Uxin Reports Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results
- Uxin's retail transactions increased by 105% YoY
- China's used car market shows a 15% increase in transactions compared to the previous year
- Uxin's offline superstores reshape the used car buying experience
- Uxin's end-to-end digital decision-making forms a competitive advantage
- Financial situation improves with debt restructuring and credit supply chain financing
- None.
Dear Shareholders,
First and foremost, on behalf of Uxin Group, I would like to express our heartfelt gratitude for your continued support throughout our journey. I am pleased to share our business progress over the past fiscal year as well as our reflections and outlook for the future through this shareholder letter.
The 2023 fiscal year, which spanned from April 2022 to March 2023, presented a myriad of challenges. Uxin, along with numerous other Chinese enterprises, had to navigate the societal and economic headwinds caused by the Covid-19 pandemic. Despite these obstacles, our online and offline used car retail operations experienced phases of growth, moments of stagnation, and subsequent resurgence. Nevertheless, we managed to overcome these hurdles and delivered a commendable performance. Our retail transactions increased to 10,703 units, recording a remarkable year-over-year growth of
While the upgrade and consolidation of
1．State-of-the-art Reconditioning Factories with Advanced Equipment and Technology Guarantee the Supply of Top-Quality Used Car Products
The supply of ultra-large-scale high-quality used cars is inseparable from modernized recondition factories with suitable production capacity. Following the launch of our new
Furthermore, we continue to update our reconditioning techniques, introduce the latest technologies such as 3D printing and SMART repair, and develop an integrated parts supply system. As a result, the recondition time and cost per vehicle have been further reduced. Compared to a year ago, the time it takes for each car to go from factory intake to shelf sale has dropped by
2．Superstore's Focus on "People, Products, and Venues," Has Reshaped the Way Consumers Buy and Sell Used Cars, a Leapfrog Consumer Experience that Surpasses Traditional Marketplaces
For the majority of consumers in
In the past year, Uxin has revolutionized the used car buying experience by embracing modern retail standards. Our superstores offer consumers a relaxed and enjoyable car buying experience, comparable to that of modern shopping malls. When customers step into our superstores, they will be greeted by a bright and spacious venue, filled with thousands of carefully selected exhibition vehicles. Our cars are conveniently displayed according to the modern retail shelf mode, making it easy to compare different models. We have implemented a scoring system based on the National Standard, ensuring clarity and ease of understanding. Customers can be certain that our prices are transparent, with no hidden fees. Beyond the traditional dealership experience, we provide a one-stop solution for all your needs, including financing, insurance, extended warranty, accessories upgrade, and other value-added services. To further enhance customers' convenience, we have an on-site Vehicle Administration Office, allowing customers to complete all transaction transfer procedures on the same day. This eliminates unnecessary delays and ensures a smooth and efficient process.
We are delighted to share that our superstores in
3．Uxin's End-to-End Digital Decision-Making Forms a Highly Competitive Moat in Large-Scale Used Car Operations
Uxin's business process is managed on a per-vehicle basis, with the system's capacity built upon the singular vehicle dimension. Our proprietary "Drip Irrigation" system, like the irrigation practices in modern agriculture that cater to each individual crop, runs through every step of the used car transaction chain, from car acquisition, reconditioning, sales, and delivery to after-sales service. We make business decisions based on data at the vehicle level, which constitutes our core competitive advantage that sets us apart from traditional car dealerships.
Taking vehicle pricing as an example, Uxin has established an intelligent pricing model based on more than a decade of accumulated massive Chinese used car transaction data. The model determines the individual price of each vehicle based on its age, condition, mileage, color, and other parameters, while also considering factors such as customer demand, current inventory structure, offline test drive feedback, and real-time market conditions for dynamic adjustments. By continuously training relevance parameters and iterating the pricing system using large-scale actual transaction data, Uxin's initial pricing becomes more accurate, and the adjustment process becomes timelier. This leads to continuous improvement in sales efficiency, with the average time from listing to sale being less than 45 days.
