Uxin(US:UXIN)2021-07-29 16:00Financial Performance - Total revenues for the quarter ended March 31, 2021, were RMB196.0 million (US$29.9 million), a decrease from RMB322.9 million in the previous quarter and an increase from RMB103.9 million in the same period last year[17] - Total revenues for the twelve months ended March 31, 2021, were RMB657.4 million (US$100.3 million), down from RMB1,356.1 million for the same period last year[18] - Retail vehicle sales revenue for the quarter was RMB124.6 million (US$19.0 million), with a transaction volume of 988 units, all sold from the company's own inventory[21] - Retail vehicle sales revenue for the twelve months ended March 31, 2021, was RMB463.5 million (US$70.7 million), with a retail transaction volume of 3,603 units[31] - Total revenues for the three months ended June 30, 2021, are expected to be in the range of RMB260 million to RMB280 million[49] Loss and Expenses - Non-GAAP adjusted loss from continuing operations decreased by 40% to RMB98 million (US$15 million) compared to RMB162.5 million in the previous quarter[8] - Net loss from continuing operations for the twelve months ended March 31, 2021, was RMB717.0 million (US$109.4 million), significantly reduced from RMB3,066.5 million in the previous year[18] - Total operating expenses for the three months ended March 31, 2021, were RMB124.4 million (US$19.0 million), with sales and marketing expenses decreasing by 79.9% year-over-year to RMB38.1 million (US$5.8 million)[24] - Non-GAAP adjusted loss from continuing operations for the three months ended March 31, 2021, was RMB98.0 million (US$15.0 million), significantly improved from RMB2,218.1 million in the same period last year[29] - Gross margin for the twelve months ended March 31, 2021, was negative 2.5%, compared to 52.5% for the same period in 2020[33] - Total operating expenses for the twelve months ended March 31, 2021, were RMB782.7 million (US$119.5 million), with a 67.0% year-over-year decrease in sales and marketing expenses[34][35] Operational Improvements - Gross margin improved to 4.6% for the quarter ended March 31, 2021, compared to 2.9% in the previous quarter and negative 6.6% in the same period last year[17] - The company transformed into an inventory-owning model, enhancing vehicle quality through strict inspection standards, which contributed to a net promoter score (NPS) of 42, up from 10 in June 2020[6] - The first inspection and reconditioning center (IRC) in Xi'an became operational in March 2021, aimed at improving supply chain management and operational efficiency[9] Financing and Investments - The company secured financing of up to US$315 million from NIO Capital and Joy Capital, addressing previous working capital constraints[12] - The company has entered into agreements for a total investment of up to US$315 million from NIO Capital and Joy Capital, with the first tranche completed for US$100 million[42][47] Corporate Governance - The company has made changes to its Board of Directors, appointing new directors effective July 12, 2021[48] Financial Reporting and Guidance - The company utilizes non-GAAP financial measures to assess its operating performance, excluding share-based compensation[54] - Uxin's forward-looking statements include expectations regarding market conditions and operational strategies, which are subject to risks and uncertainties[59] - The company emphasizes the importance of reviewing its financial information in its entirety, rather than relying on a single financial measure[57] - Investor relations contact information is provided for further inquiries[61] - A telephone replay of the earnings conference call will be available until August 6, 2021[52] Currency Exchange - The exchange rate used for RMB to USD conversion is RMB6.5518 to USD1.00 as of March 31, 2021[58]