Ucommune International Ltd. Announces Unaudited First Quarter 2021 Financial Results

BEIJING, Jun. four, 2021 /PRNewswire/ — Ucommune Worldwide Ltd. (NASDAQ: UK) (“Ucommune” or the “Firm”), a number one agile workplace house supervisor and supplier in China, as we speak introduced its unaudited monetary outcomes for the primary quarter ended March 31, 2021.

First Quarter 2021 Monetary Highlights

  • Web revenues have been RMB240.four million, representing a rise of 17.5% from the primary quarter of 2020 and exceeding the high-end of the Firm’s beforehand introduced income steering vary.             
  •  Web loss was RMB126.eight million, in contrast with RMB82.9 million within the first quarter of 2020. 
  • Adjusted web loss[1], which excluded share-based compensation bills, impairment loss on long-lived property, change in truthful worth of warrant legal responsibility, impairment loss on long-term investments, and loss on disposal of subsidiaries, was RMB46.7 million, narrowing by 41.7% 12 months over 12 months from RMB80.1 million within the first quarter of 2020.
  • EBITDA loss[2] was RMB102.zero million, in contrast with RMB60.zero million within the first quarter of 2020. 
  • Adjusted EBITDA loss[3] was RMB33.zero million, in contrast with RMB31.zero million within the first quarter of 2020.

First Quarter 2021 Working Highlights

  • As of March 31, 2021, Ucommune had dedicated to 250 workplace areas in 84 cities, together with 88 workplace areas in tier-1 cities, 51 workplace areas in new tier-1 cities, 105 workplace areas in cities tier-2 and beneath, and 6 workplace areas abroad, and offering roughly 642,800 sq. meters of managed space to 1,154,00zero members. Amongst these, 189 workplace areas, or 75.6% of whole dedicated areas, have been in operation.
  • As of March 31, 2021, Ucommune’s whole variety of areas contracted underneath the Firm’s asset-light mannequin had elevated by 144.zero% to 122 areas situated throughout 48 cities from 50 areas situated throughout 27 cities as of March 31, 2020. The Firm’s whole managed space underneath contract[4] for the asset-light mannequin had elevated by 107.zero% to 365,00zero sq. meters from 176,600 sq. meters as of March 31, 2020.          

Dr. Daqing Mao, Founding father of Ucommune, commented, “Within the first quarter of 2021, we continued to efficiently broaden our service choices, committing to 16 new areas and bringing 26 new areas into operation to achieve 1,154,00zero members across the globe. Our asset-light mannequin additionally continued to achieve traction, with its whole variety of areas underneath contract recording triple-digit year-over-year development for the third quarter in a row. As such, our workspace membership providers revenues elevated by 16.7% from the earlier quarter. As we took one other step in the direction of reworking our enterprise and enlarging our China-wide protection, we additionally benefited from the restoration pattern in home promoting demand, which was supported by the federal government’s efficient containment of COVID-19 in addition to our enhanced model affect. We are going to proceed to channel assets in the direction of the event of our asset-light mannequin, refine our providers, and domesticate extra vibrant communities of city professionals to assist the transformation in how individuals work and generate extra sustainable shareholder worth.”

Mr. Cheong Kwok Mun, Chief Monetary Officer of Ucommune, added, “We elevated our web revenues past expectations whereas narrowing our adjusted web loss within the quarter. Web revenues grew by 17.5% on a year-over-year foundation, regardless of an aggressive streamlining of our self-managed premises within the first quarter of 2020, which led to the closure of lots of our unprofitable premises. Extra importantly, our asset-light mannequin revenues grew by 250.6% and our asset-light mannequin gross revenue grew by 148.zero%. Our distinctive mixture of technology-enabled agile workplace house providers and potent model consciousness allows us to offer asset homeowners with a extremely compelling worth proposition and breathe new life into city areas all through China. Trying forward, we’ll stay centered on accelerating our enterprise transformation to reinforce our total profitability and increase our company improvement.”

First Quarter 2021 Monetary Outcomes

Whole web revenues elevated by 17.5% to RMB240.four million within the first quarter of 2021 from RMB204.5 million within the first quarter of 2020. Revenues from the Firm’s asset-light mannequin elevated by 250.6% to RMB10.four million within the first quarter of 2021 from RMB3.zero million within the first quarter of 2020.

