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SHANGHAI, April 30, 2024 /PRNewswire/ -- 111, Inc. (NASDAQ: YI) ("111" or the "Company"), a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2024, before the U.S. market opens on Thursday, May 23, 2024. 111's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Thursday, May 23, 2024 (7:30 PM Beijing Time on the same day). Details for the conference call are as follows: Conference Topic: 111, Inc. First Quarter 2024 Earnings Conference CallRegistration Link: https://s1.c-conf.com/diamondpass/10038645-oelc5s.html All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will then be provided with the dial in number, the Passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite. Please dial in 15 minutes before the call is scheduled to begin. To join the conference, simply dial the number in the calendar invite and enter the passcode followed by your PIN, and you will join the conference instantly. A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/83ojreww. A telephone replay of the call will be available after the conclusion of the conference call until May 30, 2024. China: 4001209216United States: +1-855-883-1031International: +61-7-3107-6325Conference ID: 10038645 About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: http://ir.111.com.cn/.
BEIJING, April 30, 2024 /PRNewswire/ -- Gaotu Techedu Inc. ("Gaotu" or the "Company") (NYSE: GOTU), a technology-driven education company and online large-class tutoring service provider in China, today announced that it will report its financial results for the first quarter ended March 31, 2024, before U.S. markets open on Tuesday, May 21, 2024. Gaotu's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, May 21, 2024 (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: International: +1-412-317-6061 United States: +1-888-317-6003 Hong Kong: 800-963-976 Mainland China: 400-120-6115 Passcode: 9140044 A telephone replay will be available two hours after the conclusion of the conference call through May 28, 2024. The dial-in details are as follows: International: +1-412-317-0088 United States: +1-877-344-7529 Passcode: 4270462 Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home. About Gaotu Techedu Inc. Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational contents & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company's business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency. For further information, please contact: Gaotu Techedu Inc.Investor RelationsE-mail: ir@gaotu.cn Christensen In ChinaMs. Vivian WangPhone: +852 2232 3978E-mail: gotu@christensencomms.com In the USMs. Linda BergkampPhone: +1-480-614-3004E-mail: linda.bergkamp@christensencomms.com
System Sales Up 6%, Diluted EPS Up 4%, or 10% Excluding F/XOperating Profit Reaches $374 million with Core Operating Profit1 Growing to $396 millionTotal Stores Have Surpassed Milestone of 15,000 with Record First Quarter Openings of 378 Net New Stores Record Quarterly Cash Return to Shareholders of $745 million SHANGHAI, April 30, 2024 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the first quarter ended March 31, 2024. First Quarter Highlights Total system sales grew 6% year over year ("YoY") excluding foreign currency translation ("F/X"), primarily attributable to 8% net new unit contribution.2 Total store count reached 15,022 as of March 31, 2024, including 10,603 KFC stores and 3,425 Pizza Hut stores. The Company opened 378 net new stores in the quarter, a record for the first quarter. Total revenues increased 1% YoY to $2.96 billion. Excluding F/X, total revenues would have been $154 million higher, or 7% increase YoY. Same-store sales reached 97% of the prior year's level, against strong performance in the same period last year. Operating profit was $374 million. Excluding F/X, operating profit would have been $22 million higher. Core operating profit grew 1% YoY to $396 million. Operating profit as a percentage of total revenues ("OP Margin") was 12.6%. Savings in G&A partially offset the lower Restaurant margin, which was 17.6% in the quarter. Diluted EPS increased 4% YoY to $0.71, up 10% YoY excluding F/X. Delivery sales grew 12% YoY and contributed approximately 38% of KFC and Pizza Hut's Company sales. Digital sales3 reached $2.5 billion, with digital ordering accounted for approximately 89% of total Company sales. Total membership of KFC and Pizza Hut reached 485 million. Member sales accounted for approximately 65% of KFC and Pizza Hut's system sales in aggregate. Yum China returned approximately $745 million to shareholders in the first quarter through share repurchases and cash dividends, the highest quarterly return in the Company's history. CEO Comments Joey Wat, CEO of Yum China, commented, "We achieved solid sales growth in the first quarter with total revenues hitting an all-time high. Our core operating profit grew modestly from last year's high base and EPS was up double digits excluding foreign currency. Meanwhile, we are marching forward with our expansion initiatives in a disciplined manner, bringing our total store count to a milestone of 15,000 stores. Besides investing in our organic growth, we boosted capital returns to shareholders to a new record level. Remaining agile, we are continuously learning and innovating to embrace new consumer trends in changing market conditions. Our amazing high-ticket products, such as our KFC beef burger and whole chicken, grew by double digits in the quarter. Our six-year old iconic Crazy Thursday campaign and limited-time-offer of all-you-can-eat at Pizza Hut continue to excite customers and drive incremental traffic. By optimizing delivery strategies, KFC expanded its market share on the aggregator platforms and drove double-digit growth in delivery sales. At the same time, our relentless pursuit of greater operational efficiency from store to supply chain further fortifies our resilience. This has empowered us to pass on savings to our customers and other stakeholders." Wat continued, "Operating under a near-term challenging environment, we will remain laser-focused on understanding and capturing the evolving needs of consumers to continually connect with them. Looking toward the future, we are absolutely confident in seizing China's vast opportunities. We are expanding addressable market through a multifaceted approach with flexible store formats, strategic franchising and a range of exciting products across price points. With these actions underway, we believe we are well-poised to sustain strong growth and create long-term value for our shareholders." 1Core operating profit is defined as Operating profit adjusted for Special Items, further excluding Items Affecting Comparability and the impact of F/X. The Company uses Core operating profit for the purposes of evaluating the performance of its core operations. Please refer to "Reconciliation of Reported GAAP Results to Non-GAAP Measures" included in the accompanying tables of this release for further details. 2 Net new unit contribution refers to sales contribution from net new stores. 3 Digital sales refer to sales at Company-owned stores where orderings were placed digitally. Key Financial Results First Quarter % Change 2024 2023 Reported Ex F/X System Sales Growth (4) (%) 6 17 NM NM Same-Store Sales Growth (4) (%) (3) 8 NM NM Operating Profit ($mn) 374 416 (10) (5) Adjusted Operating Profit (5) ($mn) 374 419 (11) (6) Core Operating Profit (5) (6) ($mn) 396 392 NM +1 OP Margin (%) 12.6 14.3 (1.7) (1.7) Core OP Margin (5) (7) (%) 12.7 13.5 NM (0.8) Net Income ($mn) 287 289 (1) +5 Adjusted Net Income (5) ($mn) 287 292 (2) +4 Diluted Earnings Per Common Share ($) 0.71 0.68 +4 +10 Adjusted Diluted Earnings Per Common Share (5) ($) 0.71 0.69 +3 +9 4 System sales and same-store sales percentages exclude the impact of F/X. Effective January 1, 2018, temporary store closuresare normalized in the same-store sales calculation by excluding the period during which stores are temporarily closed. 5 See "Reconciliation of Reported GAAP Results to non-GAAP Measures" included in the accompanying tables of this release for further details. 6 Current period amounts are derived by translating results at average exchange rates of the prior year period. 