the last quarter and a loss ofRMB40.8 million in the same period last year.
Highlights for the Fiscal Year Ended
-
Transaction volume was 15,550 units for the fiscal year ended
March 31, 2024 , a decrease of 22.4% from 20,029 units in the prior fiscal year. -
Retail transaction volume was 10,179 units for the fiscal year ended
March 31, 2024 , a decrease of 4.9% from 10,703 units in the prior fiscal year. -
Total revenues were
RMB1,374.7 million (US$190.4 million ) for the fiscal year endedMarch 31, 2024 , a decrease of 33.2% fromRMB2,059.2 million in the prior fiscal year. -
Gross margin was 5.9% for the fiscal year ended
March 31, 2024 , compared with 1.2% in the prior fiscal year. -
Loss from operations was
RMB312.5 million (US$43.3 million ) for the fiscal year endedMarch 31, 2024 , compared withRMB356.9 million in the prior fiscal year. -
Non-GAAP adjusted EBITDA was a loss of
RMB176.1 million (US$24.4 million ) for the fiscal year endedMarch 31, 2024 , compared withRMB280.3 million in the prior fiscal year.
Mr.
Financial Results for the Quarter Ended
Total revenues were
Retail vehicle sales revenue
was
Wholesale vehicle sales revenue
was
Other revenue was
Cost of revenues was
Gross margin was 6.6% for the three months ended
Total operating expenses were
-
Sales and marketing
expenses
were
RMB50.8 million (US$7.0 million ) for the three months endedMarch 31, 2024 , a decrease of 10.4% fromRMB56.7 million in the last quarter and a decrease of 3.0% fromRMB52.4 million in the same period last year. -
General and administrative expenses
were
RMB75.3 million (US$10.4 million ) for the three months endedMarch 31, 2024 , representing an increase of 122.7% fromRMB33.8 million in the last quarter and an increase of 96.7% fromRMB38.3 million in the same period last year. The increase was mainly due to an increase in shared-based compensation for personnel performing general and administrative functions, including the share-based compensation expense ofUS$4.0 million (equivalent toRMB28.7 million ) resulting from the issuance of the senior convertible preferred shares toXin Gao Group Limited ("Xin Gao"), which is controlled by Mr.Kun Dai , the Chairman of the Board of Directors and Chief Executive Officer of the Company. -
Research and development expenses
were
RMB6.0 million (US$0.8 million ) for the three months endedMarch 31, 2024 , representing a decrease of 37.9% fromRMB9.7 million in the last quarter and a decrease of 35.4% fromRMB9.3 million in the same period last year. The decrease was mainly due to a decrease of the salaries and benefits expenses of employees engaged in research and development.
Other operating income, net was a gain of
Loss from operations was
Interest expenses were
Fair value impact of the issuance of senior convertible preferred shares was nil for the three months ended
Net loss from operations was net loss of
Non-GAAP adjusted EBITDA was a loss of
In order to cope with the intensified competition within the industry and the challenging external conditions, following the Spring Festival, the Company executed a series of initiatives to realign its organizational structure to better meet the development needs of its superstores and to further reduce company-wide costs and expenses. The Company defines Adjusted EBITDA as EBITDA excluding the severance payment and other realignment related charges recorded in general and administrative expenses and other operating income, net relating to the aforementioned structure realignment.
