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Cross-Border Airfreight Solutions Surge by 117%, Driving Exceptional Financial Performance ITASCA, Ill., Oct. 1, 2024 /PRNewswire/ -- Lakeside Holding Limited ("Lakeside" or the "Company") (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market operating under the brand American Bear Logistics ("ABL"), today reported financial results for the fiscal year ended June 30, 2024. Fiscal Year 2024 Highlights: Total revenues increased by 42.3% to $18.3 million, driven by a 117.6% rise in airfreight revenues to $10.4 million, partially offset by a 2.5% decrease in ocean freight revenues to $7.9 million. Cost of revenues increased by 41.6% to $14.6 million, primarily due to higher transportation costs, up 27.6% to $7.5 million; warehouse service charges, up 107.5% to $2.9 million; and custom declaration fees, up 50.2% to $2.4 million, as well as overhead costs also rose by 29.6%. Gross profit increased by 44.9% to $3.7 million, with the profit margin rising slightly from 19.9% to 20.3%. This was driven by higher sales and offering a wider range of services, such as warehousing, distribution, and customs clearance, with higher mark-ups. General and administrative expenses rose by 77.5% to $4.1 million, driven by increased staffing costs and higher professional fees for audit and legal services. Net loss for the year ended June 30, 2024 was $0.2 million, compared with a net income of $1.0 million for the year ended June 30, 2023. Operational Achievements: In July, the Company successfully closed an upsized IPO, raising $6.75 million in gross proceeds, underscoring strong investor confidence in its growth potential. The Company entered into a one-year renewable agreement in July with a leading Asia-based e-commerce platform to provide advanced cross-border fulfillment services, enhancing supply chain visibility for sellers through API integration. In August, a strategic partnership was announced with a major social media and e-commerce platform to enhance customs brokerage services, offering real-time logistics data and streamlining customs clearance processes. In September, a Pick & Pack Fulfillment service was launched for a major Chinese logistics company, optimizing inventory management and order processing across U.S. hubs to enhance fulfillment efficiency. The Company expanded its Dallas-Fort Worth operations in September, more than doubling facility space to 46,657 sq. ft. and increasing staffing to support growing demand, while incorporating advanced logistics technology. Management Commentary Henry Liu, Chairman and Chief Executive Officer of Lakeside, commented, "We are pleased to report strong financial performance for fiscal year 2024, highlighted by a 42.3% increase in revenue to $18.3 million. This growth was driven primarily by the 117.6% surge in our cross-border airfreight solutions, as we capitalized on rising demand from the e-commerce sector. Expanding this segment has proven to be a key strategic move, with the volume of air freight processed doubling to over 26,000 tons this year, compared to fiscal year 2023." "We remain committed to providing flexible and competitive services that address the evolving needs of our customers. Our continued investment in workforce expansion and service capacity has allowed us to manage growing demand while maintaining exceptional service levels. With a 44.9% increase in gross profit and improvements in our gross margin, we are excited about the growth opportunities ahead. Our recent service launches, operational expansions, and partnerships with leading e-commerce platforms solidify our position as a trusted provider of seamless, technology-driven logistics solutions, setting the stage for continued success in fiscal year 2025 and beyond," concluded Mr. Liu. Fiscal Year 2024 Conference Call Details The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Friday, October 4, 2024. Management will deliver prepared remarks. The dial-in details for the conference call are as follows: Toll-free dial-in number: +1-877-407-9716 International dial-in number: + 1-201-493-6779 Webcast and replay: https://viavid.webcasts.com/starthere.jsp?ei=1691867&tp_key=a2ac91e949 The live audio webcast of the call can also be accessed by visiting Lakeside's Investor Relations page on the Company's website at https://lakeside-holding.com. An archive of the webcast will be available on the Company's website following the live call. About Lakeside Holding Limited Lakeside Holding Limited, based in Itasca, IL, is a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market, including China and South Korea. Operating under the brand American Bear Logistics, we primarily provide customized cross-border ocean freight solutions and airfreight solutions in the U.S. that specifically cater to our customers' requirements and needs in transporting goods into the U.S. We are an Asian American-owned business rooted in the U.S. with in-depth understanding of both the U.S. and Asian international trading and logistics service markets. Our customers are typically Asia- and U.S.-based logistics service companies serving large e-commerce platforms, social commerce platforms, and manufacturers to sell and transport consumer and industrial goods made in Asia into the U.S. For more information, please visit https://lakeside-holding.com. Safe Harbor Statement This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements. Investor Relations Contact: Matthew Abenante, IRCPresidentStrategic Investor Relations, LLCTel: 347-947-2093Email: matthew@strategic-ir.com *** tables follow *** LAKESIDE HOLDING LIMITED CONSOLIDATED BALANCE SHEETS As of As of June 30, June 30, 2024 2023 ASSETS CURRENT ASSETS Cash $ 123,550 $ 174,018 Accounts receivable – third parties, net 2,082,152 1,373,676 Accounts receivable – related party, net 763,285 44,627 Prepayment and other receivable - 52,623 Contract assets 129,506 44,740 Due from related parties 441,279 746,130 Total current assets 3,539,772 2,435,814 NON-CURRENT ASSETS Investment in other entity 15,741 — Property and equipment at cost, net of accumulated depreciation 344,883 489,520 Right of use operating lease assets 3,471,172 2,271,070 Right of use financing lease assets 37,476 48,206 Deferred tax asset 89,581 — Deferred offering costs 1,492,798 90,000 Prepayment, deposit and other receivable 202,336 137,336 Total non-current assets 5,653,987 3,036,132 TOTAL ASSETS $ 9,193,759 $ 5,471,946 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payables – third parties $ 1,161,858 $ 462,214 Accounts payables – related parties 227,722 365,413 Accrued liabilities and other payables 1,335,804 325,701 Current portion of obligations under operating leases 1,186,809 769,782 Current portion of obligations under financing leases 37,619 42,889 Loans payable, current 746,962 586,688 Dividend payable 98,850 98,850 Tax payable 79,825 32,829 Due to shareholders 1,018,281 90,000 Total current liabilities 5,893,730 2,774,366 NON-CURRENT LIABILITIES Loans payable, non-current 136,375 231,599 Deferred tax liability - 24,752 Obligations under operating leases, non-current 2,506,402 1,564,633 Obligations under financing leases, non-current 17,460 21,836 Total non-current liabilities 2,660,237 1,842,820 TOTAL LIABILITIES $ 8,553,967 $ 4,617,186 Commitments and Contingencies EQUITY Common stocks, $0.0001 par value, 200,000,000 shares authorized, 6,000,000 and 6,000,000 issued and outstanding as of June 30, 2024 and 2023, respectively* 600 600 Subscription receivable (600) (600) Additional paid-in capital 642,639 - Accumulated other comprehensive income (loss) 2,972 (244) (Deficits) Retained earnings (5,819) 862,072 Total stockholders' equity 639,792 861,828 Non-controlling interests in subsidiary - (7,068) Total equity 639,792 854,760 TOTAL LIABILITIES AND EQUITY $ 9,193,759 $ 5,471,946 LAKESIDE HOLDING LIMITED CONSOLIDATED STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) For the Years Ended June 30, 2024 2023 Revenue from third party $ 16,450,908 $ 12,763,577 Revenue from related parties 1,864,247 109,314 Total revenue 18,315,155 12,872,891 Cost of revenue from third party 12,316,374 8,385,222 Cost of revenue from related parties 2,282,824 1,923,380 Total cost of revenue 14,599,198 10,308,602 Gross profit 3,715,957 2,564,289 Operating expenses: Selling expense 2,500 79,822 General and administrative expenses 4,138,190 2,331,312 Loss from deconsolidation of a subsidiary 73,151 - Provision (reversal) of allowance for expected credit loss 28,157 (93,742) Total operating expenses 4,241,998 2,317,392 (Loss) Income from operations (526,041) 246,897 Other income (expense): Other income, net 338,435 885,501 Interest expense (108,008) (123,600) Total other income, net 230,427 761,901 (Loss) Income before income taxes (295,614) 1,008,798 Credit (Provision) for income taxes 67,337 (65,068) Net (loss) income and comprehensive (loss) income (228,277) 943,730 Net loss attributable to non-controlling interest (3,025) (39,872) Net (loss) income attributable to common stockholders (225,252) 983,602 Other comprehensive (loss) income Foreign currency translation gain (loss) 3,122 (255) Comprehensive (loss) income (225,155) 943,475 Less: comprehensive loss attributable to non-controlling interest (3,119) (39,883) Comprehensive (loss) income attributable to the Company $ (222,036) $ 983,358 (Loss) earnings per share – basic and diluted $ (0.04) $ 0.16 Weighted average shares outstanding – basic and diluted* 6,000,000 6,000,000 For the Years Ended June 30, 2024 2023 Pro Forma information Statement for Income Tax Provision as a C Corporation upon Reorganization (Loss) Income before income taxes $ (295,614) $ 1,008,798 Credit (Provision) for income taxes 239,466 (307,683) Net (loss) income and comprehensive (loss) income $ (56,148) $ 701,115 Net loss attributable to non-controlling interests (3,025) (39,872) Net (loss) income attributable to common stockholders (53,123) 740,987 Other Comprehensive income (loss) Foreign currency translation (loss) gain 3,122 (255) Comprehensive (loss) income (53,026) 700,860 Less: net loss attributable to non-controlling interest (3,119) (39,883) Comprehensive (loss) income attributable to the Company $ (49,907) $ 740,743 (Loss) Earnings per share – Basic and diluted* $ (0.01) $ 0.12 Weighted Average Shares Outstanding – Basic and diluted* 6,000,000 6,000,000 LAKESIDE HOLDING LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended June 30, 2024 2023 (Revised) Cash flows from operating activities: Net (loss) income $ (228,277) $ 943,730 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation – G&A 71,980 130,755 Depreciation – overhead cost 72,657 - Non-cash operating lease expense 1,005,686 826,284 Depreciation of right-of-use finance assets 30,712 31,780 Provision (Reversal) of allowance for expected credit loss 28,157 (93,742) Deferred tax (benefit) expense (114,333) 32,239 Loss from derecognition of shares in subsidiary 