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)