Uxin Reports Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results
Uxin (Nasdaq: UXIN), China's leading used car retailer, reported its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2024. The company faced significant challenges due to competitive pricing strategies from car manufacturers, impacting profitability. However, China's used car market grew, with national transactions surpassing 18 million units in 2023, up nearly 15% YoY.
Uxin's used car superstores saw retail sales grow, with 10,179 units sold in fiscal 2024. Gross profit per vehicle increased, leading to a gross margin rise from 1.2% in FY 2023 to 5.9% in FY 2024. Despite a 33.2% decline in total revenues YoY to RMB 1,374.7 million (US$190.4 million), the loss from operations reduced by 12.4% to RMB 312.5 million (US$43.3 million). The adjusted EBITDA loss narrowed by 37.2% to RMB 176.1 million (US$24.4 million).
For fiscal 2025, Uxin aims to grow retail sales by 150%, achieve positive adjusted EBITDA by Q3, and expand its superstore network.
Uxin (Nasdaq: UXIN), il principale rivenditore di auto usate in Cina, ha riportato i risultati finanziari non auditati per il quarto trimestre e l'anno fiscale conclusosi il 31 marzo 2024. L'azienda ha affrontato notevoli sfide a causa delle strategie di prezzo competitive da parte dei produttori di auto, che hanno impattato la redditività. Tuttavia, il mercato delle auto usate in Cina è cresciuto, con le transazioni nazionali che hanno superato i 18 milioni di unità nel 2023, con un aumento di quasi il 15% rispetto all'anno precedente.
I superstore di auto usate di Uxin hanno visto un aumento delle vendite al dettaglio, con 10.179 unità vendute nell'anno fiscale 2024. Il profitto lordo per veicolo è aumentato, portando a un incremento della margine lordo dal 1,2% nell'anno fiscale 2023 al 5,9% nell'anno fiscale 2024. Nonostante una diminuzione del 33,2% dei ricavi totali rispetto all'anno precedente a RMB 1.374,7 milioni (190,4 milioni di dollari USA), la perdita operativa si è ridotta del 12,4% a RMB 312,5 milioni (43,3 milioni di dollari USA). La perdita EBITDA rettificata si è ristretta del 37,2% a RMB 176,1 milioni (24,4 milioni di dollari USA).
Per l'anno fiscale 2025, Uxin punta a crescere le vendite al dettaglio del 150%, raggiungere un EBITDA rettificato positivo entro il terzo trimestre e ampliare la propria rete di superstore.
Uxin (Nasdaq: UXIN), el principal minorista de autos usados en China, informó sus resultados financieros no auditados para el cuarto trimestre y el año fiscal que terminó el 31 de marzo de 2024. La empresa enfrentó desafíos significativos debido a las estrategias de precios competitivos de los fabricantes de automóviles, lo que impactó su rentabilidad. Sin embargo, el mercado de autos usados en China creció, con transacciones nacionales que superaron los 18 millones de unidades en 2023, un aumento de casi el 15% en comparación con el año anterior.
Las supertiendas de autos usados de Uxin vieron crecer las ventas minoristas, con 10,179 unidades vendidas en el año fiscal 2024. El beneficio bruto por vehículo aumentó, lo que llevó a un aumento del margen bruto del 1.2% en el año fiscal 2023 al 5.9% en el año fiscal 2024. A pesar de una disminución del 33.2% en los ingresos totales en comparación con el año anterior, alcanzando los RMB 1,374.7 millones (190.4 millones de dólares EE.UU.), la pérdida operativa se redujo en un 12.4% a RMB 312.5 millones (43.3 millones de dólares EE.UU.). La pérdida de EBITDA ajustada se redujo en un 37.2% a RMB 176.1 millones (24.4 millones de dólares EE.UU.).
Para el año fiscal 2025, Uxin tiene como objetivo aumentar las ventas minoristas en un 150%, alcanzar un EBITDA ajustado positivo para el tercer trimestre, y expandir su red de supertiendas.
Uxin (Nasdaq: UXIN), 중국의 주요 중고차 소매업체,는 2024년 3월 31일 종료된 4분기 및 회계 연도의 감사받지 않은 재무 결과를 보고했습니다. 회사는 자동차 제조업체들의 가격 경쟁 전략으로 인해 큰 어려움에 직면하여 수익성이 영향을 받았습니다. 그러나 2023년 중국의 중고차 시장은 성장했으며, 국내 거래량은 1,800만 대를 초과하여 전년 대비 거의 15% 증가했습니다.