  • Workspace membership providers revenues decreased by 30.eight% to RMB89.7 million within the first quarter of 2021 from RMB129.6 million within the first quarter of 2020, primarily because of the closure of unprofitable areas in operation and the contraction of the Firm’s self-operated coworking house providers ensuing from the Firm’s transformation to an asset-light mannequin.
  • Advertising and marketing and branding providers revenues elevated by 98.four% to RMB112.6 million within the first quarter of 2021 from RMB56.eight million within the first quarter of 2020, primarily as a result of pent up demand for promoting and advertising providers as the affect of COVID-19 mitigated and promoting demand totally recovered to pre-epidemic ranges through the first quarter of 2021.
  • Different providers revenues elevated by 109.9% to RMB38.1 million within the first quarter of 2021 from RMB18.1 million in the first quarter of 2020, primarily as a result of elevated web income from the Firm’s inside design and development providers.

Whole prices of revenues elevated by 17.zero% to RMB266.four million within the first quarter of 2021 from RMB227.6 million within the first quarter of 2020. Prices of revenues from the Firm’s asset-light mannequin elevated by 279.9% to RMB8.eight million within the first quarter of 2021 from RMB2.three million within the first quarter of 2020, which was consistent with the rise in revenues from the Firm’s asset-light mannequin companies.

  • Prices of workspace membership decreased by 22.four% to RMB131.2 million within the first quarter of 2021 from RMB169.1 million within the first quarter of 2020, primarily as a result of decreased working prices in addition to decreased prices for property providers and workers, partly offset by the rise in share-based compensation bills, amounting to RMB10.9 million.
  • Prices of advertising and branding services elevated by 118.zero% to RMB106.9 million within the first quarter of 2021 from RMB49.zero million within the first quarter of 2020, primarily as a result of elevated promoting prices, which was consistent with the rise in promoting income.
  • Prices of different providers elevated by 198.6% to RMB28.three million within the first quarter of 2021 from RMB9.5 million within the first quarter of 2020, primarily as a result of elevated prices associated to inside design and development providers.

Normal and administrative bills elevated by 361.1% to RMB91.1 million within the first quarter of 2021 from RMB19.eight million within the first quarter of 2020, primarily as a result of a rise in share-based compensation bills of RMB54.7 million, skilled service charges, and administrators’ and officers’ legal responsibility insurance coverage charges related to the Firm’s public itemizing.

Gross sales and advertising bills elevated by 10.four% to RMB13.zero million within the first quarter of 2021 from RMB11.eight million within the first quarter of 2020, primarily because of the improve in share-based compensation bills.

EBITDA loss elevated by 70.zero% to RMB102.zero million within the first quarter of 2021 from RMB60.zero million within the first quarter of 2020. Adjusted EBITDA loss[3] elevated by 6.2% to RMB33.zero million within the first quarter of 2021 from RMB31.zero million within the first quarter of 2020. 

Impairment loss on long-lived property elevated by 307.zero% to RMB9.three million within the first quarter of 2021 from RMB2.three million within the first quarter of 2020, primarily due to the rise in impairment prices for areas the place the carrying worth just isn’t anticipated to be totally recoverable. 

Different (expense) revenue, web represents different revenue, web, of RMB11.1 million within the first quarter of 2021, as in contrast with different expense, web of RMB26.1 million within the first quarter of 2020, primarily because of the Firm’s choice to voluntarily shut workplace areas as a part of its enterprise transformation, which led to the early termination of lease contracts and a corresponding reversal of bills associated to the lease contracts.

Web loss elevated by 53.zero% to RMB126.eight million within the first quarter of 2021 from RMB82.9 million within the first quarter of 2020. Adjusted web loss[4] was RMB46.7 million within the first quarter of 2021, in contrast with RMB80.1 million within the first quarter of 2020. 

Primary and diluted web loss per share have been each RMB1.60 within the first quarter of 2021, representing a rise of 22.2% from RMB1.31 within the first quarter of 2020, primarily because of the elevated web loss, which was partly offset by the rise in weighted common shares excellent.

Primary and diluted adjusted web loss per share[5] have been each RMB0.64 within the first quarter of 2021, in comparison with primary and diluted adjusted web loss per share[6] of RMB1.26 within the first quarter of 2020. 