Financial Results for the Fiscal Year Ended
Total revenues were
Retail vehicle sales revenue
was
Wholesale vehicle sales revenue
was
Other revenue was
Cost of revenues was
Gross margin was 5.9% for the fiscal year ended
Total operating expenses were
-
Sales and marketing expenses
were
RMB202.5 million (US$28.0 million ) for the fiscal year endedMarch 31, 2024 , representing a decrease of 14.3% fromRMB236.3 million in the prior fiscal year. The decrease was mainly due to the decrease in marketing expenses driven by the adoption of more cost-effective promotion measures and the decrease of outbound logistic expenses, partially offset by the increase in right-of-use assets depreciation expenses as a result of relocation to the Company's Hefei Superstore. -
General and administrative expenses
were
RMB177.4 million (US$24.6 million ) for the fiscal year endedMarch 31, 2024 , representing an increase of 7.8% fromRMB164.5 million in the prior fiscal year. The increase was mainly due to an increase in shared-based compensation for personnel performing general and administrative functions, including the share-based compensation expense ofUS$4.0 million (equivalent toRMB28.7 million ) resulting from the issuance of the senior convertible preferred shares to Xin Gao, which is controlled by Mr.Kun Dai , the Chairman of the Board of Directors and Chief Executive Officer of the Company. -
Research and development expenses
were
RMB33.8 million (US$4.7 million ) for the fiscal year endedMarch 31, 2024 , representing a decrease of 10.3% fromRMB37.7 million in the prior fiscal year. The decrease was mainly due to a decrease of the salaries and benefits expenses of employees engaged in research and development.
Other operating income, net was
Loss from operations was
Interest expenses were
Fair value impact of the issuance of senior convertible preferred shares resulted in a loss of
Net loss from operations was net loss of
Non-GAAP adjusted EBITDA was a loss of
Liquidity
As of
The Company has incurred accumulated and recurring losses from operations, and cash outflows from operating activities. In addition, the Company's current liabilities exceeded its current assets by approximately
The Company's ability to continue as a going concern is dependent on management's ability to increase sales, achieve higher gross profit margin and control operating costs and expenses to reduce the cash that will be used in operating cash flows, and to enter into financing arrangements, including but not limited to renewal of the existing borrowings and obtaining new debt and equity financings. There is uncertainty regarding the implementation of these business and financing plans, which raises substantial doubt about the Company's ability to continue as a going concern. The accompanying unaudited financial information does not include any adjustment that is reflective of these uncertainties.
On
Uxin Zhengzhou aims to support
Business Outlook
For the three months ended
Conference Call
Conference Call Preregistration : https://dpregister.com/sreg/10191411/fd2f7ea0a4
A telephone replay of the call will be available after the conclusion of the conference call until
|
+1 877 344 7529 |
International: |
+1 412 317 0088 |
Replay PIN: |
2653168 |
A live webcast and archive of the conference call will be available on the Investor Relations section of
About
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share – basic and diluted, as supplemental measures 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
The non-GAAP financial measures are not defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest
Reconciliations of
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
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
For investor and media enquiries, please contact:
Uxin Limited Investor Relations
Phone: +86 10 5691-6765
Email: ir@xin.com
Mr.
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.com
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Uxin Limited |
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Unaudited Consolidated Statements of Comprehensive Loss |
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(In thousands except for number of shares and per share data) |
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|
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|
|
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For the three months ended |
|
For the twelve months ended |
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|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
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|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle sales |
