Financial Data and Key Metrics Changes - Total net revenues for Q1 2019 were $110.4 million, representing an 18% decrease from Q1 2018 [19] - Kaixin revenues were $104.6 million, an 8% increase from the corresponding period in 2018 [19] - Auto sales revenue for Q1 2019 was $102.6 million, a 17% decrease from Q1 2018, primarily due to the closure of the Jinan dealership [19] - Net loss attributable to the company was $27.9 million, improved from a net loss of $41.6 million in Q1 2018 [23] - Non-GAAP adjusted net loss in Q1 2019 was $7.4 million, improved from an adjusted net loss of $18.8 million in Q1 2018 [23] Business Line Data and Key Metrics Changes - Units sold through Kaixin's network increased from 1,830 in 2017 to 6,900 in 2018 [16] - The number of dealerships in Kaixin's network rose from 13 in 2017 to 18 in 2018 [16] - Average selling price per vehicle is anticipated to be around $50,000 in 2019 and 2020 [16] Market Data and Key Metrics Changes - The premium used car segment in China is experiencing significant growth, driven by rising middle-class incomes and a shift towards used vehicles due to economic conditions [12][13] - China's used car market is still highly fragmented, presenting opportunities for companies like Kaixin to capture market share [13] Company Strategy and Development Direction - The company is focusing on the premium used car segment, which is expected to grow faster than the overall used car market in China [17] - Kaixin aims to leverage its established brand, big data, and a network of affiliated dealers to enhance operational efficiency and market penetration [15] - The long-term strategy involves transitioning towards a B2B model, focusing on enterprise software to support dealership operations [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing growth opportunities in the premium used car market, emphasizing the unique business model compared to competitors [31][32] - The company expects to generate revenue between $98 million and $103 million in Q2 2019, reflecting current market conditions [24] Other Important Information - The company has divested its social networking business and is now primarily focused on Kaixin and its SaaS businesses [6][28] - Kaixin has transformed from a tech-enabled financing platform into a nationwide dealer network, providing a full suite of services [8][10] Q&A Session Summary Question: What is Renren's long-term strategy after the OPI spinoff and sale of Renren assets? - Management indicated that the long-term strategy focuses on growing Kaixin as the main business and developing other incubating business assets [28][30] Question: What will be Kaixin's short- and long-term strategy in the used car market? - The short-term strategy includes raising capital, particularly debt capital, to grow inventory and business, while the long-term strategy focuses on leveraging the unique premium market position [31][32]
Moatable(MTBL) - 2019 Q1 - Earnings Call Transcript