[November 27, 2018] |
|
LAIX Inc. Announces Third Quarter 2018 Results
LAIX Inc. ("LAIX" or the "Company") (NYSE: LAIX), an artificial
intelligence (AI) company in China that creates and delivers products
and services to popularize English learning, today announced its
unaudited financial results for the third quarter ended September 30,
2018.
Third Quarter 2018 Financial and Operating Highlights
-
Net revenues were RMB180.5 million (US$26.3 million), a 265.0%
increase from RMB49.4 million for the third quarter of 2017.
-
Gross billings were RMB281.3 million (US$41.0 million), a 180.5%
increase from RMB100.5 million for the third quarter of 2017.
-
Gross margin was 73.4%, compared with 71.8% for the third quarter of
2017.
-
Approximately 872,000 paying users purchased the Company's courses and
services for the third quarter of 2018, compared with approximately
338,000 paying users for the third quarter of 2017.
-
Total cumulative registered users were 97.2 million as of September
30, 2018, compared with 61.3 million total cumulative registered users
as of December 31, 2017.
1 "Gross billings" for a certain period refer to the total
amount of cash received from the sale of course packages in that period,
net of the total amount of cash refunds paid to users in the same period.
Initial Public Offering ("IPO")
On September 27, 2018, the Company announced the pricing of its IPO of
5,750,000 American Depositary Shares ("ADS"), each ADS representing one
of its Class A ordinary shares, at a price of US$12.50 per ADS for a
total offering size of approximately US$71.9 million. The Company
subsequently commenced trading on the New York Stock Exchange under the
symbol "LAIX." Morgan Stanley & Co. LLC and Goldman Sachs (Asia) L.L.C.
acted as joint bookrunners of the offering and as the representatives of
the underwriters. The closing date of the Initial Public Offering was
October 1, 2018.
CEO and CFO Comments
"The third quarter of 2018 was a landmark and transformational quarter
for LAIX," commented Dr. Yi Wang, Chairman and Chief Executive Officer
of LAIX Inc., "We not only celebrated our sixth year anniversary in the
first week of September, but also accomplished an important milestone,
our IPO, on September 27. Our IPO on the renowned New York Stock
Exchange brought brand awareness to our consumers and partners. In
successfully completing our IPO, we raised more than US$71 million at a
price of US$12.50 per ADS. We plan to use the proceeds from this
offering, which were received October 1, to continue to fund research
and development of industry-leading AI-enabled learning products, to
augment our brand awareness and for general corporate purposes."
"We had seen strong performance in the last quarter. Our net revenues
grew by approximately 265% and our gross billings increased by
approximately 181% year-over-year. These strong returns are the direct
result of our corporate growth and our user expansion. Our paying user
base alone has seen approximately 158% year-over-year expansion, which
further validates our freemium model that attracts and engages users. We
believe that we are in the early stage of development, one that is
centered at the intersection of artificial intelligence and educational
services and focused on serving the unmet or under-served learning needs
in the current education market. As explorer of the AI-powered Education
3.0 landscape, we will continue to focus on delivering innovative AI
teacher products with superior personalized user experience and
effectiveness, and investing in gaining market share of this nascent but
fast-growing market. We are committed to the long-term vision that
AI-powered virtual teachers and learning products and services will play
a pivotal role in people's life-long learning journey. We are fully
dedicated to realizing our mission of empowering everyone to realize
their full potential and become a global citizen." Dr. Wang concluded.
"We continued our growth trajectory during the third quarter of 2018,"
said Ms. Bin Yu, Chief Financial Officer of LAIX Inc., "Our quarterly
net revenues were RMB180.5 million (US$26.3 million) and our gross
profit was RMB132.4 million (US$19.3 million), both representing a more
than 260% increase from the third quarter of 2017. We have increased our
investment in sales and marketing to drive future user growth. We deem
this investment necessary and within our expectations as we are building
our brand awareness and market leadership position. At the same time, we
are striving to optimize the return on our marketing investments through
the efficient management of our existing and new marketing channels. Due
to the high revenue growth we achieved, sales and marketing expenses as
a percentage of net revenues declined to 112.9% in the third quarter of
2018 from 169.8% in the third quarter of 2017."