Uxin의 중고차 슈퍼스토어는 리테일 매출이 증가하여 2024 회계연도에 10,179대가 판매되었습니다. 차량당 총 이익이 증가하여 총 이익률이 2023 회계연도의 1.2%에서 2024 회계연도의 5.9%로 상승했습니다. 총 수익이 전년 대비 33.2% 감소하여 1,374.7백만 RMB (1억 9,040만 달러)에 도달했지만, 운영 손실은 12.4% 줄어들어 312.5백만 RMB (4,330만 달러)로 감소했습니다. 조정된 EBITDA 손실은 37.2% 줄어들어 176.1백만 RMB (2,440만 달러)가 되었습니다.
2025 회계연도에 대해 Uxin은 리테일 매출을 150% 증가시키고, 3분기까지 조정된 EBITDA가 긍정적인 상태가 되며, 슈퍼스토어 네트워크를 확대할 계획입니다.
Uxin (Nasdaq: UXIN), le principal détaillant de voitures d'occasion en Chine, a publié ses résultats financiers non audités pour le quatrième trimestre et l'année fiscale se terminant le 31 mars 2024. L'entreprise a fait face à des défis considérables en raison de stratégies de prix compétitives de la part des fabricants de voitures, ce qui a impacté sa rentabilité. Cependant, le marché des voitures d'occasion en Chine a connu une croissance, avec des transactions nationales dépassant 18 millions d'unités en 2023, soit une augmentation de près de 15 % par rapport à l'année précédente.
Les supermarchés de voitures d'occasion d'Uxin ont vu leurs ventes au détail augmenter, avec 10 179 unités vendues au cours de l'année fiscale 2024. Le bénéfice brut par véhicule a augmenté, entraînant une hausse de la marge brute de 1,2 % en FY 2023 à 5,9 % en FY 2024. Bien qu'il y ait eu une baisse de 33,2 % des revenus totaux par rapport à l'année précédente atteignant 1 374,7 millions RMB (190,4 millions USD), la perte d'exploitation a diminué de 12,4 % pour atteindre 312,5 millions RMB (43,3 millions USD). La perte d'EBITDA ajustée a diminué de 37,2 % pour atteindre 176,1 millions RMB (24,4 millions USD).
Pour l'année fiscale 2025, Uxin vise une augmentation des ventes au détail de 150 %, un EBITDA ajusté positif d'ici le troisième trimestre et l'expansion de son réseau de supermarchés.
Uxin (Nasdaq: UXIN), Chinas führender Einzelhändler für Gebrauchtwagen, hat seine unauditierten Finanzergebnisse für das vierte Quartal und das am 31. März 2024 endende Geschäftsjahr veröffentlicht. Das Unternehmen sah sich erheblichen Herausforderungen aufgrund wettbewerbsfähiger Preisstrategien von Automobilherstellern gegenüber, was die Rentabilität beeinträchtigte. Dennoch wuchs der Gebrauchtwagenmarkt in China, wobei die nationalen Transaktionen 2023 18 Millionen Einheiten überschritten, was einem Anstieg von fast 15 % im Jahresvergleich entspricht.
Die Gebrauchtwagen-Superstores von Uxin verzeichneten ein Wachstum im Einzelhandel, mit 10.179 verkauften Einheiten im Geschäftsjahr 2024. Der Bruttogewinn pro Fahrzeug stieg, was zu einem Anstieg der Bruttomarge von 1,2 % im Geschäftsjahr 2023 auf 5,9 % im Geschäftsjahr 2024 führte. Trotz eines Rückgangs der Gesamterlöse um 33,2 % im Jahresvergleich auf RMB 1.374,7 Millionen (190,4 Millionen US-Dollar) verringerte sich der operative Verlust um 12,4 % auf RMB 312,5 Millionen (43,3 Millionen US-Dollar). Der Verlust des bereinigten EBITDA verringerte sich um 37,2 % auf RMB 176,1 Millionen (24,4 Millionen US-Dollar).
Für das Geschäftsjahr 2025 plant Uxin, die Einzelhandelsumsätze um 150 % zu steigern, ein positives bereinigtes EBITDA bis zum dritten Quartal zu erreichen und sein Superstore-Netzwerk auszubauen.
- Gross profit margin increased from 1.2% in FY 2023 to 5.9% in FY 2024.
- Adjusted EBITDA loss narrowed by 37.2%, decreasing to RMB 176.1 million.
- Retail transaction volume increased by 38% YoY in the fourth quarter.
- Company aims for a 150% increase in retail sales for fiscal 2025.
- Total revenues decreased by 33.2% to RMB 1,374.7 million YoY.
- Loss from operations was RMB 312.5 million, a reduction of only 12.4% YoY.
- Transaction volume for the fiscal year fell by 22.4% YoY.
- Retail vehicle sales revenue declined by 22.0% to RMB 1,024.4 million YoY.
