Uxin Reports Unaudited Second Quarter of Fiscal Year 2023 Financial Results
Uxin Limited (Nasdaq: UXIN) reported its Q2 financial results for the period ending September 30, 2022, revealing total revenues of RMB618.8 million (US$87.0 million), a slight decrease of 1.2% from the previous quarter but a substantial 78.9% increase year-over-year. Transaction volume rose to 6,050 units, up 10.5% sequentially and 65.8% annually. Retail transaction volume hit 3,109 units, reflecting a 29.2% quarter-over-quarter increase and 202.7% year-over-year growth. The gross margin was 1.3%, while the loss from operations reached RMB106.4 million (US$15.0 million).
- Total revenue increased by 78.9% year-over-year to RMB618.8 million.
- Retail transaction volume rose 29.2% quarter-over-quarter to 3,109 units.
- Uxin's Xi'an Inspection and Reconditioning Center is now the largest self-owned used car marketplace in Northwest China.
- Expected retail transaction volume for Q3 is projected to be around 2,800 units, a 69% year-over-year increase.
- Total revenue decreased by 1.2% compared to the last quarter.
- Loss from operations increased to RMB106.4 million from RMB96.6 million in the previous quarter.
- Gross margin dropped to 1.3%, down from 4.2% in the same period last year.
- Projected retail transaction volume for Q3 is down 10% quarter-over-quarter.
BEIJING, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading e-commerce platform for buying and selling used cars in China, today announced its unaudited financial results for the second quarter ended September 30, 2022.
Highlights for the Quarter Ended September 30, 2022
- Total revenues were RMB618.8 million (US
$87.0 million ) for the three months ended September 30, 2022, a decrease of1.2% from RMB626.2 million in the last quarter and an increase of78.9% from RMB345.9 million in the same period last year. - Transaction volume was 6,050 units for the three months ended September 30, 2022, an increase of
10.5% from 5,475 units in the last quarter and an increase of65.8% from 3,648 units in the same period last year. - Retail transaction volume was 3,109 units, an increase of
29.2% from 2,407 units in the last quarter and an increase of202.7% from 1,027 units in the same period last year. - Gross margin was
1.3% for the three months ended September 30, 2022, compared with1.1% in the last quarter and4.2% in the same period last year. - Loss from operations was RMB106.4 million (US
$15.0 million ) for the three months ended September 30, 2022, compared with RMB96.6 million in the last quarter and RMB45.9 million in the same period last year. - Non-GAAP adjusted loss from operations was RMB92.4 million (US
$13.0 million ) for the three months ended September 30, 2022, compared with RMB84.9 million in the last quarter and RMB43.2 million in the same period last year.
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, “I am extraordinarily pleased with how, despite a challenging macro environment and constant COVID-19 disruptions, our robust financial and operating performance for the second quarter again demonstrates the resilience and vitality of our omni-channel used car business. On top of the rapid growth in retail transaction volume, our brand equity and customer satisfaction continued to grow. Notably for the quarter, our net promoter score maintained at an industry-leading level of 61, and we recorded an increasing number of transactions that came from referrals by existing customers. Uxin has now become the top of mind brand in Hefei and Xi’an where our superstores are located.
In December, we achieved a significant business milestone by completing the relocation and upgrade of our Xi’an Inspection and Reconditioning Center (IRC) and superstore, making it the largest fully self-owned used car marketplace in Northwest China. The superior environment of our superstores, the leading reconditioning capabilities of our IRCs, and our integrated in-house service capacity mark a major step forward in our active efforts to transform China's used car industry through advanced manufacturing, new retail experience, and digital empowerment. Going forward, we will continue to expand our business footprint through our regional IRC networks, elevate our brand equity, and enhance our product and service capabilities. As COVID-19 control measures ease in China and regulators continue to implement industry-boosting policies across the nation, we are confident and prepared to capitalize on the growing opportunities in the coming new year.”