Third Quarter 2018 Financial Results
Net Revenues
Net revenues for the third quarter of 2018 were RMB180.5 million
(US$26.3 million), a 265.0% increase from RMB49.4 million for the same
quarter last year. As of September 30, 2018, the Company had RMB343.5
million (US$50.0 million) of deferred revenues. The significant increase
can be attributed to the growth of the Company's business and the
platform-wide expansion of the Company's paying user base, as well as
the increased adoption of the Company's proprietary AI teacher among
users in China as an effective learning approach.
Cost of Revenues
Cost of revenues for the third quarter of 2018 was RMB48.1 million
(US$7.0 million), a 244.6% increase from RMB13.9 million for the same
quarter last year. This change was primarily due to increases in (i)
salaries and benefits for certain full-time employees, (ii) IT service
cost, and (iii) service fees paid to contract human teachers for our
premium services, with all such costs resulting from the Company's
general business growth and user base expansion.
Gross Profit and Gross Margin
Gross profit for the third quarter of 2018 was RMB132.4 million (US$19.3
million), a 272.9% increase from RMB35.5 million for the same quarter
last year as a result of increased economies of scale.
As a result, gross margin also rose year-over-year delivering 73.4% for
the third quarter, compared with 71.8% for the same quarter last year.
Operating Expenses
Total operating expenses for the third quarter of 2018 were RMB266.4
million (US$38.8 million), a 164.0% increase from RMB100.9 million for
the same quarter last year, with higher expenses primarily resulting
from business growth activities, the development and introduction of new
products and from costs associated with the expansion of our user base.
Sales and marketing expenses for the third quarter of 2018 were RMB203.8
million (US$29.7 million), a 142.8% increase from RMB83.9 million for
the same quarter last year. The increase was primarily due to higher (i)
branding and marketing expenses, (ii) salaries and benefits for sales
and marketing personnel, including our online student advisors.
Importantly, sales and marketing expenses as a percentage of net
revenues have notably declined year-over-year, with sales and marketing
expenses representing 112.9% of net revenues for the third quarter of
2018, compared to 169.8% for the same quarter last year.
Research and development expenses for the third quarter of 2018 were
RMB40.5 million (US$5.9 million), a 240.7% increase from RMB11.9 million
for the same quarter last year, primarily due to an increase in salaries
and benefits for research and development personnel. Research and
development expenses as a percentage of net revenues declined from the
same quarter last year, representing 22.4% of net revenues for the third
quarter of 2018, compared with 24.0% for the same quarter last year.
General and administrative expenses for the third quarter of 2018 were
RMB22.0 million (US$3.2 million), a 333.5% increase from RMB5.1 million
for the same quarter last year, primarily attributable to increases in
our human resources expenses and office expenses. General and
administrative expenses were 12.2% of net revenues for the third quarter
of 2018, compared with 10.3% for the same quarter last year.
Loss from Operations
Loss from operations for the third quarter of 2018 was RMB134.0 million
(US$19.5 million), compared with RMB65.4 million for the same quarter
last year due to the aforementioned reasons including increased expenses
associated with general business growth, user base expansion and general
and administrative purposes.
Foreign exchange related (losses)/gains, net
Foreign exchange loss was RMB3.5 million (US$0.5 million) in the third
quarter of 2018, compared with a foreign exchange gain of RMB1.7 million
for the same quarter last year, primarily due to the depreciation of
Renminbi against the U.S. dollar.
Net Loss
Net loss for the third quarter of 2018 was RMB142.4 million (US$20.7
million), compared with RMB64.6 million for the same quarter last year.
Adjusted net loss for the third quarter of 2018 was RMB123.0 million
(US$17.9 million), compared with RMB62.1 million for the same quarter
last year.