Insights
Uxin's Q4 and FY2024 results reveal a mixed financial performance amid challenging market conditions. Key points to consider:
- Q4 retail transaction volume grew
38.3% year-over-year to 3,124 units, showing strong consumer demand. - FY2024 gross margin improved significantly to
5.9% from1.2% in FY2023, indicating better operational efficiency. - However, total revenues declined
33.2% year-over-year toRMB1,374.7 million for FY2024, primarily due to lower wholesale vehicle sales. - The company narrowed its Adjusted EBITDA loss by
RMB104 million compared to FY2023, showing progress towards profitability.
Looking ahead, Uxin has set ambitious targets for FY2025, including
Uxin's performance reflects broader trends in China's used car market:
- The national used car market grew by nearly
15% year-over-year in 2023, reaching over 18 million transactions, indicating strong consumer demand. - Government policies supporting used car sales and trade-ins are driving industry growth.
- However, new car price cuts have disrupted the used car market, pressuring profitability across the industry.
Uxin's superstore model appears to be gaining traction, with a reported
The planned expansion to new cities, including Zhengzhou, aligns with the trend of resource concentration towards leading dealers. However, success will depend on Uxin's ability to replicate its operational model effectively in new markets while managing costs.
Uxin's technological initiatives are noteworthy:
- The company's AI pricing model, which monitors 600,000 data points, enables dynamic pricing adjustments, potentially giving Uxin an edge in inventory management and sales efficiency.
- Digitalization of sales processes has contributed to a high in-store customer conversion rate of approximately
40% . - The implementation of SMART repairs and 3D printing technology has helped reduce reconditioning costs by
50% year-over-year.
These tech-driven improvements in operational efficiency are important for Uxin's path to profitability. The company's ability to leverage data and AI for pricing and inventory management could be a significant competitive advantage in the used car market.
However, it's important to note that while R&D expenses decreased by
Dear Shareholders,
First and foremost, on behalf of Uxin, I would like to extend our heartfelt gratitude for your unwavering support and trust. It is my pleasure to share with you the remarkable business progress we have made over the past fiscal year, as well as our strategic outlook for the future through this shareholder letter.
The current economic landscape in
However, we are pleased to see opportunities amidst these challenges. Over the past year,
Uxin's unique business model, characterized by our flagship used car superstores, has demonstrated strong competitive advantages across various dimensions, becoming increasingly prominent in the cities where our superstores are located. In the four quarters of fiscal year 2024, our retail sales continued to grow, with a total of 10,179 units sold throughout the year. From January to March 2024, even during the traditional slow season of the Spring Festival, we achieved retail sales of 3,124 units, a
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
Uxin's decade-long industry experience has greatly empowered our sales capabilities through digitalization. Our AI pricing model dynamically monitors six hundred thousands of used car data points across the internet, creating competitive models based on factors such as a car's model, age, condition, and mileage. This system, combined with customer viewing records and offline test drives, can generate purchase and sale prices and adjust them promptly to ensure Uxin's vehicles remain highly competitive in the market. During the new car price cuts, our pricing system responded quickly to adjust the acquisition and selling prices of similar models to accelerate the sales of impacted inventories. By adjusting our prices faster, we can accelerate vehicle sales, mitigate the effects of new car price reductions, and transition into the next regular sales cycle sooner.
Second, while increasing sales volume, we have also boosted our gross profit per vehicle. Our gross profit margin has risen from
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. Uxin's transparent factory is now fully operational, with vehicles taking an average of only three days to move from warehousing to sales, allowing for faster sales entry. Through bulk procurement of parts, SMART repairs, and the application of 3D printing technology, our reconditioning cost per vehicle in fiscal year 2024 has decreased by
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
In the past year, our offline superstore model has proven successful, placing Uxin on a rapid growth trajectory. Looking ahead to the new fiscal year, we have set three primary business objectives, aligning with our current development plan.
First, we aim to significantly increase sales volume, projecting a year-over-year retail sales growth of
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 December 2024. With new car prices stabilizing, the profitability of used cars is beginning to recover, and our inventory scales and sales continue to climb. We are confident in meeting this profitability target.
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 Zhengzhou Airport District government, with a joint investment of
Everything is in place for us to achieve our goals. We have confidence in the competitive advantage of Uxin's superstore model and the momentum driving our business growth. We remain dedicated to leading the transformation and upgrading of
Kun Dai
Chairman and Chief Executive Officer of Uxin
[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 July 31, 2024 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP Results" for a reconciliation and additional information on non-GAAP measures. |
Highlights for the Quarter Ended March 31, 2024
- 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 of12.5% 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 of38.3% from 2,259 units in the same period last year. - Total revenues were
RMB319.2 million (US ) for the three months ended March 31, 2024, a decrease of$44.2 million 22.3% fromRMB410.5 million in the last quarter and a decrease of7.2% fromRMB343.8 million in the same period last year. - Gross margin was
6.6% for the three months ended March 31, 2024, compared with4.8% in the last quarter and2.3% in the same period last year. - Loss from operations was
RMB109.8 million (US ) for the three months ended March 31, 2024, compared with$15.2 million RMB73.1 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 ), compared with a loss of$5.5 million RMB43.8 million in the last quarter and a loss ofRMB40.8 million in the same period last year.
