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Press Release: Uxin Reports Unaudited Third Quarter of Fiscal Year 2023 Financial Results

Dow Jones2023-04-11

 fair value change to be charged into the profit and 
 loss. 
 The second closing in the amount of US$50 million 
 is expected to be received subject to customary closing 
 conditions, out of which US$27.5 million, US$10 million 
 and US$7.5 million were received in November 2021, 
 March and June 2022, respectively. For the remaining 
 US$5 million, on July 27, 2022, NIO Capital assigned 
 its rights and obligations to an independent third 
 party, from whom we received this remaining US$5 million. 
 The corresponding fair value was transferred from 
 forward contract liabilities to mezzanine equity on 
 the same day. 
 (ii) In June 2021, we entered into a supplemental 
 agreement with affiliates of 58.com, Warburg Pincus, 
 TPG and certain other investors who held a total of 
 US$230.0 million convertible notes ("2024 Notes"). 
 Pursuant to the supplemental agreement, 30% of the 
 outstanding 2024 Notes principal amount will be converted 
 into a total of 66,990,291 Class A ordinary shares 
 at a price of US$1.03 per Class A ordinary share upon 
 the first closing. On July 12, 2021, aforementioned 
 conversion was completed and related Class A ordinary 
 shares were issued. Remaining principal amount will 
 be repaid by instalments by us from July 2021 to June 
 2024 and recorded as current portion of long-term 
 debt and long-term debt. Besides, interest term was 
 modified and 2024 Notes bear no interest from the 
 original issuance date. 
 On July 18 and August 29, 2022, the Company issued 
 183,495,146 and 36,699,029 Class A ordinary shares 
 with par value of US$0.0001 per share to 58.com and 
 ClearVue Uxin Holdings, Ltd. ("ClearVue") in exchange 
 for the full release of the Company's obligations 
 under the 2024 Notes issued to 58.com and ClearVue 
 on June 10, 2019. These shares were issued at a price 
 equivalent to US$1.03 per ADS. 
 In connection with the foregoing transaction, we and 
 58.com have mutually released the other party from 
 claims arising out of certain obligations under certain 
 historical transactions, primarily including 2B unreceived 
 disposal consideration and accrued advertising expenses. 
 The related impact of RMB2.8 million to our second 
 quarter result was recognized in "losses from extinguishment 
 of debt". 
 (iii) Pursuant to contractual payment schedule contained 
 in the supplemental agreements signed with one of 
 our suppliers, in order to settle all payables due 
 to this supplier, a total of RMB56.1 million will 
 be waived after full payment is made by us as long 
 as we make payments on schedule. As of December 31, 
 2022, a total of RMB96.1 million was recorded. Currently, 
 we made the payments on schedule. 
 (iv) On July 23, 2020, we entered into a supplemental 
 agreement with WeBank to settle our remaining guarantee 
 liabilities associated with the historically-facilitated 
 loans for WeBank. Pursuant to the supplemental agreement, 
 we will pay an aggregate amount of RMB372 million 
 to WeBank from 2020 to 2025 as guarantee settlement 
 with a maximum annual settlement amount of no more 
 than RMB84 million. Upon the signing of the supplemental 
 agreement, we are also no longer subject to guarantee 
 obligations in relation to our historically-facilitated 
 loans for WeBank under the condition that we make 
 the instalment payments based on the agreed-upon schedule 
 set forth in the supplemental agreement. 
 
 
* Share-based compensation charges included 
are as follows: 
 
                 For the three months ended      For the nine months 
                        December 31,             ended December 31, 
                 ---------------------------  ------------------------ 
                  2021           2022          2021         2022 
                 -------  ------------------  ------  ---------------- 
                   RMB     RMB       US$       RMB      RMB      US$ 
Sales and 
 marketing             -     318          46       -    1,108      161 
General and 
 administrative    4,282  10,306       1,494  13,166   34,258    4,967 
Research and 
 development           -     348          50       -    1,235      179 
 
 
 
