Ucommune International Ltd. Announces Unaudited Fourth Quarter and Full Year 2020 Financial Results
Ucommune International Ltd. (NASDAQ: UK) reported its Q4 and full-year 2020 results, revealing a 39.4% increase in net revenues to RMB278.7 million from Q3 2020, though down 4.8% year-over-year. The net loss narrowed by 36.8% to RMB149.1 million, while adjusted net income reached RMB62.8 million, marking a significant recovery from previous losses. The asset-light model gained traction, with revenues increasing 220.8% year-over-year. Looking forward, Ucommune forecasts Q1 2021 net revenues between RMB210 million and RMB230 million, anticipating continued narrowing of losses.
- Adjusted net income of RMB62.8 million compared to a loss of RMB194.6 million in Q4 2019.
- Net revenues increased by 39.4% from Q3 2020.
- Asset-light model revenues grew by 220.8% year-over-year.
- Cash and cash equivalents increased by 104.2% year-over-year to RMB400.8 million.
- Net revenues decreased by 4.8% compared to Q4 2019.
- Workspace membership services revenues fell by 44.5% year-over-year.
BEIJING, April 15, 2021 /PRNewswire/ -- Ucommune International Ltd. (NASDAQ: UK) ("Ucommune" or the "Company"), a leading agile office space manager and provider in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights
- Net revenues were RMB278.7 million, representing an increase of
39.4% from the third quarter of 2020 and a decrease of4.8% from the fourth quarter of 2019. - Net loss was RMB149.1 million, narrowing by
11.9% from the third quarter of 2020 and by36.8% from the fourth quarter of 2019. - Adjusted net income was RMB62.8 million, compared with an adjusted net loss (non-GAAP) of RMB122.8 million in the third quarter of 2020 and an adjusted net loss (non-GAAP) of RMB194.6 million in the fourth quarter of 2019. For a reconciliation of net loss to adjusted net income, see the "Non-GAAP Financial Measures" section and the table captioned "Ucommune Group Holdings Limited Reconciliation of GAAP and Non-GAAP Results" below.
- EBITDA loss was RMB94.8 million, narrowing by
40.1% from RMB158.2 million in the third quarter of 2020 and by51.0% from RMB193.6 million in the fourth quarter of 2019. For a reconciliation of net loss to EBITDA, see the "Non-GAAP Financial Measures" section and the table titled "Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP Results" below. - Adjusted EBITDA loss was RMB9.4 million, narrowing by
87.7% from RMB76.1 million in the third quarter of 2020 and by91.4% from RMB109.2 million in the fourth quarter of 2019. For a reconciliation of net loss to adjusted EBITDA, see the "Non-GAAP Financial Measures" section and the table titled "Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP Results" below.
Fourth Quarter 2020 Operating Highlights
- As of December 31, 2020, Ucommune had committed to 234 office spaces in 54 cities, among which 163 spaces were in operation, and provided approximately 647,700 square meters of managed area to 1,044,700 members.