Mr. Feng Lin, Chief Financial Officer of Uxin, said: “We are pleased to report robust business growth in the second quarter of fiscal year 2023. We also continued to implement cost control and efficiency improvement initiatives to ensure that our business operates with an improved return on our investments. In addition, we proactively adjusted our inventory structure to match the evolving customer demands and market conditions. All these measures enabled our sales performance to rebound rapidly following the easing of COVID restrictions. Once we have passed the peak of the current wave of COVID infection and the overall economy recovers, we believe that our business will resume to its high-quality growth trajectory.
Our new Xi’an superstore is the benchmark representation of our innovative used car business model. We expect the upgraded Xi'an superstore to turn profitable on a single-store basis within 12 months of operation driven by accelerated development of our used car business in Xi’an and its adjacent markets as well as our ongoing cost optimization efforts.”
Financial Results for the Quarter Ended September 30, 2022
Total revenues were RMB618.8 million (US
Retail vehicle sales revenue was RMB371.9 million (US
Wholesale vehicle sales revenue was RMB237.8 million (US
Other revenue was RMB9.1 million (US
Cost of revenues was RMB610.7 million (US
Gross margin was
Total operating expenses were RMB116.5 million (US
- Sales and marketing expenses were RMB64.2 million (US
$9.0 million ) for the three months ended September 30, 2022, a decrease of1.0% from RMB64.8 million in the last quarter and an increase of45.4% from RMB44.1 million in the same period last year. The year-over-year increase was mainly due to growth of transaction volume which led to increased performance incentives for the sales teams, and vehicle transaction costs and, to a lesser extent, the increased brand promotion expenses due to the addition of one new IRC this year. - General and administrative expenses were RMB41.6 million (US
$5.9 million ) for the three months ended September 30, 2022, representing a decrease of8.7% from RMB45.6 million in the last quarter and an increase of19.3% from RMB34.9 million in the same period last year. The year-over-year increase was mainly due to the impact of share-based compensation expenses. - Research and development expenses were RMB10.0 million (US
$1.4 million ) for the three months ended September 30, 2022, representing an increase of11.4% from RMB9.0 million in the last quarter and an increase of22.4% from RMB8.2 million in the same period last year. The year-over-year increase was mainly due to the impact of shared-based compensation.
Loss from operations was RMB106.4 million (US
Non-GAAP adjusted loss from operations which excludes the impact of share-based compensation expenses was RMB92.4 million (US
Fair value impact related to the senior convertible preferred shares resulted in a loss of RMB11.5 million (US
Net (loss)/income from operations was net loss of RMB116.5 million (US
Non-GAAP adjusted net loss from operations was RMB91.1 million (US
Liquidity
As of September 30, 2022, the Company had RMB24.4 million (US
In order to settle a long-term borrowing due in December 2022, the Company has entered into a long-term loan agreement (which pledges an equity interest in an investment) for a total of RMB293 million with a third party. This new borrowing will be due in December 2024. The long-term borrowing due in December 2022 had been fully repaid on time on December 15, 2022 upon receipt of the proceeds from the new loan agreement. The Company also obtained a working capital facility of RMB50 million from China Merchants Bank (“CMB”) in November 2022, of which RMB20 million had been drawn down in November 2022, and the remaining amount can be drawn as needed within the 1-year period of credit. Meanwhile, the Company continues to optimize its cost and expense structure to improve the capital and operating efficiency of its business process.
The Company is entitled to an investment amount of US
The Company is contractually obligated to pay liabilities of approximately RMB105.6 million, including the aforementioned extended payables of RMB55 million, during the three months ended March 31, 2023, if the aforementioned US
Additionally, the Company has consideration payable to WeBank and long-term debt that will become due after the twelve months following this earnings release date. These obligations, the rental commitment following completion of the Hefei IRC, and the probability that the Company will continue to incur, for the foreseeable future, net losses and negative cash flows from operations will significantly impact the Company's liquidity at such time in the future. Concurrently, as part of the shares subscription agreement the Company entered into with NIO Capital and Joy Capital in June 2021, both investors retain their rights to exercise the warrants to purchase senior convertible preferred shares of up to US
Recent Development
On December 22, 2022, the Company announced the completion of the relocation and upgrade of its Xi'an IRC and used car superstore. The upgraded facility has an extended showroom capacity of up to 3,000 vehicles, making it the largest fully self-owned used car marketplace in northwest China. The new Xi'an IRC represents Uxin's business philosophy of driving the transformation of China's used car industry through advanced manufacturing, new retail experiences, and digital empowerment.