73,151 — Changes in operating assets and liabilities: Accounts receivable – third parties (722,522) (506,152) Accounts receivable – related parties (732,769) (28,887) Contract assets (84,766) 54,441 Due from related party 328,820 (579,496) Prepayment, other deposit (12,377) 18,672 Accounts payables – third parties 699,644 54,410 Accounts payables – related parties (137,691) (101,896) Accrued expense and other payables 468,284 57,701 Tax payable 46,996 32,829 Lease liabilities – Operating lease (846,992) (833,365) Net cash (used in) provided by operating activities (53,640) 39,303 Cash flows from investing activities: Payment made for investment in other entity (29,906) — Net cash outflow from deconsolidation of a subsidiary (Appendix A) (48,893) — Acquisition of property and equipment — (18,288) Net cash used in investing activities (78,799) (18,288) Cash flows from financing activities: Proceeds from loans 400,000 — Repayment of loans (214,986) (100,864) Repayment of equipment and vehicle loans (119,964) (104,598) Principal payment of finance lease liabilities (29,628) (20,640) Payment for deferred offering cost (170,000) (90,000) Advance to related parties (23,969) — Proceeds from shareholders 237,302 110,550 Repayment to shareholders — (47,536) Net cash provided by (used in) financing activities 78,755 (253,088) Effect of exchange rate changes on cash and cash equivalents 3,216 32,560 Net decrease in cash (50,468) (199,513) Cash, beginning of the year 174,018 373,531 Cash, end of the year $ 123,550 $ 174,018 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for income tax $ — $ — Cash paid for interest $ 31,161 $ 26,474 SUPPLEMENTAL SCHEDULE OF NON-CASH IN FINANCING ACTIVITIES Deferred offering costs within due to shareholders $ 860,979 $ 90,000 Deferred offering costs within accrued expense and other payables $ 541,819 $ — NON-CASH ACTIVITIES Dividends declared $ — $ 200,000 Dividends declared and offset against due from shareholders $ — $ 101,150 Property and equipment additions included in loan payable $ — $ 98,245 Right of use assets obtained in exchange for operating lease obligations $ 2,094,498 $ 124,600 Right of use assets obtained in exchange for finance lease obligation $ 19,982 $ 32,107 APPENDIX A – Net cash outflow from deconsolidation of a subsidiary Working capital, net $ 29,812 $ — Investment in other entity recognized (15,741) — Elimination of NCl at deconsolidation of a subsidiary 10,187 — Loss from deconsolidation of a subsidiary (73,151) — Cash $ (48,893) $ —
BEIJING, Sept. 23, 2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the first quarter ended June 30, 2024. Highlights for the Quarter Ended June 30, 2024 Transaction volume was 5,605 units for the three months ended June 30, 2024, an increase of 38.1% from 4,058 units in the last quarter and an increase of 72.2% from 3,254 units in the same period last year. Retail transaction volume was 4,090 units, an increase of 30.9% from 3,124 units in the last quarter and an increase of 142.4% from 1,687 units in the same period last year. Total revenues were RMB401.2 million (US$55.2 million) for the three months ended June 30, 2024, an increase of 25.7% from RMB319.2 million in the last quarter and an increase of 38.8% from RMB289.0 million in the same period last year. Gross margin was 6.4% for the three months ended June 30, 2024, compared with 6.6% in the last quarter and 6.1% in the same period last year. Loss from operations was RMB62.5 million (US$8.6 million) for the three months ended June 30, 2024, compared with RMB109.8 million in the last quarter and RMB63.2 million in the same period last year. Non-GAAP adjusted EBITDA[1] was a loss of RMB33.9 million (US$4.7 million), compared with a loss of RMB39.7 million in the last quarter and a loss of RMB46.6 million in the same period last year. Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "We are pleased to deliver another quarter of strong performance, with retail transaction volume reaching 4,090 units, representing a 31% increase sequentially and a 142% increase year-over-year. Our vehicle turnover efficiency remains healthy, with inventory turnover days around 30. Alongside our robust sales growth, customer satisfaction has also improved, as our Net Promoter Score reached 65 during the quarter, the highest level in the industry." Mr. Dai continued, "Our integrated online and offline model continues to demonstrate its strong competitiveness and growth potential. We have already begun expanding our inventory, and we expect sales to continue growing rapidly over the coming quarters. In addition, we are actively expanding our network of superstores, with a recent strategic partnership in Zhengzhou and ongoing discussions with several other cities. This expansion will significantly enhance Uxin's market presence in new regions, driving continued sales growth and improving overall business performance." Mr. Feng Lin, Chief Financial Officer of Uxin, commented: "During the quarter, our retail vehicle sales revenue totaled RMB325 million, reflecting a 74% year-over-year increase, while we maintained a stable gross margin amid intense market competition. At the same time, through disciplined cost control, we reduced our adjusted EBITDA loss to RMB33.9 million, narrowing it by 27% compared to the same period last year. Our business is now on a rapid growth trajectory, and we expect our retail transaction volume for the next quarter to be in the range of 5,800 to 6,000 units, representing over 40% sequential growth. We also expect to further narrow our adjusted EBITDA loss to under RMB10 million for the next quarter and remain confident in achieving EBITDA profitability for the December quarter of 2024." [1] This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.1 to our Current Report on Form 6-K on September 23, 2024 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP Results" for a reconciliation and additional information on non-GAAP measures. Financial Results for the Quarter Ended June 30, 2024 Total revenues were RMB401.2 million (US$55.2 million) for the three months ended June 30, 2024, an increase of 25.7% from RMB319.2 million in the last quarter and an increase of 38.8% from RMB289.0 million in the same period last year. The increases were mainly due to the increase of retail vehicle sales revenue. Retail vehicle sales revenue was RMB325.0 million (US$44.7 million) for the three months ended June 30, 2024, representing an increase of 20.6% from RMB269.4 million in the last quarter and an increase of 73.9% from RMB186.8 million in the same period last year. For the three months ended June 30, 2024, retail transaction volume was 4,090 units, an increase of 30.9% from 3,124 units last quarter and an increase of 142.4% from 1,687 units in the same period last year. The increases in retail vehicle sales revenue were mainly due to the increase of retail transaction volume. By offering superior products and services, the Company's superstores have built strong customer trust and established Uxin as the leading brand in regional markets. This further boosted the in-store customer conversion rate and improved the retail vehicle inventory turnover rate, enabling the Company to achieve higher retail transaction volumes with a relatively stable inventory size. Additionally, in response to the new car price wars and intense industry competition in the past fiscal year, the Company has significantly enhanced its pricing capabilities. By promptly adjusting prices to align with actual market demand, the Company mitigated the effects of new car price reductions and accelerated vehicle sales. Wholesale vehicle sales revenue was RMB63.9 million (US$8.8 million) for the three months ended June 30, 2024, compared with RMB39.7 million in the last quarter and RMB94.6 million in the same period last year. For the three months ended June 30, 2024, wholesale transaction volume was 1,515 units, representing an increase of 62.2% from 934 units last quarter and a decrease of 3.3% from 1,567 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. The quarter-over-quarter increase in wholesale transaction volume was a natural growth after the traditional off-season for used car sales due to the Chinese New Year last quarter. Compared with the same period last year, 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. As a result, the wholesale vehicle sales revenue declined year-over-year. Other revenue was RMB12.3 million (US$1.7 million) for the three months ended June 30, 2024, compared with RMB10.0 million in the last quarter and RMB7.6 million in the same period last year. Other revenues mainly consist of revenue from value-added services. Cost of revenues was RMB375.6 million (US$51.7 million) for the three months ended June 30, 2024, compared with RMB298.1 million in the last quarter and RMB271.4 million in the same period last year. Gross margin was 6.4% for the three months ended June 30, 2024, compared with 6.6% in the last quarter and 6.1% in the same period last year. The Company's gross margin remained stable quarter-over-quarter. Total operating expenses were RMB90.9 million (US$12.5 million) for the three months ended June 30, 2024. Total operating expenses excluding the impact of share-based compensation were RMB78.9 million. Sales and marketing expenses were RMB59.4 million (US$8.2 million) for the three months ended June 30, 2024, an increase of 16.8% from RMB50.8 million in the last quarter and an increase of 27.5% from RMB46.5 million in the same period last year. The quarter-over-quarter increase was mainly due to the increased salaries for the sales teams. Compared with the same period last year, in addition to the increased salaries for the sales teams, the year-over-year increase was also attributed to the increase in right-of-use assets depreciation expenses as a result of relocation to the Company's Hefei Superstore in September 2023. General and administrative expenses were RMB28.1 million (US$3.9 million) for the three months ended June 30, 2024, representing a decrease of 62.7% from RMB75.3 million in the last quarter and a decrease of 15.1% from RMB33.1 million in the same period last year. The decrease was mainly due to a decrease of the share-based compensation expense. Additionally, due to the execution of a series of initiatives to realign its organizational structure and reduce the company-wide costs and expenses last quarter, salaries and benefits expenses for personnel performing general and administrative functions decreased accordingly. Research and development expenses were RMB3.4 million (US$0.4 million) for the three months ended June 30, 2024, representing a decrease of 43.9% from RMB6.0 million in the last quarter and a decrease of 61.9% from RMB8.9 million in the same period last year. The decrease was mainly due to a decrease of the salaries and benefits expenses of employees engaged in research and development as a result of the decrease in headcount. Other operating income, net was RMB2.8 million (US$0.4million) for the three months ended June 30, 2024, compared with RMB0.9 million for the last quarter and RMB 7.0 million in the same period last year. Loss from operations was RMB62.5 million (US$8.6 million) for the three months ended June 30, 2024, compared with RMB109.8 million for the last quarter and RMB63.2 million in the same period last year. Interest expenses were RMB22.9 million (US$3.1 million) for the three months ended June 30, 2024, representing a decrease of 4.6% from RMB24.0 million in the last quarter and an increase of 346.4% from RMB5.1 million in the same period last year. The quarter-over-quarter decrease was mainly due to the repayment of long-term borrowings in April, 2024. The year-over-year increase was mainly due to the increase of interest expenses on finance lease liabilities relating to the lease of Changfeng Superstore in September, 2023. Net loss from operations was net loss of RMB49.8 million (US$6.9 million) for the three months ended June 30, 2024, compared with net loss of RMB142.7 million for the last quarter and net loss of RMB91.6 million for the same period last year. Non-GAAP adjusted EBITDA was a loss of RMB33.9 million (US$4.7 million) for the three months ended June 30, 2024, compared with a loss of RMB39.7 million in the last quarter and a loss of RMB46.6 million in the same period last year. Liquidity As of June 30, 2024, the Company had cash and cash equivalents of RMB17.2 million, compared to RMB23.3 million as of March 31, 2024. 