Highlights for the Fiscal Year Ended March 31, 2024
- 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 ) for the fiscal year ended March 31, 2024, a decrease of$190.4 million 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 with1.2% in the prior fiscal year. - Loss from operations was
RMB312.5 million (US ) for the fiscal year ended March 31, 2024, compared with$43.3 million RMB356.9 million in the prior fiscal year. - Non-GAAP adjusted EBITDA was a loss of
RMB176.1 million (US ) for the fiscal year ended March 31, 2024, compared with$24.4 million RMB280.3 million in the prior fiscal year.
Mr. Feng Lin, Chief Financial Officer of Uxin, stated, "Despite the traditional slow season for used car sales in
Mr. Lin added, "For the full fiscal year of 2024, we achieved a retail transaction volume of 10,179 units, and narrowed our Adjusted EBITDA loss by RMB104 million compared to the previous fiscal year to
Financial Results for the Quarter Ended March 31, 2024
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
RMB50.8 million (US ) for the three months ended March 31, 2024, a decrease of$7.0 million 10.4% fromRMB56.7 million in the last quarter and a decrease of3.0% fromRMB52.4 million in the same period last year. - General and administrative expenses were
RMB75.3 million (US ) for the three months ended March 31, 2024, representing an increase of$10.4 million 122.7% fromRMB33.8 million in the last quarter and an increase of96.7% 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 (equivalent to$4.0 million RMB28.7 million ) resulting from the issuance of the senior convertible preferred shares to Xin 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 ) for the three months ended March 31, 2024, representing a decrease of$0.8 million 37.9% fromRMB9.7 million in the last quarter and a decrease of35.4% 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 March 31, 2024, compared with a gain of
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 March 31, 2024
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
RMB202.5 million (US ) for the fiscal year ended March 31, 2024, representing a decrease of$28.0 million 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 ) for the fiscal year ended March 31, 2024, representing an increase of$24.6 million 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 (equivalent to$4.0 million RMB28.7 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 ) for the fiscal year ended March 31, 2024, representing a decrease of$4.7 million 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 March 31, 2024, the Company had cash and cash equivalents 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.
Recent Development
On July 8, 2024, the Company, through its wholly-owned subsidiary Uxin (
Uxin Zhengzhou aims to support Uxin's plan to establish a new used car super store in
Business Outlook
For the three months ended June 30, 2024, the Company expects its retail transaction volume to be around 4,000 units and wholesale transaction volume to be around 1,500 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and value-add-services revenue to be within the range of
Conference Call
Uxin's management team will host a conference call on Wednesday, July 31, 2024, at 8:00 A.M.
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 August 7, 2024. The dial-in details for the replay are as follows:
+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 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 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 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, | |||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||
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 UXIN LIMITED | (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 UXIN 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, Joy Capital exercised its warrants to purchase senior convertible preferred shares and the Company issued senior convertible preferred shares to Joy Capital at conversion price of share. On March 26, 2024, the Company issued senior convertible preferred shares to Xin Gao Group Limited at conversion price of 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, August 2023 and March 2024, amounting to additional paid in capital in permanent equity. | ||||||||||||
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, | |||||
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 March 31, 2023 and 2024, respectively | 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 WeBank | 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 March 31, 2023 and 2024, respectively; 1,151,221,338 and nil shares issued and outstanding as of March 31, 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 Uxin's shareholders' deficit | (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 September 24, 2021, a subsidiary of the Company, Youxin ( ("UXIN Hefei") entered into a lease and purchase agreement with Hefei Construction Investment North City Industrial Investment Co., Ltd ("Hefei Construction Investment") to set up an inspection and reconditioning center (the "IRC") in 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 September 20, 2023. 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 March 2024. 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 March 31, | For the twelve months ended March 31, | |||||||||||
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 | ||||||
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, | |||||||||||
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 March 31, | For the twelve months ended March 31, | |||||||||||
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 Board of Governors of the Federal Reserve System. | ||||||||||||
View original content:https://www.prnewswire.com/news-releases/uxin-reports-unaudited-fourth-quarter-and-fiscal-year-2024-financial-results-302210844.html
SOURCE Uxin Limited
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