Basic and diluted net loss per ordinary share attributable to ordinary
shareholders for the third quarter of 2018 was RMB7.66 (US$1.12),
compared with RMB3.71 for the same quarter last year.
Balance Sheet
As of September 30, 2018, the Company had total cash and cash
equivalents of RMB324.3 million (US$47.2 million), excluding the IPO
proceeds which was received on October 1, compared with RMB416.5 million
as of December 31, 2017.
The Company had deferred revenues (current and non-current) of RMB343.5
million (US$50.0 million) as of September 30, 2018, compared with
RMB116.4 million as of December 31, 2017.
Outlook
For the fourth quarter of 2018, the Company currently expects:
-
Net revenues to be between RMB185 million to RMB205 million, which
would represent an increase of approximately 143.1% to 169.4% from
RMB76.1 million for the same quarter last year;
This forecast reflects the Company's current and preliminary view on the
current business situation and market conditions, which is subject to
change.
Conference Call
The Company's management will host an earnings conference call at 8:00
AM U.S. Eastern Time on November 27, 2018 (9:00 PM Beijing/Hong Kong
time on November 27, 2018).
Dial-in details for the earnings conference call are as follows:
United States (toll free):
|
+1-866-393-4306
|
International:
|
+1-734-385-2616
|
China:
|
400-682-8609
|
China, Domestic:
|
800-870-0169
|
Hong Kong:
|
+852-3011-4522
|
Conference ID:
|
2889846
|
Participants should dial-in at least 10 minutes before the scheduled
start time to be connected to the call.
Additionally, a live and archived webcast of the conference call will be
available on the Company's investor relations website at http://ir.laix.com/investors.
About LAIX Inc.
LAIX Inc. ("LAIX" or the "Company") is an artificial intelligence (AI)
company in China that creates and delivers products and services to
popularize English learning. Its proprietary AI teacher utilizes
cutting-edge deep learning and adaptive learning technologies, big data,
well-established education pedagogies and the mobile internet. LAIX
believes its innovative approach fundamentally transforms learning. LAIX
provides its products and services on demand via its mobile apps,
primarily its flagship "English Liulishuo" mobile app launched in 2013.
On the Company's platform, AI technologies are seamlessly integrated
with diverse learning content incorporating well-established language
learning pedagogies, gamified features and strong social elements to
deliver an engaging, adaptive learning experience. LAIX provides a
variety of courses inspired by a broad range of topics and culture
themes to make English learning more interesting and is committed to
offering a fun, interactive learning environment to motivate and engage
its users.
For more information, please visit: http://ir.laix.com.
Use of Non-GAAP Financial Measures
We use adjusted EBITDA and adjusted net loss, each a non-GAAP financial
measure, in evaluating our operating results and for financial and
operational decision-making purposes.
We believe that adjusted EBITDA and adjusted net loss help identify
underlying trends in our business that could otherwise be distorted by
the effect of certain expenses that we include in loss from operations
and net loss. We believe that adjusted EBITDA and adjusted net loss
provide useful information about our results of operations, enhance the
overall understanding of our past performance and future prospects and
allow for greater visibility with respect to key metrics used by our
management in its financial and operational decision-making.
Adjusted EBITDA and adjusted net loss should not be considered in
isolation or construed as an alternative to loss from operations, net
loss or any other measure of performance or as an indicator of our
operating performance. Investors are encouraged to review the historical
non-GAAP financial measures to the most directly comparable GAAP
measures. Adjusted EBITDA and adjusted net loss presented here may not
be comparable to similarly titled measures presented by other companies.
Other companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to our data. We
encourage investors and others to review our financial information in
its entirety and not rely on a single financial measure.