The upgrade expanded the IRC's total floor area to 150,000 square meters, comprising a used car reconditioning factory and a warehouse-style superstore. The reconditioning factory, equipped with industry-leading equipment and advanced techniques, has an annual capacity of 40,000 units, ensuring a large-scale supply of high-quality used cars. The IRC also features an integrated customer service center and a branch of the Vehicle Administration Office on site. Customers can access auto financing, insurance, extended warranties, accessory upgrades, as well as title transfer and registration services on the same day they purchase their vehicles, providing a comprehensive and efficient one-stop used car buying experience.
The Company’s new Xi’an IRC and superstore is the benchmark representation of its innovative used car business model. With the accelerated development of used car businesses in Xi’an and its surrounding markets as well as the Company’s ongoing cost optimization efforts, Uxin expects the upgraded Xi'an superstore to generate positive operation profit on a single-store basis within 12 months after it commenced operation.
Business Outlook
During October and November of 2022, COVID outbreaks in both Xi’an and Hefei, where the Company’s IRCs are located, resulted in intense control measures and city-wide lockdowns, which significantly impacted the Company’s sales growth momentum. As China started to lift COVID control restrictions since December, infections in many cities are reaching estimated peak levels. Although China’s overall used car consumption has been slow to rebound, the Company’s retail transaction volume in December of 2022 has recovered to the same level as September of 2022.
For the three months ending December 31, 2022, the Company expects its retail transaction volume to be around 2800 units, representing a decrease of
Conference Call
Uxin’s management team will host a conference call on Friday, December 30, 2022, at 8:00 A.M. U.S. Eastern Time (9:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including an event passcode, a unique access PIN, dial-in numbers, and an e-mail with detailed instructions to join the conference call.
Conference Call Preregistration: https://s1.c-conf.com/diamondpass/10028038-76e59i.html
A telephone replay of the call will be available after the conclusion of the conference call until January 6, 2023. The dial-in details for the replay are as follows:
| U.S.: | +1 855 883 1031 |
| China: | + 86 400 1209 216 |
| Replay PIN: | 10028038 |
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 Limited (Nasdaq:UXIN) is a leading e-commerce platform for buying and selling used cars in China. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline inspection and reconditioning centers. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of the used car industry.
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 U.S. GAAP. The Company defines adjusted loss from operations excluding share-based compensation expenses. The Company defines adjusted net loss from operations as net loss from operations excluding share-based compensation expenses and fair value impact of the issuance of senior convertible preferred shares, including troubled debt restructuring gain. The Company defines adjusted net loss from operations per share – basic and diluted as net loss from operations per share excluding impact of share-based compensation expenses and fair value impact of the issuance of senior convertible preferred shares. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Adjusted net loss from operations enables management to assess the Company’s operating results without considering the impact of share-based compensation expenses and fair value impact of the issuance of senior convertible preferred shares, which is non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operating performance as this measure excludes certain expenses that are not expected to result in cash payments.