7 Core OP margin refers to core operating profit as a percentage of total revenues excluding F/X. Note: All comparisons are versus the same period a year ago. Percentages may not recompute due to rounding. NM refers to not meaningful. KFC First Quarter %/ppts Change 2024 2023 Reported Ex F/X Restaurants 10,603 9,239 +15 NM System Sales Growth (%) 7 17 NM NM Same-Store Sales Growth (%) (2) 8 NM NM Total Revenues ($mn) 2,230 2,198 +1 +7 Operating Profit ($mn) 372 420 (11) (7) Core Operating Profit ($mn) 392 396 NM (1) Restaurant Margin (%) 19.3 22.2 (2.9) (2.9) System sales for KFC grew 7% YoY for the quarter, primarily driven by net new unit contribution of 8%. KFC opened 307 net new stores during the quarter, more than double the net new stores opened in the prior year period. This includes 58 net new stores opened by franchisees. Operating profit was $372 million and Core operating profit was $392 million for the quarter. Restaurant margin was 19.3% for the quarter. Excluding Items Affecting Comparability at the restaurant level, restaurant margin decreased 190 basis points versus strong comparison a year ago, primarily due to increased value-for-money offerings to drive traffic and wage inflation, partially offset by favorable commodity prices. Delivery sales grew 14% and contributed approximately 39% of KFC's Company sales for the quarter. Off-premise dining accounted for approximately 68% of KFC's Company sales. Pizza Hut First Quarter %/ppts Change 2024 2023 Reported Ex F/X Restaurants 3,425 2,983 +15 NM System Sales Growth (%) 4 17 NM NM Same-Store Sales Growth (%) (5) 7 NM NM Total Revenues ($mn) 595 597 - +5 Operating Profit ($mn) 47 55 (15) (10) Core Operating Profit ($mn) 50 52 NM (4) Restaurant Margin (%) 12.5 14.2 (1.7) (1.7) System sales for Pizza Hut grew 4% YoY for the quarter, primarily driven by net new unit contribution of 8%. Pizza Hut opened 113 net new stores during the quarter, a 40% increase from the 80 net new stores opened in the first quarter of the prior year. Operating profit was $47 million and Core operating profit was $50 million for the quarter. Restaurant margin for the quarter was 12.5%. Excluding Items Affecting Comparability at the restaurant level, restaurant margin decreased 100 basis points versus strong comparison a year ago, primarily due to increased value-for-money offerings to drive traffic and wage inflation, partially offset by operational efficiency improvement and savings in advertising expenses. Delivery sales grew 5% and contributed approximately 37% of Pizza Hut's Company sales for the quarter. Off-premise dining accounted for approximately 47% of Pizza Hut's Company sales. Accelerated Shareholder Returns Yum China stepped up share repurchases in the quarter totaling 16.6 million shares of common stock for approximately $681 million. As of March 31, 2024, approximately $853 million remained available for future share repurchases under the current authorization program. Yum China's board of directors declared a cash dividend of $0.16 per share on Yum China's common stock, payable on June 18, 2024 to shareholders of record as of the close of business on May 28, 2024. Outlook The Company's targets for 2024 fiscal year remain unchanged from the prior period's disclosures. Open approximately 1,500 to 1,700 net new stores. Make capital expenditures in the range of approximately $700 million to $850 million. Return a Company record-setting $1.5 billion to shareholders through quarterly cash dividends and share repurchases. Note on Non-GAAP Measures Reported GAAP results include items that are excluded from non-GAAP measures. See "Reconciliation of Reported GAAP Results to Non-GAAP Measures" and "Segment Results" within this release for non-GAAP reconciliation details. Conference Call Yum China's management will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Monday, April 29, 2024 (8:00 a.m. Beijing/Hong Kong Time on Tuesday, April 30, 2024). A live webcast of the call may be accessed https://edge.media-server.com/mmc/p/29a7ndj. To join by phone, please register in advance of the conference through the link provided below. Upon registering, you will be provided with participant dial-in numbers, a passcode and a unique access PIN. Pre-registration link: https://s1.c-conf.com/diamondpass/10037794-hf876t.html A replay of the conference call will be available one hour after the call ends until Tuesday, May 7, 2024 and may be accessed by phone using the following numbers: U.S.: 1 855 883 1031 Mainland China: 400 1209 216 Hong Kong: 800 930 639 U.K.: 0800 031 4295 Replay PIN: 10037794 Additionally, this earnings release, the accompanying slides, as well as the live and archived webcast of this conference call will be available at Yum China's Investor Relations website at http://ir.yumchina.com. For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China's Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including under "2024 Outlook." We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook," "commit" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investments, store openings, capital expenditures, dividend and share repurchase plans, CAGR for system sales, operating profit and EPS, earnings, performance and returns of Yum China, anticipated effects of population and macroeconomic trends, pace of recovery of Yum China's business, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China, and those set forth under the caption "Risk Factors" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q). In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results. About Yum China Holdings, Inc. Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has over 400,000 employees and operates over 15,000 restaurants under six brands across more than 2,000 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. In addition, Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com. Contacts Investor Relations Contact: Tel: +86 21 2407 7556 IR@YumChina.com Media Contact: Tel: +86 21 2407 7875 Media@YumChina.com Yum China Holdings, Inc. Condensed Consolidated Statements of Income (in US$ million, except per share data) (unaudited) Quarter Ended % Change 3/31/2024 3/31/2023 B/(W) Revenues Company sales $ 2,794 $ 2,772 1 Franchise fees and income 25 25 2 Revenues from transactions with franchisees 107 93 15 Other revenues 32 27 18 Total revenues 2,958 2,917 1 Costs and Expenses, Net Company restaurants Food and paper 896 835 (7) Payroll and employee benefits 708 683 (4) Occupancy and other operating expenses 697 691 (1) Company restaurant expenses 2,301 2,209 (4) General and administrative expenses 140 163 14 Franchise expenses 10 10 — Expenses for transactions with franchisees 104 91 (14) Other operating costs and expenses 29 24 (21) Closures and impairment expenses, net 1 3 42 Other (income) expenses, net (1) 1 NM Total costs and expenses, net 2,584 2,501 (3) Operating Profit 374 416 (10) Interest income, net 38 38 (1) Investment gain (loss) 8 (17) NM Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments 420 437 (4) Income tax provision (113) (125) 10 Equity in net earnings (losses) from equity method investments — 1 60 Net income – including noncontrolling interests 307 313 (2) Net income – noncontrolling interests 20 24 17 Net Income – Yum China Holdings, Inc. $ 287 $ 289 (1) Effective tax rate 26.9 % 28.5 % 1.6 ppts. Basic Earnings Per Common Share $ 0.72 $ 0.69 Weighted-average shares outstanding (in millions) 401 418 Diluted Earnings Per Common Share $ 0.71 $ 0.68 Weighted-average shares outstanding (in millions) 403 423 Company sales 100.0 % 100.0 % Food and paper 32.1 30.1 (2.0) ppts. Payroll and employee benefits 25.4 24.6 (0.8) ppts. Occupancy and other operating expenses 24.9 25.0 0.1 ppts. Restaurant margin 17.6 % 20.3 % (2.7) ppts. Percentages may not recompute due to rounding. NM refers to not meaningful. Yum China Holdings, Inc. KFC Operating Results (in US$ million) (unaudited) Quarter Ended % Change 3/31/2024 3/31/2023 B/(W) Revenues Company sales $ 2,193 $ 2,166 1 Franchise fees and income 18 17 6 Revenues from transactions with franchisees 14 10 30 Other revenues 5 5 (8) Total revenues 2,230 2,198 1 Costs and Expenses, Net Company restaurants Food and paper 694 646 (8) Payroll and employee benefits 542 512 (6) Occupancy and other operating expenses 535 527 (2) Company restaurant expenses 1,771 1,685 (5) General and administrative expenses 61 68 11 Franchise expenses 9 9 (2) Expenses for transactions with franchisees 12 9 (26) Other operating costs and expenses 4 4 7 Closures and impairment expenses, net 1 1 17 Other expenses, net — 2 94 Total costs and expenses, net 1,858 1,778 (5) Operating Profit $ 372 $ 420 (11) Company sales 100.0 % 100.0 % Food and paper 31.7 29.8 (1.9) ppts. Payroll and employee benefits 24.7 23.6 (1.1) ppts. Occupancy and other operating expenses 24.3 24.4 0.1 ppts. Restaurant margin 19.3 % 22.2 % (2.9) ppts. Percentages may not recompute due to rounding. Yum China Holdings, Inc. Pizza Hut Operating Results (in US$ million) (unaudited) Quarter Ended % Change 3/31/2024 3/31/2023 B/(W) Revenues Company sales $ 587 $ 591 (1) Franchise fees and income 2 2 (1) Revenues from transactions with franchisees 1 1 (7) Other revenues 5 3 82 Total revenues 595 597 — Costs and Expenses, Net Company restaurants Food and paper 198 184 (7) Payroll and employee benefits 162 167 3 Occupancy and other operating expenses 154 156 1 Company restaurant expenses 514 507 (1) General and administrative expenses 27 29 7 Franchise expenses 1 1 2 Expenses for transactions with franchisees 1 1 10 Other operating costs and expenses 5 3 (103) Closures and impairment expenses, net — 1 39 Total costs and expenses, net 548 542 (1) Operating Profit $ 47 $ 55 (15) Company sales 100.0 % 100.0 % Food and paper 33.7 31.2 (2.5) ppts. Payroll and employee benefits 27.6 28.2 0.6 ppts. Occupancy and other operating expenses 26.2 26.4 0.2 ppts. Restaurant margin 12.5 % 14.2 % (1.7) ppts. Percentages may not recompute due to rounding. Yum China Holdings, Inc. Condensed Consolidated Balance Sheets (in US$ million) 3/31/2024 12/31/2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 883 $ 1,128 Short-term investments 1,512 1,472 Accounts receivable, net 74 68 Inventories, net 345 424 Prepaid expenses and other current assets 341 339 Total Current Assets 3,155 3,431 Property, plant and equipment, net 2,292 2,310 Operating lease right-of-use assets 2,167 2,217 Goodwill 1,900 1,932 Intangible assets, net 147 150 Long-term bank deposits and notes 907 1,265 Equity investments 335 332 Deferred income tax assets 129 129 Other assets 263 265 Total Assets 11,295 12,031 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY Current Liabilities Accounts payable and other current liabilities 1,936 2,164 Short-term borrowings 165 168 Income taxes payable 162 90 Total Current Liabilities 2,263 2,422 Non-current operating lease liabilities 1,847 1,899 Non-current finance lease liabilities 44 44 Deferred income tax liabilities 387 390 Other liabilities 166 157 Total Liabilities 4,707 4,912 Redeemable Noncontrolling Interest 13 13 Equity Common stock, $0.01 par value; 1,000 million shares authorized; 394 million shares and 407 million shares issued at March 31, 2024 and December 31, 2023, respectively; 392 million shares and 407 million shares outstanding at March 31, 2024 and December 31, 2023, respectively. 4 4 Treasury stock (76) — Additional paid-in capital 4,159 4,320 Retained earnings 2,078 2,310 Accumulated other comprehensive loss (300) (229) Total Yum China Holdings, Inc. Stockholders' Equity 5,865 6,405 Noncontrolling interests 710 701 Total Equity 6,575 7,106 Total Liabilities, Redeemable Noncontrolling Interest and Equity $ 11,295 $ 12,031 Yum China Holdings, Inc. Condensed Consolidated Statements of Cash Flows (in US$ million) (unaudited) Quarter Ended 3/31/2024 3/31/2023 Cash Flows – Operating Activities Net income – including noncontrolling interests $ 307 $ 313 Depreciation and amortization 117 116 Non-cash operating lease cost 101 102 Closures and impairment expenses 1 3 Investment (gain) loss (8) 17 Equity in net (earnings) losses from equity method investments — (1) Distributions of income received from equity method investments 2 4 Deferred income taxes — 7 Share-based compensation expense 10 13 Changes in accounts receivable (3) 5 Changes in inventories 74 40 Changes in prepaid expenses, other current assets and value-added tax assets (8) 12 Changes in accounts payable and other current liabilities (136) (93) Changes in income taxes payable 73 75 Changes in non-current operating lease liabilities (100) (94) Other, net 12 (12) Net Cash Provided by Operating Activities 442 507 Cash Flows – Investing Activities Capital spending (189) (179) Purchases of short-term investments, long-term bank deposits and notes (268) (1,378) Maturities of short-term investments, long-term bank deposits and notes 555 1,126 Other, net 1 2 Net Cash Provided by (Used in) Investing Activities 99 (429) Cash Flows – Financing Activities Repurchase of shares of common stock (679) (60) Cash dividends paid on common stock (64) (54) Dividends paid to noncontrolling interests (16) (15) Contributions from noncontrolling interests — 35 Other, net (17) (5) Net Cash Used in Financing Activities (776) (99) Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash (10) 2 Net Decrease in Cash, Cash Equivalents and Restricted Cash (245) (19) Cash, Cash Equivalents, and Restricted Cash - Beginning of Period 1,128 1,130 Cash, Cash Equivalents, and Restricted Cash - End of Period $ 883 $ 1,111 In this press release: Certain performance metrics and non-GAAP measures are presented excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations. System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned and franchise restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth. Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores. Unit Count by Brand KFC 12/31/2023 New Builds Closures Acquired 3/31/2024 Company-owned 9,237 303 (55) 1 9,486 Franchisees 1,059 63 (4) (1) 1,117 Total 10,296 366 (59) — 10,603 Pizza Hut 12/31/2023 New Builds Closures 3/31/2024 Company-owned 3,155 138 (25) 3,268 Franchisees 157 2 (2) 157 Total 3,312 140 (27) 3,425 Others 12/31/2023 New Builds Closures 3/31/2024 Company-owned 256 5 (39) 222 Franchisees 780 10 (18) 772 Total 1,036 15 (57) 994 Reconciliation of Reported GAAP Results to Non-GAAP Measures(in millions, except per share data)(unaudited) In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in this press release, the Company provides the following non-GAAP measures: Measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share ("EPS"), Adjusted Effective Tax Rate and Adjusted EBITDA; Company Restaurant Profit ("Restaurant profit") and Restaurant margin; Core Operating Profit and Core OP margin, which exclude Special Items, and further adjusted for Items Affecting Comparability and the impact of F/X; These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these non-GAAP measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our core operations. With respect to non-GAAP measures adjusted for Special Items, the Company excludes impact from Special Items for the purpose of evaluating performance internally and uses them as factors in determining compensation for certain employees. Special Items are not included in any of our segment results. Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analysts may find it useful in measuring operating performance without regard to such non-cash items. Restaurant Profit is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, restaurant-level payroll and employee benefits, rent, depreciation and amortization of restaurant-level assets, advertising expenses, and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales. We also use Restaurant profit and Restaurant margin for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe they provide useful information to investors as to the profitability of our Company-owned restaurants. Core Operating Profit is defined as Operating Profit adjusted for Special Items, and further excluding Items Affecting Comparability and the impact of F/X. