{"id":2284,"date":"2024-05-20T15:21:04","date_gmt":"2024-05-20T08:21:04","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=2284"},"modified":"2024-05-20T15:21:04","modified_gmt":"2024-05-20T08:21:04","slug":"atrenew-inc-reports-unaudited-first-quarter-2024-financial-results","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=2284","title":{"rendered":"ATRenew Inc. Reports Unaudited First Quarter 2024 Financial Results"},"content":{"rendered":"

SHANGHAI<\/span><\/span>, May 20, 2024<\/span><\/span> \/PRNewswire\/ —\u00a0ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China<\/span>, today announced its unaudited financial results for the three months ended March 31<\/span>, 2024.\u00a0<\/p>\n

First Quarter 2024 Highlights <\/p>\n

Total net revenues grew by 27.1% to RMB3,651.1 million<\/span> (US$505.7 million<\/span>) from RMB2,871.8 million<\/span> in the first quarter of 2023. Loss from operations was RMB43.4 million<\/span> (US$6.0 million<\/span>), compared to a loss from operations of RMB67.6 million<\/span> in the first quarter of 2023. Adjusted income from operations (non-GAAP)[1] was RMB80.2 million<\/span> (US$11.1 million<\/span>), compared to RMB44.4 million<\/span> in the first quarter of 2023. Number of consumer products transacted[2] was 8.4 million compared to 7.9 million in the first quarter of 2023. <\/p>\n

Mr. Kerry Xuefeng Chen<\/span>, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are pleased to see that our total net revenues in the first quarter of 2024 once again reached the high-end of our guidance, achieving 27.1% year-over-year growth. Both the scale of our self-operated retail business and the gross transaction value of our multi-category recycling service business grew robustly year over year. Driven by the action plans at China’s<\/span> national and municipal levels, large-scale trade-in of consumer products has become an important way to promote domestic demand. We have observed increased user enthusiasm for trading in used consumer products, with users placing more trust in our recycling and fulfillment capabilities. We remain committed to continuously enhancing user experiences for used product recycling and trade-in by capturing service scenarios and leveraging our supply chain capabilities. At the same time, we will capitalize on burgeoning market opportunities driven by the steady development of the circular economy.”<\/p>\n

Mr. Rex Chen<\/span>, Chief Financial Officer of ATRenew, added, “During the quarter, we sustained our progress on our path to profitability, achieving an adjusted income from operations of RMB80.2 million<\/span>. Adjusted income from operations had a meaningful improvement year over year. Utilizing our industry-leading supply chain, we continue to efficiently handle recycling, fulfillment, quality inspection, grading, pricing, and sales. Meanwhile, we further optimized promotional and customer acquisition efficiency by leveraging flexible marketing strategies and digital tools, while also serving users through our open platform. Looking ahead, we will strive to maintain healthy growth in our core business while steadily improving operational efficiency, creating sustainable long-term value for users and shareholders.”<\/p>\n

\n

1. <\/span>See “Reconciliations of GAAP and Non-GAAP Results” for more information.<\/p>\n

2. <\/span>“Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.<\/p>\n<\/div>\n

First Quarter 2024 Financial Results<\/p>\n

REVENUE<\/p>\n

Total net revenues increased by 27.1% to RMB3,651<\/span>.1\u00a0million (US$505.7 million<\/span>) from RMB2,871.8 million<\/span> in the same period of 2023.<\/p>\n

Net product revenues increased by 28.5% to RMB3,309.8 million<\/span> (US$458.4 million<\/span>) from RMB2,575.2 million<\/span> in the same period of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics both through the Company’s online and offline channels. Net service revenues increased by 15.1% to RMB341.3 million<\/span> (US$47.3 million<\/span>), compared to RMB296.6 million<\/span> in the same period of 2023. This increase was primarily due to an increase in the service revenue generated from PJT Marketplace and multi-category recycling business. <\/p>\n

OPERATING COSTS AND EXPENSES<\/p>\n

Operating costs and expenses were RMB3,702.9 million<\/span> (US$512.9 million<\/span>), compared to RMB2,941.4 million<\/span> in the same period of 2023, representing an increase of 25.9%.<\/p>\n

Merchandise costs were RMB2,947.8 million<\/span> (US$408.3 million<\/span>), compared to RMB2,252.1 million<\/span> in the same period of 2023, representing an increase of 30.9%. This was primarily due to the growth in product sales. Fulfillment expenses were RMB309.8 million<\/span> (US$42.9 million<\/span>), compared to RMB266.4 million<\/span> in the same period of 2023, representing an increase of 16.3%. The increase was primarily due to an increase in personnel costs as the Company conducted more recycling and transaction activities compared with the same period of 2023. Selling and marketing expenses were RMB321.3 million<\/span> (US$44.5 million<\/span>), compared to RMB299.0 million<\/span> in the same period of 2023, representing an increase of 7.5%. The increase was primarily due to an<\/span> increase in share-based compensation expenses. The<\/span> increase was partially offset by a decrease in amortization of intangible assets and deferred cost resulting from assets and business acquisitions as the maturity of some<\/span> intangible assets and deferred cost in the second quarter of 2023<\/span>. General and administrative expenses were RMB73.8 million<\/span> (US$10.2 million<\/span>), compared to RMB76.4 million<\/span> in the same period of 2023, representing a decrease of 3.4%, primarily due to (i) a decrease in professional service and consulting fees, (ii) a decrease in expected credit loss relating to credit risk. The decrease was partially offset by an increase in personnel cost and office related expenses mainly composed of travelling expenses. Technology and content expenses were RMB50.2 million<\/span> (US$7.0 million<\/span>), compared to RMB47.4 million<\/span> in the same period of 2023, representing an increase of 5.9%. The increase was primarily due to an increase in personnel costs in connection with the ongoing upgrade of the Company’s operation center and system. <\/p>\n

LOSS FROM OPERATIONS<\/p>\n

Loss from operations was RMB43.4 million<\/span> (US$6.0 million<\/span>), compared to RMB67.6 million<\/span> in the same period of 2023.<\/p>\n

Adjusted income from operations (non-GAAP) was RMB80.2 million<\/span> (US$11.1 million<\/span>), compared to RMB44.4 million<\/span> in the same period of 2023.<\/p>\n

NET LOSS<\/p>\n

Net loss was RMB92.9 million<\/span> (US$12.9 million<\/span>), compared to RMB50.0 million<\/span> in the same period of 2023.<\/p>\n

Adjusted net income (non-GAAP) was RMB20.7 million<\/span> (US$2.9 million<\/span>), compared to RMB50.1 million<\/span> in the same period of 2023.<\/p>\n

BASIC AND DILUTED NET LOSS PER ORDINARY SHARE<\/p>\n

Basic and diluted net loss per ordinary share were RMB0.58<\/span> (US$0.08)<\/span>, compared to RMB0.31<\/span> in the same period of 2023.<\/p>\n

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0<\/span>.13\u00a0(US$0.02), compared to RMB0.31<\/span> and RMB0.30<\/span> in the same period of 2023.<\/p>\n

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS <\/p>\n

Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,599.9 million<\/span> (US$360.1 million<\/span>) as of March 31, 2024<\/span>, as compared to RMB2,854.4 million<\/span> as of December 31, 2023<\/span>.<\/p>\n

Business Outlook <\/p>\n

For the second quarter of 2024, the Company currently expects its total revenues to be between RMB3,670<\/span>.0\u00a0million and RMB3,770<\/span>.0\u00a0million, representing an increase of 23.8% to 27.2%\u00a0year-over-year. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.<\/p>\n