As our sales volume increases, the number of parameters that can be input into the system also increases, enriching our price decision anchors and expanding the boundaries of our pricing capabilities. The flywheel effect of digital systems is scale-increasing, which is the key to continuously solidifying competitive advantages in our ultra-large-scale used car operation system and one of our important moats.
Over the past year, in addition to progress in our business, our financial situation has also improved towards long-term health. At the beginning of this year, we completed the restructuring and repayment of the 2019 convertible notes, effectively resolving the majority of historical debt and greatly optimizing the structure of our balance sheet. This allows us to better allocate resources to future business development. Furthermore, we have actively promoted cooperation with banks in credit supply chain financing, obtaining credit lines of approximately
Looking ahead into the 2024 fiscal year, we will primarily focus on three key areas based on our current strategic planning:
First, the launch of our new flagship superstore in
The
Secondly, achieving profitability of our superstores: After over a year of consistent development, Uxin's superstores have continuously improved sales efficiency, increased gross profit margin, and substantially improved overall cost structure. As a result, our gross profit margin is expected to exceed
Thirdly, completing the expansion planning of 2-3 new superstores: Based on the proven success of Uxin's offline superstore model, we are actively strategizing for expansion into new regions. We aim to finalize the location selection and operational preparations for 2-3 new superstores to further enhance our regional coverage and branding, as well as improve synergy between cohesive online-and-offline sales networks. These efforts will lay a solid foundation for our business growth in the coming years.
The Chinese used car sector is vast with significant potential, and our tenacity will ensure our growth to be exponential. By upholding our commitment to value creation, we believe there are spectacular opportunities ahead to serve consumers in the used car business we are passionate about, and to generate greater returns for our shareholders, employees, and society at large.
Once again, I extend my deepest gratitude for your unwavering trust and support. I sincerely welcome you to visit our super stores to experience it firsthand, as well as explore our products and services on our mobile platform. We also look forward to achieving new milestones in the new fiscal year at Uxin.
Kun Dai
Chairman and Chief Executive Officer of Uxin
Highlights for the Quarter Ended March 31, 2023
- Transaction volume was 3,607 units for the three months ended March 31, 2023, a decrease of
26.3% from 4,897 units in the last quarter and a decrease of14.7% from 4,231 units in the same period last year. - Retail transaction volume was 2,259 units, a decrease of
22.8% from 2,928 units in the last quarter and an increase of22.2% from 1,848 units in the same period last year. - Total revenues were
RMB343.8 million (US ) for the three months ended March 31, 2023, a decrease of$50.1 million 26.9% fromRMB470.5 million in the last quarter and a decrease of32.0% fromRMB505.7 million in the same period last year. - Gross margin was
2.3% for the three months ended March 31, 2023, compared with0.6% in the last quarter and0.2% in the same period last year. - Loss from operations was
RMB57.4 million (US ) for the three months ended March 31, 2023, compared with$8.4 million RMB96.5 million in the last quarter andRMB109.5 million in the same period last year. - Non-GAAP adjusted loss from operations was
RMB46.7 million (US ) for the three months ended March 31, 2023, compared with$6.8 million RMB85.6 million in the last quarter andRMB96.1 million in the same period last year.
Highlights for the Fiscal Year Ended March 31, 2023
- Transaction volume was 20,029 units for the fiscal year ended March 31, 2023, an increase of
27.1% from 15,755 units in the prior fiscal year. - Retail transaction volume was 10,703 units for the fiscal year ended March 31, 2023, an increase of
105.4% from 5,211 units in the prior fiscal year. - Total revenues were
RMB2,059.2 million (US ) for the fiscal year ended March 31, 2023, an increase of$299.8 million 25.9% fromRMB1,636.1 million in the prior fiscal year. - Gross margin was
1.2% for the fiscal year ended March 31, 2023, compared with2.9% in the prior fiscal year. - Loss from operations was
RMB356.9 million (US ) for the fiscal year ended March 31, 2023, compared with$52.0 million RMB278.9 million in the prior fiscal year. - Non-GAAP adjusted loss from operations was
RMB309.6 million (US ) for the fiscal year ended March 31, 2023, compared with$45.1 million RMB252.4 million in the prior fiscal year.