Money, money equivalents, and restricted money have been RMB195.zero million as of March 31, 2021, representing a lower of 51.three% from RMB400.eight million as of December 31, 2020, primarily as a result of short-term monetary investments and long-term investments made through the first quarter of 2021 and dealing capital and basic company functions money expenditures, partially offset by the financing in reference to the Firm’s underwritten public providing consummated on February 2, 2021.

Enterprise Outlook

For the second quarter of 2021, the Firm expects web revenues to be within the vary of RMB240 million to RMB260 million, representing a year-over-year improve of 24% to 34%. The forecasts replicate the Firm’s present and preliminary views in the marketplace and its working situations, that are topic to alter.

Latest Developments

On June 2, 2021, the Firm introduced it has signed a merger settlement with Guangdong Wanhe Inexperienced Know-how Co., Ltd, an eco-friendly and clever house renovation service supplier in China, to advertise carbon neutrality and eco-friendly workplace environments.

On June four, 2021, UK Knowledge Restricted, a clean examine firm included as a Cayman Islands exempted firm, of which  (i) the Firm owns an 85% fairness curiosity, and (ii) Mao Daqing, the Firm’s founder, director and controlling shareholder owns a 15% curiosity, publicly filed a registration assertion in reference to a contemplated preliminary public providing of 5,00zero,00zero items. Every unit consists of 1 Class A strange share and one proper. Each ten rights entitles the holder to obtain one Class A strange share upon consummation of the Firm’s preliminary enterprise mixture. The items are anticipated to be listed on the Nasdaq Capital Market, or Nasdaq, underneath the image “UKWIU”. The foregoing is a preliminary abstract of phrases and is topic to alter.

A registration assertion referring to UK Knowledge Restricted’s securities has been filed with the Securities and Alternate Fee, however has not but change into efficient. These securities is probably not offered nor might provides to purchase be accepted previous to the time the registration assertion turns into efficient. This press launch shall not represent a proposal to promote or a solicitation of a proposal to purchase these securities, nor shall there be any sale of those securities in any state or jurisdiction by which such a proposal, solicitation or sale could be illegal previous to registration or qualification underneath the securities legal guidelines of any such state or jurisdiction. The proposed providing of those securities can be made solely by the use of a prospectus. A preliminary prospectus relating to those securities could also be obtained when accessible from Maxim Group LLC, 405 Lexington Avenue, 2nd Flooring, New York, NY 10174, at (212) 895-3745.

About Ucommune Worldwide Ltd.

Ucommune is China’s main agile workplace house supervisor and supplier. Based in 2015, Ucommune has created a large-scale clever agile workplace ecosystem overlaying economically vibrant areas all through China to empower its members with versatile and cost-efficient workplace house options. Ucommune’s varied offline agile workplace house providers embody self-operated fashions, equivalent to U Area, U Studio, and U Design, in addition to asset-light fashions, equivalent to U Model and U Associate. By using its experience in the true property and retail industries, Ucommune operates its agile workplace areas with excessive effectivity and engages within the city transformation of older and underutilized buildings to redefine business actual property in China.

Alternate Price Info

This announcement comprises translations of sure RMB quantities into U.S. dollars (“US$”) at specified charges solely for the comfort of the reader. Except in any other case said, all translations from RMB to US$ have been made on the price of RMB 6.5518 to US$1.00, the trade price on March 31, 2021, set forth within the H.10 statistical launch of the Federal Reserve Board. The Firm makes no illustration that the RMB or US$ quantities referred could possibly be transformed into US$ or RMB, because the case could also be, at any specific price or in any respect.

Assertion Relating to Preliminary Unaudited Monetary Info

The unaudited monetary info set out on this earnings launch is preliminary and topic to potential changes. Changes to the consolidated monetary statements could also be recognized when audit work has been carried out for the Firm’s year-end audit, which may lead to vital variations from this preliminary unaudited monetary info.