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Items such as charges, gains and accounting changes which are viewed by management as significantly impacting the current period or the comparable period, due to changes in policy or other external factors, or non-cash items pertaining to underlying activities that are different from or unrelated to our core operations, are generally considered "Items Affecting Comparability." Examples of Items Affecting Comparability include, but are not limited to: temporary relief from landlords and government agencies; VAT deductions due to tax policy changes; and amortization of reacquired franchise rights recognized upon acquisitions. We believe presenting Core Operating Profit provides additional information to further enhance comparability of our operating results and we use this measure for purposes of evaluating the performance of our core operations. Core OP margin is defined as Core Operating Profit divided by Total revenues, excluding the impact of F/X. The following tables set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit and Core Operating Profit by segment is presented in Segment Results within this release. Quarter Ended 3/31/2024 3/31/2023 Non-GAAP Reconciliations Reconciliation of Operating Profit to Adjusted Operating Profit Operating Profit $ 374 $ 416 Special Items, Operating Profit — (3) Adjusted Operating Profit $ 374 $ 419 Reconciliation of Net Income to Adjusted Net Income Net Income – Yum China Holdings, Inc. $ 287 $ 289 Special Items, Net Income –Yum China Holdings, Inc. — (3) Adjusted Net Income – Yum China Holdings, Inc. $ 287 $ 292 Reconciliation of EPS to Adjusted EPS Basic Earnings Per Common Share $ 0.72 $ 0.69 Special Items, Basic Earnings Per Common Share — (0.01) Adjusted Basic Earnings Per Common Share $ 0.72 $ 0.70 Diluted Earnings Per Common Share $ 0.71 $ 0.68 Special Items, Diluted Earnings Per Common Share — (0.01) Adjusted Diluted Earnings Per Common Share $ 0.71 $ 0.69 Reconciliation of Effective Tax Rate to Adjusted Effective Tax Rate Effective tax rate 26.9 % 28.5 % Impact on effective tax rate as a result of Special Items — % 0.1 % Adjusted effective tax rate 26.9 % 28.4 % Net income, along with the reconciliation to Adjusted EBITDA, is presented below. Quarter Ended 3/31/2024 3/31/2023 Reconciliation of Net Income to Adjusted EBITDA Net Income – Yum China Holdings, Inc. $ 287 $ 289 Net income – noncontrolling interests 20 24 Equity in net (earnings) losses from equity method investments — (1) Income tax provision 113 125 Interest income, net (38) (38) Investment (gain) loss (8) 17 Operating Profit 374 416 Special Items, Operating Profit — 3 Adjusted Operating Profit 374 419 Depreciation and amortization 117 116 Store impairment charges 4 4 Adjusted EBITDA $ 495 $ 539 Details of Special Items are presented below: Quarter Ended 3/31/2024 3/31/2023 Share-based compensation expense for Partner PSU Awards(1) $ — $ (3) Special Items, Operating Profit — (3) Tax effect on Special Items(2) — — Special Items, net income – including noncontrolling interests — (3) Special Items, net income – noncontrolling interests — — Special Items, Net Income –Yum China Holdings, Inc. $ — $ (3) Weighted-average Diluted Shares Outstanding (in millions) 403 423 Special Items, Diluted Earnings Per Common Share $ — $ (0.01) (1) In February 2020, the Company granted Partner PSU Awards to select employees who were deemed critical to the Company'sexecution of its strategic operating plan. These PSU awards will only vest if threshold performance goals are achieved over a four-year performance period, with the payout ranging from 0% to 200% of the target number of shares subject to the PSU awards. Theseawards vested as of December 31, 2023 with a payout in the first quarter of 2024. Partner PSU Awards were granted to addressincreased competition for executive talent, motivate transformational performance and encourage management retention. Given theunique nature of these grants, the Compensation Committee does not intend to grant similar, special grants to the same employeesduring the performance period. The impact from these special awards is excluded from metrics that management uses to assess theCompany's performance. (2) The tax expense was determined based upon the nature, as well as the jurisdiction, of each Special Item at the applicable tax rate. Operating Profit, along with the reconciliation to Core Operating Profit, is presented below: Quarter ended % Change 3/31/2024 3/31/2023 B/(W) Reconciliation of Operating Profit to Core Operating Profit Operating profit $ 374 $ 416 (10) Special Items, Operating Profit — 3 Adjusted Operating Profit $ 374 $ 419 (11) Items Affecting Comparability Temporary relief from landlords(1) — (8) Temporary relief from government agencies(2) — (2) VAT deductions(3) — (19) Amortization of reacquired franchise rights(4) — 2 F/X impact 22 — Core Operating Profit $ 396 $ 392 1 Total revenues 2,958 2,917 1 F/X impact 154 — Total revenues, excluding the impact of F/X $ 3,112 $ 2,917 7 Core OP margin 12.7 % 13.5 % (0.8) ppts (1) In relation to the effects of the COVID-19 pandemic, the Company was granted lease concessions from landlords. The leaseconcessions were primarily in the form of rent reduction over the period of time when the Company's restaurant business wasadversely impacted. Such concessions were primarily recognized as a reduction of Occupancy and other operating expenses withinCompany restaurant expenses included in the Condensed Consolidated Statement of Income in the period the concession wasgranted. (2) In relation to the effects of the COVID-19 pandemic, the Company received government subsidies for employee benefits andproviding training to employees. The temporary relief was primarily recognized as a reduction to Payroll and employee benefitswithin Company restaurant expenses included in the Condensed Consolidated Statement of Income. (3) Pursuant to policy issued by relevant government authorities, general VAT taxpayers in certain industries that meet certaincriteria are allowed to claim an additional 10% or 15% input VAT, which will be used to offset their VAT payables. This VAT policywas further extended to December 31, 2023 but the additional deduction was reduced to 5% or 10% respectively. VAT deductionswere primarily recorded as a reduction to Food and paper and Occupancy and other operating expenses within Company restaurantexpenses included in the Condensed Consolidated Statements of Income. Based on the information currently available to theCompany, such preferential policy is not expected to be extended. (4) As a result of the acquisition of our previously unconsolidated joint ventures of Hangzhou KFC, Suzhou KFC and Wuxi KFC, $66million, $61 million and $61 million of the purchase price were allocated to intangible assets related to reacquired franchise rights,respectively, which were amortized over the remaining franchise contract period of 1 year, 2.4 years and 5 years, respectively. Thereacquired franchise rights were fully amortized as of the first quarter of 2023. The amortization was recorded in Other (Income) Expenses,net included in the Condensed Consolidated Statements of Income. Yum China Holdings, Inc. Segment Results (in US$ million) (unaudited) Quarter Ended 3/31/2024 KFC Pizza Hut All Other Segments CorporateandUnallocated(1) Elimination Total Company sales $ 2,193 $ 587 $ 14 $ — $ — $ 2,794 Franchise fees and income 18 2 5 — — 25 Revenues from transactions with franchisees(2) 14 1 20 72 — 107 Other revenues 5 5 164 15 (157) 32 Total revenues $ 2,230 $ 595 $ 203 $ 87 $ (157) $ 2,958 Company restaurant expenses 1,771 514 17 — (1) 2,301 General and administrative expenses 61 27 10 42 — 140 Franchise expenses 9 1 — — — 10 Expenses for transactions with franchisees(2) 12 1 19 72 — 104 Other operating costs and expenses 4 5 162 14 (156) 29 Closures and impairment expenses, net 1 — — — — 1 Other expenses (income), net — — — (1) — (1) Total costs and expenses, net 1,858 548 208 127 (157) 2,584 Operating Profit (Loss) $ 372 $ 47 $ (5) $ (40) $ — $ 374 Reconciliation of GAAP Operating Profit to Restaurant Profit Quarter Ended 3/31/2024 KFC Pizza Hut All Other Segments CorporateandUnallocated(1) Elimination Total GAAP Operating Profit (Loss) $ 372 $ 47 $ (5) $ (40) $ — $ 374 Less: Franchise fees and income 18 2 5 — — 25 Revenues from transactions with franchisees(2) 14 1 20 72 — 107 Other revenues 5 5 164 15 (157) 32 Add: General and administrative expenses 61 27 10 42 — 140 Franchise expenses 9 1 — — — 10 Expenses for transactions with franchisees(2) 12 1 19 72 — 104 Other operating costs and expenses 4 5 162 14 (156) 29 Closures and impairment expenses, net 1 — — — — 1 Other expenses (income), net — — — (1) — (1) Restaurant profit (loss) $ 422 $ 73 $ (3) $ — $ 1 $ 493 Company sales 2,193 587 14 — — 2,794 Restaurant margin % 19.3 % 12.5 % (31.4) % N/A N/A 17.6 % Reconciliation of GAAP Operating Profit to Core Operating Profit Quarter Ended 3/31/2024 KFC Pizza Hut All Other Segments CorporateandUnallocated(1) Elimination Total GAAP Operating Profit (Loss) $ 372 $ 47 $ (5) $ (40) $ — $ 374 Special Items, Operating Profit — — — — — — Adjusted Operating Profit $ 372 $ 47 $ (5) $ (40) $ — $ 374 F/X impact 20 3 — (1) — 22 Core Operating Profit (Loss) $ 392 $ 50 $ (5) $ (41) $ — $ 396 Quarter Ended 3/31/2023 KFC Pizza Hut All Other Segments