- As of December 31, 2020, under Ucommune's asset-light model, the Company's total number of spaces under contract had increased by
166.0% to 125 across 46 cities from 47 across 25 cities as of December 31, 2019, while the Company's total managed area under contract had increased by105.3% to 351,500 square meters from 171,200 square meters as of December 31, 2019.[1]
[1] Spaces and managed area under contract include those in operation, under construction, and in preparation for construction. |
Dr. Daqing Mao, Founder of Ucommune, commented, "As the urbanization of core cities has gradually wound down, high-quality land has become scarce and the demand from existing enterprises for commercial office space remains strong. At the end of 2019, in response to the market's evolution and a tightening regulatory environment across China's commercial real estate industry, we began to shift our business from a self-operated model to an asset-light model to further augment our operational flexibility. Leveraging our asset-light services, operational expertise, potent customer acquisition capabilities, and refined partnership network, we successfully capitalized on these trends, ramping up the total managed area under our asset-light model to
Mr. Cheong Kwok Mun, Chief Financial Officer of Ucommune, added, "As a result of the residual impact of COVID-19 and its corresponding effects from our decision to streamline our self-operated business, we experienced a minor decline in total revenues during the fourth quarter of 2020, as compared to the corresponding quarter in 2019. Nevertheless, full year of 2020 revenue of RMB877.1 million came in at the top end of the RMB850-870 million revenue guidance provided in our third quarter 2020 results release. As we continued to advance our transition to an asset-light model while also improving our operating efficiency, we significantly reduced our net loss by
Fourth Quarter 2020 Financial Results
Total net revenues decreased by
- Workspace membership services revenues decreased by
44.5% to RMB76.8 million in the fourth quarter of 2020 from RMB138.4 million in the fourth quarter of 2019, mainly due to the closure of unprofitable spaces in operation and the contraction of the Company's co-working space services as a result of the COVID-19 outbreak in 2020. - Marketing and branding services revenues decreased by
16.2% to RMB110.1 million in the fourth quarter of 2020 from RMB131.3 million in the fourth quarter of 2019, mainly due to the reduction in customers' budgets for advertising and marketing services as a result of COVID-19. - Other services revenues increased by
297.3% to RMB91.7 million in the fourth quarter of 2020 from RMB23.1 million in the fourth quarter of 2019, primarily due to increased net revenue from the Company's interior design and construction services and SaaS services.
Total costs of revenues decreased by
- Costs of workspace membership decreased by
47.0% to RMB110.6 million in the fourth quarter of 2020 from RMB208.8 million in the fourth quarter of 2019, mainly due to decreased operational costs related to leases, property services and staff. - Costs of marketing and branding services decreased by
10.1% to RMB108.8 million in the fourth quarter of 2020 from RMB121.0 million in the fourth quarter of 2019, mainly due to decreased advertising costs. - Costs of other services increased by
196.7% to RMB65.9 million in the fourth quarter of 2020 from RMB22.2 million in the fourth quarter of 2019, which was in line with the increase in other services revenues.
General and administrative expenses increased by
Sales and marketing expenses decreased by
EBITDA loss decreased by
Impairment loss on long-lived assets decreased by
Pre-opening expenses decreased by
Other income, net improved substantially to RMB126.5 million in the fourth quarter of 2020 from other expense, net of RMB43.0 million in the fourth quarter of 2019, mainly due to the Company's decision to voluntarily close office spaces as part of its business transformation, which led to the early termination of lease contracts and a corresponding reversal of expenses related to the lease contracts.
Net loss narrowed by
Basic and diluted net loss per share were both RMB2.23 in the fourth quarter of 2020, representing a decrease of
Basic and diluted adjusted net income per share were both RMB1.02 in the fourth quarter of 2020, compared to basic and diluted adjusted net loss per share of RMB3.95 in the fourth quarter of 2019. For a reconciliation of net loss to adjusted net income, see the "Non-GAAP Financial Measures" section and the table captioned "Ucommune Group Holdings Limited Reconciliation of GAAP and Non-GAAP Results" below.
Cash, cash equivalents and restricted cash were RMB400.8 million as of December 31, 2020, representing an increase of
Business Outlook
For the first quarter of 2021, the Company expects net revenues to be in the range of RMB210 million to RMB230 million. With the rapid development of its asset-light businesses in the coming quarter, the Company expects that net loss and EBITDA loss will continue to narrow in the foreseeable future. These forecasts reflect the Company's current and preliminary views on the market and its operational conditions, which are subject to change.
Recent Developments
On February 2, 2021, the Company successfully concluded its public offering of Class A ordinary shares and warrants and obtained approximately
On January 25, 2021, the Company announced an additional investment in Beijing Xiyu Information Technology Co., Ltd. ("Xiyu Information"), a subsidiary of the Company and provider of SaaS services and IOT solutions, increasing its ownership in Xiyu Information from
Conference Call
The Company's management will hold a conference call on Thursday, April 15, 2021 at 08:00 A.M. Eastern Time or 08:00 P.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
International: | 1-412-902-4272 |
United States Toll Free: | 1-888-346-8982 |
Mainland China Toll Free: | 4001-201203 |
Hong Kong Toll Free: | 852-301-84992 |
Conference ID: | Ucommune International Ltd. |
The replay will be accessible through April 22, 2021 by dialing the following numbers:
International: | 1-412-317-0088 |
United States Toll Free: | 1-877-344-7529 |
Access Code: | 10154283 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.ucommune.com/.