Recent Development <\/p>\n

On April 26, 2024<\/span>, ATRenew announced that Mr. Mervin Ye Zhou<\/span> has been appointed as a new member of the Company’s board of directors (the “Board”), the compensation committee of the Board, and the nominating and corporate governance committee of the Board, effective immediately, to fill the vacancies arising from the resignation of Mr. Lijun Xin<\/span>.<\/p>\n

Conference Call Information<\/p>\n

The Company’s management will hold a conference call on Monday, May 20, 2024<\/span> at 08:00\u00a0A.M. Eastern Time (or 08:00 P.M.<\/span> Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:<\/p>\n

\n

International:<\/span><\/p>\n

<\/p>\n

1-412-317-6061<\/span><\/p>\n

United States Toll Free:<\/span><\/p>\n

<\/p>\n

1-888-317-6003<\/span><\/p>\n

Mainland China Toll Free:<\/span><\/p>\n

<\/p>\n

4001-206115<\/span><\/p>\n

Hong Kong Toll Free:<\/span><\/p>\n

<\/p>\n

800-963976<\/span><\/p>\n

Access Code:<\/span><\/p>\n

<\/p>\n

3927893<\/span><\/p>\n<\/div>\n

The replay will be accessible through May 27, 2024<\/span> by dialing the following numbers:<\/p>\n

\n

International:<\/span><\/p>\n

<\/p>\n

1-412-317-0088<\/span><\/p>\n

United States Toll Free:<\/span><\/p>\n

<\/p>\n

1-877-344-7529<\/span><\/p>\n

Access Code:<\/span><\/p>\n

<\/p>\n

7389602<\/span><\/p>\n<\/div>\n

A live and archived webcast of the conference call will also\u00a0be available at the Company’s investor relations website at ir.atrenew.com.<\/p>\n

About ATRenew Inc.<\/p>\n

Headquartered in Shanghai<\/span>, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China<\/span> under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s<\/span> pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.<\/p>\n

Exchange Rate Information<\/p>\n

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203<\/span> to US$1.00<\/span>, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 29, 2024<\/span>.<\/p>\n

Use of Non-GAAP Financial Measures<\/p>\n

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income is net (loss) income excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net (loss) income per ordinary share.<\/p>\n

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net (loss) income. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.<\/p>\n

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.<\/p>\n

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”<\/p>\n

Safe Harbor Statement<\/p>\n

This press release contains statements that may constitute “forward-looking” statements pursuant to 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,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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 statements about ATRenew’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China<\/span> and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.<\/p>\n

Investor Relations Contact<\/p>\n

In China<\/span>:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com<\/a>\u00a0<\/p>\n

In the United States<\/span>:
ICR LLC.
Email: atrenew@icrinc.com<\/a>
Tel: +1-212-537-0461<\/p>\n