Mr. Feng Lin, Chief Financial Officer of Uxin, commented: "In fiscal year 2023, Uxin demonstrated resilience and ability to adapt to challenging circumstances. Despite the difficulties brought on by the COVID-19 pandemic throughout the year, we were able to achieve a
Mr. Lin continued, "Recent months have further solidified our confidence in the business, with our operational margins showing impressive growth. Our forecasts indicate that in the first quarter of fiscal year 2024, which concludes on June 30, 2023, our gross margin will exceed
Financial Results for the Quarter Ended March 31, 2023
Total revenues were
Retail vehicle sales revenue was
Wholesale vehicle sales revenue was
Other revenue was
Cost of revenues was
Gross margin was
Total operating expenses were
- Sales and marketing expenses were
RMB52.4 million (US ) for the three months ended March 31, 2023, a decrease of$7.6 million 4.7% fromRMB55.0 million in the last quarter and a decrease of22.7% fromRMB67.8 million in the same period last year. The decreases were mainly driven by the adoption of more cost-effective promotion measures. - General and administrative expenses were
RMB38.3 million (US ) for the three months ended March 31, 2023, representing a decrease of$5.6 million 1.8% fromRMB39.0 million in the last quarter and a decrease of6.0% fromRMB40.7 million in the same period last year. The decreases were mainly due to the impact of share-based compensation expenses. - Research and development expenses were
RMB9.3 million (US ) for the three months ended March 31, 2023, representing a decrease of$1.4 million 1.1% fromRMB9.4 million in the last quarter and an increase of10.6% fromRMB8.4 million in the same period last year.
Other operating income, net was
Loss from operations was
Non-GAAP adjusted loss from operations which excludes the impact of share-based compensation was
Fair value impact related to the senior convertible preferred shares resulted in a gain of
Net loss from operations was
Non-GAAP adjusted net loss from operations was
Financial Results for the Fiscal Year Ended March 31, 2023
Total revenues were
Retail vehicle sales revenue was
Wholesale vehicle sales revenue was
Other revenue was
Cost of revenues was
Gross margin was
Total operating expenses were
- Sales and marketing expenses were
RMB236.3 million (US ) for the fiscal year ended March 31, 2023, representing an increase of$34.4 million 6.4% fromRMB222.1 million in the prior fiscal year. The increase was mainly due to growth of retail transaction volume which led to increased performance incentives for the sales teams, and vehicle transaction costs. - General and administrative expenses were
RMB164.5 million (US ) for the fiscal year ended March 31, 2023, representing an increase of$24.0 million 8.9% fromRMB151.0 million in the prior fiscal year. The increase was mainly due to the impact of share-based compensation expenses. - Research and development expenses were
RMB37.7 million (US ) for the fiscal year ended March 31, 2023, representing an increase of$5.5 million 4.2% fromRMB36.2 million in the prior fiscal year. The increase was mainly due to the impact of share-based compensation.
Loss from operations was
Non-GAAP adjusted loss from operations which excludes the impact of share-based compensation was
Fair value impact related to the senior convertible preferred shares resulted in a gain of
Net loss from operations was net loss of
Non-GAAP adjusted net loss from operations was
Liquidity
The Company has incurred net losses since inception and, as of March 31, 2023, had an accumulated deficit in the amount of approximately
The Company's plans include steps to improve cash flows from operations and to obtain additional capital from external investors and other parties. A summary of those plans includes:
Improvement in cash flows from operations:
- An increase in the gross margin on automobile sales, which management believes should improve after increasing demand following the lifting of COVID restrictions in mainland
China . - Optimizing the cost structure of the Company to reduce expenses, and to reduce cash outflows including those related to future lease payments through ongoing negotiations with the lessor of the new inspection and reconditioning center ("IRC") in
Hefei .