About Ucommune International Ltd.
Ucommune is China's leading agile office space manager and provider. Founded in 2015, Ucommune has created a large-scale intelligent agile office ecosystem covering economically vibrant regions throughout China to empower its members with flexible and cost-efficient office space solutions. Ucommune's various offline agile office space services include self-operated models, such as U Space, U Studio, and U Design, as well as asset-light models, such as U Brand and U Partner. By utilizing its expertise in the real estate and retail industries, Ucommune operates its agile office spaces with high efficiency and engages in the urban transformation of older and under-utilized buildings to redefine commercial real estate in China.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.5250 to US
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
The financial statements for the fourth quarter and the full year ended December 31, 2020 included in this earnings release have not been audited or reviewed by the Company's Independent Registered Public Accounting Firm. The Company is in the process of finalizing the accounting treatment related to the warrants issued by Orisun Acquisition Corp., the Company's predecessor entity. These warrants could potentially be classified as a liability. The fair value of the warrants could be material to the financial statements and is currently not reflected in the financial statements for the fourth quarter or the full year ended December 31, 2020 in this earning release.
Safe Harbor Statements
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to understand members' needs and provide products and services to attract and retain members; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with members and business partners; trends and competition in China's agile office space market; changes in its revenues and certain cost or expense items; the expected growth of China's agile office space market; PRC governmental policies and regulations relating to the Company's business and industry, and general economic and business conditions in China and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Non-GAAP Financial Measures
To supplement the Company's combined and consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Ucommune uses the following non-GAAP financial measures for Ucommune's combined and consolidated results: EBITDA (including EBITDA margin), adjusted EBITDA (including adjusted EBITDA margin) and adjusted net income. The Company believes that EBITDA, adjusted EBITDA and adjusted net income help understand and evaluate the Company's core operating performance.
EBITDA, adjusted EBITDA and adjusted net income are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measures. As EBITDA, adjusted EBITDA and adjusted net income have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies.
In light of the foregoing limitations, you should not consider EBITDA, adjusted EBITDA and adjusted net income as substitutes for, or superior to, net loss prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Ucommune International Ltd. Reconciliation of GAAP and Non-GAAP Results" near the end of this release.
EBITDA represents net loss before interest expense, net, provision for income taxes, depreciation of property and equipment and amortization of intangible assets.
Adjusted EBITDA represents net loss before (i) interest expense, net, other (expense)/income, net, provision for income taxes and loss on disposal of subsidiaries and (ii) certain non-cash expenses, consisting of share-based compensation expense, impairment loss on long-term investments. impairment loss on long-lived assets, depreciation of property and equipment, amortization of intangible assets and change in fair value of liabilities to be settled in shares, which we do not believe are reflective of the Company's core operating performance during the periods presented.
Adjusted net income represents net income before share-based compensation expense, impairment loss on long-lived assets, impairment loss on long-term investments, change in fair value of liabilities to be settled in shares and loss on disposal of subsidiaries.
For investor and media inquiries, please contact:
Ucommune International Ltd.
ir@ucommune.com
ICR, LLC.