 
                                                     Uxin Limited 
                                Unaudited Reconciliations of GAAP And Non-GAAP Results 
                                  (In thousands except for number of shares and per 
                                                      share data) 
 
                      For the three months ended December 31,           For the nine months ended December 31, 
                   ----------------------------------------------  ------------------------------------------------ 
                       2021                    2022                    2021                    2022 
                   -------------   -----------------------------   -------------   ----------------------------- 
                        RMB             RMB             US$             RMB             RMB              US$ 
Loss from 
 operations              (72,832)        (96,536)        (13,998)       (169,442)       (299,522)        (43,427) 
Add: Share-based 
 compensation 
 expenses                  4,282          10,972           1,590          13,166          36,601           5,307 
  - Sales and 
   marketing                   -             318              46               -           1,108             161 
  - General and 
   administrative          4,282          10,306           1,494          13,166          34,258           4,967 
  - Research and 
   development                 -             348              50               -           1,235             179 
                   -------------   -------------   -------------   -------------   -------------   ------------- 
 
Non-GAAP adjusted 
 loss from 
 operations              (68,550)        (85,564)        (12,408)       (156,276)       (262,921)        (38,120) 
                   =============   =============   =============   =============   =============   ============= 
 
                       For the three months ended December 31,          For the nine months ended December 31, 
                   ----------------------------------------------  ------------------------------------------------ 
                            2021               2022                         2021               2022 
                   -------------   -----------------------------   -------------   ----------------------------- 
                        RMB             RMB             US$             RMB             RMB              US$ 
Net income/(loss) 
 from operations       1,279,742        (100,840)        (14,622)       (504,044)        (57,373)         (8,319) 
 
Add: Share-based 
 compensation 
 expenses                  4,282          10,972           1,590          13,166          36,601           5,307 
  - Sales and 
   marketing                   -             318              46               -           1,108             161 
  - General and 
   administrative          4,282          10,306           1,494          13,166          34,258           4,967 
  - Research and 
   development                 -             348              50               -           1,235             179 
Fair value impact 
 of the issuance 
 of senior 
 convertible 
 preferred 
 shares               (1,364,348)         (1,495)           (217)        290,601        (242,226)        (35,119) 
                   -------------   -------------   -------------   -------------   -------------   ------------- 
 
 
Non-GAAP adjusted 
 net loss from 
 operations              (80,324)        (91,363)        (13,249)       (200,277)       (262,998)        (38,131) 
                   =============   =============   =============   =============   =============   ============= 
 
Net income/(loss) 
 from operations 
 per share -- 
 basic                      1.08           (0.03)              -           (0.43)          (0.02)              - 
Net loss from 
 operations per 
 share -- 
 diluted                   (0.06)          (0.03)              -           (1.94)          (0.02)              - 
Non-GAAP adjusted 
 net loss from 
 operations per 
 share -- basic            (0.07)          (0.06)          (0.01)          (0.17)          (0.21)          (0.03) 
Non-GAAP adjusted 
 net loss from 
 operations per 
 share -- 
 diluted                   (0.07)          (0.06)          (0.01)          (0.17)          (0.21)          (0.03) 
Weighted average 
 shares 
 outstanding -- 
 basic             1,188,344,202   1,415,417,989   1,415,417,989   1,161,855,136   1,273,202,916   1,273,202,916 
Weighted average 
 shares 
 outstanding -- 
 diluted           1,497,381,204   1,415,417,989   1,415,417,989   1,391,609,921   1,273,202,916   1,273,202,916 
 
Note: The conversion of Renminbi (RMB) into U.S. dollars 
 $(USD)$ is based on the certified exchange rate of USD1.00 
 = RMB6.8972 as of December 30, 2022 set forth in the 
 H.10 statistical release of the Board of Governors 
 of the Federal Reserve System. 
 
 

(END) Dow Jones Newswires

April 11, 2023 04:20 ET (08:20 GMT)

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Comment1

  • Joeyloh
    ·2023-04-12
    Dead company, Q1 23 volume is gonna be lower then Q4 22. Management dillusional
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