The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using adjusted net loss from operations is that it does not reflect all items of income and expense that affect the Company’s operations. Share-based compensation expenses and fair value impact of the issuance of senior convertible preferred shares have been and may continue to be incurred in the business and is not reflected in the presentation of adjusted net loss from operations, and adjusted net loss from operations per share – basic and diluted. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Uxin’s non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1135 to US
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 China’s used car e-commerce industry; the laws and regulations relating to Uxin’s industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor 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 September 30, | For the six months ended September 30, | |||||||||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
| Revenues | ||||||||||||||||
| Retail vehicle sales | 136,298 | 371,869 | 52,277 | 228,043 | 720,262 | 101,253 | ||||||||||
| Wholesale vehicle sales | 201,290 | 237,818 | 33,432 | 377,881 | 501,774 | 70,538 | ||||||||||
| Others | 8,325 | 9,095 | 1,279 | 17,807 | 22,916 | 3,221 | ||||||||||
| Total revenues | 345,913 | 618,782 | 86,988 | 623,731 | 1,244,952 | 175,012 | ||||||||||
| Cost of revenues | (331,279 | ) | (610,726 | ) | (85,855 | ) | (597,968 | ) | (1,230,137 | ) | (172,930 | ) | ||||
| Gross profit | 14,634 | 8,056 | 1,133 | 25,763 | 14,815 | 2,082 | ||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | (44,145 | ) | (64,165 | ) | (9,020 | ) | (86,304 | ) | (128,963 | ) | (18,129 | ) | ||||
| General and administrative | (34,883 | ) | (41,620 | ) | (5,851 | ) | (73,230 | ) | (87,195 | ) | (12,258 | ) | ||||
| Research and development | (8,155 | ) | (9,982 | ) | (1,403 | ) | (16,493 | ) | (18,942 | ) | (2,663 | ) | ||||
| Reversal of/(provision for) credit losses, net | 1,306 | (704 | ) | (99 | ) | 6,782 | (327 | ) | (46 | ) | ||||||
| Total operating expenses | (85,877 | ) | (116,471 | ) | (16,373 | ) | (169,245 | ) | (235,427 | ) | (33,096 | ) | ||||
| Other operating income, net | 25,330 | 2,046 | 288 | 46,872 | 17,626 | 2,478 | ||||||||||
| Loss from operations | (45,913 | ) | (106,369 | ) | (14,952 | ) | (96,610 | ) | (202,986 | ) | (28,536 | ) | ||||
| Interest income | 167 | 108 | 15 | 3,212 | 378 | 53 | ||||||||||
| Interest expenses | (9,721 | ) | (5,151 | ) | (724 | ) | (28,110 | ) | (10,599 | ) | (1,490 | ) | ||||
| Other income | 2,395 | 992 | 139 | 3,509 | 15,241 | 2,143 | ||||||||||
| Other expenses | (5,072 | ) | (1,775 | ) | (250 | ) | (5,890 | ) | (3,502 | ) | (492 | ) | ||||
| Losses from extinguishment of debt(i) | - | (2,778 | ) | (391 | ) | - | (2,778 | ) | (391 | ) | ||||||
| Foreign exchange losses | (1,499 | ) | (391 | ) | (55 | ) | (5,222 | ) | (3,139 | ) | (441 | ) | ||||
| Fair value impact of the issuance of senior convertible preferred shares (ii) | (1,654,949 | ) | (11,459 | ) | (1,611 | ) | (1,654,949 | ) | 240,731 | 33,841 | ||||||
| (Loss)/income before income tax expense | (1,714,592 | ) | (126,823 | ) | (17,829 | ) | (1,784,060 | ) | 33,346 | 4,687 | ||||||
| Income tax expense | - | (58 | ) | (8 | ) | - | (209 | ) | (29 | ) | ||||||
| Equity in (losses)/income of affiliates | (2 | ) | 10,368 | 1,458 | 274 | 10,330 | 1,452 | |||||||||
| Net (loss)/income, net of tax | (1,714,594 | ) | (116,513 | ) | (16,379 | ) | (1,783,786 | ) | 43,467 | 6,110 | ||||||