CorporateandUnallocated(1) Elimination Total Company sales $ 2,166 $ 591 $ 15 $ — $ — $ 2,772 Franchise fees and income 17 2 6 — — 25 Revenues from transactions with franchisees(2) 10 1 19 63 — 93 Other revenues 5 3 162 10 (153) 27 Total revenues $ 2,198 $ 597 $ 202 $ 73 $ (153) $ 2,917 Company restaurant expenses 1,685 507 18 — (1) 2,209 General and administrative expenses 68 29 10 56 — 163 Franchise expenses 9 1 — — — 10 Expenses for transactions with franchisees(2) 9 1 18 63 — 91 Other operating costs and expenses 4 3 161 8 (152) 24 Closures and impairment expenses, net 1 1 1 — — 3 Other expenses (income), net 2 — — (1) — 1 Total costs and expenses, net 1,778 542 208 126 (153) 2,501 Operating Profit (Loss) $ 420 $ 55 $ (6) $ (53) $ — $ 416 Reconciliation of GAAP Operating Profit to Restaurant Profit Quarter Ended 3/31/2023 KFC Pizza Hut All Other Segments CorporateandUnallocated(1) Elimination Total GAAP Operating Profit (Loss) $ 420 $ 55 $ (6) $ (53) $ — $ 416 Less: Franchise fees and income 17 2 6 — — 25 Revenues from transactions with franchisees(2) 10 1 19 63 — 93 Other revenues 5 3 162 10 (153) 27 Add: General and administrative expenses 68 29 10 56 — 163 Franchise expenses 9 1 — — — 10 Expenses for transactions with franchisees(2) 9 1 18 63 — 91 Other operating costs and expenses 4 3 161 8 (152) 24 Closures and impairment expenses, net 1 1 1 — — 3 Other expenses (income), net 2 — — (1) — 1 Restaurant profit (loss) $ 481 $ 84 $ (3) $ — $ 1 $ 563 Company sales 2,166 591 15 — — 2,772 Restaurant margin % 22.2 % 14.2 % (21.2) % N/A N/A 20.3 % Reconciliation of GAAP Operating Profit to Core Operating Profit Quarter Ended 3/31/2023 KFC Pizza Hut All Other Segments CorporateandUnallocated(1) Elimination Total GAAP Operating Profit (Loss) $ 420 $ 55 $ (6) $ (53) $ — $ 416 Special Items, Operating Profit — — — 3 — 3 Adjusted Operating Profit $ 420 $ 55 $ (6) $ (50) $ — $ 419 Items Affecting Comparability Temporary relief from landlords (7) (1) — — — (8) Temporary relief from government agencies (2) — — — — (2) VAT deductions (17) (2) — — — (19) Amortization of reacquired franchise rights 2 — — — — 2 F/X impact — — — — — — Core Operating Profit (Loss) $ 396 $ 52 $ (6) $ (50) $ — $ 392 The above tables reconcile segment information, which is based on management responsibility, with our Condensed ConsolidatedStatements of Income. (1) Amounts have not been allocated to any segment for purpose of making operating decision or assessing financial performance as thetransactions are deemed corporate revenues and expenses in nature. (2) Primarily includes revenues and associated expenses of transactions with franchisees derived from the Company's centralprocurement model whereby the Company centrally purchases substantially all food and paper products from suppliers and then sellsand delivers to KFC and Pizza Hut restaurants, including franchisees.
SHANGHAI, April 29, 2024 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057) ("ZTO" or the "Company"), a leading and fast-growing express delivery company in China, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2024, after the U.S. market closes on May 15, 2024. ZTO's management team will host an earnings conference call at 8:30 P.M. U.S. Eastern Time on Wednesday, May 15, 2024, which is 8:30 A.M. Beijing Time on Thursday, May 16, 2024. Dial-in details for the earnings conference call are as follows: United States: 1-888-317-6003 Hong Kong: 800-963-976 Singapore: 800-120-5863 Mainland China: 4001-206-115 International: 1-412-317-6061 Passcode: 1526153 A replay of the conference call may be accessible through May 22, 2024 by dialing the following numbers: United States: 1-877-344-7529 International: 1-412-317-0088 Canada: 855-669-9658 Passcode: 5307524 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://zto.investorroom.com. About ZTO Express (Cayman) Inc. ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057) ("ZTO" or the "Company") is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China. ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain. For more information, please visit http://zto.investorroom.com. For investor inquiries, please contact: Investor RelationsTel: (86) 21 5980 4508Email: ir@zto.com
Earnings Call Scheduled for 8:00 A.M. U.S. ET on May 21, 2024 GUIYANG, China, April 26, 2024 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced that it will release its first quarter 2024 unaudited financial results on Tuesday, May 21, 2024, before the open of the U.S. markets. The Company's management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on May 21, 2024 or 8:00 P.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: United States (toll free): +1-888-317-6003 International: +1-412-317-6061 Mainland China (toll free): 400-120-6115 Hong Kong, SAR (toll free): 800-963-976 Hong Kong, SAR: +852-5808-1995 United Kingdom (toll free): 08082389063 Singapore (toll free): 800-120-5863 Access Code: 3188524 A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until May 28, 2024: United States: +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 6908591 A live and archived webcast of the conference call will also be available on the Company's investor relations website at ir.fulltruckalliance.com. About Full Truck Alliance Co. Ltd. Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com. For investor and media inquiries, please contact: In China: Full Truck Alliance Co. Ltd.Mao MaoE-mail: IR@amh-group.com Piacente Financial CommunicationsHui FanTel: +86-10-6508-0677E-mail: FTA@thepiacentegroup.com In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: FTA@thepiacentegroup.com
BEIJING, April 25, 2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the third quarter ended December 31, 2023. Highlights for the Quarter Ended December 31, 2023 Transaction volume was 4,354 units for the three months ended December 31, 2023, an increase of 12.1% from 3,884 units in the last quarter and a decrease of 11.1% from 4,897 units in the same period last year. Retail transaction volume was 3,081 units, an increase of 34.7% from 2,287 units in the last quarter and an increase of 5.2% from 2,928 units in the same period last year. Total revenues were RMB410.5 million (US$57.8 million) for the three months ended December 31, 2023, an increase of 15.3% from RMB356.1 million in the last quarter and a decrease of 12.8% from RMB470.5 million in the same period last year. Gross margin was 4.8% for the three months ended December 31, 2023, compared with 6.2% in the last quarter and 0.6% in the same period last year. Loss from operations was RMB73.1 million (US$10.3 million) for the three months ended December 31, 2023, compared with RMB66.4 million in the last quarter and RMB96.5 million in the same period last year. Non-GAAP adjusted EBITDA was a loss of RMB43.8 million (US$6.2 million), a decrease of 4.6% from a loss of RMB45.9 million in the last quarter and a decrease of 42.7% from a loss of RMB76.4 million in the same period last year. Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "In the third quarter of fiscal year 2024, our retail business continued to grow with retail sales reaching 3,081 units representing a 34.7% increase from the previous quarter against impact from a new round of price reductions in China's new car market. Our ability to price effectively against market fluctuations and our operational strategies is increasing in sophistication with vehicle turnover days in the third quarter remaining around 30 days. Notably, the penetration rates of our value-added products such as financing, insurance, extended warranties, and accessories services continued growing, mitigating the impact of new car price reductions on our vehicle margins. Meanwhile, strong consumer recognition of our brand and services is reflected with our Net Promoter Score, which remained above 60 for eight consecutive quarters, the highest level in the industry." Mr. Dai continued, "Earlier in March, the Company launched a new round of financing, in which I personally participated as an investor. My personal commitments reflect my confidence in the substantial opportunities for growth in China's used car market, the competitive strengths of Uxin's superstore model, as well as our robust growth trajectory. We have already begun to steadily increase our inventory, expecting to reach three to four times our current levels by the end of 2024, which will significantly drive sales growth. We are confident in