Secure Harbor Statements  

This announcement comprises forward-looking statements inside the that means of Part 21E of the Securities Alternate Act of 1934, as amended. These forward-looking statements are made underneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These statements might be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “proceed,” “ongoing,” “targets,” “steering” and comparable statements. The Firm might also make written or oral forward-looking statements in its periodic reviews to the U.S. Securities and Alternate Fee (the “SEC”), in its annual report back to shareholders, in press releases, and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Any statements that aren’t historic details, together with statements concerning the Firm’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Quite a few elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: the Firm’s development methods; its future enterprise improvement, outcomes of operations and monetary situation; its means to know members’ wants and supply services and products to draw and retain members; its means to keep up and improve the popularity and status of its model; its means to keep up and enhance high quality management insurance policies and measures; its means to determine and keep relationships with members and enterprise companions; tendencies and competitors in China’s agile workplace house market; adjustments in its revenues and sure value or expense gadgets; the anticipated development of China’s agile workplace house market; PRC governmental insurance policies and rules referring to the Firm’s enterprise and business, and basic financial and enterprise situations in China and globally and assumptions underlying or associated to any of the foregoing. Additional info concerning these and different dangers, uncertainties, or elements is included within the Firm’s filings with the SEC. All info offered on this press launch and within the attachments is as of the date of this press launch, and the Firm undertakes no obligation to replace any forward-looking assertion, besides as required underneath relevant regulation.

Non-GAAP Monetary Measures

To complement the Firm’s mixed and consolidated monetary statements, that are ready and offered in accordance with U.S. GAAP, Ucommune makes use of the next non-GAAP monetary measures for Ucommune’s mixed and consolidated outcomes: EBITDA (together with EBITDA margin), adjusted EBITDA (together with adjusted EBITDA margin) and adjusted web loss. The Firm believes that EBITDA, adjusted EBITDA and adjusted web loss assist perceive and consider the Firm’s core working efficiency.

EBITDA, adjusted EBITDA and adjusted web loss are offered to reinforce traders’ total understanding of the Firm’s monetary efficiency and shouldn’t be thought of an alternative choice to, or superior to, the monetary info ready and offered in accordance with U.S. GAAP. Buyers are inspired to assessment the reconciliation of the historic non-GAAP monetary measure to its most instantly comparable GAAP monetary measures. As EBITDA, adjusted EBITDA and adjusted web loss have materials limitations as analytical metrics and is probably not calculated in the identical method by all firms, they is probably not corresponding to different equally titled measures utilized by different firms.

In mild of the foregoing limitations, you shouldn’t take into account EBITDA, adjusted EBITDA and adjusted web loss as substitutes for, or superior to, web loss ready in accordance with GAAP. The Firm encourages traders and others to assessment its monetary info in its entirety and never depend on any single monetary measure. For extra info on these non-GAAP monetary measures, please see the desk captioned “Ucommune Worldwide Ltd. Reconciliation of GAAP and Non-GAAP Outcomes” close to the tip of this launch.

EBITDA represents web loss earlier than curiosity expense, web, provision for revenue taxes, depreciation of property and tools and amortization of intangible property.

Adjusted EBITDA represents web loss earlier than (i) curiosity expense, web, different (expense)revenue, web, provision for revenue taxes and loss on disposal of subsidiaries and (ii) sure non-cash bills, consisting of share-based compensation expense, impairment loss on long-lived property, impairment loss on long-term investments, depreciation of property and tools,  amortization of intangible property and alter in truthful worth of warrant legal responsibility, which we don’t imagine are reflective of the Firm’s core working efficiency through the durations offered.

Adjusted web loss represents web loss earlier than share-based compensation expense, impairment loss on long-lived property, change in truthful worth of warrant legal responsibility and loss on disposal of subsidiaries.


[1] For a reconciliation of web loss to adjusted web revenue, see the “Non-GAAP Monetary Measures” part and the desk captioned “Ucommune Worldwide Ltd. Reconciliation of GAAP and Non-GAAP Outcomes” beneath.

[2] For a reconciliation of web loss to EBITDA, see the “Non-GAAP Monetary Measures” part and the desk titled “Ucommune Worldwide Ltd. Reconciliation of GAAP and Non-GAAP Outcomes” beneath.

[3] For a reconciliation of web loss to adjusted EBITDA, see the “Non-GAAP Monetary Measures” part and the desk titled “Ucommune Worldwide Ltd. Reconciliation of GAAP and Non-GAAP Outcomes” beneath.

[4] Areas and managed space underneath contract embody these in operation, underneath development, and in preparation for development.

[5] For a reconciliation of web loss to adjusted web revenue, see the “Non-GAAP Monetary Measures” part and the desk captioned ” Ucommune Worldwide Ltd. Reconciliation of GAAP and Non-GAAP Outcomes” beneath.

[6] For a reconciliation of web loss to adjusted web revenue, see the “Non-GAAP Monetary Measures” part and the desk captioned ” Ucommune Worldwide Ltd. Reconciliation of GAAP and Non-GAAP Outcomes” beneath.