Sharon Zhou
ucommune@icrinc.com
+1 (212) 537-3847
FINANCIAL STATEMENTS | |||||
UCOMMUNE INTERNATIONAL LTD. | |||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(Amounts in thousands of RMB and USD, except for number of shares) | |||||
As of December | As of December 31, 2020 | ||||
RMB | RMB | USD | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 175,774 | 348,064 | 53,343 | ||
Restricted cash | - | 52,199 | 8,000 | ||
Term deposits | 41,715 | 47,710 | 7,312 | ||
Short-term investments | 37,930 | 5,900 | 904 | ||
Accounts receivable | 86,200 | 125,359 | 19,212 | ||
Prepaid expenses and other current assets | 135,830 | 163,401 | 25,039 | ||
Amounts due from related parties, current | 52,611 | 24,504 | 3,755 | ||
Held-for-sale asset | 356,233 | - | - | ||
Total current assets | 886,293 | 767,137 | 117,565 | ||
Non-current assets | |||||
Restricted cash | 20,527 | 527 | 81 | ||
Long-term investments | 29,329 | 9,051 | 1,387 | ||
Property and equipment, net | 567,844 | 350,980 | 53,790 | ||
Right-of-use assets, net | 1,851,729 | 879,348 | 134,766 | ||
Intangible assets, net | 40,105 | 28,420 | 4,356 | ||
Goodwill | 1,533,485 | 1,533,485 | 235,017 | ||
Rental deposit | 98,486 | 61,170 | 9,375 | ||
Long-term prepaid expenses | 116,363 | 113,271 | 17,360 | ||
Amounts due from related parties, non-current | 884 | 297 | 46 | ||
Other assets, non-current | 185 | 194,444 | 29,800 | ||
Total non-current assets | 4,258,937 | 3,170,993 | 485,978 | ||
TOTAL ASSETS | 5,145,230 | 3,938,130 | 603,543 | ||
UCOMMUNE INTERNATIONAL LTD. | |||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued | |||||
(Amounts in thousands of RMB and USD, except for number of shares) | |||||
As of December | As of December 31, 2020 | ||||
RMB | RMB | USD | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Short-term borrowings | 138,647 | 49,457 | 7,580 | ||
Long-term borrowings, current portion | 14,390 | 3,618 | 554 | ||
Note payable | - | 12,105 | 1,855 | ||
Accounts payable | 325,682 | 272,299 | 41,732 | ||
Accrued expenses and other current liabilities | 276,577 | 263,997 | 40,459 | ||
Amounts due to related parties, current | 43,251 | 92,737 | 14,213 | ||
Advance workspace membership fee | 99,226 | 53,667 | 8,225 | ||
Contract liabilities | 23,875 | 14,833 | 2,273 | ||
Income taxes payable | 325 | 1,366 | 209 | ||
Deferred subsidy income | 11,974 | 9,562 | 1,465 | ||
Convertible bond | 69,762 | - | - | ||
Held-for-sale liabilities | 32,514 | - | - | ||
Lease liabilities, current | 589,467 | 365,049 | 55,946 | ||
Total current liabilities | 1,625,690 | 1,138,690 | 174,511 | ||
Non-current liabilities: | |||||
Long-term borrowings | 5,000 | 15,242 | 2,336 | ||
Refundable deposits from members, non-current | 14,308 | 16,477 | 2,525 | ||
Deferred tax liabilities | 2,427 | 1,543 | 236 | ||
Lease liabilities, non-current | 1,393,691 | 580,562 | 88,975 | ||
Total non-current liabilities | 1,415,426 | 613,824 | 94,072 | ||
TOTAL LIABILITIES | 3,041,116 | 1,752,514 | 268,583 | ||
SHAREHOLDERS' EQUITY | |||||
Class A ordinary shares | 44 | 49 | 7 | ||
Class B ordinary shares | - | 6 | 1 | ||
Additional paid-in capital | 3,645,669 | 4,230,656 | 648,376 | ||
Statutory reserves | 3,827 | 5,065 | 776 | ||
Accumulated deficit | (1,750,475) | (2,240,205) | (343,326) | ||
Accumulated other comprehensive (loss) income | (926) | 4,742 | 727 | ||
Total Ucommune International Ltd. shareholders' equity | 1,898,139 | 2,000,313 | 306,561 | ||
Noncontrolling interests | 205,975 | 185,303 | 28,399 | ||
TOTAL EQUITY | 2,104,114 | 2,185,616 | 334,960 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 5,145,230 | 3,938,130 | 603,543 | ||
UCOMMUNE INTERNATIONAL LTD. | |||||||||||