achieving monthly EBITDA breakeven by September 2024 and attain company-wide EBITDA profitability in the December quarter of 2024." Mr. Feng Lin, Chief Financial Officer of Uxin, said, "Our total retail revenue for the third quarter of fiscal year 2024 reached RMB319.2 million, marking a 28% increase from the previous quarter. We also reduced our adjusted EBITDA loss by 43% to RMB43.8 million compared to the same period last year. As a result of the increasingly competitive pricing of new cars, our gross profit margin declined to 4.8% in the third quarter, but we anticipate a rapid recovery in our gross profit margin to above 6.5% in the fourth quarter. The substantial potential for increased sales and profitability at our existing superstores, coupled with the steady progress of site selection and operational preparations for new locations, will continue to drive Uxin's high-quality growth in the years ahead." Financial Results for the Quarter Ended December 31, 2023 Total revenues were RMB410.5 million (US$57.8 million) for the three months ended December 31, 2023, an increase of 15.3% from RMB356.1 million in the last quarter and a decrease of 12.8% from RMB470.5 million in the same period last year. The quarter-over-quarter increases were mainly driven by increased retail vehicle sales revenue. The year-over-year decreases were mainly due to the decline of wholesale vehicle sales revenue. Retail vehicle sales revenue was RMB319.2 million (US$45.0 million) for the three months ended December 31, 2023, representing an increase of 28.2% from RMB248.9 million in the last quarter and a decrease of 2.9% from RMB328.9 million in the same period last year. For the three months ended December 31, 2023, retail transaction volume was 3,081 units, an increase of 34.7% from 2,287 units last quarter and an increase of 5.2% from 2,928 units in the same period last year. The quarter-over-quarter increases in retail vehicle sales revenue were mainly driven by the increase of retail transaction volume by enhancing inventory turnover rate, while partially offset by the decrease of retail average selling price. Despite a year-over-year increase in retail transaction volume, retail vehicle sales revenue declined owing to a decline in retail average selling price. Wholesale vehicle sales revenue was RMB82.2 million (US$11.6 million) for the three months ended December 31, 2023, a decrease of 17.2% from RMB99.3 million in the last quarter and a decrease of 37.7% from RMB132.1 million in the same period last year. For the three months ended December 31, 2023, wholesale transaction volume was 1,273 units, representing a decrease of 20.3% from 1,597 units last quarter and a decrease of 35.3% from 1,969 units in the same period last year. Wholesale vehicle sales refer to vehicles purchased by the Company from individuals that do not meet the Company's retail standards and are subsequently sold through online and offline channels. As the Company continued to improve its inventory capacity and reconditioning capabilities, an increased number of acquired vehicles were reconditioned to meet the Company's retail standards, rather than being sold through wholesale channels. Other revenue was RMB9.1 million (US$1.2 million) for the three months ended December 31, 2023, compared with RMB7.9 million in the last quarter and RMB9.5 million in the same period last year. Cost of revenues was RMB390.6 million (US$55.0 million) for the three months ended December 31, 2023, compared with RMB334.0 million in the last quarter and RMB467.7 million in the same period last year. Gross margin was 4.8% for the three months ended December 31, 2023, compared with 6.2% in the last quarter and 0.6% in the same period last year. The quarter-over-quarter decreases in gross margin were mainly due to the impact on the used car sector owing to the aggressive pricing promotion in China's new car sector during this quarter. The year-over-year increases in gross margin were mainly due to the acceleration of the inventory turnover rate and the improvement of pricing and sales capabilities. Total operating expenses were RMB99.8 million (US$14.1 million) for the three months ended December 31, 2023. Total operating expenses excluding the impact of share-based compensation were RMB88.3 million (US$12.4 million). Sales and marketing expenses were RMB56.7 million (US$8.0 million) for the three months ended December 31, 2023, an increase of 17.0% from RMB48.4 million in the last quarter and an increase of 3.2% from RMB55.0 million in the same period last year. The quarter-over-quarter increases were mainly due to the increase in right of use assets depreciation expenses due to relocation to the new used car super store ("Changfeng Superstore") in Changfeng country, Hefei City. General and administrative expenses were RMB33.8 million (US$4.8 million) for the three months ended December 31, 2023, representing a decrease of 3.7% from RMB35.1 million in the last quarter and a decrease of 13.3% from RMB39.0 million in the same period last year. Research and development expenses were RMB9.7 million (US$1.4 million) for the three months ended December 31, 2023, representing an increase of 5.4% from RMB9.2 million in the last quarter and an increase of 3.0% from RMB9.4 million in the same period last year. Other operating income, net was RMB6.9 million (US$1.0 million) for the three months ended December 31, 2023, compared with RMB3.2 million in the last quarter. Loss from operations was RMB73.1 million (US$10.3 million) in the three months ended December 31, 2023, compared with RMB66.4 million in the last quarter and RMB96.5 million in the same period last year. Interest expenses were RMB25.8 million (US$3.6 million) for the three months ended December 31, 2023, representing an increase of 234.6% from RMB7.7 million in the last quarter and an increase of 419.3% from RMB5.0 million in the same period last year. The impact was mainly due to the increase of interest expenses on finance lease liabilities relating to the lease of Changfeng Superstore in September, 2023. Fair value impact of the issuance of senior convertible preferred shares resulted in a gain of RMB20.1 million (US$2.8 million) for the three months ended December 31, 2023, compared with a gain of RMB5.0 million in the last quarter. The impact was mainly due to the fair value change of the warrant liabilities which were terminated in December 2023. As a result, the amount of the warrant liabilities was nil as of December 31, 2023. The fair value impact was a non-cash gain. Net loss from operations was RMB78.1 million (US$11.0 million) for the three months ended December 31, 2023, compared with RMB57.1 million for the last quarter and RMB100.8 million for the same period last year. Non-GAAP adjusted EBITDA was a loss of RMB43.8 million (US$6.2 million) for the three months ended December 31, 2023, compared with a loss of RMB45.9 million in the last quarter and a loss of RMB76.4 million in the same period last year. Liquidity As of December 31, 2023, the Company had cash and cash equivalents of RMB19.4 million, compared to RMB92.7 million as of March 31, 2023. 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 RMB648.2 million as of December 31, 2023. 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 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 Update On March 18, 2024, the Company entered into a term sheet with Xin Gao Group Limited ("Xin Gao") and an investment fund specializing in the automobile industry ("NC Fund") for financing in a total amount of approximately US$34.8 million at a subscription price of US$0.004858 per share, equivalent to US$1.4574 per ADS. Xin Gao Group Limited, controlled by Mr. Kun Dai, Chairman of the Board of Directors and Chief Executive Officer of Uxin, is an existing shareholder of the company. To date, the Company had entered into definitive agreements for and completed the issuance of 1,440,922,190 senior convertible preferred shares for an aggregate amount of US$7.0 million. In January, 2024, Kai Feng Finance Lease (Hangzhou) Co., Ltd.,("Kaifeng") a wholly-owned subsidiary of the Company, and Chengdu Tianfu Software Park Co., Ltd., entered into an equity transfer agreement for Jincheng Consumer Finance (Sichuan) Co., Ltd. pursuant to which the Kaifeng intends to transfer 19% of equity interest in Jincheng Consumer Finance (Sichuan) Co., Ltd. to Chengdu Tianfu Software Park Co., Ltd.,. The transaction is closed in April, 2024. In April, 2024, the current portion of long-term debt amounted to RMB292.0 million and the related interest payable was settled, out of which RMB240.0 million was paid by cash and the rest unpaid amount was waived. Business Outlook For the three months ended March 31, 2024, the Company expects its retail transaction volume to be around 3,100 units and wholesale transaction volume to be around 900 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 RMB300 million to RMB320 million. The Company expects its gross profit margin to be greater than 6.5%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes. Conference Call Uxin's management team will host a conference call on Thursday, April 25, 2024, at 8:00 A.M. U.S. Eastern Time (8:00 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://dpregister.com/sreg/10188691/fc6766914d A telephone replay of the call will be available after the conclusion of the conference call until May 2, 2024. The dial-in details for the replay are as follows: U.S.: +1 877 344 7529International: +1 412 317 0088Replay PIN: 1802353 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 China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. 