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 Renminbi to U.S.
dollars are made at a rate of RMB6.8680 to US$1.00, the rate in effect
as of September 28, 2018 published by the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects,"
"anticipates," "aims," "future," "intends," "plans," "believes,"
"estimates," "confident," "potential," "continue" or other similar
expressions. Among other things, the Outlook and quotations from
management in this announcement, as well as LAIX's strategic and
operational plans, contain forward-looking statements. LAIX may also
make written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including but not
limited to statements about LAIX's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve inherent
risks and uncertainties, and a variety of factors could cause actual
results to differ materially from those contained in any forward-looking
statement. Further information regarding these and other risks is
included in the Company's filings with the Securities and Exchange
Commission. All information provided in this press release and in the
attachments is as of the date of the press release, and the Company
undertakes no duty to update such information, except as required under
applicable law.
|
|
|
LAIX INC
|
|
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
|
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017
|
|
|
|
As of September 30 2018
|
|
|
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
416,483
|
|
|
|
324,332
|
|
|
|
47,224
|
|
Short-term investments
|
35,422
|
|
|
|
-
|
|
|
|
-
|
|
Accounts receivable, net
|
7,236
|
|
|
|
20,227
|
|
|
|
2,945
|
|
Prepayments and other current assets
|
21,907
|
|
|
|
69,158
|
|
|
|
10,069
|
|
Total current assets
|
481,048
|
|
|
|
413,717
|
|
|
|
60,238
|
|
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
11,779
|
|
|
|
27,971
|
|
|
|
4,073
|
|
Investment in equity fund
|
-
|
|
|
|
5,581
|
|
|
|
813
|
|
Intangible assets, net
|
-
|
|
|
|
486
|
|
|
|
71
|
|
Other non-current assets
|
1,498
|
|
|
|
28,399
|
|
|
|
4,135
|
|
Total non-current assets
|
13,277
|
|
|
|
62,437
|
|
|
|
9,092
|
|
Total assets
|
494,325
|
|
|
|
476,154
|
|
|
|
69,330
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
65,236
|
|
|
|
61,306
|
|
|
|
8,926
|
|
Deferred revenue
|
115,537
|
|
|
|
343,437
|
|
|
|
50,005
|
|
Salary and welfare payable
|
46,817
|
|
|
|
63,858
|
|
|
|
9,298
|
|
Tax payable
|
15,763
|
|
|
|
34,551
|
|
|
|
5,031
|
|
Accrued liabilities and other current liabilities
|
45,147
|
|
|
|
33,602
|
|
|
|
4,894
|
|
Total current liabilities
|
288,500
|
|
|
|
536,754
|
|
|
|
78,154
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue,non-current
|
908
|
|
|
|
46
|
|
|
|
7
|
|
Other non-current liabilities
|
1,000
|
|
|
|
2,000
|
|
|
|
291
|
|
Total non-current liabilities
|
1,908
|
|
|
|
2,046
|
|
|
|
298
|
|
Total liabilities
|
290,408
|
|
|
|
538,800
|
|
|
|
78,452
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine equity:
|
|
|
|
|
|
|
|
|
|
|
Series Seed convertible redeemable preferred shares
|
28,338
|
|
|
|
28,338
|
|
|
|
4,126
|
|
Series A convertible redeemable preferred shares
|
73,250
|
|
|
|
75,228
|
|
|
|
10,953
|
|
Series B convertible redeemable preferred shares