Additional financing:
- As of March 31, 2023, the Company was entitled to a consideration receivable of
US due from NIO Capital for the subscription of its senior convertible preferred shares. Pursuant to additional agreements entered into in April 2023,$81.6 million US out of this consideration receivable was offset with the Company's long-term debt of$61.6 million US owed to NIO Capital and$61.6 million US was received in cash in April 2023. The remaining consideration receivable of$1.6 million US , pursuant to these additional agreements, is due to be received from NIO Capital no later than December 31, 2023.$18.4 million - Pursuant to assignment and amendment agreements dated June 30, 2023, Alpha Wealth Global Limited ("Alpha") acquired warrants from NIO Capital and from Joy Capital which provided the right to purchase up to 261,810,806 senior convertible preferred shares of the Company at a modified exercise price of
US per share (equivalent to$0.04 57US per American depositary shares ("ADS")). Joy Capital only assigned a portion of its warrants under this amended agreement. Alpha and Joy Capital (either together or separately) are entitled, at their discretion, to exercise the respective warrants in full to subscribe for an aggregate amount of$1.37 US of the Company's senior convertible preferred shares no later than September 30, 2023. With respect to any warrants that are not exercised by September 30, 2023, the amendment agreement may be terminated, and the exercise price for such warrants will resume to$21,964,754 US per share (equivalent to$0.34 33US per ADS).$10.3
- The Company has completed, or plans to complete, financing transactions with banks as follows:
(i) In March 2023, the Company obtained an aggregated facility amount of
(ii) On June 28, 2023, the Company entered into a supplemental agreement with WeBank to extend the repayment of
(iii)The Company plans to seek renewal of its working capital facility (
The Company's plans include significant, subjective assumptions that are subject to uncertainty. These assumptions include increasing demand for used cars over the next twelve months, renewing the inventory-pledging and working capital facilities and achieving the planned profit improvement, as well as management's ability to satisfactorily negotiate final lease terms (relating to the Hefei IRC) that help facilitate the Company's intention to reduce costs and reduce cash outflows from operations. In addition, financing from the exercise of warrants that is not already contractually committed may not be available at terms that are favorable to the Company, or in amounts that are not sufficient to meet the Company's needs over the next twelve months.
Management has concluded that these uncertainties cast substantial doubt on the Company's ability to meet its maturing obligations and working capital requirements over the next twelve months, which would impact the Company's ability to continue as a going concern. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Despite the substantial doubt discussed herein, management believes that if the Company executes its business plans successfully and warrants are exercised in full that the cash to be received from additional financing transactions and the anticipated cash flows from operations will be, in totality, sufficient to meet our maturing obligations and anticipated working capital requirements for the next twelve months of operations.
Business Outlook
For the three months ended June 30, 2023, the Company expects its retail transaction volume to be around 1,600 units and the average selling price (ASP) for retailed cars to be around
Conference Call
Uxin's management team will host a conference call on Monday, August 14, 2023, at 8:00 A.M.
Conference Call Preregistration：https://s1.c-conf.com/diamondpass/10032894-atgcv6.html
A telephone replay of the call will be available after the conclusion of the conference call until August 21, 2023. The dial-in details for the replay are as follows:
+1 855 883 1031 | |
+86 400 1209 216 | |
Replay PIN: | 10032894 |
A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com.