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 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 U.S. GAAP. The Company defines adjusted EBITDA as EBITDA excluding share-based compensation, fair value impact of the issuance of senior convertible preferred shares, foreign exchange losses, other income/(expenses) and dividend from long-term investment. The Company defines adjusted net loss attributable to ordinary shareholders per share – basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, fair value impact of the issuance of senior convertible preferred shares, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitate investors' assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. We believe that excluding these items enables us to more effectively evaluate our performance period-over-period and relative to our competitors. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company's operations. Share-based compensation, fair value impact of the issuance of senior convertible preferred shares, other income/(expenses) and dividend from long-term investment have been and may continue to be incurred in the business. Further, the non-GAAP measures 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 RMB7.0999 to US$1.00, representing the index rate as of December 29, 2023 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about Uxin's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the risk and uncertainties as to the timing of the entry into definitive agreements or consummation of the transactions; the risk that certain closing conditions of the transactions may not be satisfied on a timely basis, or at all; impact of the COVID-19 pandemic; Uxin's goal and strategies; its expansion plans and successful completion of certain financing transactions; 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. For investor and media enquiries, please contact:Uxin Limited Investor RelationsUxin LimitedPhone: +86 10 5691-6765Email: ir@xin.com The Blueshirt GroupMr. Jack WangPhone: +86 166-0115-0429Email: 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 December 31, For the nine months ended December 31, 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Revenues Retail vehicle sales 328,900 319,221 44,961 1,049,162 754,980 106,337 Wholesale vehicle sales 132,054 82,205 11,578 633,828 276,187 38,900 Others 9,549 9,063 1,276 32,465 24,411 3,438 Total revenues 470,503 410,489 57,815 1,715,455 1,055,578 148,675 Cost of revenues (467,676) (390,638) (55,020) (1,697,813) (996,052) (140,291) Gross profit 2,827 19,851 2,795 17,642 59,526 8,384 Operating expenses Sales and marketing (54,952) (56,687) (7,984) (183,915) (151,678) (21,363) General and administrative (39,002) (33,831) (4,765) (126,197) (102,050) (14,373) Research and development (9,433) (9,713) (1,368) (28,375) (27,793) (3,915) (Provision for)/reversal of credit losses, net (433) 435 61 (760) 2,272 320 Total operating expenses (103,820) (99,796) (14,056) (339,247) (279,249) (39,331) Other operating income, net 4,457 6,867 967 22,083 17,066 2,404 Loss from operations (96,536) (73,078) (10,294) (299,522) (202,657) (28,543) Interest income 79 14 2 457 161 23 Interest expenses (4,968) (25,798) (3,634) (15,567) (38,628) (5,441) Other income 940 1,446 204 16,181 15,248 2,148 Other expenses (2,334) (1,205) (170) (5,836) (1,855) (261) Losses from extinguishment of debt - - - (2,778) - - Foreign exchange gains/(losses) 560 475 67 (2,579) 1,014 143 Fair value impact of the issuance of senior convertible preferred shares 1,495 20,076 2,828 242,226 (11,776) (1,659) Loss before income tax expense (100,764) (78,070) (10,997) (67,418) (238,493) (33,590) Income tax expense (76) (26) (4) (285) (299) (42) Dividend from long-term investment - - - 10,374 11,970 1,686 Equity in loss of affiliates and dividend from affiliate, net of tax - - - (44) - - Net loss, net of tax (100,840) (78,096) (11,001) (57,373) (226,822) (31,946) Add: net (profit)/loss attribute to redeemable non-controlling interests and non-controlling interests shareholders - (1,237) (174) 3 (1,216) (171) Net loss attributable to UXIN LIMITED (100,840) (79,333) (11,175) (57,370) (228,038) (32,117) Deemed dividend to preferred shareholders due to triggering of a down round feature (i) - - - (755,635) (278,800) (39,268) Net loss attributable to ordinary shareholders (100,840) (79,333) (11,175) (813,005) (506,838) (71,385) Net loss (100,840) (78,096) (11,001) (57,373) (226,822) (31,946) Foreign currency translation, net of tax nil 9,854 1,233 174 (80,333) 4,839 682 Total comprehensive loss (90,986) (76,863) (10,827) (137,706) (221,983) (31,264) Add: net (profit)/loss attribute to redeemablenon-controlling interests and non-controlling interests shareholders - (1,237) (174) 3 (1,216) (171) Total comprehensive loss attributable to UXIN LIMITED (90,986) (78,100) (11,001) (137,703) (223,199) (31,435) Net loss attributable to ordinary shareholders (100,840) (79,333) (11,175) (813,005) (506,838) (71,385) Weighted average shares outstanding – basic 1,415,417,989 1,440,893,942 1,440,893,942 1,273,202,916 1,430,901,818 1,430,901,818 Weighted average shares outstanding – diluted 1,415,417,989 1,440,893,942 1,440,893,942 1,273,202,916 1,430,901,818 1,430,901,818 Net Loss per share for ordinary shareholders, basic (0.03) (0.06) (0.01) (0.64) (0.35) (0.05) Net Loss per share for ordinary shareholders, diluted (0.03) (0.06) (0.01) (0.64) (0.35) (0.05) (i) The Company entered into the 2022 Subscription Agreement with affiliates of NIO Capital, in June 2022, pursuant to which, NIO Capital has agreed to subscribe for 714,285,714 senior convertible preferred shares for an aggregate amount of US$100 million. Pursuant to the then-effective certificate of designation of senior convertible preferred shares of the Company, the issuance of the senior 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 US$0.3433 per Class A ordinary share to US$0.14 per Class A ordinary share, of the senior convertible preferred shares issued pursuant to the 2021 Subscription Agreement we entered into with certain investors in June 2021 and then outstanding (the "First Conversion Price Reduction"). According to US GAAP, the Company should have accounted for the impact of the First Conversion Price Reduction upon the closing of the transactions contemplated under the 2022 Subscription Agreement in the financial information disclosed through the respective earning releases for the quarter ended September 30, 2022. Accordingly, this table reflects financial information 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 have 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 RMB755.6 million as of September 30, 2022. Additionally, and also as a result of triggering this same down round feature, a deemed dividend to preferred shareholders of RMB755.6 million was appropriated from net loss attributable to the Company for the nine months ended December 31, 2022, and accordingly, basic and dilutive loss per share for the nine months ended December 31, 2022 as previously announced in the earnings release for thethird quarter of the fiscal year 2023 was adjusted from 0.02 to 0.64, respectively. On June 30, 2023, the Company entered into an amendment agreement ("2023 Warrant