| Less: net loss attributable to non-controlling interests shareholders | - | - | - | - | (3 | ) | - | |||||||||
| Net (loss)/income attributable to UXIN LIMITED's ordinary shareholders | (1,714,594 | ) | (116,513 | ) | (16,379 | ) | (1,783,786 | ) | 43,470 | 6,110 | ||||||
| Net (loss)/income | (1,714,594 | ) | (116,513 | ) | (16,379 | ) | (1,783,786 | ) | 43,467 | 6,110 | ||||||
| Foreign currency translation, net of tax nil | (10,471 | ) | (31,527 | ) | (4,432 | ) | 14,399 | (90,187 | ) | (12,678 | ) | |||||
| Total comprehensive loss | (1,725,065 | ) | (148,040 | ) | (20,811 | ) | (1,769,387 | ) | (46,720 | ) | (6,568 | ) | ||||
| Less: total comprehensive loss attributable to non-controlling interests shareholders | - | - | - | - | (3 | ) | - | |||||||||
| Total comprehensive loss attributable to UXIN LIMITED's ordinary shareholders | (1,725,065 | ) | (148,040 | ) | (20,811 | ) | (1,769,387 | ) | (46,717 | ) | (6,568 | ) | ||||
| Net (loss)/income attributable to UXIN LIMITED's ordinary shareholders | (1,714,594 | ) | (116,513 | ) | (16,379 | ) | (1,783,786 | ) | 43,470 | 6,110 | ||||||
| Weighted average shares outstanding – basic | 1,178,559,919 | 1,354,134,791 | 1,354,134,791 | 1,177,159,051 | 1,273,082,916 | 1,273,082,916 | ||||||||||
| Weighted average shares outstanding – diluted | 1,556,289,937 | 1,354,134,791 | 1,354,134,791 | 1,367,056,109 | 1,273,082,916 | 1,273,082,916 | ||||||||||
| Net Loss per share for ordinary shareholders, basic | (1.45 | ) | (0.04 | ) | (0.01 | ) | (1.52 | ) | - | - | ||||||
| Net Loss per share for ordinary shareholders, diluted | (1.63 | ) | (0.04 | ) | (0.01 | ) | (1.91 | ) | - | - | ||||||
| (i) The loss on extinguishment of debt is the result of additional shares to be issued in conjunction with previously settled convertible promissory notes and certain other historical transactions during the period. (ii) In June 2021, we entered into a share subscription agreement with NIO Capital and Joy Capital, respectively, for an aggregate investment amount of up to US | ||||||||||||||||
| Uxin Limited | |||||||
| Unaudited Consolidated Balance Sheets | |||||||
| (In thousands except for number of shares and per share data) | |||||||
| As of March 31, | As of September 30, | ||||||
| 2022 | 2022 | ||||||
| RMB | RMB | US$ | |||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 128,021 | 24,425 | 3,424 | ||||
| Restricted cash | 8,276 | 3,086 | 434 | ||||
| Financing proceeds in transit receivable(i) | - | 38,028 | 5,356 | ||||
| Accounts receivable, net | 832 | 1,739 | 247 | ||||
| Loans recognized as a result of payments under guarantees, net of provision for credit losses of RMB324,371 and RMB253,866 as of March 31, 2022 and September 30, 2022, respectively (iii) | 54,888 | 6,403 | 900 | ||||
| Other receivables, net of provision for credit losses of RMB30,251 and RMB23,263 as of March 31, 2022 and September 30, 2022, respectively (iii) | 166,006 | 37,930 | 5,332 | ||||
| Inventory, net | 426,257 | 386,833 | 54,380 | ||||
| Forward contract assets (ii) | 36 | - | - | ||||
| Prepaid expenses and other current assets (iii) | 90,012 | 56,908 | 8,000 | ||||
| Total current assets | 874,328 | 555,352 | 78,073 | ||||
| Non-current assets | |||||||
| Property, equipment and software, net | 34,531 | 45,009 | 6,327 | ||||
| Long term investments | 288,756 | 288,712 | 40,586 | ||||
| Other non-current assets (iii) | 24,000 | - | - | ||||
| Right-of-use assets, net | 29,584 | 19,536 | 2,746 | ||||
| Total non-current assets | 376,871 | 353,257 | 49,659 | ||||
| Total assets | 1,251,199 | 908,609 | 127,732 | ||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT | |||||||