About Uxin
Uxin is
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses certain non-GAAP measures, including adjusted loss from operations and adjusted net loss from operations 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 measure is not defined under
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest
Reconciliations of Uxin's non-GAAP financial measures to the most comparable
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 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: impact of the COVID-19 pandemic, 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
For investor and media enquiries, please contact:
Uxin Limited Investor Relations
Uxin Limited
Phone: +86 10 5691-6765
Email: ir@xin.com
The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.com
Uxin Limited | ||||||||||||
Unaudited Consolidated Statements of Comprehensive Loss | ||||||||||||
(In thousands except for number of shares and per share data) | ||||||||||||
For the three months ended March 31, | For the twelve months ended March 31, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Revenues | ||||||||||||
Retail vehicle sales | 319,315 | 263,695 | 38,397 | 780,371 | 1,312,857 | 191,167 | ||||||
Wholesale vehicle sales | 179,666 | 73,557 | 10,711 | 823,466 | 707,385 | 103,003 | ||||||
Others | 6,763 | 6,534 | 951 | 32,279 | 38,999 | 5,679 | ||||||
Total revenues | 505,744 | 343,786 | 50,059 | 1,636,116 | 2,059,241 | 299,849 | ||||||
Cost of revenues | (504,625) | (335,984) | (48,923) | (1,588,398) | (2,033,797) | (296,144) | ||||||
Gross profit | 1,119 | 7,802 | 1,136 | 47,718 | 25,444 | 3,705 | ||||||
Operating expenses | ||||||||||||
Sales and marketing | (67,812) | (52,392) | (7,629) | (222,139) | (236,307) | (34,409) | ||||||
General and administrative | (40,747) | (38,308) | (5,578) | (151,024) | (164,505) | (23,954) | ||||||
Research and development | (8,438) | (9,329) | (1,358) | (36,200) | (37,704) | (5,490) | ||||||
(Provision for)/reversal of credit losses, net | (2,407) | (13,084) | (1,905) | 687 | (13,844) | (2,016) | ||||||
Total operating expenses | (119,404) | (113,113) | (16,470) | (408,676) | (452,360) | (65,869) | ||||||
Other operating income, net | 8,786 | 47,907 | 6,976 | 82,017 | 69,990 | 10,191 | ||||||
Loss from operations | (109,499) | (57,404) | (8,358) | (278,941) | (356,926) | (51,973) | ||||||
Interest income | 234 | 146 | 21 | 3,660 | 603 | 88 | ||||||
Interest expenses | (5,441) | (5,676) | (826) | (41,222) | (21,243) | (3,093) | ||||||
Other income | 849 | 907 | 132 | 5,227 | 17,088 | 2,488 | ||||||
Other expenses | (1,241) | (18,317) | (2,667) | (8,925) | (24,153) | (3,517) | ||||||
Losses from extinguishment of debt (i) | - | - | - | - | (2,778) | (405) | ||||||
Foreign exchange (losses)/gains | (684) | 122 | 18 | (9,336) | (2,457) | (358) | ||||||
Fair value impact of the issuance of senior convertible | 476,832 | 507 | 74 | 186,231 | 242,733 | 35,345 | ||||||
Income/(loss) before income tax expense | 361,050 | (79,715) | (11,606) | (143,306) | (147,133) | (21,425) | ||||||
Income tax expense | (223) | (81) | (12) | (245) | (366) | (53) | ||||||
Dividend from long-term investment | - | - | - | - | 10,374 | 1,510 | ||||||
Equity in (loss)/income of affiliates and dividend from | (6) | - | - | 328 | (44) | (6) | ||||||
Net income/(loss), net of tax | 360,821 | (79,796) | (11,618) | (143,223) | (137,169) | (19,974) | ||||||
Less: net loss attributable to non-controlling interests | - | (9) | (1) | - | (12) | (2) | ||||||
Net income/(loss) attributable to UXIN LIMITED | 360,821 | (79,787) | (11,617) | (143,223) | (137,157) | (19,972) | ||||||
Deemed dividend to preferred shareholders due to | - | - | - | - | (755,635) | (110,029) | ||||||
Net income/(loss) attributable to ordinary shareholders | 360,821 | (79,787) | (11,617) | (143,223) | (892,792) | (130,001) | ||||||