|
263,695 |
|
269,421 |
|
37,314 |
|
1,312,857 |
|
1,024,401 |
|
141,878 |
Wholesale vehicle sales |
|
73,557 |
|
39,722 |
|
5,501 |
|
707,385 |
|
315,909 |
|
43,753 |
Others |
|
6,534 |
|
10,008 |
|
1,386 |
|
38,999 |
|
34,419 |
|
4,767 |
Total revenues |
|
343,786 |
|
319,151 |
|
44,201 |
|
2,059,241 |
|
1,374,729 |
|
190,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
(335,984) |
|
(298,109) |
|
(41,288) |
|
(2,033,797) |
|
(1,294,161) |
|
(179,239) |
Gross profit |
|
7,802 |
|
21,042 |
|
2,913 |
|
25,444 |
|
80,568 |
|
11,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
(52,392) |
|
(50,815) |
|
(7,038) |
|
(236,307) |
|
(202,493) |
|
(28,045) |
General and administrative |
|
(38,308) |
|
(75,336) |
|
(10,434) |
|
(164,505) |
|
(177,386) |
|
(24,568) |
Research and development |
|
(9,329) |
|
(6,027) |
|
(835) |
|
(37,704) |
|
(33,820) |
|
(4,684) |
(Provision for)/reversal of credit losses, net |
|
(13,084) |
|
359 |
|
50 |
|
(13,844) |
|
2,631 |
|
364 |
Total operating expenses |
|
(113,113) |
|
(131,819) |
|
(18,257) |
|
(452,360) |
|
(411,068) |
|
(56,933) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income, net |
|
47,907 |
|
935 |
|
129 |
|
69,990 |
|
18,001 |
|
2,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(57,404) |
|
(109,842) |
|
(15,215) |
|
(356,926) |
|
(312,499) |
|
(43,281) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
146 |
|
8 |
|
1 |
|
603 |
|
169 |
|
23 |
Interest expenses |
|
(5,676) |
|
(23,970) |
|
(3,320) |
|
(21,243) |
|
(62,598) |
|
(8,670) |
Other income |
|
907 |
|
622 |
|
86 |
|
17,088 |
|
15,870 |
|
2,198 |
Other expenses |
|
(18,317) |
|
(4,086) |
|
(566) |
|
(24,153) |
|
(5,941) |
|
(823) |
Losses from extinguishment of debt |
|
- |
|
- |
|
- |
|
(2,778) |
|
- |
|
- |
Foreign exchange gains/(losses) |
|
122 |
|
511 |
|
71 |
|
(2,457) |
|
1,525 |
|
211 |
Fair value impact of the issuance of senior convertible preferred shares |
|
507 |
|
- |
|
- |
|
242,733 |
|
(11,776) |
|
(1,631) |
Loss before income tax expense |
|
(79,715) |
|
(136,757) |
|
(18,943) |
|
(147,133) |
|
(375,250) |
|
(51,973) |
Income tax expense |
|
(81) |
|
(12) |
|
(2) |
|
(366) |
|
(311) |
|
(43) |
Dividend from long-term investment |
|
- |
|
- |
|
- |
|
10,374 |
|
11,970 |
|
1,658 |
Equity in loss of affiliates and dividend from affiliate, net of tax |
|
- |
|
(5,951) |
|
(824) |
|
(44) |
|
(5,951) |
|
(824) |
Net loss, net of tax |
|
(79,796) |
|
(142,720) |
|
(19,769) |
|
(137,169) |
|
(369,542) |
|
(51,182) |
Add: net loss/(profit) attribute to redeemable non- controlling interests and non-controlling interests shareholders |
|
9 |
|
(1,629) |
|
(226) |
|
12 |
|
(2,845) |
|
(394) |
Net loss attributable to |
|
(79,787) |
|
(144,349) |
|
(19,995) |
|
(137,157) |
|
(372,387) |
|
(51,576) |
Deemed dividend to preferred shareholders due to triggering of a down round feature (i) |
|
- |
|
(1,781,454) |
|
(246,729) |
|
(755,635) |
|
(2,060,254) |
|
(285,342) |
Net loss attributable to ordinary shareholders |
|
(79,787) |
|
(1,925,803) |
|
(266,724) |
|
(892,792) |
|
(2,432,641) |
|
(336,918) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(79,796) |
|
(142,720) |
|
(19,769) |
|
(137,169) |
|
(369,542) |
|
(51,182) |
Foreign currency translation, net of tax nil |
|
12,057 |
|
66 |
|
9 |
|
(68,276) |
|
4,905 |
|
679 |
Total comprehensive loss |
|
(67,739) |
|
(142,654) |
|
(19,760) |
|
(205,445) |
|
(364,637) |
|
(50,503) |
Add: net loss/(profit) attribute to redeemable non- controlling interests and non-controlling interests shareholders |
|
9 |
|
(1,629) |
|
(226) |
|
12 |
|
(2,845) |
|
(394) |
Total comprehensive loss attributable to LIMITED |
|
(67,730) |
|
(144,283) |
|
(19,986) |
|
(205,433) |
|
(367,482) |
|
(50,897) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders |
|
(79,787) |
|
(1,925,803) |
|
(266,724) |
|
(892,792) |
|
(2,432,641) |
|
(336,918) |
Weighted average shares outstanding – basic |
|
1,419,079,968 |
|
4,465,415,461 |
|
4,465,415,461 |
|
1,344,536,565 |
|
2,185,363,635 |
|
2,185,363,635 |
Weighted average shares outstanding – diluted |
|
1,419,079,968 |
|
4,465,415,461 |
|
4,465,415,461 |
|
1,344,536,565 |
|
2,185,363,635 |
|
2,185,363,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share for ordinary shareholders, basic |
|
(0.06) |
|
(0.43) |
|
(0.06) |
|
(0.66) |
|
(1.11) |
|
(0.15) |
Net loss per share for ordinary shareholders, diluted |
|
(0.06) |
|
(0.43) |
|
(0.06) |
|
(0.66) |
|
(1.11) |
|
(0.15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
convertible preferred share shall be
conversion price results in the repricing of existing convertible preferred offerings to match any such lower stated conversion rate.