\n

ATRENEW\u00a0INC.<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n

<\/p>\n

As of December 31,<\/span><\/p>\n

As of March 31,<\/span><\/p>\n

<\/p>\n

2023<\/span><\/p>\n

2024<\/span><\/p>\n

<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n

<\/p>\n

ASSETS<\/span><\/p>\n

<\/p>\n

Current assets:<\/span><\/p>\n

<\/p>\n

Cash and cash equivalents<\/span><\/p>\n

1,978,696<\/span><\/p>\n

<\/p>\n

1,609,942<\/span><\/p>\n

<\/p>\n

222,974<\/span><\/p>\n

<\/p>\n

Restricted cash<\/span><\/p>\n

210,000<\/span><\/p>\n

<\/p>\n

232,000<\/span><\/p>\n

<\/p>\n

32,132<\/span><\/p>\n

<\/p>\n

Short-term investments<\/span><\/p>\n

410,547<\/span><\/p>\n

<\/p>\n

472,674<\/span><\/p>\n

<\/p>\n

65,465<\/span><\/p>\n

<\/p>\n

Amount due from related parties, net<\/span><\/p>\n

89,592<\/span><\/p>\n

<\/p>\n

139,638<\/span><\/p>\n

<\/p>\n

19,340<\/span><\/p>\n

<\/p>\n

Inventories<\/span><\/p>\n

1,017,155<\/span><\/p>\n

<\/p>\n

847,727<\/span><\/p>\n

<\/p>\n

117,409<\/span><\/p>\n

<\/p>\n

Funds receivable from third party payment service
providers<\/span><\/p>\n

253,107<\/span><\/p>\n

<\/p>\n

285,303<\/span><\/p>\n

<\/p>\n

39,514<\/span><\/p>\n

<\/p>\n

Prepayments and other receivables, net<\/span><\/p>\n

567,622<\/span><\/p>\n

<\/p>\n

633,780<\/span><\/p>\n

<\/p>\n

87,778<\/span><\/p>\n

<\/p>\n

Total current assets<\/span><\/p>\n

4,526,719<\/span><\/p>\n

<\/p>\n

4,221,064<\/span><\/p>\n

<\/p>\n

584,612<\/span><\/p>\n

<\/p>\n

Non-current assets:<\/span><\/p>\n

<\/p>\n

Amount due from related parties, net, non-current<\/span><\/p>\n

\u2014<\/span><\/p>\n

<\/p>\n

40,000<\/span><\/p>\n

<\/p>\n

5,540<\/span><\/p>\n

<\/p>\n

Long-term investments<\/span><\/p>\n

467,095<\/span><\/p>\n

<\/p>\n

482,003<\/span><\/p>\n

<\/p>\n

66,757<\/span><\/p>\n

<\/p>\n

Property and equipment, net<\/span><\/p>\n

148,223<\/span><\/p>\n

<\/p>\n

150,095<\/span><\/p>\n

<\/p>\n

20,788<\/span><\/p>\n

<\/p>\n

Intangible assets, net<\/span><\/p>\n

270,631<\/span><\/p>\n

<\/p>\n

203,737<\/span><\/p>\n

<\/p>\n

28,217<\/span><\/p>\n

<\/p>\n

Other non-current assets<\/span><\/p>\n

80,411<\/span><\/p>\n

<\/p>\n

74,430<\/span><\/p>\n

<\/p>\n

10,308<\/span><\/p>\n

<\/p>\n

Total non-current assets<\/span><\/p>\n

966,360<\/span><\/p>\n

<\/p>\n

950,265<\/span><\/p>\n

<\/p>\n

131,610<\/span><\/p>\n

<\/p>\n

TOTAL ASSETS<\/span><\/p>\n

5,493,079<\/span><\/p>\n

<\/p>\n

5,171,329<\/span><\/p>\n

<\/p>\n

716,222<\/span><\/p>\n

<\/p>\n

LIABILITIES AND SHAREHOLDERS’ EQUITY<\/span><\/p>\n

<\/p>\n

Current liabilities:<\/span><\/p>\n

<\/p>\n

Short-term borrowings<\/span><\/p>\n

349,931<\/span><\/p>\n

<\/p>\n

560,401<\/span><\/p>\n

<\/p>\n

77,615<\/span><\/p>\n

<\/p>\n

Accounts payable<\/span><\/p>\n

532,293<\/span><\/p>\n

<\/p>\n

133,793<\/span><\/p>\n

<\/p>\n

18,530<\/span><\/p>\n

<\/p>\n

Contract liabilities<\/span><\/p>\n

119,715<\/span><\/p>\n

<\/p>\n

86,997<\/span><\/p>\n

<\/p>\n

12,049<\/span><\/p>\n

<\/p>\n

Accrued expenses and other current liabilities<\/span><\/p>\n

465,123<\/span><\/p>\n

<\/p>\n

448,126<\/span><\/p>\n

<\/p>\n

62,065<\/span><\/p>\n

<\/p>\n

Accrued payroll and welfare<\/span><\/p>\n

146,371<\/span><\/p>\n

<\/p>\n

105,622<\/span><\/p>\n

<\/p>\n

14,628<\/span><\/p>\n

<\/p>\n

Amount due to related parties<\/span><\/p>\n

78,032<\/span><\/p>\n

<\/p>\n

85,327<\/span><\/p>\n

<\/p>\n

11,818<\/span><\/p>\n

<\/p>\n

Total current liabilities<\/span><\/p>\n

1,691,465<\/span><\/p>\n

<\/p>\n

1,420,266<\/span><\/p>\n

<\/p>\n

196,705<\/span><\/p>\n

<\/p>\n

Non-current liabilities:<\/span><\/p>\n

<\/p>\n

Operating lease liabilities, non-current<\/span><\/p>\n

22,495<\/span><\/p>\n

<\/p>\n

17,785<\/span><\/p>\n

<\/p>\n

2,463<\/span><\/p>\n

<\/p>\n

Deferred tax liabilities<\/span><\/p>\n

67,658<\/span><\/p>\n

<\/p>\n

57,611<\/span><\/p>\n

<\/p>\n

7,979<\/span><\/p>\n

<\/p>\n

Total non-current liabilities<\/span><\/p>\n

90,153<\/span><\/p>\n

<\/p>\n

75,396<\/span><\/p>\n

<\/p>\n

10,442<\/span><\/p>\n

<\/p>\n

TOTAL LIABILITIES<\/span><\/p>\n

1,781,618<\/span><\/p>\n

<\/p>\n

1,495,662<\/span><\/p>\n

<\/p>\n

207,147<\/span><\/p>\n

<\/p>\n

TOTAL SHAREHOLDERS’ EQUITY<\/span><\/p>\n

3,711,461<\/span><\/p>\n

<\/p>\n

3,675,667<\/span><\/p>\n

<\/p>\n

509,075<\/span><\/p>\n

<\/p>\n

TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY<\/span><\/p>\n

5,493,079<\/span><\/p>\n

<\/p>\n

5,171,329<\/span><\/p>\n

<\/p>\n

716,222<\/span><\/p>\n

<\/p><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

ATRENEW\u00a0INC.<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n

<\/p>\n

Three months ended,<\/span><\/p>\n

<\/p>\n

March 31,
2023<\/span><\/p>\n

December 31,
2023<\/span><\/p>\n

March 31, 2024<\/span><\/p>\n

<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n

<\/p>\n

Net revenues<\/span><\/p>\n

Net product revenues<\/span><\/p>\n

2,575,178<\/span><\/p>\n

<\/p>\n

3,522,474<\/span><\/p>\n

<\/p>\n

3,309,819<\/span><\/p>\n

<\/p>\n

458,405<\/span><\/p>\n

<\/p>\n

Net service revenues<\/span><\/p>\n

296,616<\/span><\/p>\n

<\/p>\n

351,098<\/span><\/p>\n

<\/p>\n

341,317<\/span><\/p>\n

<\/p>\n

47,272<\/span><\/p>\n

<\/p>\n

Operating (expenses) income (1)(2)<\/span><\/span><\/p>\n

Merchandise costs<\/span><\/p>\n

(2,252,121)<\/span><\/p>\n

<\/p>\n

(3,149,968)<\/span><\/p>\n

<\/p>\n

(2,947,815)<\/span><\/p>\n

<\/p>\n

(408,268)<\/span><\/p>\n

<\/p>\n

Fulfillment expenses<\/span><\/p>\n

(266,386)<\/span><\/p>\n

<\/p>\n

(301,081)<\/span><\/p>\n

<\/p>\n

(309,768)<\/span><\/p>\n

<\/p>\n

(42,902)<\/span><\/p>\n

<\/p>\n

Selling and marketing expenses<\/span><\/p>\n

(299,041)<\/span><\/p>\n

<\/p>\n

(317,025)<\/span><\/p>\n

<\/p>\n

(321,337)<\/span><\/p>\n

<\/p>\n

(44,505)<\/span><\/p>\n

<\/p>\n

General and administrative expenses<\/span><\/p>\n

(76,440)<\/span><\/p>\n

<\/p>\n

(62,187)<\/span><\/p>\n

<\/p>\n

(73,825)<\/span><\/p>\n

<\/p>\n

(10,225)<\/span><\/p>\n

<\/p>\n

Technology and content expenses<\/span><\/p>\n

(47,433)<\/span><\/p>\n

<\/p>\n

(63,774)<\/span><\/p>\n

<\/p>\n

(50,183)<\/span><\/p>\n

<\/p>\n

(6,950)<\/span><\/p>\n

<\/p>\n

Other operating income, net<\/span><\/p>\n

2,036<\/span><\/p>\n

<\/p>\n

3,752<\/span><\/p>\n

<\/p>\n

8,406<\/span><\/p>\n

<\/p>\n

1,164<\/span><\/p>\n

<\/p>\n

Loss from operations<\/span><\/p>\n

(67,591)<\/span><\/p>\n

<\/p>\n

(16,711)<\/span><\/p>\n

<\/p>\n

(43,386)<\/span><\/p>\n

<\/p>\n

(6,009)<\/span><\/p>\n

<\/p>\n

Interest expense<\/span><\/p>\n

(811)<\/span><\/p>\n

<\/p>\n

(1,558)<\/span><\/p>\n

<\/p>\n

(3,978)<\/span><\/p>\n

<\/p>\n

(551)<\/span><\/p>\n

<\/p>\n

Interest income<\/span><\/p>\n

7,952<\/span><\/p>\n

<\/p>\n

13,217<\/span><\/p>\n

<\/p>\n

6,593<\/span><\/p>\n

<\/p>\n

913<\/span><\/p>\n

<\/p>\n

Other (loss) income, net<\/span><\/p>\n

(570)<\/span><\/p>\n

<\/p>\n

832<\/span><\/p>\n

<\/p>\n

(41,437)<\/span><\/p>\n

<\/p>\n

(5,739)<\/span><\/p>\n

<\/p>\n

Loss before income taxes and share of loss in equity
method investments<\/span><\/p>\n

(61,020)<\/span><\/p>\n

<\/p>\n

(4,220)<\/span><\/p>\n

<\/p>\n

(82,208)<\/span><\/p>\n

<\/p>\n

(11,386)<\/span><\/p>\n

<\/p>\n

Income tax benefits<\/span><\/p>\n

11,860<\/span><\/p>\n

<\/p>\n

8,923<\/span><\/p>\n

<\/p>\n

10,047<\/span><\/p>\n

<\/p>\n

1,391<\/span><\/p>\n

<\/p>\n

Share of loss in equity method investments<\/span><\/p>\n

(839)<\/span><\/p>\n

<\/p>\n

(1,925)<\/span><\/p>\n

<\/p>\n

(20,702)<\/span><\/p>\n

<\/p>\n

(2,867)<\/span><\/p>\n

<\/p>\n

Net (loss) income<\/span><\/p>\n

(49,999)<\/span><\/p>\n

<\/p>\n

2,778<\/span><\/p>\n

<\/p>\n

(92,863)<\/span><\/p>\n

<\/p>\n

(12,862)<\/span><\/p>\n

<\/p>\n

Net (loss) income per ordinary share:<\/span><\/p>\n

Basic<\/span><\/p>\n

(0.31)<\/span><\/p>\n

<\/p>\n

0.02<\/span><\/p>\n

<\/p>\n

(0.58)<\/span><\/p>\n

<\/p>\n

(0.08)<\/span><\/p>\n

<\/p>\n

Diluted<\/span><\/p>\n

(0.31)<\/span><\/p>\n

<\/p>\n

0.02<\/span><\/p>\n

<\/p>\n

(0.58)<\/span><\/p>\n

<\/p>\n

(0.08)<\/span><\/p>\n

<\/p>\n

Weighted average number of shares used in calculating
net (loss) income per ordinary share<\/span><\/p>\n