For investor and media inquiries, please contact:
Ucommune Worldwide Ltd.
[email protected]

ICR, LLC.
Robin Yang
[email protected]
+1 (212) 537-3847

FINANCIAL STATEMENTS
UCOMMUNE INTERNATIONAL LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Quantities in 1000’s of RMB and USD, aside from variety of shares)

 


As of December
31, 2020


As of March 31, 2021


RMB


RMB


USD







ASSETS






Present property:






Money and money equivalents

348,zero64


142,454


21,743

Restricted money

52,199


52,570


eight,024

Time period deposits

47,710


32,310


four,931

Quick-term investments

5,900


200,747


30,640

Accounts receivable, web

125,359


154,504


23,582

Pay as you go bills and different present property

163,401


145,918


22,268

Quantities due from associated events, present

24,504


23,256


three,550

Whole present property

767,137


751,759


114,738







Non-current property






Restricted money

527



Lengthy-term investments

9,zero51


22,439


three,425

Property and tools, web

350,980


332,689


50,778

Proper-of-use property, web

879,348


763,692


116,562

Intangible property, web

28,420


25,905


three,954

Goodwill 

1,533,485


1,533,485


234,zero56

Rental deposit

61,170


57,229


eight,735

Lengthy-term pay as you go bills

113,271


113,231


17,282

Quantities due from associated events, non-current

297


637


97

Different property, non-current

194,444


194,461


29,684

Whole non-current property

three,170,993


three,043,768


464,573

TOTAL ASSETS

three,938,130


three,795,527


579,311

UCOMMUNE INTERNATIONAL LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS – continued
(Quantities in 1000’s of RMB and USD, aside from variety of shares)

 


As of December
31, 2020


As of March 31, 2021


RMB


RMB


USD







LIABILITIES AND SHAREHOLDERS’ EQUITY






Present liabilities:






Quick-term borrowings

49,457


77,500


11,829

Lengthy-term borrowings, present portion

three,618


four,630


707

Word payable

12,105


7,749


1,183

Accounts payable

272,299


236,847


36,150

Accrued bills and different present liabilities

263,997


207,311


31,642

Quantities as a result of associated events, present

92,737


71,236


10,873

Advance workspace membership payment

53,667


51,510


7,862

Contract liabilities

14,833


15,911


2,428

Earnings taxes payable

1,366


494


75

Deferred subsidy revenue

9,562


eight,430


1,287

Lease liabilities, present

365,zero49


347,876


53,096

Whole present liabilities

1,138,690


1,029,494


157,132







Non-current liabilities:






Lengthy-term borrowings

15,242


13,286


2,zero28

Refundable deposits from members, non-current

16,477


23,554


three,595

Deferred tax liabilities

1,543


1,322


202

Lease liabilities, non-current

580,562


486,376


74,235

Warrant legal responsibility


16,312


2,490

Whole non-current liabilities

613,824


540,850


82,550

TOTAL LIABILITIES

1,752,514


1,570,344


239,682







SHAREHOLDERS’ EQUITY






Class A strange shares

49


53


eight

Class B strange shares

6


6


1

Extra paid-in capital

four,230,656


four,402,551


671,961

Statutory reserves

5,065


5,065


773

Collected deficit

(2,240,205)


(2,373,636)


(362,288)

Collected different complete revenue

four,742


eight,408


1,283

Whole Ucommune Worldwide Ltd.

    shareholders’ fairness

2,00zero,313


2,042,447


311,738

Non-controlling pursuits

185,303


182,736


27,891

TOTAL EQUITY

2,185,616


2,225,183


339,629

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

three,938,130


three,795,527


579,311

UCOMMUNE INTERNATIONAL LTD.
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS
(Quantities in 1000’s of RMB and USD, aside from variety of shares and per share knowledge)

 


For the Three Months Ended March 31,


2020


2021


2021


RMB


RMB


USD







Income:






Workspace membership income 

129,634


89,667


13,686

Advertising and marketing and branding service income

56,766


112,643


17,193

Different service income

18,142


38,zero72


5,811

Whole income 

204,542


240,382


36,690







Price of income:






Workspace membership

(169,zero74)


(131,201)


(20,zero25)

Advertising and marketing and branding service

(49,zero25)


(106,863)


(16,310)