Net income/(loss) | 360,821 | (79,796) | (11,618) | (143,223) | (137,169) | (19,974) | ||||||
Foreign currency translation, net of tax nil | 5,231 | 12,057 | 1,756 | 70,714 | (68,276) | (9,942) | ||||||
Total comprehensive income/(loss) | 366,052 | (67,739) | (9,862) | (72,509) | (205,445) | (29,916) | ||||||
Less: total comprehensive loss attributable to non- | - | (9) | (1) | - | (12) | (2) | ||||||
Total comprehensive income/(loss) attributable to | 366,052 | (67,730) | (9,861) | (72,509) | (205,433) | (29,914) | ||||||
Net income/(loss) attributable to ordinary | 360,821 | (79,787) | (11,617) | (143,223) | (892,792) | (130,001) | ||||||
Weighted average shares outstanding – basic | 1,189,070,581 | 1,419,079,968 | 1,419,079,968 | 1,168,419,750 | 1,344,536,565 | 1,344,536,565 | ||||||
Weighted average shares outstanding – diluted | 1,241,725,282 | 1,419,079,968 | 1,419,079,968 | 1,354,506,021 | 1,344,536,565 | 1,344,536,565 | ||||||
Net income/(loss) per share for ordinary shareholders, | 0.30 | (0.06) | (0.01) | (0.12) | (0.66) | (0.10) | ||||||
Net Loss per share for ordinary shareholders, diluted | (0.09) | (0.06) | (0.01) | (2.07) | (0.66) | (0.10) | ||||||
(i) The loss from extinguishment of debt was resulted from the issuance of Class A ordinary shares in conjunction with the mutually releasement of obligations under certain historical transactions with 58.com. convertible preferred shares for an aggregate amount of convertible preferred shares on July 27, 2022 in connection with the closing of the foregoing transaction has led to an reduction in the conversion price, from Class A ordinary share, of the senior convertible preferred shares issued pursuant to the 2021 Subscription Agreement the Company entered into with certain investors in June 2021 and then outstanding (the "Conversion Price Reduction"). According to US GAAP, the Company should have accounted for the impact of the Conversion Price Reduction upon the closing of the transactions contemplated under the 2022 Subscription Agreement in the financial information disclosed in the Company's respective earnings releases for the quarters ended September 30, 2022 and December 31, 2022 (and year to date financial information reported therein). Accordingly, this table reflects financial information for the year, fully reflective of the accounting impact of the triggering of this down round feature. The accounting impact was non-cash and non-operating in nature and did not any impact on the Company's operating loss, assets or liabilities, or consolidated statements of cash flows. As a result of the triggered down round feature, an entry was made to debit accumulated deficit and credit additional paid-in capital in amount of result of triggering this same down round feature, a deemed dividend to preferred shareholders of September 30, 2022 and nine months ended December 31, 2022, and accordingly, basic and dilutive loss per share for three months and six months ended September 30, 2022 as previously announced in the earnings release for the second quarter of the fiscal year 2023 was adjusted from 0.04 and 0.00, respectively, to 0.60 and 0.60, respectively; basic and dilutive loss per share for nine months ended December 31, 2022 as previously announced in the earnings release for the third quarter of the fiscal year 2023 shall be adjusted from 0.02 to 0.59. The accounting for the down round feature did not have an impact on the Company's consolidated results of operations and earnings per share for the fiscal year ended March 31, 2023 and balance sheet as of March 31, 2023. | ||||||||||||
Uxin Limited | ||||||
Unaudited Consolidated Balance Sheets | ||||||
(In thousands except for number of shares and per share data) | ||||||
As of March 31, | As of March 31, | |||||