Basic<\/span><\/p>\n

163,827,229<\/span><\/p>\n

<\/p>\n

160,765,588<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p>\n

Diluted<\/span><\/p>\n

163,827,229<\/span><\/p>\n

<\/p>\n

160,765,588<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p>\n

Net (loss) income<\/span><\/p>\n

(49,999)<\/span><\/p>\n

<\/p>\n

2,778<\/span><\/p>\n

<\/p>\n

(92,863)<\/span><\/p>\n

<\/p>\n

(12,862)<\/span><\/p>\n

<\/p>\n

Foreign currency translation adjustments<\/span><\/p>\n

(10,530)<\/span><\/p>\n

<\/p>\n

(7,014)<\/span><\/p>\n

<\/p>\n

240<\/span><\/p>\n

<\/p>\n

33<\/span><\/p>\n

<\/p>\n

Total comprehensive loss<\/span><\/p>\n

(60,529)<\/span><\/p>\n

<\/p>\n

(4,236)<\/span><\/p>\n

<\/p>\n

(92,623)<\/span><\/p>\n

<\/p>\n

(12,829)<\/span><\/p>\n

<\/p><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

ATRENEW\u00a0INC.<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS (CONTINUED)<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n

<\/p>\n

Three months ended,<\/span><\/p>\n

<\/p>\n

March\u00a031,\u00a0
2023<\/span><\/p>\n

December\u00a031,
2023<\/span><\/p>\n

March 31, 2024<\/span><\/p>\n

<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n

<\/p>\n

(1) Includes share-based compensation expenses as
follows:<\/span><\/p>\n

Fulfillment expenses<\/span><\/p>\n

(5,507)<\/span><\/p>\n

<\/p>\n

(5,480)<\/span><\/p>\n

<\/p>\n

(6,381)<\/span><\/p>\n

<\/p>\n

(884)<\/span><\/p>\n

<\/p>\n

Selling and marketing expenses<\/span><\/p>\n

(3,804)<\/span><\/p>\n

<\/p>\n

(3,974)<\/span><\/p>\n

<\/p>\n

(30,406)<\/span><\/p>\n

<\/p>\n

(4,211)<\/span><\/p>\n

<\/p>\n

General and administrative expenses<\/span><\/p>\n

(18,999)<\/span><\/p>\n

<\/p>\n

(16,974)<\/span><\/p>\n

<\/p>\n

(15,677)<\/span><\/p>\n

<\/p>\n

(2,171)<\/span><\/p>\n

<\/p>\n

Technology and content expenses<\/span><\/p>\n

(4,686)<\/span><\/p>\n

<\/p>\n

(4,967)<\/span><\/p>\n

<\/p>\n

(4,251)<\/span><\/p>\n

<\/p>\n

(589)<\/span><\/p>\n

<\/p>\n

(2) Includes amortization of intangible assets and
deferred cost resulting from assets and business
acquisitions as follows:<\/span><\/p>\n

Selling and marketing expenses<\/span><\/p>\n

(78,495)<\/span><\/p>\n

<\/p>\n

(66,412)<\/span><\/p>\n

<\/p>\n

(66,412)<\/span><\/p>\n

<\/p>\n

(9,198)<\/span><\/p>\n

<\/p>\n

Technology and content expenses<\/span><\/p>\n

(482)<\/span><\/p>\n

<\/p>\n

(482)<\/span><\/p>\n

<\/p>\n

(482)<\/span><\/p>\n

<\/p>\n

(67)<\/span><\/p>\n

<\/p><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

Reconciliations\u00a0of GAAP and Non-GAAP Results<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n

<\/p>\n

Three months ended,<\/span><\/p>\n

<\/p>\n

March 31,
2023<\/span><\/p>\n

December 31,
2023<\/span><\/p>\n

March 31, 2024<\/span><\/p>\n

<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n

<\/p>\n

Loss from operations<\/span><\/p>\n

(67,591)<\/span><\/p>\n

<\/p>\n

(16,711)<\/span><\/p>\n

<\/p>\n

(43,386)<\/span><\/p>\n

<\/p>\n

(6,009)<\/span><\/p>\n

<\/p>\n

Add:<\/span><\/p>\n

Share-based compensation expenses<\/span><\/p>\n

32,996<\/span><\/p>\n

<\/p>\n

31,395<\/span><\/p>\n

<\/p>\n

56,715<\/span><\/p>\n

<\/p>\n

7,855<\/span><\/p>\n

<\/p>\n

Amortization of intangible assets and deferred cost resulting
from assets and business acquisitions<\/span><\/p>\n

78,977<\/span><\/p>\n

<\/p>\n

66,894<\/span><\/p>\n

<\/p>\n

66,894<\/span><\/p>\n

<\/p>\n

9,265<\/span><\/p>\n

<\/p>\n

Adjusted income from operations (non-GAAP)<\/span><\/p>\n

44,382<\/span><\/p>\n

<\/p>\n

81,578<\/span><\/p>\n

<\/p>\n

80,223<\/span><\/p>\n

<\/p>\n

11,111<\/span><\/p>\n

<\/p>\n

Net (loss) income<\/span><\/p>\n

(49,999)<\/span><\/p>\n

<\/p>\n

2,778<\/span><\/p>\n

<\/p>\n

(92,863)<\/span><\/p>\n

<\/p>\n

(12,862)<\/span><\/p>\n

<\/p>\n

Add:<\/span><\/p>\n

Share-based compensation expenses<\/span><\/p>\n

32,996<\/span><\/p>\n

<\/p>\n

31,395<\/span><\/p>\n

<\/p>\n

56,715<\/span><\/p>\n

<\/p>\n

7,855<\/span><\/p>\n

<\/p>\n

Amortization of intangible assets and deferred cost resulting
from assets and business acquisitions<\/span><\/p>\n

78,977<\/span><\/p>\n

<\/p>\n

66,894<\/span><\/p>\n

<\/p>\n

66,894<\/span><\/p>\n

<\/p>\n

9,265<\/span><\/p>\n

<\/p>\n

Less:<\/span><\/p>\n

Tax effects of amortization of intangible assets and deferred
cost resulting from assets and business acquisitions<\/span><\/p>\n