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 RMB315.6 million as of June 30, 2024. The Company's ability to continue as a going concern is dependent on management's ability to increase sales, achieve higher gross profit margin and control operating costs and expenses to reduce the cash that will be used in operating cash flows, and to enter into financing arrangements, including but not limited to renewal of the existing borrowings and obtaining new debt and equity financings. There is uncertainty regarding the implementation of these business and financing plans, which raises substantial doubt about the Company's ability to continue as a going concern. The accompanying unaudited financial information does not include any adjustment that is reflective of these uncertainties. Recent Development On September 13, 2024, Uxin announced that it entered into a memorandum of understanding (MOU) with Pintu (Beijing) Information Technology Co., Ltd. (the "Investor"), an indirect wholly-owned subsidiary of Dida Inc. (HKEX: 2559), regarding a proposed investment of US$7.5 million in Uxin. The Investor intends to subscribe for 1.54 billion Class A ordinary shares of the Company at a subscription price of US$0.004858 per share (or US$1.4575 per ADS). Additionally, the Investor has extended a loan of the RMB equivalent of US$7.5 million to Youxin (Anhui) Industrial Investment Co., Ltd., a wholly-owned subsidiary of Uxin. The proposed investment is subject to the execution of definitive agreements and the satisfaction of customary closing conditions. This strategic investment marks an important step in strengthening Uxin's financial position and supporting its future growth initiatives. Business Outlook For the three months ending September 30, 2024, the Company expects its retail transaction volume to be within the range of 5,800 units to 6,000 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to be within the range of RMB480 million to RMB500 million. The Company expects its Non-GAAP adjusted EBITDA to be less than a loss of RMB10 million. 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 Monday, September 23, 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/10192717/fd80b45d74 A telephone replay of the call will be available after the conclusion of the conference call until September 30, 2024. The dial-in details for the replay are as follows: U.S.: +1 877 344 7529 International: +1 412 317 0088 Replay PIN: 8291145 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)/gains, other income/(expenses), dividend from long-term investment, net gain from extinguishment of debt. 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 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 facilitates 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. The Company believes that excluding these items enables us to evaluate our performance period-over-period more effectively 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, foreign exchange (losses)/gains and other income/(expenses) 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 RMB7.2672 to US$1.00, representing the index rate as of June 28, 2024 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ 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 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 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 June 30, 2023 2024 RMB RMB US$ Revenues Retail vehicle sales 186,849 324,967 44,717 Wholesale vehicle sales 94,647 63,897 8,793 Others 7,526 12,320 1,695 Total revenues 289,022 401,184 55,205 Cost of revenues (271,381) (375,599) (51,684) Gross profit 17,641 25,585 3,521 Operating expenses Sales and marketing (46,548) (59,353) (8,167) General and administrative (33,103) (28,119) (3,869) Research and development (8,861) (3,380) (465) Reversal of credit losses, net 696 - - Total operating expenses (87,816) (90,852) (12,501) Other operating income, net 6,985 2,783 383 Loss from operations (63,190) (62,484) (8,597) Interest income 102 16 2 Interest expenses (5,120) (22,858) (3,145) Other income 2,367 633 87 Other expenses (272) (800) (110) Net gain from extinguishment of debt (i) - 35,222 4,847 Foreign exchange (losses)/gains (425) 479 66 Fair value impact of the issuance of senior convertible preferred shares (36,869) - - Loss before income tax expense (103,407) (49,792) (6,850) Income tax expense (165) (38) (5) Dividend from long-term investment 11,970 Net loss, net of tax (91,602) (49,830) (6,855) Add: net loss/(profit) attribute to redeemable non-controlling interests and non-controlling interests shareholders 2 (1,641) (226) Net loss attributable to UXIN LIMITED (91,600) (51,471) (7,081) Net loss attributable to ordinary shareholders (91,600) (51,471) (7,081) Net loss (91,602) (49,830) (6,855) Foreign currency translation, net of tax nil 3,314 (1,216) (167) Total comprehensive loss (88,288) (51,046) (7,022) Add: net loss/(profit) attribute to redeemable non-controlling interests and non-controlling interests shareholders 2 (1,641) (226) Total comprehensive loss attributable to UXIN LIMITED (88,286) (52,687) (7,248) Net loss attributable to ordinary shareholders (91,600) (51,471) (7,081) Weighted average shares outstanding – basic 1,423,659,403 56,412,679,304 56,412,679,304 Weighted average shares outstanding – diluted 1,423,659,403 56,412,679,304 56,412,679,304 Net loss per share for ordinary shareholders, basic (0.06) - - Net loss per share for ordinary shareholders, diluted (0.06) - - (i) Please refer to Note (i) in the Unaudited Consolidated Balance Sheets for details of the transaction. Uxin Limited Unaudited Consolidated Balance Sheets (In thousands except for number of shares and per share data) As of March 31, As of June 30, 2024 2024 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 23,339 17,162 2,362 Restricted cash 594 744 102 Accounts receivable, net 2,089 3,104 427 Loans recognized as a result of payments under guarantees, net of provision for credit losses of RMB7,995 and RMB7,995 as of March 31, 2024 and June 30, 2024, respectively - - - Other receivables, net of provision for credit losses of RMB22,739 and RMB22,739 as of March 31, 2024 and June 30, 2024, respectively 18,080 25,592 3,522 Inventory, net 110,494 143,356 19,726 Prepaid expenses and other current assets 71,787 72,106 9,922 Total current assets 226,383 262,064 36,061 Non-current assets Property, equipment and software, net 74,243 70,095 9,645 Long-term investments (i) 279,300 - - Other non-current assets 268 107 15 Finance lease right-of-use assets, net 1,339,537 1,332,768 183,395 Operating lease right-of-use assets, net 168,418 164,347 22,614 Total non-current assets 1,861,766 1,567,317 215,669 Total assets 2,088,149 1,829,381 251,730 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable 80,745 83,970 11,555 Other payables and other current liabilities 370,802 315,535 43,418 Current portion of operating lease liabilities 12,310 11,047 1,520 Current portion of finance lease liabilities 51,160 51,984 7,153 Short-term borrowing from third parties 71,181 105,584 14,529 Short-term borrowing from related party 7,000 9,500 1,307 Current portion of long-term debt (i) 291,950 - - Total current liabilities 885,148 577,620 79,482 Non-current liabilities Consideration payable to WeBank (ii) - 41,947 5,772 Finance lease liabilities 1,191,246 1,210,420 166,559 Operating lease liabilities 154,846 153,171 21,077 Total non-current liabilities 1,346,092 1,405,538 193,408 Total liabilities 2,231,240 1,983,158 272,890 Mezzanine equity Redeemable non-controlling interests 149,991 151,641 20,866 Total Mezzanine equity 149,991 151,641 20,866 Shareholders' deficit Ordinary shares 39,806 39,807 5,478 Additional paid-in capital 18,928,837 18,942,103 2,606,521 Subscription receivable from shareholders (107,879) (80,786) (11,117) Accumulated other comprehensive income 225,090 223,874 30,806 Accumulated deficit (19,378,705) (19,430,176) (2,673,681) Total Uxin's shareholders' deficit (292,851) (305,178) (41,993) Non-controlling interests (231) (240) (33) Total shareholders' deficit (293,082) (305,418) (42,026) Total liabilities, mezzanine equity and shareholders' deficit 2,088,149 1,829,381 251,730 (i) Long-term borrowing outstanding as of March 31, 2024 was pledged with the equity interest the Group holds in an investment. The long-term borrowing will be due in December 2024. In December 2023, the Group entered into a supplementary agreement with the borrower, mutually agreed that if the Group successfully disposes the investment pledged and pays the borrower cash proceeds of RMB240.0 million, the remaining principal and interests will be waived. In conjunction with the sale of investment transaction, the Group also entered into a financial advisory agreement and a supplement agreement in which the Group will incur the advisory expense of RMB36.9 million upon the successful completion of the sale of investment. However, if the sale of investment transaction fails, the Group is still obligated to repayall the principal and interests under the original borrowing agreement. Given the uncertainty of the sale of investment, the Group did not account for the extinguishment of the borrowing as a result of a troubled debt restructuring until the completion of the sale of investment and settlement of the borrowing in April 2024. As of the settlement date, the investment was disposed at a consideration of RMB271.3 million, whereas the Group still entitled a cash dividend of RMB8.0 million from the investee that was subsequently received in July 2024. Accordingly, the Group derecognized the investment with a carrying value of RMB279.3 million with no gains/losses from the disposal recognized. Concurrently, the Group also repaid the borrower RMB240.0 million and incurred the advisory expense of RMB36.9 million. Accordingly, the Group recognized the net gain from extinguishment of debt amounting to RMB35.2 million, which is the difference between the total amount of borrowing of RMB312.1 million derecognized (including principal of RMB292.0 million and interests of RMB20.1 million) and the aggregate amount of RMB240.0 million repaid and the advisory expense of RMB36.9 million.