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Amounts in thousands of RMB and USD, except for number of shares and per share data) | |||||||||||
For the Three Months Ended | For the Year Ended December 31, | ||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | ||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||
Revenue: | |||||||||||
Workspace membership revenue | 138,360 | 76,822 | 11,773 | 557,994 | 422,984 | 64,825 | |||||
Marketing and branding service revenue | 131,342 | 110,104 | 16,874 | 534,826 | 317,461 | 48,653 | |||||
Other service revenue | 23,087 | 91,735 | 14,059 | 74,538 | 136,692 | 20,949 | |||||
Total revenue | 292,789 | 278,661 | 42,706 | 1,167,358 | 877,137 | 134,427 | |||||
Cost of revenue: | |||||||||||
Workspace membership | (208,812) | (110,576) | (16,947) | (814,002) | (557,102) | (85,380) | |||||
Marketing and branding service | (121,031) | (108,816) | (16,677) | (485,473) | (297,893) | (45,654) | |||||
Other services | (22,195) | (65,852) | (10,092) | (69,917) | (113,074) | (17,329) | |||||
Total cost of revenue | (352,038) | (285,244) | (43,716) | (1,369,392) | (968,069) | (148,363) | |||||
Operating expenses: | |||||||||||
Impairment loss on long-lived assets | (5,908) | (3,048) | (467) | (52,030) | (36,505) | (5,595) | |||||
Pre-opening expenses | (976) | - | - | (15,124) | - | - | |||||
Sales and marketing expenses | (27,497) | (24,208) | (3,710) | (75,841) | (47,061) | (7,212) | |||||
General and administrative expenses | (52,746) | (232,982) | (35,706) | (181,582) | (320,202) | (49,073) | |||||
Remeasurement gain of previously held equity | - | - | - | 386 | - | - | |||||
Change in fair value of advance for equity interests | - | - | - | (179,475) | - | - | |||||
Loss from operations | (146,376) | (266,821) | (40,893) | (705,700) | (494,700) | (75,816) | |||||
Interest expense, net | (7,343) | (2,134) | (327) | (10,402) | (12,863) | (1,971) | |||||
Subsidy income | (3,739) | 1,225 | 188 | 16,782 | 13,931 | 2,135 | |||||
Impairment loss on long-term investments | (35,453) | (6,553) | (1,004) | (37,453) | (10,060) | (1,542) | |||||
Gain on disposal of long-term investments | - | - | - | - | 8,561 | 1,312 | |||||
Loss on disposal of subsidiaries | - | - | - | - | (39,703) | (6,085) | |||||
Other (expense)/income, net | (43,011) | 126,459 | 19,381 | (63,480) | 30,393 | 4,658 | |||||
Loss before income taxes and loss from equity method investments | (235,922) | (147,824) | (22,655) | (800,253) | (504,441) | (77,309) | |||||
Provision for income taxes | (92) | (534) | (82) | (4,872) | (2,864) | (439) | |||||
Loss from equity method investments | 52 | (783) | (120) | (1,548) | (639) | (98) | |||||
Net loss | (235,962) | (149,141) | (22,857) | (806,673) | (507,944) | (77,846) | |||||
Less: Net loss attributable to noncontrolling interests | 3,240 | (3,955) | (606) | (15,523) | (19,452) | (2,981) | |||||
Net loss attributable to Ucommune International | (239,202) | (145,186) | (22,251) | (791,150) | (488,492) | (74,865) | |||||
Net loss per share attributable to ordinary shareholders | |||||||||||
- Basic | (4.78) | (2.23) | (0.34) | (15.80) | (7.50) | (1.15) | |||||
- Diluted | (4.78) | (2.23) | (0.34) | (15.80) | (7.50) | (1.15) | |||||
Weighted average shares used in calculating net loss per | |||||||||||
- Basic | 50,074,152 | 65,141,759 | 65,141,759 | 50,074,152 | 65,141,759 | 65,141,759 | |||||
- Diluted | 50,074,152 | 65,141,759 | 65,141,759 | 50,074,152 | 65,141,759 | 65,141,759 | |||||
UCOMMUNE INTERNATIONAL LTD. | |||||||||||
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||
(Amounts in thousands of RMB and USD, except for number of shares and per share data) | |||||||||||