|
201,027
|
|
|
|
211,168
|
|
|
|
30,747
|
|
Series C convertible redeemable preferred shares
|
349,289
|
|
|
|
365,188
|
|
|
|
53,172
|
|
Total mezzanine equity
|
651,904
|
|
|
|
679,922
|
|
|
|
98,998
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' (deficits)
|
|
|
|
|
|
|
|
|
|
|
Class A Ordinary shares
|
1
|
|
|
|
1
|
|
|
|
0
|
|
Class B Ordinary shares
|
121
|
|
|
|
121
|
|
|
|
18
|
|
Subscriptions Receivable from founding shareholders
|
(122)
|
|
|
|
(122)
|
|
|
|
(18)
|
|
Additional paid-in capital
|
-
|
|
|
|
11,982
|
|
|
|
1,745
|
|
Accumulated other comprehensive (loss)/income
|
(85)
|
|
|
|
18,952
|
|
|
|
2,759
|
|
Accumulated (deficit)
|
(447,902)
|
|
|
|
(773,502)
|
|
|
|
(112,624)
|
|
Total shareholders' (deficits)
|
(447,987)
|
|
|
|
(742,568)
|
|
|
|
(108,120)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities, mezzanine equity and shareholders' (deficits)
|
494,325
|
|
|
|
476,154
|
|
|
|
69,330
|
|
|
|
|
|
|
|
|
|
|
|
|
LAIX INC
|
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")
|
except for number of shares and per share data)
|
|
|
Three months ended
|
|
|
|
Nine months ended
|
|
September 30 2017
|
|
|
June 30 2018
|
|
|
September 30,
2018
|
|
|
|
September 30 2017
|
|
September 30,
2018
|
|
|
|
|
|
|
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
|
|
RMB
|
|
RMB
|
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
49,446
|
|
|
135,529
|
|
|
180,454
|
|
26,275
|
|
|
|
89,507
|
|
412,762
|
|
|
60,099
|
Cost of revenues
|
(13,947)
|
|
|
(31,394)
|
|
|
(48,068)
|
|
(6,999)
|
|
|
|
(36,057)
|
|
(103,075)
|
|
|
(15,008)
|
Gross profit
|
35,499
|
|
|
104,135
|
|
|
132,386
|
|
19,276
|
|
|
|
53,450
|
|
309,687
|
|
|
45,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses
|
(83,944)
|
|
|
(132,905)
|
|
|
(203,821)
|
|
(29,677)
|
|
|
|
(146,879)
|
|
(463,669)
|
|
|
(67,512)
|
Research and development expenses
|
(11,886)
|
|
|
(36,089)
|
|
|
(40,494)
|
|
(5,896)
|
|
|
|
(31,533)
|
|
(101,435)
|
|
|
(14,769)
|
General and administrative expenses
|
(5,086)
|
|
|
(13,714)
|
|
|
(22,049)
|
|
(3,210)
|
|
|
|
(12,044)
|
|
(48,340)
|
|
|
(7,038)
|
Total operating expenses
|
(100,916)
|
|
|
(182,708)
|
|
|
(266,364)
|
|
(38,783)
|
|
|
|
(190,456)
|
|
(613,444)
|
|
|
(89,319)
|
Loss from Operations
|
(65,417)
|
|
|
(78,573)
|
|
|
(133,978)
|
|
(19,507)
|
|
|
|
(137,006)
|
|
(303,757)
|
|
|
(44,228)
|
Other income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net
|
240
|
|
|
1,281
|
|
|
954
|
|
139
|
|
|
|
749
|
|
2,360
|
|
|
344
|
Foreign exchange related gains/(losses), net
|
1,663
|
|
|
(5,061)
|
|
|
(3,471)
|
|
(505)
|
|
|
|
5,321
|
|
(4,299)
|
|
|
(626)
|
Change in fair value of short-term investment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
|
-
|
Other income/(expenses), net
|
508
|
|
|
(1,132)
|
|
|
(282)
|
|
(41)
|
|
|
|
1,977
|
|
(887)
|
|
|
(129)
|
Loss before provision for income taxes
|
(63,006)
|
|
|
(83,485)
|
|
|
(136,777)
|
|
(19,914)
|
|
|
|
(128,959)
|
|
(306,583)
|
|
|
(44,639)
|
Income tax expenses
|
(1,579)
|
|
|
(6,420)
|
|
|
(5,662)
|
|
(824)
|
|
|
|
(2,894)
|
|
(18,118)
|
|
|
(2,638)
|
Net loss
|
(64,585)
|
|
|
(89,905)
|
|
|
(142,439)
|
|
(20,738)
|
|
|
|
(131,853)