2022 | 2023 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 128,021 | 92,713 | 13,500 | |||
Restricted cash | 8,276 | 618 | 90 | |||
Accounts receivable, net | 832 | 790 | 115 | |||
Loans recognized as a result of payments under guarantees, net of provision for | 54,888 | - | - | |||
Other receivables, net of provision for credit losses of | 166,006 | 15,345 | 2,234 | |||
Inventory, net | 426,257 | 110,893 | 16,147 | |||
Forward contract assets (i) | 36 | - | - | |||
Prepaid expenses and other current assets (ii) | 90,012 | 61,390 | 8,939 | |||
Total current assets | 874,328 | 281,749 | 41,025 | |||
Non-current assets | ||||||
Property, equipment and software, net | 34,531 | 63,725 | 9,279 | |||
Long-term investments | 288,756 | 288,712 | 42,040 | |||
Other non-current assets (ii) | 24,000 | - | - | |||
Right-of-use assets, net | 29,584 | 84,461 | 12,298 | |||
Total non-current assets | 376,871 | 436,898 | 63,617 | |||
Total assets | 1,251,199 | 718,647 | 104,642 | |||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT | ||||||
Current liabilities | ||||||
Accounts payable | 92,534 | 80,668 | 11,746 | |||
Guarantee liabilities | 179 | - | - | |||
Warrant liabilities (i) | 196,390 | 8 | 1 | |||
Other payables and other current liabilities (ii)(iii) | 674,333 | 344,502 | 50,163 | |||
Short-term borrowing | - | 20,000 | 2,912 | |||
Current portion of long-term borrowing | 233,000 | - | - | |||
Current portion of long-term debt (ii) | 102,206 | 158,736 | 23,114 | |||
Total current liabilities | 1,298,642 | 603,914 | 87,936 | |||
Non-current liabilities | ||||||
Long-term borrowing | - | 291,950 | 42,511 | |||
Consideration payable to WeBank (iv) | 107,642 | 58,559 | 8,527 | |||
Operating lease liabilities | 10,866 | 77,462 | 11,279 | |||
Long-term debt (ii) | 817,648 | 264,560 | 38,523 | |||
Total non-current liabilities | 936,156 | 692,531 | 100,840 | |||
Total liabilities | 2,234,798 | 1,296,445 | 188,776 | |||
Mezzanine equity | ||||||
Senior convertible preferred shares ( | 526,484 | 1,245,721 | 181,391 | |||
Subscription receivable from shareholders | - | (550,074) | (80,097) | |||
Total Mezzanine equity | 526,484 | 695,647 | 101,294 | |||
Shareholders' deficit | ||||||
Ordinary shares | 782 | 806 | 117 | |||
Additional paid-in capital | 14,254,109 | 15,451,803 | 2,249,957 | |||
Accumulated other comprehensive income | 288,461 | 220,185 | 32,061 | |||
Accumulated deficit | (16,053,272) | (16,946,064) | (2,467,538) | |||
Total Uxin's shareholders' deficit | (1,509,920) | (1,273,270) | (185,403) | |||
Non-controlling interests | (163) | (175) | (25) | |||
Total shareholders' deficit | (1,510,083) | (1,273,445) | (185,428) | |||
Total liabilities, mezzanine equity and shareholders' deficit | 1,251,199 | 718,647 | 104,642 | |||
(i) In June 2021, we entered into a share subscription agreement, respectively, with NIO Capital and Joy Capital for an aggregate |
In June 2022, we entered in to another definitive agreement with NIO Capital for the subscription of 714,285,714 senior convertible preferred |
(ii) In June 2021, we entered into a supplemental agreement with affiliates of 58.com, Warburg Pincus, TPG and certain other investors |
On July 18 and August 29, 2022, the Company issued 183,495,146 and 36,699,029 Class A ordinary shares with par value of |
In connection with the foregoing transaction, we and 58.com have mutually released the other party from claims arising out of certain |
(iii) Pursuant to contractual payment schedule specified in the supplemental agreements signed with one of our suppliers, a total of |
(iv) On July 23, 2020, we entered into a supplemental agreement with WeBank to settle our remaining guarantee liabilities associated with |
On June 21, 2021, we entered into another supplemental agreement with WeBank and under this supplemental agreement a total of |