(11,860)<\/span><\/p>\n

<\/p>\n

(10,047)<\/span><\/p>\n

<\/p>\n

(10,047)<\/span><\/p>\n

<\/p>\n

(1,391)<\/span><\/p>\n

<\/p>\n

Adjusted net income (non-GAAP)<\/span><\/p>\n

50,114<\/span><\/p>\n

<\/p>\n

91,020<\/span><\/p>\n

<\/p>\n

20,699<\/span><\/p>\n

<\/p>\n

2,867<\/span><\/p>\n

<\/p>\n

Adjusted net income per ordinary share (non-GAAP):<\/span><\/p>\n

Basic<\/span><\/p>\n

0.31<\/span><\/p>\n

<\/p>\n

0.57<\/span><\/p>\n

<\/p>\n

0.13<\/span><\/p>\n

<\/p>\n

0.02<\/span><\/p>\n

<\/p>\n

Diluted<\/span><\/p>\n

0.30<\/span><\/p>\n

<\/p>\n

0.57<\/span><\/p>\n

<\/p>\n

0.13<\/span><\/p>\n

<\/p>\n

0.02<\/span><\/p>\n

<\/p>\n

Weighted average number of shares used in calculating
net income per ordinary share<\/span><\/p>\n

Basic<\/span><\/p>\n

163,827,229<\/span><\/p>\n

<\/p>\n

160,765,588<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p>\n

Diluted<\/span><\/p>\n

169,151,003<\/span><\/p>\n

<\/p>\n

160,765,588<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p>\n

161,480,251<\/span><\/p>\n

<\/p><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

SHANGHAI<\/span><\/span>, May 20, 2024<\/span><\/span> \/PRNewswire\/ —\u00a0ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China<\/span>, today announced its unaudited financial results for the three months ended March 31<\/span>, 2024.\u00a0<\/p>\n

First Quarter 2024 Highlights <\/p>\n

Total net revenues grew by 27.1% to RMB3,651.1 million<\/span> (US$505.7 million<\/span>) from RMB2,871.8 million<\/span> in the first quarter of 2023. Loss from operations was RMB43.4 million<\/span> (US$6.0 million<\/span>), compared to a loss from operations of RMB67.6 million<\/span> in the first quarter of 2023. Adjusted income from operations (non-GAAP)[1] was RMB80.2 million<\/span> (US$11.1 million<\/span>), compared to RMB44.4 million<\/span> in the first quarter of 2023. Number of consumer products transacted[2] was 8.4 million compared to 7.9 million in the first quarter of 2023. <\/p>\n

Mr. Kerry Xuefeng Chen<\/span>, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are pleased to see that our total net revenues in the first quarter of 2024 once again reached the high-end of our guidance, achieving 27.1% year-over-year growth. Both the scale of our self-operated retail business and the gross transaction value of our multi-category recycling service business grew robustly year over year. Driven by the action plans at China’s<\/span> national and municipal levels, large-scale trade-in of consumer products has become an important way to promote domestic demand. We have observed increased user enthusiasm for trading in used consumer products, with users placing more trust in our recycling and fulfillment capabilities. We remain committed to continuously enhancing user experiences for used product recycling and trade-in by capturing service scenarios and leveraging our supply chain capabilities. At the same time, we will capitalize on burgeoning market opportunities driven by the steady development of the circular economy.”<\/p>\n

Mr. Rex Chen<\/span>, Chief Financial Officer of ATRenew, added, “During the quarter, we sustained our progress on our path to profitability, achieving an adjusted income from operations of RMB80.2 million<\/span>. Adjusted income from operations had a meaningful improvement year over year. Utilizing our industry-leading supply chain, we continue to efficiently handle recycling, fulfillment, quality inspection, grading, pricing, and sales. Meanwhile, we further optimized promotional and customer acquisition efficiency by leveraging flexible marketing strategies and digital tools, while also serving users through our open platform. Looking ahead, we will strive to maintain healthy growth in our core business while steadily improving operational efficiency, creating sustainable long-term value for users and shareholders.”<\/p>\n

\n

1. <\/span>See “Reconciliations of GAAP and Non-GAAP Results” for more information.<\/p>\n

2. <\/span>“Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.<\/p>\n<\/div>\n

First Quarter 2024 Financial Results<\/p>\n

REVENUE<\/p>\n

Total net revenues increased by 27.1% to RMB3,651<\/span>.1\u00a0million (US$505.7 million<\/span>) from RMB2,871.8 million<\/span> in the same period of 2023.<\/p>\n

Net product revenues increased by 28.5% to RMB3,309.8 million<\/span> (US$458.4 million<\/span>) from RMB2,575.2 million<\/span> in the same period of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics both through the Company’s online and offline channels. Net service revenues increased by 15.1% to RMB341.3 million<\/span> (US$47.3 million<\/span>), compared to RMB296.6 million<\/span> in the same period of 2023. This increase was primarily due to an increase in the service revenue generated from PJT Marketplace and multi-category recycling business. <\/p>\n

OPERATING COSTS AND EXPENSES<\/p>\n

Operating costs and expenses were RMB3,702.9 million<\/span> (US$512.9 million<\/span>), compared to RMB2,941.4 million<\/span> in the same period of 2023, representing an increase of 25.9%.<\/p>\n

Merchandise costs were RMB2,947.8 million<\/span> (US$408.3 million<\/span>), compared to RMB2,252.1 million<\/span> in the same period of 2023, representing an increase of 30.9%. This was primarily due to the growth in product sales. Fulfillment expenses were RMB309.8 million<\/span> (US$42.9 million<\/span>), compared to RMB266.4 million<\/span> in the same period of 2023, representing an increase of 16.3%. The increase was primarily due to an increase in personnel costs as the Company conducted more recycling and transaction activities compared with the same period of 2023. Selling and marketing expenses were RMB321.3 million<\/span> (US$44.5 million<\/span>), compared to RMB299.0 million<\/span> in the same period of 2023, representing an increase of 7.5%. The increase was primarily due to an<\/span> increase in share-based compensation expenses. The<\/span> increase was partially offset by a decrease in amortization of intangible assets and deferred cost resulting from assets and business acquisitions as the maturity of some<\/span> intangible assets and deferred cost in the second quarter of 2023<\/span>. General and administrative expenses were RMB73.8 million<\/span> (US$10.2 million<\/span>), compared to RMB76.4 million<\/span> in the same period of 2023, representing a decrease of 3.4%, primarily due to (i) a decrease in professional service and consulting fees, (ii) a decrease in expected credit loss relating to credit risk. The decrease was partially offset by an increase in personnel cost and office related expenses mainly composed of travelling expenses. Technology and content expenses were RMB50.2 million<\/span> (US$7.0 million<\/span>), compared to RMB47.4 million<\/span> in the same period of 2023, representing an increase of 5.9%. The increase was primarily due to an increase in personnel costs in connection with the ongoing upgrade of the Company’s operation center and system. <\/p>\n

LOSS FROM OPERATIONS<\/p>\n

Loss from operations was RMB43.4 million<\/span> (US$6.0 million<\/span>), compared to RMB67.6 million<\/span> in the same period of 2023.<\/p>\n

Adjusted income from operations (non-GAAP) was RMB80.2 million<\/span> (US$11.1 million<\/span>), compared to RMB44.4 million<\/span> in the same period of 2023.<\/p>\n

NET LOSS<\/p>\n

Net loss was RMB92.9 million<\/span> (US$12.9 million<\/span>), compared to RMB50.0 million<\/span> in the same period of 2023.<\/p>\n

Adjusted net income (non-GAAP) was RMB20.7 million<\/span> (US$2.9 million<\/span>), compared to RMB50.1 million<\/span> in the same period of 2023.<\/p>\n