Agreement") with Alpha Wealth Global Limited ("Alpha") and Joy Capital, regardingcertain warrants in accordance with 2021 Subscription Agreement. Pursuant to the foregoing definitive agreement and certain assignments of warrants among Alpha, NIO Capital and Joy Capital, Alpha and Joy Capital (either together or separately) are entitled, at their discretion, to exercise their respective warrants in full to subscribe for a total of 480,629,186 senior convertible preferred shares of the Company in an aggregate amount of US$21,964,754 at an amended exercise price of US$0.0457 per Class A ordinary share, representing a further modification from the prior exercise price of US$0.14 per Class A ordinary share no later than September 30, 2023. On August 17, 2023, Joy Capital exercised its warrants in full and subscribed 218,818,380 senior convertible preferred shares for an aggregate amount of US$10 million ("Exercise of the Warrant"), which led toanother reduction in the conversion price of the Company's existing senior convertible preferred shares issued pursuant to the 2021 Subscription Agreement and 2022 Subscription Agreement we entered into with certain investors in June 2021 and June 2022, respectively(the "Second Conversion Price Reduction"). As a result of the triggered down roundfeature by the Second Conversion Price Reduction, an entry was made to debit accumulated deficit and credit additional paid-in capital in amount of RMB278.8 million as of September 30, 2023. Additionally, and also as a result of triggering this same down round feature, a deemed dividend to preferred shareholders of RMB278.8 million was appropriated from net loss attributable to the Company for the nine months ended December 31, 2023. Uxin Limited Unaudited Consolidated Balance Sheets (In thousands except for number of shares and per share data) As of March 31, As of December 31, 2023 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 92,713 19,350 2,725 Restricted cash 618 616 87 Accounts receivable, net 790 2,492 351 Loans recognized as a result of payments under guarantees, net of provision for credit losses of RMB10,337 and RMB8,000 as of March 31, 2023 and December 31, 2023, respectively - - - Other receivables, net of provision for credit losses of RMB26,541 and RMB23,282 as of March 31, 2023 and December 31, 2023, respectively 15,345 18,883 2,660 Inventory, net 110,893 117,022 16,482 Prepaid expenses and other current assets 61,390 78,245 11,021 Total current assets 281,749 236,608 33,326 Non-current assets Property, equipment and software, net 63,725 72,428 10,201 Long-term investments 288,712 288,712 40,664 Other non-current assets - 428 60 Finance lease right-of-use assets, net (i) - 1,554,795 218,988 Operating lease right-of-use assets, net 84,461 172,459 24,290 Total non-current assets 436,898 2,088,822 294,203 Total assets 718,647 2,325,430 327,529 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable 80,668 81,148 11,429 Warrant liabilities 8 - - Other payables and other current liabilities 344,502 379,286 53,421 Current portion of finance lease liabilities (i) - 65,826 9,271 Short-term borrowing 20,000 66,580 9,378 Current portion of long-term debt 158,736 291,950 41,120 Total current liabilities 603,914 884,790 124,619 Non-current liabilities Long-term borrowings 291,950 - - Consideration payable to WeBank 58,559 - - Finance lease liabilities (i) - 1,372,959 193,377 Operating lease liabilities 77,462 158,064 22,263 Long-term debt 264,560 - - Total non-current liabilities 692,531 1,531,023 215,640 Total liabilities 1,296,445 2,415,813 340,259 Mezzanine equity Senior convertible preferred shares (US$0.0001 par value, 1,720,000,000 shares authorized as ofMarch 31, 2023 and December 31, 2023; 1,151,221,338 and 1,370,039,718 shares issued and outstanding as of March 31, 2023 and December 31, 2023, respectively) 1,245,721 1,330,414 187,385 Subscription receivable from shareholders (550,074) (107,879) (15,194) Redeemable non-controlling interests (ii) - 148,341 20,893 Total Mezzanine equity 695,647 1,370,876 193,084 Shareholders' deficit Ordinary shares 806 813 115 Additional paid-in capital 15,451,803 15,766,016 2,220,597 Accumulated other comprehensive income 220,185 225,024 31,694 Accumulated deficit (16,946,064) (17,452,902) (2,458,190) Total Uxin's shareholders' deficit (1,273,270) (1,461,049) (205,784) Non-controlling interests (175) (210) (30) Total shareholders' deficit (1,273,445) (1,461,259) (205,814) Total liabilities, mezzanine equity and shareholders' deficit 718,647 2,325,430 327,529 (i) On September 24, 2021, a subsidiary of the Company, Youxin (Hefei) Automobile Intelligent Remanufacturing Co., Ltd. ("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 Hefei. Pursuant to the agreement, Hefei Construction Investment was responsible for the construction of the IRC and we will lease the IRC including therespective 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 us on September 20, 2023. (ii) On October 23, 2023, Hefei Construction Investment completed the transfer of the first-year rent of the IRC in Hefei into its investment of RMB147.1 million in UXIN Hefei and acquired 12.02% equity interests of UXIN Hefei with certain preferential rights. The investment was recognized as redeemable non-controlling interests. * Share-based compensation charges included are as follows: For the three months ended December 31, For the nine months ended December 31, 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Sales and marketing 318 451 64 1,108 1,444 203 General and administrative 10,306 10,886 1,533 34,258 32,554 4,585 Research and development 348 141 20 1,235 1,420 200 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 December 31, For the nine months ended December 31, 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Net loss, net of tax (100,840) (78,096) (11,001) (57,373) (226,822) (31,946) Add: Income tax expense 76 26 4 285 299 42 Interest income (79) (14) (2) (457) (161) (23) Interest expenses 4,968 25,798 3,634 15,567 38,628 5,441 Depreciation 9,170 17,814 2,509 26,211 30,911 4,354 EBITDA (86,705) (34,472) (4,856) (15,767) (157,145) (22,132) Add: Share-based compensation expenses 10,972 11,478 1,617 36,601 35,418 4,988 - Sales and marketing 318 451 64 1,108 1,444 203 - General and administrative 10,306 10,886 1,533 34,258 32,554 4,585 - Research and development 348 141 20 1,235 1,420 200 Other income (940) (1,446) (204) (16,181) (15,248) (2,148) Other expenses 2,334 1,205 170 5,836 1,855 261 Foreign exchange (gains)/losses (560) (475) (67) 2,579 (1,014) (143) Fair value impact of the issuance of senior convertible preferred shares (1,495) (20,076) (2,828) (242,226) 11,776 1,659 Non-GAAP adjusted EBITDA (76,394) (43,786) (6,168) (229,158) (124,358) (17,515) For the three months ended December 31, For the nine months ended December 31, 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Net loss attributable to ordinary shareholders (100,840) (79,333) (11,175) (813,005) (506,838) (71,385) Add: Share-based compensation expenses 10,972 11,478 1,617 36,601 35,418 4,988 - Sales and marketing 318 451 64 1,108 1,444 203 - General and administrative 10,306 10,886 1,533 34,258 32,554 4,585 - Research and development 348 141 20 1,235 1,420 200 Fair value impact of the issuance of senior convertible preferred shares (1,495) (20,076) (2,828) (242,226) 11,776 1,659 Add: accretion on redeemable non-controlling interests - 1,251 176 - 1,251 176 Deemed dividend to preferred shareholders due to triggering of a down round feature - - - 755,635 278,800 39,268 Non-GAAP adjusted net loss attributable to ordinary shareholders (91,363) (86,680) (12,210) (262,995) (179,593) (25,294) Net loss per share for ordinary shareholders - basic (0.03) (0.06) (0.01) (0.64) (0.35) (0.05) Net loss per share for ordinary shareholders – diluted (0.03) (0.06) (0.01) (0.64) (0.35) (0.05) Non-GAAP adjusted net loss to ordinary shareholders per share – basic and diluted (0.02) (0.06) (0.01) (0.21) (0.13) (0.02) Weighted average shares outstanding – basic 1,415,417,989 1,440,893,942 1,440,893,942 1,273,202,916 1,430,901,818 1,430,901,818 Weighted average shares outstanding – diluted 1,415,417,989 1,440,893,942 1,440,893,942 1,273,202,916 1,430,901,818 1,430,901,818 Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB7.0999 as of December 29, 2023 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System.
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