| Current liabilities | |||||||
| Accounts payable | 92,534 | 81,946 | 11,520 | ||||
| Guarantee liabilities | 179 | 45 | 6 | ||||
| Warrant liabilities (ii) | 196,390 | 2,032 | 286 | ||||
| Other payables and other current liabilities (iii) (iv) | 674,333 | 540,152 | 75,934 | ||||
| Current portion of long-term borrowings | 233,000 | 233,000 | 32,755 | ||||
| Current portion of long-term debt (iii) | 102,206 | 54,668 | 7,685 | ||||
| Total current liabilities | 1,298,642 | 911,843 | 128,186 | ||||
| Non-current liabilities | |||||||
| Consideration payable to WeBank (v) | 107,642 | 80,100 | 11,260 | ||||
| Operating lease liabilities | 10,866 | 5,646 | 794 | ||||
| Long-term debt (iii) | 817,648 | 437,348 | 61,481 | ||||
| Total non-current liabilities | 936,156 | 523,094 | 73,535 | ||||
| Total liabilities | 2,234,798 | 1,434,937 | 201,721 | ||||
| Mezzanine equity | |||||||
| Senior convertible preferred shares (US | 526,484 | 610,119 | 85,769 | ||||
| Total Mezzanine equity | 526,484 | 610,119 | 85,769 | ||||
| Shareholders’ deficit | |||||||
| Ordinary shares | 782 | 804 | 113 | ||||
| Additional paid-in capital | 14,254,109 | 14,674,443 | 2,062,901 | ||||
| Accumulated other comprehensive income | 288,461 | 198,274 | 27,873 | ||||
| Accumulated deficit | (16,053,272 | ) | (16,009,802 | ) | (2,250,622 | ) | |
| Total Uxin’s shareholders’ deficit | (1,509,920 | ) | (1,136,281 | ) | (159,735 | ) | |
| Non-controlling interests | (163 | ) | (166 | ) | (23 | ) | |
| Total shareholders’ deficit | (1,510,083 | ) | (1,136,447 | ) | (159,758 | ) | |
| Total liabilities, mezzanine equity and shareholders’ deficit | 1,251,199 | 908,609 | 127,732 | ||||
| (i) Financing proceeds in transit receivable include US (ii) In June 2021, we entered into a share subscription agreement, respectively, with NIO Capital and Joy Capital for an aggregate investment amount of up to US The second closing in the amount of US (iii) In June 2021, we entered into a supplemental agreement with affiliates of 58.com, Warburg Pincus, TPG and certain other investors who held a total of US 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 US In connection with the foregoing transaction, we and 58.com have mutually released the other party from claims arising out of certain obligations under certain historical transactions, primarily including 2B unreceived disposal consideration and accrued advertising expenses. The related impact of RMB2.8 million to our second quarter result was recognized in "losses from extinguishment of debt". (iv) Pursuant to contractual payment schedule contained in the supplemental agreements signed with one of our suppliers, in order to settle all payables due to this supplier, a total of RMB56.1 million will be waived after full payment is made by us as long as we make payments on schedule. As of September 30, 2022, a total of RMB105.6 million was recorded. Currently, we made the payments on schedule. (v) On July 23, 2020, we entered into a supplemental agreement with WeBank to settle our remaining guarantee liabilities associated with the historically-facilitated loans for WeBank. Pursuant to the supplemental agreement, we will pay an aggregate amount of RMB372 million to WeBank from 2020 to 2025 as guarantee settlement with a maximum annual settlement amount of no more than RMB84 million. Upon the signing of the supplemental agreement, we are also no longer subject to guarantee obligations in relation to our historically-facilitated loans for WeBank under the condition that we make the instalment payments based on the agreed-upon schedule set forth in the supplemental agreement. | |||||||