2023,
share. On
conversion price for each senior convertible preferred share outstanding as of the date was further adjusted to operative within the then existing senior convertible preferred shares. The fair value impact related to the reduction in the conversion price of the senior convertible preferred shares in July
2022, additional paid in capital in permanent equity. |
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Unaudited Consolidated Balance Sheets |
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(In thousands except for number of shares and per share data) |
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|
|
|
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|
|
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As of |
|
As of |
||
|
|
2023 |
|
2024 |
||
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
92,713 |
|
23,339 |
|
3,232 |
Restricted cash |
|
618 |
|
594 |
|
82 |
Accounts receivable, net |
|
790 |
|
2,089 |
|
289 |
Loans recognized as a result of payments under guarantees, net of provision for credit losses of
2023 and 2024, respectively |
|
- |
|
- |
|
- |
Other receivables, net of provision for credit
losses of
|
|
15,345 |
|
18,080 |
|
2,504 |
Inventory, net |
|
110,893 |
|
110,494 |
|
15,303 |
Prepaid expenses and other current assets |
|
61,390 |
|
71,787 |
|
9,942 |
Total current assets |
|
281,749 |
|
226,383 |
|
31,352 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property, equipment and software, net |
|
63,725 |
|
74,243 |
|
10,283 |
Long-term investments |
|
288,712 |
|
279,300 |
|
38,683 |
Other non-current assets |
|
- |
|
268 |
|
37 |
Finance lease right-of-use assets, net (i) |
|
- |
|
1,339,537 |
|
185,524 |
Operating lease right-of-use assets, net |
|
84,461 |
|
168,418 |
|
23,326 |
Total non-current assets |
|
436,898 |
|
1,861,766 |
|
257,853 |
|
|
|
|
|
|
|
Total assets |
|
718,647 |
|
2,088,149 |
|
289,205 |
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
80,668 |
|
80,745 |
|
11,182 |
Warrant liabilities |
|
8 |
|
- |
|
- |
Other payables and other current liabilities |
|
336,835 |
|
370,802 |
|
51,355 |
Current portion of operating lease liabilities |
|
7,667 |
|
12,310 |
|
1,705 |
Current portion of finance lease liabilities (i) |
|
- |
|
51,160 |
|
7,086 |
Short-term borrowing |
|
20,000 |
|
78,181 |
|
10,828 |
Current portion of long-term debt |
|
158,736 |
|
291,950 |
|
40,435 |
Total current liabilities |
|
603,914 |
|
885,148 |
|
122,591 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Long-term borrowings |
|
291,950 |
|
- |
|
- |
Consideration payable to |
|
58,559 |
|
- |
|
- |
Finance lease liabilities (i) |
|
- |
|
1,191,246 |
|
164,986 |
Operating lease liabilities |
|
77,462 |
|
154,846 |
|
21,446 |
Long-term debt |
|
264,560 |
|
- |
|
- |
Total non-current liabilities |
|
692,531 |
|
1,346,092 |
|
186,432 |
|
|
|
|
|
|
|
Total liabilities |
|
1,296,445 |
|
2,231,240 |
|
309,023 |
|
|
|
|
|
|
|
Mezzanine equity |
|
|
|
|
|
|
Senior convertible preferred shares ( par value,1,720,000,000 and 9,900,000,000
shares authorized as of 2024, respectively; 1,151,221,338 and nil
shares issued and outstanding as of 2023 and 2024, respectively) (iii) |
|
1,245,721 |
|
- |
|
- |
Subscription receivable from preferred shareholders |