Different providers 

(9,479)


(28,305)


(four,320)

Whole value of income

(227,578)


(266,369)


(40,655)

Working bills:






Impairment loss on long-lived property

(2,284)


(9,295)


(1,419)

Gross sales and advertising bills 

(11,756)


(12,975)


(1,980)

Normal and administrative bills

(19,755)


(91,081)


(13,902)

Change in truthful worth of warrant legal responsibility


2,177


332

Loss from operations

(56,831)


(137,161)


(20,934)







Curiosity expense, web

(1,807)


(603)


(92)

Subsidy revenue

2,843


1,704


260

Impairment loss on long-term investments


(461)


(70)

Loss on disposal of subsidiaries

(533)


(950)


(145)

Different (expense)revenue, web

(26,138)


11,099


1,694

Loss earlier than revenue taxes and loss from fairness

    technique investments

(82,466)


(126,372)


(19,287)

Provision for revenue taxes

(402)


(469)


(72)

(Loss) achieve from fairness technique investments

(36)


5


1

Web loss 

(82,904)


(126,836)


(19,358)

Much less: Web loss attributable to non-controlling pursuits

(837)


6,595


1,007

Web loss attributable to Ucommune Worldwide Ltd.

(82,067)


(133,431)


(20,365)

Web loss per share attributable to strange shareholders of Ucommune
Worldwide Ltd.






– Primary

(1.31)


(1.60)


(zero.24)

– Diluted

(1.31)


(1.60)


(zero.24)

Weighted common shares utilized in calculating web loss per share






– Primary

62,811,339


83,565,101


83,565,101

– Diluted

62,811,339


83,565,101


83,565,101

UCOMMUNE INTERNATIONAL LTD.
UNAUDITED CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Quantities in 1000’s of RMB and USD, aside from variety of shares and per share knowledge)

 


For the Three Months Ended March 31,


2020


2021


2021


RMB


RMB


USD







Web loss

(82,904)


(126,836)


(19,358)

Different complete loss, web of tax



International foreign money translation changes

5,456


three,265


498

Whole Complete loss

(77,448)


(123,571)


(18,860)

Much less: Complete loss attributable to non-controlling curiosity

(1,095)


6,194


945

Complete loss attributable to Ucommune Worldwide Ltd.’s
shareholders

(76,353)


(129,765)


(19,805)

UCOMMUNE INTERNATIONAL LTD.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Quantities in 1000’s of RMB and USD, aside from variety of shares and per share knowledge)

The next desk units forth a reconciliation of web loss to EBITDA and adjusted EBITDA for the durations indicated:

UCOMMUNE INTERNATIONAL LTD.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Quantities in 1000’s of RMB and USD, aside from variety of shares and per share knowledge)

 

The next desk units forth a reconciliation of web loss to EBITDA and adjusted EBITDA for the durations indicated:

 


For the Three Months Ended March 31,


2020

2021

2021


RMB

RMB

USD

Web loss

(82,904)

(126,836)

(19,358)

Curiosity expense, web

1,807

603

92

Provision for revenue taxes

402

469

72

Depreciation of property and tools

18,279

21,406

three,267

Amortization of intangible property

2,414

2,366

361

EBITDA (non-GAAP)

(60,002)

(101,992)

(15,566)

Share-based compensation expense

71,592

10,927

Impairment loss on long-lived property

2,284

9,295

1,419

Change in truthful worth of warrant legal responsibility

(2,177)

(332)

Impairment loss on long-term investments

461

70

Loss on disposal of subsidiaries

533

950

145

Different expense(revenue), web

26,138

(11,099)

(1,694)





Adjusted EBITDA (non-GAAP)

(31,zero47)

(32,970)

(5,031)

The desk beneath units forth a reconciliation of web loss to adjusted web loss for the durations indicated:


For the Three Months Ended March 31,


2020

2021

2021


RMB

RMB

USD

Web loss

(82,904)

(126,836)

(19,358)

Share-based compensation expense

71,592

10,927

Impairment loss on long-lived property

2,284

9,295

1,419

Change in truthful worth of warrant legal responsibility

(2,177)

(332)

Impairment loss on long-term investments

461

70

Loss on disposal of subsidiaries

533

950

145





Adjusted web loss (non-GAAP)

(80,087)

(46,715)

(7,129)

SOURCE Ucommune Worldwide Ltd.

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