|
|
(324,701)
|
|
|
(47,277)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Preferred share redemption value accretion
|
(642)
|
|
|
(659)
|
|
|
(665)
|
|
(97)
|
|
|
|
(2,457)
|
|
(1,978)
|
|
|
(288)
|
Series B Preferred share redemption value accretion
|
(3,218)
|
|
|
(3,380)
|
|
|
(3,435)
|
|
(500)
|
|
|
|
(9,294)
|
|
(10,140)
|
|
|
(1,476)
|
Series C Preferred share redemption value accretion
|
(5,069)
|
|
|
(5,299)
|
|
|
(5,378)
|
|
(783)
|
|
|
|
(6,003)
|
|
(15,899)
|
|
|
(2,315)
|
Net loss attributable to LAIX Inc.'s ordinary
shareholders
|
(73,514)
|
|
|
(99,243)
|
|
|
(151,917)
|
|
(22,118)
|
|
|
|
(149,607)
|
|
(352,718)
|
|
|
(51,356)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
(64,585)
|
|
|
(89,905)
|
|
|
(142,439)
|
|
(20,738)
|
|
|
|
(131,853)
|
|
(324,701)
|
|
|
(47,277)
|
Other comprehensive (loss)/income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign currency translation adjustment, net of nil tax
|
(10,952)
|
|
|
21,826
|
|
|
16,441
|
|
2,394
|
|
|
|
(6,173)
|
|
19,037
|
|
|
2,772
|
Comprehensive loss
|
(75,537)
|
|
|
(68,079)
|
|
|
(125,998)
|
|
(18,344)
|
|
|
|
(138,026)
|
|
(305,664)
|
|
|
(44,505)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per Class A and Class B ordinary shares
|
- Basic and Diluted
|
(3.71)
|
|
|
(5.00)
|
|
|
(7.66)
|
|
(1.12)
|
|
|
|
(7.56)
|
|
(17.78)
|
|
|
(2.59)
|
Weighted average number of Class A and Class B ordinary shares
used in per share calculation
|
- Basic and Diluted
|
19,834,535
|
|
|
19,834,535
|
|
|
19,834,535
|
|
19,834,535
|
|
|
|
19,795,754
|
|
19,834,535
|
|
|
19,834,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAIX INC
|
Reconciliation of GAAP and Non-GAAP Results
|
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")
|
except for percentage data)
|
|
|
For the Three Months Ended
|
|
|
|
For the Nine Months Ended
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2018
|
|
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2018
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(64,585)
|
|
(142,439)
|
|
(20,738)
|
|
|
|
(131,853)
|
|
(324,701)
|
|
(47,277)
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses
|
2,485
|
|
19,437
|
|
2,830
|
|
|
|
6,237
|
|
39,100
|
|
5,693
|
Depreciation of property, plant and equipment
|
288
|
|
1,309
|
|
191
|
|
|
|
669
|
|
3,345
|
|
487
|
Amortization of prepaid interest expense and
service fees to loan companies
|
79
|
|
379
|
|
55
|
|
|
|
92
|
|
2,063
|
|
300
|
Income tax expenses
|
1,579
|
|
5,662
|
|
824
|
|
|
|
2,894
|
|
18,118
|
|
2,638
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
240
|
|
954
|
|
139
|
|
|
|
749
|
|
2,360
|
|
344
|
Adjusted EBITDA
|
(60,394)
|
|
(116,606)
|
|
(16,977)
|
|
|
|
(122,710)
|
|
(264,435)
|
|
(38,503)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(64,585)
|
|
(142,439)
|
|
(20,738)
|
|
|
|
(131,853)
|
|
(324,701)
|
|
(47,277)
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses
|
2,485
|
|
19,437
|
|
2,830
|
|
|
|
6,237
|
|
39,100
|
|
5,693
|
Adjusted net loss
|
(62,100)
|
|
(123,002)
|
|
(17,908)
|
|
|
|
(125,616)
|
|
(285,601)
|
|
(41,584)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181127005335/en/
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