BASIC AND DILUTED NET LOSS PER ORDINARY SHARE<\/p>\n

Basic and diluted net loss per ordinary share were RMB0.58<\/span> (US$0.08)<\/span>, compared to RMB0.31<\/span> in the same period of 2023.<\/p>\n

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0<\/span>.13\u00a0(US$0.02), compared to RMB0.31<\/span> and RMB0.30<\/span> in the same period of 2023.<\/p>\n

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS <\/p>\n

Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,599.9 million<\/span> (US$360.1 million<\/span>) as of March 31, 2024<\/span>, as compared to RMB2,854.4 million<\/span> as of December 31, 2023<\/span>.<\/p>\n

Business Outlook <\/p>\n

For the second quarter of 2024, the Company currently expects its total revenues to be between RMB3,670<\/span>.0\u00a0million and RMB3,770<\/span>.0\u00a0million, representing an increase of 23.8% to 27.2%\u00a0year-over-year. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.<\/p>\n

Recent Development <\/p>\n

On April 26, 2024<\/span>, ATRenew announced that Mr. Mervin Ye Zhou<\/span> has been appointed as a new member of the Company’s board of directors (the “Board”), the compensation committee of the Board, and the nominating and corporate governance committee of the Board, effective immediately, to fill the vacancies arising from the resignation of Mr. Lijun Xin<\/span>.<\/p>\n

Conference Call Information<\/p>\n

The Company’s management will hold a conference call on Monday, May 20, 2024<\/span> at 08:00\u00a0A.M. Eastern Time (or 08:00 P.M.<\/span> Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:<\/p>\n

\n

International:<\/span><\/p>\n<\/p>\n

1-412-317-6061<\/span><\/p>\n

United States Toll Free:<\/span><\/p>\n<\/p>\n

1-888-317-6003<\/span><\/p>\n

Mainland China Toll Free:<\/span><\/p>\n<\/p>\n

4001-206115<\/span><\/p>\n

Hong Kong Toll Free:<\/span><\/p>\n<\/p>\n

800-963976<\/span><\/p>\n

Access Code:<\/span><\/p>\n<\/p>\n

3927893<\/span><\/p>\n<\/div>\n

The replay will be accessible through May 27, 2024<\/span> by dialing the following numbers:<\/p>\n

\n

International:<\/span><\/p>\n<\/p>\n

1-412-317-0088<\/span><\/p>\n

United States Toll Free:<\/span><\/p>\n<\/p>\n

1-877-344-7529<\/span><\/p>\n

Access Code:<\/span><\/p>\n<\/p>\n

7389602<\/span><\/p>\n<\/div>\n

A live and archived webcast of the conference call will also\u00a0be available at the Company’s investor relations website at ir.atrenew.com.<\/p>\n

About ATRenew Inc.<\/p>\n

Headquartered in Shanghai<\/span>, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China<\/span> under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s<\/span> pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.<\/p>\n

Exchange Rate Information<\/p>\n

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203<\/span> to US$1.00<\/span>, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 29, 2024<\/span>.<\/p>\n

Use of Non-GAAP Financial Measures<\/p>\n

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income is net (loss) income excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net (loss) income per ordinary share.<\/p>\n

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net (loss) income. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.<\/p>\n

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.<\/p>\n

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”<\/p>\n

Safe Harbor Statement<\/p>\n

This press release contains statements that may constitute “forward-looking” statements pursuant to 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,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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 statements about ATRenew’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China<\/span> and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.<\/p>\n

Investor Relations Contact<\/p>\n

In China<\/span>:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com<\/a>\u00a0<\/p>\n

In the United States<\/span>:
ICR LLC.
Email: atrenew@icrinc.com<\/a>
Tel: +1-212-537-0461<\/p>\n

\n

ATRENEW\u00a0INC.<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n<\/p>\n

As of December 31,<\/span><\/p>\n

As of March 31,<\/span><\/p>\n<\/p>\n

2023<\/span><\/p>\n

2024<\/span><\/p>\n<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n<\/p>\n