* Share-based compensation charges included are as follows: | ||||||||||||
For the three months ended March 31, | For the twelve months ended March 31, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Sales and marketing | - | 408 | 59 | - | 1,516 | 221 | ||||||
General and administrative | 13,368 | 9,830 | 1,431 | 26,534 | 44,088 | 6,420 | ||||||
Research and development | - | 474 | 69 | - | 1,709 | 249 | ||||||
Uxin Limited | ||||||||||||
Unaudited Reconciliations of GAAP And Non-GAAP Results | ||||||||||||
(In thousands except for number of shares and per share data) | ||||||||||||
For the three months ended March 31, | For the twelve months ended March 31, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Loss from operations | (109,499) | (57,404) | (8,358) | (278,941) | (356,926) | (51,973) | ||||||
Add: Share-based compensation expenses | 13,368 | 10,712 | 1,559 | 26,534 | 47,313 | 6,890 | ||||||
- Sales and marketing | - | 408 | 59 | - | 1,516 | 221 | ||||||
- General and administrative | 13,368 | 9,830 | 1,431 | 26,534 | 44,088 | 6,420 | ||||||
- Research and development | - | 474 | 69 | - | 1,709 | 249 | ||||||
Non-GAAP adjusted loss from operations | (96,131) | (46,692) | (6,799) | (252,407) | (309,613) | (45,083) | ||||||
For the three months ended March 31, | For the twelve months ended March 31, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net income/( loss) from operations | 360,821 | (79,796) | (11,618) | (143,223) | (137,169) | (19,974) | ||||||
Add: Share-based compensation expenses | 13,368 | 10,712 | 1,559 | 26,534 | 47,313 | 6,890 | ||||||
- Sales and marketing | - | 408 | 59 | - | 1,516 | 221 | ||||||
- General and administrative | 13,368 | 9,830 | 1,431 | 26,534 | 44,088 | 6,420 | ||||||
- Research and development | - | 474 | 69 | - | 1,709 | 249 | ||||||
Fair value impact of the issuance of senior | (476,832) | (507) | (74) | (186,231) | (242,733) | (35,345) | ||||||
Non-GAAP adjusted net loss from operations | (102,643) | (69,591) | (10,133) | (302,920) | (332,589) | (48,429) | ||||||
For the three months ended March 31, | For the twelve months ended March 31, | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net income/( loss) attributable to ordinary | 360,821 | (79,787) | (11,617) | (143,223) | (892,792) | (130,001) | ||||||
Add: Share-based compensation expenses | 13,368 | 10,712 | 1,559 | 26,534 | 47,313 | 6,890 | ||||||
- Sales and marketing | - | 408 | 59 | - | 1,516 | 221 | ||||||
- General and administrative | 13,368 | 9,830 | 1,431 | 26,534 | 44,088 | 6,420 | ||||||
- Research and development | - | 474 | 69 | - | 1,709 | 249 | ||||||
Fair value impact of the issuance of senior | (476,832) | (507) | (74) | (186,231) | (242,733) | (35,345) | ||||||
Deemed dividend to preferred shareholders | - | - | - | - | 755,635 | 110,029 | ||||||
Non-GAAP adjusted net loss attributable to | (102,643) | (69,582) | (10,132) | (302,920) | (332,577) | (48,427) | ||||||
Net income/(loss) per share for ordinary | 0.30 | (0.06) | (0.01) | (0.12) | (0.66) | (0.10) | ||||||
Net income/(loss) per share for ordinary | (0.09) | (0.06) | (0.01) | (2.07) | (0.66) | (0.10) | ||||||
Non-GAAP adjusted net loss to ordinary | (0.09) | (0.05) | (0.01) | (0.26) | (0.25) | (0.04) | ||||||
Weighted average shares outstanding – basic | 1,189,070,581 | 1,419,079,968 | 1,419,079,968 | 1,168,419,750 | 1,344,536,565 | 1,344,536,565 | ||||||
Weighted average shares outstanding – diluted | 1,241,725,282 | 1,419,079,968 | 1,419,079,968 | 1,354,506,021 | 1,344,536,565 | 1,344,536,565 | ||||||
Note: The conversion of Renminbi (RMB) into | ||||||||||||
View original content:https://www.prnewswire.com/news-releases/uxin-reports-unaudited-fourth-quarter-and-fiscal-year-2023-financial-results-301899626.html
SOURCE Uxin Limited
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