(ii) On June 21, 2024, the Company entered into another supplemental agreement with WeBank which revised and extendedthe repayment schedule of RMB30.0 million each due on June 30, 2024 and December 31, 2024 respectively to the monthly repayments of RMB2.5 million for each month from December 2024 to November 2026. As a result of this modification, the Group classified the payables to Webank amounting to RMB41.9 million repayable after twelve months from June 30, 2024 as "Consideration payable to WeBank" in non-current liabilities. * Share-based compensation charges included are as follows: For the three months ended June 30, 2023 2024 RMB RMB US$ Sales and marketing 332 136 19 General and administrative 9,425 11,784 1,622 Research and development 394 128 18 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 June 30, 2023 2024 RMB RMB US$ Net loss, net of tax (91,602) (49,830) (6,855) Add: Income tax expense 165 38 5 Interest income (102) (16) (2) Interest expenses 5,120 22,858 3,145 Depreciation 6,413 16,577 2,281 EBITDA (80,006) (10,373) (1,426) Add: Share-based compensation expenses 10,151 12,048 1,659 - Sales and marketing 332 136 19 - General and administrative 9,425 11,784 1,622 - Research and development 394 128 18 Other income (2,367) (633) (87) Other expenses 272 800 110 Foreign exchange (losses)/gains 425 (479) (66) Dividend from long-term investment (11,970) - - Net gain from extinguishment of debt - (35,222) (4,847) Fair value impact of the issuance of senior convertible preferred shares 36,869 - - Non-GAAP adjusted EBITDA (46,626) (33,859) (4,657) For the three months ended June 30, 2023 2024 RMB RMB US$ Net loss attributable to ordinary shareholders (91,600) (51,471) (7,081) Add: Share-based compensation expenses 10,151 12,048 1,659 - Sales and marketing 332 136 19 - General and administrative 9,425 11,784 1,622 - Research and development 394 128 18 Fair value impact of the issuance of senior convertible preferred shares 36,869 - - Add: accretion on redeemable non-controlling interests - 1,650 227 Non-GAAP adjusted net loss attributable to ordinary shareholders (44,580) (37,773) (5,195) Net loss per share for ordinary shareholders - basic (0.06) - - Net loss per share for ordinary shareholders - diluted (0.06) - - Non-GAAP adjusted net loss to ordinary shareholders per share - basic and diluted (0.03) - - Weighted average shares outstanding - basic 1,423,659,403 56,412,679,304 56,412,679,304 Weighted average shares outstanding - diluted 1,423,659,403 56,412,679,304 56,412,679,304 Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB7.2672 as of June 28, 2024 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System.
Second quarter revenue of US$20.7 million, up 24% Year-Over-Year SINGAPORE – Media OutReach Newswire - 20 September 2024 – MoneyHero Limited (Nasdaq: MNY) ("MoneyHero" or the "Company"), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced financial results for the quarter ended June 30, 2024. Management Commentary: Rohith Murthy, Chief Executive Officer, stated "I am pleased to report that MoneyHero Group delivered another strong quarter, with revenue increasing by 24% year-over-year to US$20.7 million. This performance underscores our position as the leading personal finance aggregator in the region. We have achieved significant market share gains, highlighted by a 68% year-over-year surge in revenues in Q2 2024 in Singapore, primarily driven by credit card and insurance product demand. With 970,000 banking and insurance applications facilitated in the first half of 2024, our leadership is evident, and we see substantial opportunities for continued growth in this fragmented industry. Our strategic focus on operational efficiency is already delivering positive results, with Adjusted EBITDA losses expected to narrow next quarter. We still anticipate achieving Adjusted EBITDA profitability on a monthly basis within Q4 2024, supported by targeted actions to streamline operations, optimize marketing spend, and enhance overall efficiency. Our disciplined approach, which includes our recent headcount reduction and implementation of AI-driven processes, is creating significant operating leverage across the business. We are transitioning our focus from purely driving traffic growth to prioritizing monetizable traffic that leads to conversions and applications. This strategic shift has already resulted in a 50% increase in approved applications, highlighting our capability to convert higher-value traffic into measurable outcomes while optimizing growth. We are also rolling out innovative new capabilities, including a redesigned mobile app, a new car insurance vertical, and enhanced UX/UI across our platforms. These initiatives are expected to boost customer engagement and drive higher-margin revenue streams. With a robust membership base of 6.5 million, we are strategically positioned to cross-sell and upsell, unlocking greater value from our existing user base. Our capital position remains robust, allowing us to pursue strategic investments and explore M&A opportunities to further consolidate our leadership. The recent exit from Malaysia as an operator, while retaining a strategic stake, reflects our commitment to focusing on high-growth regions and forging value-maximizing partnerships. As we pivot toward driving Adjusted EBITDA improvements, our focus on efficiency and higher-margin products such as personal loans, insurance, and advertising revenue, will be critical drivers of profitability. While we have faced challenges in certain markets, we have taken corrective actions and anticipate a return to strong growth. We estimate that MoneyHero will achieve positive Adjusted EBITDA in the fourth quarter of 2024, positioning us to deliver sustainable, long-term value for our shareholders." Hao Qian, Chief Financial Officer, added: "In Q2 2024, MoneyHero's strategic expansion generated solid growth in approved applications, which resulted in 24% year-over-year revenue growth, reaching over US$20.7 million. We've made strong market share gains, particularly in our core markets, as we continue to expand across Greater Southeast Asia. However, our investments in strategically expanding customer acquisition, brand building, technology re-platforming, and data infrastructure contributed to a loss of US$(12.2) million and an Adjusted EBITDA loss of US$(9.3) million for the quarter. During the second quarter, we remained committed to executing our growth strategy, with a goal to accelerate key verticals and further extend our market share leadership. The primary drivers behind the increase in our operating and Adjusted EBITDA losses include: Strategic Investments: We prioritized growth through increased investments in branding, customer acquisition, data and technology, aimed at capturing new customers and building infrastructure for future profitability Provider Constraints: In Q2, several providers in Taiwan and the Philippines paused new card acquisitions due to significant platform migrations, which temporarily impacted our financial performance. We expect acquisition volumes to normalize in Q3 as these migrations near completion. Additionally, the exit of a key provider from several of our markets had a notable effect on both revenue and profitability. To offset this, we've invested in expanding other providers' products and diversified into new verticals. We anticipate that the revenue and profitability impact from this provider's exit will be largely mitigated by Q3 and Q4, with minimal effect anticipated moving forward. Increased Operating Costs: Total operating costs rose year-over-year, largely due to additional expenses associated with being a public company, including audit fees, D&O insurance, and IR/PR-related fees. Looking ahead, we expect a narrowing of our Adjusted EBITDA loss in the second half of 2024, with margins having started to recover in early Q3 and continuing to improve throughout the year. We have initiated a comprehensive review of our organizational structure, which began with our recent reorganization announcement, and we expect it to be completed by the end of Q3. This will create a more streamlined and cost-efficient operation. We expect to reach Adjusted EBITDA profitability on a monthly basis by year end, as we have been focusing on efficiency and optimizing the returns on our growth investments." Second Quarter 2024 Financial Highlights Revenue increased by 24% year-over-year to US$20.7 million in the second quarter of 2024 Online financial comparison platforms revenue increased by 26% year-over-year to US$17.8 million Creatory, MoneyHero's B2B business, revenue increased by 13% year-over-year, contributing 14% of Group revenue in the second quarter of 2024, as compared to 16% in the prior year period Revenue by markets: Singapore revenue increased by 68% year-over-year to US$9.0 million in the second quarter, with the strongest growth coming from the credit card and insurance verticals Hong Kong revenue increased by 19% year-over-year to US$7.3 million in the second quarter, with the strongest growth coming from the other banking verticals Philippines revenue decreased by 16% year-over-year to US$2.9 million in the second quarter, largely due to reduced volumes with a key client as it completes system and database migration post-acquisition Taiwan revenue decreased by 4% year-over-year to US$1.4 million in the second quarter due to paused product offerings for certain key clients Revenue from insurance products increased by 89% year-over-year to US$2.2 million in the second quarter of 2024, contributing 11% of Group revenue, as compared to 7% in the prior year period Total operating costs and expenses increased to US$34.4 million in the second quarter of 2024 from US$25.5 million in the prior year period, driven primarily by increased investment in marketing and customer acquisition as part of the Company's strategy to expand market share and increase brand awareness Loss for the period decreased to US$(12.2) million in the second quarter of 2024 from US$(68.6) million in the prior year period Adjusted EBITDA loss increased to US$(9.3) million in the second quarter of 2024 from US$(0.6) million