ASSETS<\/span><\/p>\n<\/p>\n

Current assets:<\/span><\/p>\n<\/p>\n

Cash and cash equivalents<\/span><\/p>\n

1,978,696<\/span><\/p>\n<\/p>\n

1,609,942<\/span><\/p>\n<\/p>\n

222,974<\/span><\/p>\n<\/p>\n

Restricted cash<\/span><\/p>\n

210,000<\/span><\/p>\n<\/p>\n

232,000<\/span><\/p>\n<\/p>\n

32,132<\/span><\/p>\n<\/p>\n

Short-term investments<\/span><\/p>\n

410,547<\/span><\/p>\n<\/p>\n

472,674<\/span><\/p>\n<\/p>\n

65,465<\/span><\/p>\n<\/p>\n

Amount due from related parties, net<\/span><\/p>\n

89,592<\/span><\/p>\n<\/p>\n

139,638<\/span><\/p>\n<\/p>\n

19,340<\/span><\/p>\n<\/p>\n

Inventories<\/span><\/p>\n

1,017,155<\/span><\/p>\n<\/p>\n

847,727<\/span><\/p>\n<\/p>\n

117,409<\/span><\/p>\n<\/p>\n

Funds receivable from third party payment service
providers<\/span><\/p>\n

253,107<\/span><\/p>\n<\/p>\n

285,303<\/span><\/p>\n<\/p>\n

39,514<\/span><\/p>\n<\/p>\n

Prepayments and other receivables, net<\/span><\/p>\n

567,622<\/span><\/p>\n<\/p>\n

633,780<\/span><\/p>\n<\/p>\n

87,778<\/span><\/p>\n<\/p>\n

Total current assets<\/span><\/p>\n

4,526,719<\/span><\/p>\n<\/p>\n

4,221,064<\/span><\/p>\n<\/p>\n

584,612<\/span><\/p>\n<\/p>\n

Non-current assets:<\/span><\/p>\n<\/p>\n

Amount due from related parties, net, non-current<\/span><\/p>\n

\u2014<\/span><\/p>\n<\/p>\n

40,000<\/span><\/p>\n<\/p>\n

5,540<\/span><\/p>\n<\/p>\n

Long-term investments<\/span><\/p>\n

467,095<\/span><\/p>\n<\/p>\n

482,003<\/span><\/p>\n<\/p>\n

66,757<\/span><\/p>\n<\/p>\n

Property and equipment, net<\/span><\/p>\n

148,223<\/span><\/p>\n<\/p>\n

150,095<\/span><\/p>\n<\/p>\n

20,788<\/span><\/p>\n<\/p>\n

Intangible assets, net<\/span><\/p>\n

270,631<\/span><\/p>\n<\/p>\n

203,737<\/span><\/p>\n<\/p>\n

28,217<\/span><\/p>\n<\/p>\n

Other non-current assets<\/span><\/p>\n

80,411<\/span><\/p>\n<\/p>\n

74,430<\/span><\/p>\n<\/p>\n

10,308<\/span><\/p>\n<\/p>\n

Total non-current assets<\/span><\/p>\n

966,360<\/span><\/p>\n<\/p>\n

950,265<\/span><\/p>\n<\/p>\n

131,610<\/span><\/p>\n<\/p>\n

TOTAL ASSETS<\/span><\/p>\n

5,493,079<\/span><\/p>\n<\/p>\n

5,171,329<\/span><\/p>\n<\/p>\n

716,222<\/span><\/p>\n<\/p>\n

LIABILITIES AND SHAREHOLDERS’ EQUITY<\/span><\/p>\n<\/p>\n

Current liabilities:<\/span><\/p>\n<\/p>\n

Short-term borrowings<\/span><\/p>\n

349,931<\/span><\/p>\n<\/p>\n

560,401<\/span><\/p>\n<\/p>\n

77,615<\/span><\/p>\n<\/p>\n

Accounts payable<\/span><\/p>\n

532,293<\/span><\/p>\n<\/p>\n

133,793<\/span><\/p>\n<\/p>\n

18,530<\/span><\/p>\n<\/p>\n

Contract liabilities<\/span><\/p>\n

119,715<\/span><\/p>\n<\/p>\n

86,997<\/span><\/p>\n<\/p>\n

12,049<\/span><\/p>\n<\/p>\n

Accrued expenses and other current liabilities<\/span><\/p>\n

465,123<\/span><\/p>\n<\/p>\n

448,126<\/span><\/p>\n<\/p>\n

62,065<\/span><\/p>\n<\/p>\n

Accrued payroll and welfare<\/span><\/p>\n

146,371<\/span><\/p>\n<\/p>\n

105,622<\/span><\/p>\n<\/p>\n

14,628<\/span><\/p>\n<\/p>\n

Amount due to related parties<\/span><\/p>\n

78,032<\/span><\/p>\n<\/p>\n

85,327<\/span><\/p>\n<\/p>\n

11,818<\/span><\/p>\n<\/p>\n

Total current liabilities<\/span><\/p>\n

1,691,465<\/span><\/p>\n<\/p>\n

1,420,266<\/span><\/p>\n<\/p>\n

196,705<\/span><\/p>\n<\/p>\n

Non-current liabilities:<\/span><\/p>\n<\/p>\n

Operating lease liabilities, non-current<\/span><\/p>\n

22,495<\/span><\/p>\n<\/p>\n

17,785<\/span><\/p>\n<\/p>\n

2,463<\/span><\/p>\n<\/p>\n

Deferred tax liabilities<\/span><\/p>\n

67,658<\/span><\/p>\n<\/p>\n

57,611<\/span><\/p>\n<\/p>\n

7,979<\/span><\/p>\n<\/p>\n

Total non-current liabilities<\/span><\/p>\n

90,153<\/span><\/p>\n<\/p>\n

75,396<\/span><\/p>\n<\/p>\n

10,442<\/span><\/p>\n<\/p>\n

TOTAL LIABILITIES<\/span><\/p>\n

1,781,618<\/span><\/p>\n<\/p>\n

1,495,662<\/span><\/p>\n<\/p>\n

207,147<\/span><\/p>\n<\/p>\n

TOTAL SHAREHOLDERS’ EQUITY<\/span><\/p>\n

3,711,461<\/span><\/p>\n<\/p>\n

3,675,667<\/span><\/p>\n<\/p>\n

509,075<\/span><\/p>\n<\/p>\n

TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY<\/span><\/p>\n

5,493,079<\/span><\/p>\n<\/p>\n

5,171,329<\/span><\/p>\n<\/p>\n

716,222<\/span><\/p>\n<\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

ATRENEW\u00a0INC.<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n<\/p>\n

Three months ended,<\/span><\/p>\n<\/p>\n

March 31,
2023<\/span><\/p>\n

December 31,
2023<\/span><\/p>\n

March 31, 2024<\/span><\/p>\n<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n<\/p>\n

Net revenues<\/span><\/p>\n

Net product revenues<\/span><\/p>\n

2,575,178<\/span><\/p>\n<\/p>\n

3,522,474<\/span><\/p>\n<\/p>\n

3,309,819<\/span><\/p>\n<\/p>\n

458,405<\/span><\/p>\n<\/p>\n

Net service revenues<\/span><\/p>\n

296,616<\/span><\/p>\n<\/p>\n

351,098<\/span><\/p>\n<\/p>\n

341,317<\/span><\/p>\n<\/p>\n

47,272<\/span><\/p>\n<\/p>\n

Operating (expenses) income (1)(2)<\/span><\/span><\/p>\n

Merchandise costs<\/span><\/p>\n

(2,252,121)<\/span><\/p>\n<\/p>\n

(3,149,968)<\/span><\/p>\n<\/p>\n

(2,947,815)<\/span><\/p>\n<\/p>\n

(408,268)<\/span><\/p>\n<\/p>\n

Fulfillment expenses<\/span><\/p>\n

(266,386)<\/span><\/p>\n<\/p>\n

(301,081)<\/span><\/p>\n<\/p>\n

(309,768)<\/span><\/p>\n<\/p>\n

(42,902)<\/span><\/p>\n<\/p>\n

Selling and marketing expenses<\/span><\/p>\n

(299,041)<\/span><\/p>\n<\/p>\n

(317,025)<\/span><\/p>\n<\/p>\n

(321,337)<\/span><\/p>\n<\/p>\n

(44,505)<\/span><\/p>\n<\/p>\n

General and administrative expenses<\/span><\/p>\n

(76,440)<\/span><\/p>\n<\/p>\n

(62,187)<\/span><\/p>\n<\/p>\n

(73,825)<\/span><\/p>\n<\/p>\n

(10,225)<\/span><\/p>\n<\/p>\n

Technology and content expenses<\/span><\/p>\n

(47,433)<\/span><\/p>\n<\/p>\n

(63,774)<\/span><\/p>\n<\/p>\n

(50,183)<\/span><\/p>\n<\/p>\n

(6,950)<\/span><\/p>\n<\/p>\n

Other operating income, net<\/span><\/p>\n

2,036<\/span><\/p>\n<\/p>\n

3,752<\/span><\/p>\n<\/p>\n

8,406<\/span><\/p>\n<\/p>\n

1,164<\/span><\/p>\n<\/p>\n

Loss from operations<\/span><\/p>\n

(67,591)<\/span><\/p>\n<\/p>\n

(16,711)<\/span><\/p>\n<\/p>\n

(43,386)<\/span><\/p>\n<\/p>\n

(6,009)<\/span><\/p>\n<\/p>\n

Interest expense<\/span><\/p>\n

(811)<\/span><\/p>\n<\/p>\n

(1,558)<\/span><\/p>\n<\/p>\n

(3,978)<\/span><\/p>\n<\/p>\n

(551)<\/span><\/p>\n<\/p>\n

Interest income<\/span><\/p>\n

7,952<\/span><\/p>\n<\/p>\n

13,217<\/span><\/p>\n<\/p>\n

6,593<\/span><\/p>\n<\/p>\n

913<\/span><\/p>\n<\/p>\n

Other (loss) income, net<\/span><\/p>\n

(570)<\/span><\/p>\n<\/p>\n

832<\/span><\/p>\n<\/p>\n

(41,437)<\/span><\/p>\n<\/p>\n

(5,739)<\/span><\/p>\n<\/p>\n

Loss before income taxes and share of loss in equity
method investments<\/span><\/p>\n