|
(550,074) |
|
- |
|
- |
Redeemable non-controlling interests (ii) |
|
- |
|
149,991 |
|
20,774 |
Total Mezzanine equity |
|
695,647 |
|
149,991 |
|
20,774 |
|
|
|
|
|
|
|
Shareholders' deficit |
|
|
|
|
|
|
Ordinary shares |
|
806 |
|
39,806 |
|
5,513 |
Additional paid-in capital |
|
15,451,803 |
|
18,928,837 |
|
2,621,613 |
Subscription receivable from shareholders |
|
- |
|
(107,879) |
|
(14,941) |
Accumulated other comprehensive income |
|
220,185 |
|
225,090 |
|
31,175 |
Accumulated deficit |
|
(16,946,064) |
|
(19,378,705) |
|
(2,683,920) |
Total |
|
(1,273,270) |
|
(292,851) |
|
(40,560) |
Non-controlling interests |
|
(175) |
|
(231) |
|
(32) |
Total shareholders' deficit |
|
(1,273,445) |
|
(293,082) |
|
(40,592) |
|
|
|
|
|
|
|
Total liabilities, mezzanine equity and shareholders' deficit |
|
718,647 |
|
2,088,149 |
|
289,205 |
|
|
|
|
|
|
|
(i) On
("UXIN Hefei") entered into a lease and purchase agreement with
Pursuant to the agreement, Hefei Construction Investment was responsible for the construction of the IRC and we will lease the IRC including the respective land use right after the completion of its construction with a 10-year lease term and a purchase
option of the underlying assets. The IRC was completed and transferred to the Company on
its investment of
preferential rights. The investment was recognized as redeemable non-controlling interests.
1,440,922,190 senior convertible preferred shares at conversion price of
aggregate amount of Chief Executive Officer of Company and the fair value of the senior convertible preferred shares is higher than the consideration
received from Xin Gao, a share-based compensation expense of difference between the fair value of the preferred shares issued and the consideration received was recorded in general and
administrative expenses in convertible preferred shares were converted into 54,960,889,255 Class A ordinary shares. |
* Share-based compensation charges included are as follows: |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the twelve months ended |
||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Sales and marketing |
|
408 |
|
— |
|
— |
|
1,516 |
|
1,444 |
|
200 |
General and administrative |
|
9,830 |
|
40,388 |
|
5,594 |
|
44,088 |
|
72,942 |
|
10,102 |
Research and development |
|
474 |
|
— |
|
— |
|
1,709 |
|
1,420 |
|
197 |
|
||||||||||||
Unaudited Reconciliations of GAAP And Non-GAAP Results |
||||||||||||
(In thousands except for number of shares and per share data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the twelve months ended |
||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net loss, net of tax |
|
(79,796) |
|
(142,720) |
|
(19,769) |
|
(137,169) |
|
(369,542) |
|
(51,182) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Income tax expense |
|
81 |
|
12 |
|
2 |
|
366 |
|
311 |
|
43 |
Interest income |
|
(146) |
|
(8) |
|
(1) |
|
(603) |
|
(169) |
|
(23) |
Interest expenses |
|
5,676 |
|
23,970 |
|
3,320 |
|
21,243 |
|
62,598 |
|
8,670 |
Depreciation |
|
5,900 |
|
15,760 |
|
2,183 |
|
32,111 |
|
46,671 |
|
6,464 |
EBITDA |
|
(68,285) |
|
(102,986) |
|
(14,265) |
|
(84,052) |
|
(260,131) |
|
(36,028) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based compensation expenses |
|
10,712 |