in the prior year period As of June 30, 2024, the Company had a debt-free balance sheet with US$56.5 million in cash and cash equivalents Second Quarter 2024 Operational Highlights Monthly Unique Users decreased by 17% year-over-year to 7.7 million in the second quarter of 2024 MoneyHero Group Members, to whom we can provide more tailored product information and recommendations, grew by 53% year-over-year to 6.5 million as of June 30, 2024 due to membership growth across all markets Approved Application volumes increased by 50% year-over-year in the second quarter to 211,000, driven by strong growth in the Company's credit card and insurance products Business Outlook For the third quarter of 2024, the Company expects its Adjusted EBITDA losses to narrow and be between US$5-6 million. This expectation reflects the Company's current and preliminary view on the market and operational conditions, which is subject to change. Capital Structure The table below summarizes the capital structure of the Company as of June 30, 2024: Share Class Issued and Outstanding Class A Ordinary 28,227,579[1] Class B Ordinary 13,254,838 Preference Shares 2,407,575 Total Issued Shares 43,889,992 Employee Equity Options 1,020,697[2] Issued Class A Ordinary Shares Underlying Employee Equity Options (521,630)[3] Total Issued and Issuable Shares[4] 44,389,059 Summary of financial / KPI performance For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (US$ in thousands, unless otherwise noted) Revenue 20,674 16,650 42,849 34,553 Adjusted EBITDA (9,336) (593) (15,775) (892) Clicks (in thousands) 2,274 1,993 4,568 3,877 Applications (in thousands) 476 409 970 784 Approved Applications (in thousands) 211 140 416 260 Revenue breakdown For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 US$ % US$ % US$ % US$ % (US$ in thousands, except for percentages) By Geographical Market: Singapore 9,018 43.6 5,380 32.3 17,963 41.9 10,939 31.7 Hong Kong 7,266 35.1 6,095 36.6 14,982 35.0 11,736 34.0 Taiwan 1,424 6.9 1,481 8.9 2,826 6.6 3,805 11.0 Philippines 2,938 14.2 3,496 21.0 6,917 16.1 7,627 22.1 Malaysia 28 0.1 197 1.2 161 0.4 445 1.3 Total Revenue 20,674 100.0 16,650 100.0 42,849 100.0 34,553 100.0 By Source: Online financial comparison platforms 17,760 85.9 14,077 84.5 35,818 83.6 28,911 83.7 Creatory 2,914 14.1 2,574 15.5 7,030 16.4 5,642 16.3 Total Revenue 20,674 100.0 16,650 100.0 42,849 100.0 34,553 100.0 By Vertical: Credit cards 12,734 61.6 11,945 71.7 28,159 65.7 25,023 72.4 Personal loans and mortgages 2,577 12.5 2,154 12.9 5,874 13.7 4,491 13.0 Insurance 2,178 10.5 1,154 6.9 4,005 9.3 2,421 7.0 Other verticals 3,185 15.4 1,396 8.4 4,810 11.2 2,618 7.6 Total Revenue 20,674 100.0 16,650 100.0 42,849 100.0 34,553 100.0 For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (in millions, except for percentage) Monthly Unique Users Singapore 1.3 16.9% 1.7 18.6% 1.4 17.1% 1.8 19.3% Hong Kong 1.1 14.4% 1.5 15.6% 1.1 13.9% 1.5 16.6% Taiwan 2.2 28.5% 2.7 29.2% 2.1 26.2% 2.5 28.1% The Philippines 3.0 38.5% 3.2 33.9% 3.3 40.8% 3.0 32.7% Malaysia 0.1 1.7% 0.3 2.7% 0.2 2.1% 0.3 3.2% Total 7.7 100.0% 9.3 100.0% 8.1 100.0% 9.1 100.0% Total Traffic Singapore 3.8 13.0% 4.3 12.4% 7.8 12.6% 8.0 12.1% Hong Kong 4.9 16.8% 6.1 17.8% 9.9 16.0% 12.7 19.2% Taiwan 8.7 29.7% 11.1 32.0% 16.8 27.1% 20.7 31.3% The Philippines 11.4 38.9% 12.1 35.1% 26.2 42.2% 22.6 34.2% Malaysia 0.5 1.7% 0.9 2.7% 1.2 2.0% 2.1 3.2% Total 29.4 100.0% 34.6 100.0% 62.1 100.0% 66.0 100.0% MoneyHero Group Members[5] Singapore 1.3 20.2% 1.0 24.0% 1.3 20.2% 1.0 24.0% Hong Kong 0.8 12.2% 0.5 12.1% 0.8 12.2% 0.5 12.1% Taiwan 0.3 4.7% 0.2 5.4% 0.3 4.7% 0.2 5.4% The Philippines 3.8 58.3% 2.3 53.5% 3.8 58.3% 2.3 53.5% Malaysia 0.3 4.5% 0.2 5.0% 0.3 4.5% 0.2 5.0% Total 6.5 100.0% 4.3 100.0% 6.5 100.0% 4.3 100.0% Conference Call Details The Company will host a conference call and webcast on Thursday, September 19 2024, at 8:00 a.m. Eastern Standard Time / 8:00 p.m. Singapore Standard Time to discuss the Company's financial results. The MoneyHero Limited (NASDAQ: MNY) Q2 2024 Earnings call can be accessed by registering at: Webcast: https://edge.media-server.com/mmc/p/bb5mvvro/ Conference call: https://register.vevent.com/register/BI804ba1fd51b0491182b7ed7fccf35400 The webcast replay will be available on the Investor Relations website for 12 months following the event. [1] Includes 521,630 shares issued to Computershare Hong Kong Investor Services Limited ("Computershare") which are held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder. [2] Includes granted but unexercised options as well as exercised options, pursuant to which the shares have not yet been issued as of June 30, 2024. [3] Issued in advance to Computershare and held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder. [4] Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of money. [5] MoneyHero Group Members as of June 30, 2024 and June 30, 2023. Key Performance Metrics and Non-IFRS Financial Measures "Monthly Unique User" means as a unique user with at least one session in a given month as determined by a unique device identifier from Google Analytics. A session initiates when a user either opens an app in the foreground or views a page or screen and no session is currently active (e.g., the user's previous session has ended). A session ends after 30 minutes of user inactivity. We measure Monthly Unique Users during a time period longer than one month by averaging the Monthly Unique Users of each month within that period. "Traffic" means the total number of unique sessions in Google Analytics. A unique session is a group of user interactions recorded when a user visits the website or app within a 30-minute window. The current session ends when there is 30 minutes of inactivity or users have a change in traffic source. "MoneyHero Group Members" means (i) users who have login IDs with us in Singapore, Hong Kong and Taiwan, (ii) users who subscribe to our email distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are registered in our rewards database in Singapore and Hong Kong. Any duplications across the three sources above are deduplicated. "Clicks" means the sum of unique clicks by product vertical on a tagged "Apply Now" button on our website, including product result pages and blogs. We track Clicks to understand how our users engage with our platforms prior to application submission or purchase, which enables us to further optimize conversion rates. "Applications" means the total number of product applications submitted by users and confirmed by our commercial partners. "Approved Applications" means the number of applications that have been approved and confirmed by our commercial partners. In addition to MoneyHero Group's results determined in accordance with IFRS, MoneyHero Group believes that the key performance metrics above and the non-IFRS measures below are useful in evaluating its operating performance. MoneyHero Group uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. MoneyHero Group believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as loss for the year/period and loss before income tax. Adjusted EBITDA is a non-IFRS financial measure defined as loss for the year/period plus depreciation and amortization, interest income, finance costs, income tax expenses/(credit), equity-settled share option expense, transaction expenses, impairment of non-financial assets, other long-term employee benefits credit, other non-recurring costs related to strategic transaction, changes in fair value of financial instruments, non-recurring legal fees, and unrealized foreign exchange differences. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. A reconciliation is provided for each non-IFRS measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures. IFRS differs from U.S. GAAP in certain material respects and thus may not be comparable to financial information presented by U.S. companies. We currently, and will continue to, report financial results under IFRS, which differs in certain significant respects from U.S. GAAP. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (US$ in thousands) Loss for the period (12,223) (68,571) (25,323) (71,101) Tax expenses 5 24 57 34 Depreciation and amortization 1,066 1,255 2,047 2,400 Interest income (356) (98) (951) (126) Finance costs 5 1,803 13 3,569 EBITDA (11,501) (65,587) (24,156) (65,224) Non-cash items: Changes in fair value of financial instruments (1,109) 58,038 237 57,937 Impairment of non-financial assets 92 - 92 - Equity settled share-based payment arising from employee share option scheme 1,015 268 1,638 795 Unrealized foreign exchange differences, net 1,766 3,216 5,802 2,070 Listing and other non-recurring strategic exercises related items: Transaction expenses 20 3,556 55 3,613 Other non-recurring costs related to strategic transaction 61 - 61 1 Other non-recurring items: Other long-term employee benefits credit - (84) - (84) Non-recurring legal fees 323 - 497 - Adjusted EBITDA (9,336) (593) (15,775) (892) Revenue 20,674 16,650 42,849 34,553 Adjusted EBITDA (9,336) (593) (15,775) (892) Adjusted EBITDA Margin (45.2)% (3.6)% (36.8)% (2.6)% Forward Looking Statements This document includes "forward-looking statements" within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group's growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company's ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the "Group") operates; the Group's ability to achieve profitability despite a history of losses; and the Group's ability to implement its growth strategies and manage its growth; the Group's ability to meet consumer expectations; the success of the Group's new product or service offerings; the Group's ability to attract traffic to its websites; the Group's internal controls; fluctuations in foreign currency exchange rates; the Group's ability to raise capital; media coverage of the Group; the Group's ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group's ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group's strategic investments and acquisitions, changes in the Group's relationship with its current customers, suppliers and service providers; disruptions to the Group's information technology systems and networks; the Group's ability to grow and protect its brand and the Group's reputation; the Group's ability to protect its intellectual property; changes in regulation and other contingencies; the Group's ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group's industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's annual report for the year ended December 31, 2023 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company's expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company. Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive (Loss)/Income For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (US$ in thousands except for loss per share) Revenue 20,674 16,650 42,849 34,553 Cost and expenses: Cost of revenue (13,795) (7,178) (27,901) (15,655) Advertising and marketing expenses (6,581) (3,925) (12,714) (7,488) Technology costs (2,194) (1,722) (4,046) (3,256) Employee benefit expenses (6,712) (4,474) (12,590) (9,559) General, administrative and other operating expenses (3,222) (4,867) (5,609) (6,116) Foreign exchange differences, net (1,848) (3,291) (5,959) (2,170) Operating loss (13,679) (8,808) (25,970) (9,691) Other income/(expenses): Other income 357 102 954 130 Finance costs (5) (1,803) (13) (3,569) Changes in fair value of financial instruments 1,109 (58,038) (237) (57,937) Loss before tax (12,217) (68,548) (25,265) (71,067) Income tax expense (5) (24) (57) (34) Loss for the period (12,223) (68,571) (25,323) (71,101) Other comprehensive income Other comprehensive income that may be classified to profit or loss in subsequent periods (net of tax): Exchange differences on translation of foreign operations 1,279 2,677 4,992 1,673 Other comprehensive loss that will not be reclassified to profit or loss in subsequent periods (net of tax): Remeasurement of defined benefit plan (6) (35) (5) (35) Other comprehensive income, net of tax 1,273 2,643 4,987 1,638 Total comprehensive loss, net of tax (10,950) (65,928) (20,336) (69,463) Loss per share attributable to ordinary equity holders of the parent Basic and diluted (0.3) (47.3) (0.6) (49.1) Unaudited Consolidated Statements of Financial Position As of June 30, As of December 31, (US$ in thousands) 2024 2023 NON-CURRENT ASSETS Other intangible assets 6,177 7,294 Property and equipment 337 190 Right-of-use assets 338 590 Deposits 24 26 Total non-current assets 6,877 8,100 CURRENT ASSETS Accounts receivable 16,968 17,236 Contract assets 12,521 16,025 Prepayments, deposits and other receivables 5,199 4,855 Pledged bank deposits 182 189 Cash and cash equivalents 56,497 68,641 Total current assets 91,367 106,947 CURRENT LIABILITIES Accounts payable 25,267 23,840 Other payables and accruals 9,856 9,382 Warrant liabilities 2,076 1,840 Lease liabilities 347 575 Provisions 71 72 Total current liabilities 37,617 35,708 NET CURRENT ASSETS 53,750 71,239 TOTAL ASSETS LESS CURRENT LIABILITIES 60,627 79,339 NON-CURRENT LIABILITIES Lease liabilities 5 31 Deferred tax liabilities 26 29 Provisions 210 194 Total non-current liabilities 241 255 Net assets 60,386 79,084 EQUITY Issued capital 4 4 Reserves 60,382 79,080 Total equity 60,386 79,084 Hashtag: #MoneyHeroGroupThe issuer is solely responsible for the content of this announcement.MoneyHero GroupMoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia's largest operating B2C platform. MoneyHero currently manages 279 commercial partner relationships and services 8.1 million Monthly Unique Users across its platform for the six months ended June 30, 2024. The Company's backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC's digital economy, please visit www.MoneyHeroGroup.com.
PHILADELPHIA and PERTH, Australia, Sept. 20, 2024 /PRNewswire/ -- Underscores unique position as a vertically integrated, diversified global producer of lithium chemicals with low-cost and high-quality assets Details ongoing expansion programs expected to more than double total sales volumes by 2028 across multiple products and regions Outlines path to Adjusted EBITDA1 of $1.3 billion by 2028 supported by strong and flexible balance sheet with peak net leverage of 2.1x1,2 Reaffirms significant expansion potential of one of the largest and most diverse resource bases in the industry Accelerating plan to deliver $125 million of merger-related cost savings roughly two years ahead of initial target Executed Memorandum of Understanding (MoU) with Toyota Tsusho in key step to unlocking further synergies Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, "Arcadium Lithium" or the "Company"), a leading global lithium chemicals producer, today provided a number of strategic updates at its inaugural 2024 Investor Day. During the event, the Company reviewed its operating, commercial and growth strategies while reinforcing its commitment to sustainability leadership. The Company also discussed its plans for disciplined volume expansion and provided a long-term financial view. "We have a clear and compelling plan to deliver significant growth over the coming years, leveraging the size and quality of our portfolio of assets and expansion projects," said Arcadium Lithium president and chief executive officer Paul Graves. "Our vertically integrated operating network, broad range of high-performance lithium products, and deep technical know-how allow us to maximize the value of each unit of lithium we deliver to customers. This is complemented by a disciplined commercial strategy that provides greater visibility and profitability throughout market cycles and allows us to confidently invest to meet the growing long-term demand needs of our customers. This plan has the potential to double our sales volumes by 2028 while reaching an expected $1.3 billion in Adjusted EBITDA based on analyst consensus pricing forecasts. I am excited by the opportunities ahead and the highly experienced team we have in place to execute our long-term vision." Multi-Year Volume GrowthArcadium Lithium expects 25% higher combined lithium carbonate and lithium hydroxide volumes in 2024 and 2025 from expansion projects at Fénix and Olaroz that have already been completed, are in operation and have no further capital requirements. Beyond this, the Company continues to develop its world class portfolio of resources and is doing so on a timeline supported by the market and its customers. Arcadium Lithium outlined two waves of expansions across its large, high-quality and low-cost assets in Argentina and Canada. The first wave of four existing projects at various stages of advancement is expected to be fully completed, in stages, by 2028 and more than double sales volumes from today. The second wave of projects are at the development and planning stage and this wave offers the Company the opportunity to increase production capacity beyond 2028 by a further 125,000 metric tons (LCE3) to 295,000 metric tons (LCE3) total. The size and quality of Arcadium Lithium's portfolio of resources means it is not constrained in its ability to continue to grow organically. Earnings Growth Supported by Flexible Balance SheetArcadium Lithium outlined a path to an expected $1.3 billion in Adjusted EBITDA1 by 2028, subject to certain assumptions, with margins continuing to be supported by low-cost positions and multi-year customer agreements. This growth is underpinned by higher volumes from expansion, and by consensus expectations for pricing to move higher than current levels towards prices that are needed to incentivize industry supply growth4. It is supported by a strong balance sheet, with peak net leverage not expected to exceed 2.1x1,2. The Company believes it has attractive internal and external funding alternatives that provide flexibility to promptly adapt to evolving market conditions as needed. Accelerating Cost SavingsSince the January 2024 merger of Allkem and Livent creating Arcadium Lithium, the Company has taken actions to drive cost reductions throughout the organization. The benefits of these actions are already being seen, with post-merger cost savings coming in higher and quicker than initial forecasts. Beyond expected cost savings of up to $80 million in 2024, the Company now expects to deliver close to its initial run-rate savings target of $125 million by the end of 2025, roughly two years ahead of plan. These savings are driven primarily by organizational restructuring, operational and supply chain synergies and a reduction in third-party and other services across the two legacy companies. The Company also believes the total longer-term savings opportunity to be greater than $125 million. Toyota Tsusho Memorandum of UnderstandingArcadium Lithium announced the recent signing of a Memorandum of Understanding (MoU) with its long-time partner Toyota Tsusho Corporation (TTC), a key initial step in providing greater flexibility for Arcadium Lithium to optimize its global integrated operating network and to contribute its production expertise to Naraha. This includes using technical grade lithium carbonate produced at Olaroz to feed the Company's existing downstream lithium hydroxide network, thus allowing more battery grade lithium carbonate produced at Fénix to be sold directly to customers. This is expected to have a positive impact on the Company's earnings and to be achievable as early as 2026. Event Replay InformationA full replay of Arcadium Lithium's Investor Day is available on the Company's Investor Relations website. For further details and access to the webcast replay and presentation materials, visit ir.arcadiumlithium.com. Denotes non-GAAP financial term. Although Arcadium Lithium provides estimates, the Company is not able to do so for the most directly comparable measure calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amount are not predictable, making it impractical for the Company to provide an outlook for such GAAP measure or to reconcile corresponding non-GAAP financial measure to such GAAP measure without unreasonable efforts. For the same reason, the Company is unable to address the probable significance of the unavailable information. As a result, no GAAP equivalent outlook is provided for these metrics. Adjusted Net Debt / Adjusted EBITDA. Debt includes amounts outstanding under revolving credit facility, project loan facilities and convertible notes and excludes customer prepayment obligations and affiliate loans. Cash excludes Nemaska Lithium. Lithium Carbonate Equivalents. Based on consensus price expectations using analyst research as of 9/11/2024. Arcadium Lithium Contacts Investors:Daniel Rosen +1 215 299 6208daniel.rosen@arcadiumlithium.com Phoebe Lee +61 413 557 780phoebe.lee@arcadiumlithium.com Media:Karen Vizental +54 9 114 414 4702karen.vizental@arcadiumlithium.com Supplemental Information In this press release, Arcadium Lithium uses the financial measures Adjusted EBITDA and Adjusted Net Debt. These terms are not calculated in accordance with generally accepted accounting principles (GAAP). Definitions of these terms, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are provided on our website: ir.arcadiumlithium.com and elsewhere in this press release or the financial tables that accompany this press release. About Arcadium Lithium Arcadium Lithium is a leading global lithium chemicals producer committed to safely and responsibly harnessing the power of lithium to improve people's lives and accelerate the transition to a clean energy future. We collaborate with our customers to drive innovation and power a more sustainable world in which lithium enables exciting possibilities for renewable energy, electric transportation and modern life. Arcadium Lithium is vertically integrated, with industry-leading capabilities across lithium extraction processes, including