For the Three Months Ended | For the Year Ended December 31, | ||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | ||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||
Net loss | (235,962) | (149,141) | (22,857) | (806,673) | (507,944) | (77,846) | |||||
Other comprehensive loss, net of tax | - | - | - | - | - | - | |||||
Foreign currency translation adjustments | 2,151 | 4,729 | 725 | (69) | 5,768 | 884 | |||||
Total Comprehensive loss | (233,811) | (144,412) | (22,132) | (806,742) | (502,176) | (76,962) | |||||
Less: Comprehensive loss attributable to noncontrolling | 3,269 | (3,856) | (591) | (15,524) | (19,352) | (2,966) | |||||
Comprehensive loss attributable to Ucommune | (237,080) | (140,556) | (21,541) | (791,218) | (482,824) | (73,996) | |||||
UCOMMUNE INTERNATIONAL LTD. | |||||||||||
RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||
(Amounts in thousands of RMB and USD, except for number of shares and per share data) | |||||||||||
The following table sets forth a reconciliation of net loss to EBITDA and adjusted EBITDA for the periods indicated: | |||||||||||
For the Three Months | For the Year | ||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | ||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||
Net loss | (235,962) | (149,141) | (22,857) | (806,673) | (507,944) | (77,846) | |||||
Interest expense, net | 7,343 | 2,134 | 327 | 10,402 | 12,863 | 1,971 | |||||
Provision for income taxes | 92 | 534 | 82 | 4,872 | 2,864 | 439 | |||||
Depreciation of property and equipment | 29,666 | 45,344 | 6,949 | 108,303 | 76,353 | 11,702 | |||||
Amortization of intangible assets | 5,289 | 6,295 | 965 | 10,803 | 11,202 | 1,717 | |||||
EBITDA (non-GAAP) | (193,572) | (94,834) | (14,534) | (672,293) | (404,662) | (62,017) | |||||
Share-based compensation expense | - | 202,333 | 31,009 | - | 202,333 | 31,009 | |||||
Impairment loss on long-lived assets | 5,908 | 3,048 | 467 | 52,030 | 36,505 | 5,595 | |||||
Change in fair value of liabilities to be | - | - | - | 179,475 | - | - | |||||
Impairment loss on long-term investments | 35,453 | 6,553 | 1,004 | 37,453 | 10,060 | 1,542 | |||||
Loss on disposal of subsidiaries | - | - | - | - | 39,703 | 6,085 | |||||
Other expense/(income), net | 43,011 | (126,459) | (19,381) | 63,480 | (30,393) | (4,658) | |||||
Adjusted EBITDA (non-GAAP) | (109,200) | (9,359) | (1,435) | (339,855) | (146,454) | (22,444) | |||||
The table below sets forth a reconciliation of net loss to adjusted (net loss)/income for the periods indicated: | |||||||||||
For the Three Months | For the Year | ||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | ||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||
Net loss | (235,962) | (149,141) | (22,857) | (806,673) | (507,944) | (77,846) | |||||
Share-based compensation expense | - | 202,333 | 31,009 | - | 202,333 | 31,009 | |||||
Impairment loss on long-lived assets | 5,908 | 3,048 | 467 | 52,030 | 36,505 | 5,595 | |||||
Change in fair value of liabilities to be | - | - | - | 179,475 | - | - | |||||
Impairment loss on long-term investments | 35,453 | 6,553 | 1,004 | 37,453 | 10,060 | 1,542 | |||||
Loss on disposal of subsidiaries | - | - | - | - | 39,703 | 6,085 | |||||
Adjusted (net loss)/income (non-GAAP) | (194,601) | 62,793 | 9,623 | (537,715) | (219,343) | (33,615) | |||||
View original content:http://www.prnewswire.com/news-releases/ucommune-international-ltd-announces-unaudited-fourth-quarter-and-full-year-2020-financial-results-301269581.html
SOURCE Ucommune International Ltd.
FAQ
What were Ucommune's Q4 2020 financial results?
What is Ucommune's revenue guidance for Q1 2021?
How did Ucommune's adjusted net income change in Q4 2020?
What was the impact of the asset-light model on Ucommune's revenues?