|
40,388 |
|
5,594 |
|
47,313 |
|
75,806 |
|
10,499 |
- Sales and marketing |
|
408 |
|
- |
|
- |
|
1,516 |
|
1,444 |
|
200 |
- General and administrative |
|
9,830 |
|
40,388 |
|
5,594 |
|
44,088 |
|
72,942 |
|
10,102 |
- Research and development |
|
474 |
|
- |
|
- |
|
1,709 |
|
1,420 |
|
197 |
Other income |
|
(907) |
|
(622) |
|
(86) |
|
(17,088) |
|
(15,870) |
|
(2,198) |
Other expenses |
|
18,317 |
|
4,086 |
|
566 |
|
24,153 |
|
5,941 |
|
823 |
Foreign exchange (gains)/losses |
|
(122) |
|
(511) |
|
(71) |
|
2,457 |
|
(1,525) |
|
(211) |
Structure realignment cost |
|
- |
|
13,948 |
|
1,932 |
|
- |
|
13,948 |
|
1,932 |
Equity in loss of affiliates, net of tax |
|
- |
|
5,951 |
|
824 |
|
- |
|
5,951 |
|
824 |
Dividend from long-term investment |
|
- |
|
- |
|
- |
|
(10,374) |
|
(11,970) |
|
(1,658) |
Fair value impact of the issuance of senior convertible preferred shares |
|
(507) |
|
- |
|
- |
|
(242,733) |
|
11,776 |
|
1,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted EBITDA |
|
(40,792) |
|
(39,746) |
|
(5,506) |
|
(280,324) |
|
(176,074) |
|
(24,386) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the twelve months ended |
||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net loss attributable to ordinary shareholders |
|
(79,787) |
|
(1,925,803) |
|
(266,724) |
|
(892,792) |
|
(2,432,641) |
|
(336,918) |
Add: Share-based compensation expenses |
|
10,712 |
|
40,388 |
|
5,594 |
|
47,313 |
|
75,806 |
|
10,499 |
- Sales and marketing |
|
408 |
|
- |
|
- |
|
1,516 |
|
1,444 |
|
200 |
- General and administrative |
|
9,830 |
|
40,388 |
|
5,594 |
|
44,088 |
|
72,942 |
|
10,102 |
- Research and development |
|
474 |
|
- |
|
- |
|
1,709 |
|
1,420 |
|
197 |
Fair value impact of the issuance of senior convertible preferred shares |
|
(507) |
|
- |
|
- |
|
(242,733) |
|
11,776 |
|
1,631 |
Add: accretion on redeemable non- controlling interests |
|
- |
|
1,650 |
|
229 |
|
- |
|
2,901 |
|
402 |
Deemed dividend to preferred shareholders due to triggering of a down round feature |
|
- |
|
1,781,454 |
|
246,729 |
|
755,635 |
|
2,060,254 |
|
285,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net loss attributable to ordinary shareholders |
|
(69,582) |
|
(102,311) |
|
(14,172) |
|
(332,577) |
|
(281,904) |
|
(39,044) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share for ordinary shareholders - basic |
|
(0.06) |
|
(0.43) |
|
(0.06) |
|
(0.66) |
|
(1.11) |
|
(0.15) |
Net loss per share for ordinary shareholders – diluted |
|
(0.06) |
|
(0.43) |
|
(0.06) |
|
(0.66) |
|
(1.11) |
|
(0.15) |
Non-GAAP adjusted net loss to ordinary shareholders per share – basic and diluted |
|
(0.05) |
|
(0.02) |
|
- |
|
(0.25) |
|
(0.13) |
|
(0.02) |
Weighted average shares outstanding – basic |
|
1,419,079,968 |
|
4,465,415,461 |
|
4,465,415,461 |
|
1,344,536,565 |
|
2,185,363,635 |
|
2,185,363,635 |
Weighted average shares outstanding – diluted |
|
1,419,079,968 |
|
4,465,415,461 |
|
4,465,415,461 |
|
1,344,536,565 |
|
2,185,363,635 |
|
2,185,363,635 |
|
|
|
|
|
|
|
||||||
Note: The conversion of Renminbi (RMB) into
statistical release of the |
View original content:https://www.prnewswire.com/news-releases/uxin-reports-unaudited-fourth-quarter-and-fiscal-year-2024-financial-results-302210844.html
SOURCE