hard-rock mining, conventional brine extraction and direct lithium extraction (DLE), and in lithium chemicals manufacturing for high performance applications. We have operations around the world, with facilities and projects in Argentina, Australia, Canada, China, Japan, the United Kingdom and the United States. For more information, please visit us at www.ArcadiumLithium.com. Important Information and Legal Disclaimer:Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, we have identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for Arcadium Lithium based on currently available information. There are important factors that could cause Arcadium Lithium's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including a failure to reach a binding agreement with TTC pursuant to the MoU, the supply and demand in the market for our products as well as pricing for lithium and high-performance lithium compounds; our ability to realize the anticipated benefits of the integration of the businesses of Livent and Allkem or of any future acquisitions; our ability to acquire or develop additional reserves that are economically viable; the existence, availability and profitability of mineral resources and mineral and ore reserves; the success of our production expansion efforts, research and development efforts and the development of our facilities; our ability to retain existing customers; the competition that we face in our business; the development and adoption of new battery technologies; additional funding or capital that may be required for our operations and expansion plans; political, financial and operational risks that our lithium extraction and production operations, particularly in Argentina, expose us to; physical and other risks that our operations and suppliers are subject to; our ability to satisfy customer qualification processes or customer or government quality standards; global economic conditions, including inflation, fluctuations in the price of energy and certain raw materials; the ability of our joint ventures, affiliated entities and contract manufacturers to operate according to their business plans and to fulfill their obligations; severe weather events and the effects of climate change; extensive and dynamic environmental and other laws and regulations; our ability to obtain and comply with required licenses, permits and other approvals; and other factors described under the caption entitled "Risk Factors" in Arcadium Lithium's 2023 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 29, 2024, as well as Arcadium Lithium's other SEC filings and public communications. Although Arcadium Lithium believes the expectations reflected in the forward-looking statements are reasonable, Arcadium Lithium cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Arcadium Lithium nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Arcadium Lithium is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations. Logo - https://mma.prnasia.com/media2/2310012/Arcadium_Lithium_Horizontal_Logo.jpg?p=medium600
RIYADH, Saudi Arabia, Sept. 14, 2024 /PRNewswire/ -- Leading-edge artificial intelligence algorithms are now powering production at nearly half of VSPO's esports tournaments, dramatically reducing content creation time and enhancing fan engagement, said the company's co-founder Danny Tang at the New Global Sport Conference 2024 ("NGSC") in Riyadh this August. Danny Tang, co-founder, CFO and head of global strategy office, said that AI technology is now dramatically reducing content creation time and enhancing fan engagement. At a panel discussion with other industry leaders including Ahmad Alabduljabbar, Craig Levine, Jean Mariotte, Penny Diao and Shay Segev, Tang said nearly half of the esports tournaments VSPO produces are now leveraging AI to assist key production tasks such as live highlights capturing and post-game replay editing, markedly boosting the efficiency and agility of the company's tournament operations. VSPO, Asia's biggest esports company, organizes and produces more than 80 tournaments and 7,000 matches every year, captivating an online fan base of over 800 million. "Over the past couple years, we have developed a lot of AI tools to allow us to better produce esports tournament content in a much more efficient manner," said Tang, who is also VSPO's CFO and head of global strategy office, "For example, our 'AICam' now allows us to turn hours of game footage into viral social media content in mere seconds." As the leading conference for the Esports World Cup Foundation, the NGSC 2024 hosted a global delegation of over 1,200 industry thought-leaders at the Kingdom Centre on August 24-25. At the event, Tang introduced VSPO's two proprietary AI tools, "AIOB" and "AICam", which have been instrumental in streamlining esports production process. AIOB, an algorithm trained on extensive tournament data, assists directors in identifying and broadcasting the most thrilling moments in real time. AICam, on the other hand, automates the selection and editing of highlights, turning them into viral video clips with unprecedented speed and precision. Another VSPO's key AI project Tang shared was VSPO's partnership with Qualcomm on the Snapdragon "Faith of Victory" initiative, an esports athlete emotion detection system capable of providing real-time insights into an athlete's state of emotions by studying their facial expressions and heart rates. The AI system has been trained with data from 175 professional players across 18 top teams in the King Pro League, and VSPO continues to refine it for improved performance on a frequent basis. Furthermore, Tang said that VSPO is also in the process of integrating its proprietary AI technologies into its signature, award-winning "4K OB Truck," a patented mobile production unit designed for on-the-go creation and broadcasting of top-tier esports events. This innovative vehicle was a standout feature at the Hangzhou Asian Games last year, where esports was recognized as a medal sport for the first time, as a significant portion of the esports series was produced using VSPO's "4K OB Truck," showcasing its capabilities on an international stage. About VSPOWith a global presence encompassing 14 office locations and eight top-tier esports arenas, VSPO offers a comprehensive suite of esports services, including tournament organization, marketing solutions, community development, and more.
WUHAN, China, Sept. 12, 2024 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial and Operational Highlights Total net revenues in the second quarter of 2024 were RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023. Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023. Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023. Adjusted net loss[1] in the second quarter of 2024 was RMB45.5 million (US$6.3 million), compared with adjusted net income of RMB61.4 million in the same period of 2023. Average mobile MAUs[2] in the second quarter of 2024 were 44.1 million, compared with 50.3 million in the same period of 2023. The number of quarterly average paying users[3] in the second quarter of 2024 was 3.4 million, compared with 4.0 million in the same period of 2023. The interim management committee of DouYu commented, "In the second quarter of 2024, we further enriched our content ecosystem and enhanced our diversified commercialization capabilities. In deepening our collaboration with streamers and game developers on content innovation and product upgrades, we successfully introduced diverse cooperative models that bring DouYu users more exceptional content experiences and an expanded array of gaming services. Our long-term development strategy remains centered on fostering a vibrant, diverse, game-centric content ecosystem by harnessing the strengths of DouYu's deep-rooted streamer resources and premium content. We will continue to dynamically adapt our operating strategies amid the evolving macroeconomic and industry shifts, proactively addressing challenges and optimizing our platform's content ecosystem to serve our overarching goal of long-term, sustainable growth." Mr. Hao Cao, Vice President of DouYu, commented, "Our strategic revenue diversification initiatives yielded encouraging results in the second quarter. Revenue from Innovative business, advertising and others (formerly known as advertising and other revenues) steadily increased to RMB242 million, contributing 23.4% of our total revenue, a significant improvement from 9.6% in the same period of 2023. Despite short-term financial pressure from macroeconomic headwinds and an evolving business landscape, we remain committed to rewarding the trust and support of our shareholders. In addition to our US$20 million share repurchase program announced in December 2023, which was successfully completed in July, we announced a US$300 million special cash dividend in early July. Looking ahead, we will continue to explore commercial diversification pathways, prioritizing the Company's long-term, healthy growth to deliver value to our shareholders." Second Quarter 2024 Financial Results Total net revenues in the second quarter of 2024 decreased by 25.9% to RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023. Livestreaming revenues in the second quarter of 2024 decreased by 37.2% to RMB790.1 million (US$108.7 million) from RMB1,258.3 million in the same period of 2023. The decrease was primarily due to the soft macroeconomic environment, in response to which we offered lower-priced products and reduced promotional events focused on paying user acquisition. As a result, there was a year-over-year decrease in both average revenue per paying user and the number of total paying users. Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the second quarter of 2024 increased by 80.7% to RMB242.0 million (US$33.3 million) from RMB133.9 million in the same period of 2023. The increase was primarily driven by an increase in other revenues generated through our other innovative business, such as the voice-based social networking service. Cost of revenues in the second quarter of 2024 decreased by 21.2% to RMB947.8 million (US$130.4 million) from RMB1,203.3 million in the same period of 2023. Revenue-sharing fees and content costs in the second quarter of 2024 decreased by 18.1% to RMB803.4 million (US$110.6 million) from RMB981.3 million in the same period of 2023. The decrease was primarily due to a decrease in revenue-sharing fees aligned with decreased livestreaming revenues, as well as a decline in content costs resulting from improved cost management in streamer payments and copyrighted content, and partially offset by the increase in costs related to the innovative business. Bandwidth costs in the second quarter of 2024 decreased by 33.0% to RMB79.6 million (US$11.0 million) from RMB118.8 million in the same period of 2023. The decline was primarily due to a year-over-year decrease in peak bandwidth usage. Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023. The decline in gross profit was primarily due to the decrease in livestreaming revenues outpacing the decline in cost of revenues. Gross margin in the second quarter of 2024 was 8.2%, compared with 13.6% in the same period of 2023. Sales and marketing expenses in the second quarter of 2024 decreased by 11.5% to RMB77.0 million (US$10.6 million) from RMB87.0 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses. Research and development expenses in the second quarter of 2024 decreased by 29.4% to RMB50.1 million (US$6.9 million) from RMB71.0 million in the same period of 2023. The decrease was primarily due to a decrease in staff-related expenses. General and administrative expenses in the second quarter of 2024 increased by 3.4% to RMB48.5 million (US$6.7 million) from RMB46.9 million in the same period of 2023. The increase was primarily due to increased expenses related to our employee streamlining initiatives. Other operating expenses, net in the second quarter of 2024 were RMB28.2 million (US$3.9 million), compared with other operating income of RMB8.6 million in the same period of 2023. Loss from operations in the second quarter of 2024 was RMB119.6 million (US$16.5 million), compared with RMB7.5 million in the same period of 2023. Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023. Adjusted net loss, which excludes the share of loss in equity method investments, and impairment loss of investments, was RMB45.5 million (US$6.3 million) in the second quarter of 2024, compared with adjusted net income of RMB61.4 million in the same period of 2023. Basic and diluted net loss per ADS[4] in the second quarter of 2024 were both RMB1.58 (US$0.22). Adjusted basic and diluted net loss per ADS in the second quarter of 2024 were both RMB1.46 (US$0.20). Cash and cash equivalents, restricted cash and bank deposits As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB6,561.3 million (US$902.9 million), compared with RMB6,855.5 million as of December 31, 2023. Updates of Share Repurchase Program On December 28, 2023, the Company announced that its board of directors had authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of ADSs during a period of up to 12 months commencing on January 1, 2024. As of June 30, 2024, the Company had repurchased an aggregate of US$11.2 million of its ADSs in the open market under this program. The allotment of US$20 million was used in full by July 18, 2024. Conference Call Information The Company will hold a conference call on September 12, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-317-6061 United States Toll-Free: +1-888-317-6003 Mainland China Toll-Free: 4001-206115 Hong Kong Toll Free: 800-963976 Singapore Toll Free: 800-120-5863 Conference ID: 8687804 The replay will be accessible through September 19, 2024, by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Conference ID: 1678388 A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.douyu.com. [1] "Adjusted net loss" is defined as net loss excluding share of loss in equity method investments, and impairment loss of investments. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period by (ii) the number of months in such period. [3] "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period. [4] Every one ADS represents one ordinary share for the relevant period and calendar year. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted net income (loss) is calculated as net income (loss) adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share of loss in equity method investments, (ii) impairment loss of investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars, at that rate on June 28, 2024, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's results of operations and financial condition; the Company's business strategies; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company's business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: Lingling Kong DouYu International Holdings Limited Email: ir@douyu.tv Tel: +86 (10) 6508-0677 Andrea Guo Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677 In the United States: Brandi Piacente Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +1-212-481-2050 Media Relations Contact In China: Lingling Kong DouYu International Holdings Limited Email: pr_douyu@douyu.tv Tel: +86 (10) 6508-0677 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS, per share and per ADS data) As of December 31 As of June 30 2023 2024 2024 ASSETS RMB RMB US$ (1) Current assets: Cash and cash equivalents 4,440,131 4,061,140 558,831 Restricted cash - 21 3 Short-term bank deposits 1,716,540 1,974,461 271,695 Accounts receivable, net 73,453 52,279 7,194 Prepayments 38,181 26,085 3,589 Amounts due from related parties 68,994 61,859 8,512 Other current assets, net 348,129 482,012 66,327 Total current assets 6,685,428 6,657,857 916,151 Property and equipment, net 13,808 8,525 1,172 Intangible assets, net 120,694 141,671 19,495 Long-term bank deposits 630,000 450,000 61,922 Investments 436,197 431,112 59,323 Right-of-use assets, net 22,792 5,925 815 Other non-current assets 163,184 138,797 19,099 Total non-current assets 1,386,675 1,176,030 161,826 TOTAL ASSETS 8,072,103 7,833,887 1,077,977 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current liabilities: Accounts payable 534,428 464,509 63,919 Advances from customers 12,911 10,194 1,403 Deferred revenue 315,969 271,061 37,299 Accrued expenses and other current liabilities 246,601 191,607 26,366 Amounts due to related parties 251,392 382,574 52,644 Lease liabilities due within one year 14,768 4,523 622 Total current liabilities 1,376,069 1,324,468 182,253 Lease liabilities 6,701 563 77 Total non-current liabilities 6,701 563 77 TOTAL LIABILITIES 1,382,770 1,325,031 182,330 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data) As of December 31 As of June 30 2023 2024 2024 RMB RMB US$ (1) SHAREHOLDERS' EQUITY Ordinary shares 23 23 3 Treasury shares (911,217) (991,370) (136,417) Additional paid-in capital 10,670,287 10,670,287 1,468,280 Accumulated deficit (3,485,007) (3,622,129) (498,422) Accumulated other comprehensive income 415,247 452,045 62,203 Total DouYu Shareholders' Equity 6,689,333 6,508,856 895,647 Total Shareholders' Equity 6,689,333 6,508,856 895,647 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,072,103 7,833,887 1,077,977 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (All amounts in thousands, except share, ADS, per share and per ADS data) Three Months Ended Six Months Ended June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2024 RMB RMB RMB US$ (1) RMB RMB US$ (1) Net revenues 1,392,193 1,039,684 1,032,041 142,014 2,875,253 2,071,725 285,079 Cost of revenues (1,203,294) (930,678) (947,823) (130,425) (2,509,888) (1,878,501) (258,490) Gross profit 188,899 109,006 84,218 11,589 365,365 193,224 26,589 Operating income (expense) Sales and marketing expenses (87,047) (75,570) (76,963) (10,590) (177,733) (152,533) (20,989) General and administrative expenses (46,938) (42,797) (48,496) (6,673) (106,731) (91,293) (12,562) Research and development expenses (71,043) (54,150) (50,135) (6,899) (143,354) (104,285) (14,350) Other operating income (expense), net 8,615 (103,428) (28,189) (3,879) 27,661 (131,617) (18,111) Total operating expenses (196,413) (275,945) (203,783) (28,041) (400,157) (479,728) (66,012) Loss from operations (7,514) (166,939) (119,565) (16,452) (34,792) (286,504) (39,423) Other expenses, net (24,431) - (943) (130) (32,431) (943) (130) Interest income 67,252 81,094 75,972 10,454 121,679 157,066 21,613 Foreign exchange gain, net 1,641 153 604 83 245 757 104 Income (loss) before income taxes and share of loss in equity method investments 36,948 (85,692) (43,932) (6,045) 54,701 (129,624) (17,836) Income tax expense - - (2,510) (345) - (2,510) (345) Share of loss in equity method investments (30,100) (2,261) (2,727) (375) (33,336) (4,988) (686) Net income (loss) 6,848 (87,953) (49,169) (6,765) 21,365 (137,122) (18,867) Net income (loss) attributable to ordinary shareholders of the Company 6,848 (87,953) (49,169) (6,765) 21,365 (137,122) (18,867) Net income (loss) per ordinary share Basic 0.21 (2.77) (1.58) (0.22) 0.67 (4.36) (0.60) Diluted 0.21 (2.77) (1.58) (0.22) 0.67 (4.36) (0.60) Net income (loss) per ADS(2) Basic 0.21 (2.77) (1.58) (0.22) 0.67 (4.36) (0.60) Diluted 0.21 (2.77) (1.58) (0.22) 0.67 (4.36) (0.60) Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share Basic 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 Diluted 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 Weighted average number of ADS used in calculating net income (loss) per ADS(2) Basic 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 Diluted 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. (2) Every one ADS represents one ordinary share. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data) Three Months Ended Six Months Ended June 30, 2023 March 31, 2024 June 30, 2024 June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2024 RMB RMB RMB US$ (1) RMB RMB US$ (1) Loss from operations (7,514) (166,939) (119,565) (16,452) (34,792) (286,504) (39,423) Adjusted operating loss (7,514) (166,939) (119,565) (16,452) (34,792) (286,504) (39,423) Net income (loss) 6,848 (87,953) (49,169) (6,765) 21,365 (137,122) (18,867) Add: Share of loss in equity method investments 30,100 2,261 2,727 375 33,336 4,988 686 Impairment loss of investments(2) 24,431 - 943 130 32,431 943 130 Adjusted net income (loss) 61,379 (85,692) (45,499) (6,260) 87,132 (131,191) (18,051) Net income (loss) attributable to DouYu 6,848 (87,953) (49,169) (6,765) 21,365 (137,122) (18,867) Add: Share of loss in equity method investments 30,100 2,261 2,727 375 33,336 4,988 686 Impairment loss of investments 24,431 - 943 130 32,431 943 130 Adjusted net income (loss) attributable to DouYu 61,379 (85,692) (45,499) (6,260) 87,132 (131,191) (18,051) Adjusted net income (loss) per ordinary share Basic 1.92 (2.69) (1.46) (0.20) 2.72 (4.17) (0.57) Diluted 1.92 (2.69) (1.46) (0.20) 2.72 (4.17) (0.57) Adjusted net income (loss) per ADS(3) Basic 1.92 (2.69) (1.46) (0.20) 2.72 (4.17) (0.57) Diluted 1.92 (2.69) (1.46) (0.20) 2.72 (4.17) (0.57) Weighted average number of ordinary shares used in calculating Adjusted net income (loss) per ordinary share Basic 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 Diluted 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 Weighted average number of ADS used in calculating net income (loss) per ADS(2) Basic 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 Diluted 31,977,665 31,807,180 31,128,544 31,128,544 32,000,608 31,467,862 31,467,862 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. (2) Impairment loss of investments was included in line item "Other expenses, net" of condensed consolidated statements of income (loss). (3) Every one ADS represents one ordinary share.
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