| * Share-based compensation charges included are as follows: | |||||||||
| For the three months ended September 30, | For the six months ended September 30, | ||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||
| Cost of revenues | - | - | - | - | - | - | |||
| Sales and marketing | - | 790 | 111 | - | 790 | 111 | |||
| General and administrative | 2,742 | 12,262 | 1,724 | 8,884 | 23,952 | 3,367 | |||
| Research and development | - | 887 | 125 | - | 887 | 125 | |||
| 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 September 30, | For the six months ended September 30, | |||||||||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
| Loss from operations | (45,913 | ) | (106,369 | ) | (14,952 | ) | (96,610 | ) | (202,986 | ) | (28,536 | ) | ||||
| Add: Share-based compensation expenses | 2,742 | 13,939 | 1,960 | 8,884 | 25,629 | 3,603 | ||||||||||
| - Cost of revenues | - | - | - | - | - | - | ||||||||||
| - Sales and marketing | - | 790 | 111 | - | 790 | 111 | ||||||||||
| - General and administrative | 2,742 | 12,262 | 1,724 | 8,884 | 23,952 | 3,367 | ||||||||||
| - Research and development | - | 887 | 125 | - | 887 | 125 | ||||||||||
| Non-GAAP adjusted loss from operations | (43,171 | ) | (92,430 | ) | (12,992 | ) | (87,726 | ) | (177,357 | ) | (24,933 | ) | ||||
| For the three months ended September 30, | For the six months ended September 30, | |||||||||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
| Net (loss)/ income from operations | (1,714,594 | ) | (116,513 | ) | (16,379 | ) | (1,783,786 | ) | 43,467 | 6,110 | ||||||
| Add: Share-based compensation expenses | 2,742 | 13,939 | 1,960 | 8,884 | 25,629 | 3,603 | ||||||||||
| - Cost of revenues | - | - | - | - | - | - | ||||||||||
| - Sales and marketing | - | 790 | 111 | - | 790 | 111 | ||||||||||
| - General and administrative | 2,742 | 12,262 | 1,724 | 8,884 | 23,952 | 3,367 | ||||||||||
| - Research and development | - | 887 | 125 | - | 887 | 125 | ||||||||||
| Fair value impact of the issuance of senior convertible preferred shares | 1,654,949 | 11,459 | 1,611 | 1,654,949 | (240,731 | ) | (33,841 | ) | ||||||||
| Non-GAAP adjusted net loss from operations | (56,903 | ) | (91,115 | ) | (12,808 | ) | (119,953 | ) | (171,635 | ) | (24,128 | ) | ||||
| Net loss from operations per share – basic | (1.45 | ) | (0.04 | ) | (0.01 | ) | (1.52 | ) | - | - | ||||||
| Net loss from operations per share – diluted | (1.63 | ) | (0.04 | ) | (0.01 | ) | (1.91 | ) | - | - | ||||||
| Non-GAAP adjusted net loss from operations per share – basic | (0.05 | ) | (0.07 | ) | (0.01 | ) | (0.10 | ) | (0.13 | ) | (0.02 | ) | ||||
| Non-GAAP adjusted net loss from operations per share – diluted | (0.05 | ) | (0.07 | ) | (0.01 | ) | (0.10 | ) | (0.13 | ) | (0.02 | ) | ||||
| Weighted average shares outstanding – basic | 1,178,559,919 | 1,354,134,791 | 1,354,134,791 | 1,177,159,051 | 1,273,082,916 | 1,273,082,916 | ||||||||||
| Weighted average shares outstanding – diluted | 1,556,289,937 | 1,354,134,791 | 1,354,134,791 | 1,367,056,109 | 1,273,082,916 | 1,273,082,916 | ||||||||||
| Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB7.1135 as of September 30, 2022 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. | ||||||||||||||||
FAQ
What were Uxin's total revenues for Q2 ended September 30, 2022?
How did Uxin's transaction volume change in Q2 of fiscal 2023?
What was Uxin's gross margin for the three months ended September 30, 2022?
What is the expected retail transaction volume for Uxin in Q3 of fiscal 2023?