(61,020)<\/span><\/p>\n<\/p>\n

(4,220)<\/span><\/p>\n<\/p>\n

(82,208)<\/span><\/p>\n<\/p>\n

(11,386)<\/span><\/p>\n<\/p>\n

Income tax benefits<\/span><\/p>\n

11,860<\/span><\/p>\n<\/p>\n

8,923<\/span><\/p>\n<\/p>\n

10,047<\/span><\/p>\n<\/p>\n

1,391<\/span><\/p>\n<\/p>\n

Share of loss in equity method investments<\/span><\/p>\n

(839)<\/span><\/p>\n<\/p>\n

(1,925)<\/span><\/p>\n<\/p>\n

(20,702)<\/span><\/p>\n<\/p>\n

(2,867)<\/span><\/p>\n<\/p>\n

Net (loss) income<\/span><\/p>\n

(49,999)<\/span><\/p>\n<\/p>\n

2,778<\/span><\/p>\n<\/p>\n

(92,863)<\/span><\/p>\n<\/p>\n

(12,862)<\/span><\/p>\n<\/p>\n

Net (loss) income per ordinary share:<\/span><\/p>\n

Basic<\/span><\/p>\n

(0.31)<\/span><\/p>\n<\/p>\n

0.02<\/span><\/p>\n<\/p>\n

(0.58)<\/span><\/p>\n<\/p>\n

(0.08)<\/span><\/p>\n<\/p>\n

Diluted<\/span><\/p>\n

(0.31)<\/span><\/p>\n<\/p>\n

0.02<\/span><\/p>\n<\/p>\n

(0.58)<\/span><\/p>\n<\/p>\n

(0.08)<\/span><\/p>\n<\/p>\n

Weighted average number of shares used in calculating
net (loss) income per ordinary share<\/span><\/p>\n

Basic<\/span><\/p>\n

163,827,229<\/span><\/p>\n<\/p>\n

160,765,588<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n

Diluted<\/span><\/p>\n

163,827,229<\/span><\/p>\n<\/p>\n

160,765,588<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n

Net (loss) income<\/span><\/p>\n

(49,999)<\/span><\/p>\n<\/p>\n

2,778<\/span><\/p>\n<\/p>\n

(92,863)<\/span><\/p>\n<\/p>\n

(12,862)<\/span><\/p>\n<\/p>\n

Foreign currency translation adjustments<\/span><\/p>\n

(10,530)<\/span><\/p>\n<\/p>\n

(7,014)<\/span><\/p>\n<\/p>\n

240<\/span><\/p>\n<\/p>\n

33<\/span><\/p>\n<\/p>\n

Total comprehensive loss<\/span><\/p>\n

(60,529)<\/span><\/p>\n<\/p>\n

(4,236)<\/span><\/p>\n<\/p>\n

(92,623)<\/span><\/p>\n<\/p>\n

(12,829)<\/span><\/p>\n<\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

ATRENEW\u00a0INC.<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS (CONTINUED)<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n<\/p>\n

Three months ended,<\/span><\/p>\n<\/p>\n

March\u00a031,\u00a0
2023<\/span><\/p>\n

December\u00a031,
2023<\/span><\/p>\n

March 31, 2024<\/span><\/p>\n<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n<\/p>\n

(1) Includes share-based compensation expenses as
follows:<\/span><\/p>\n

Fulfillment expenses<\/span><\/p>\n

(5,507)<\/span><\/p>\n<\/p>\n

(5,480)<\/span><\/p>\n<\/p>\n

(6,381)<\/span><\/p>\n<\/p>\n

(884)<\/span><\/p>\n<\/p>\n

Selling and marketing expenses<\/span><\/p>\n

(3,804)<\/span><\/p>\n<\/p>\n

(3,974)<\/span><\/p>\n<\/p>\n

(30,406)<\/span><\/p>\n<\/p>\n

(4,211)<\/span><\/p>\n<\/p>\n

General and administrative expenses<\/span><\/p>\n

(18,999)<\/span><\/p>\n<\/p>\n

(16,974)<\/span><\/p>\n<\/p>\n

(15,677)<\/span><\/p>\n<\/p>\n

(2,171)<\/span><\/p>\n<\/p>\n

Technology and content expenses<\/span><\/p>\n

(4,686)<\/span><\/p>\n<\/p>\n

(4,967)<\/span><\/p>\n<\/p>\n

(4,251)<\/span><\/p>\n<\/p>\n

(589)<\/span><\/p>\n<\/p>\n

(2) Includes amortization of intangible assets and
deferred cost resulting from assets and business
acquisitions as follows:<\/span><\/p>\n

Selling and marketing expenses<\/span><\/p>\n

(78,495)<\/span><\/p>\n<\/p>\n

(66,412)<\/span><\/p>\n<\/p>\n

(66,412)<\/span><\/p>\n<\/p>\n

(9,198)<\/span><\/p>\n<\/p>\n

Technology and content expenses<\/span><\/p>\n

(482)<\/span><\/p>\n<\/p>\n

(482)<\/span><\/p>\n<\/p>\n

(482)<\/span><\/p>\n<\/p>\n

(67)<\/span><\/p>\n<\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

Reconciliations\u00a0of GAAP and Non-GAAP Results<\/span><\/p>\n

(Amounts in thousands, except share and per share and otherwise noted)<\/span><\/p>\n<\/p>\n

Three months ended,<\/span><\/p>\n<\/p>\n

March 31,
2023<\/span><\/p>\n

December 31,
2023<\/span><\/p>\n

March 31, 2024<\/span><\/p>\n<\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

RMB<\/span><\/p>\n

US$<\/span><\/p>\n<\/p>\n

Loss from operations<\/span><\/p>\n

(67,591)<\/span><\/p>\n<\/p>\n

(16,711)<\/span><\/p>\n<\/p>\n

(43,386)<\/span><\/p>\n<\/p>\n

(6,009)<\/span><\/p>\n<\/p>\n

Add:<\/span><\/p>\n

Share-based compensation expenses<\/span><\/p>\n

32,996<\/span><\/p>\n<\/p>\n

31,395<\/span><\/p>\n<\/p>\n

56,715<\/span><\/p>\n<\/p>\n

7,855<\/span><\/p>\n<\/p>\n

Amortization of intangible assets and deferred cost resulting
from assets and business acquisitions<\/span><\/p>\n

78,977<\/span><\/p>\n<\/p>\n

66,894<\/span><\/p>\n<\/p>\n

66,894<\/span><\/p>\n<\/p>\n

9,265<\/span><\/p>\n<\/p>\n

Adjusted income from operations (non-GAAP)<\/span><\/p>\n

44,382<\/span><\/p>\n<\/p>\n

81,578<\/span><\/p>\n<\/p>\n

80,223<\/span><\/p>\n<\/p>\n

11,111<\/span><\/p>\n<\/p>\n

Net (loss) income<\/span><\/p>\n

(49,999)<\/span><\/p>\n<\/p>\n

2,778<\/span><\/p>\n<\/p>\n

(92,863)<\/span><\/p>\n<\/p>\n

(12,862)<\/span><\/p>\n<\/p>\n

Add:<\/span><\/p>\n

Share-based compensation expenses<\/span><\/p>\n

32,996<\/span><\/p>\n<\/p>\n

31,395<\/span><\/p>\n<\/p>\n

56,715<\/span><\/p>\n<\/p>\n

7,855<\/span><\/p>\n<\/p>\n

Amortization of intangible assets and deferred cost resulting
from assets and business acquisitions<\/span><\/p>\n

78,977<\/span><\/p>\n<\/p>\n

66,894<\/span><\/p>\n<\/p>\n

66,894<\/span><\/p>\n<\/p>\n

9,265<\/span><\/p>\n<\/p>\n

Less:<\/span><\/p>\n

Tax effects of amortization of intangible assets and deferred
cost resulting from assets and business acquisitions<\/span><\/p>\n

(11,860)<\/span><\/p>\n<\/p>\n

(10,047)<\/span><\/p>\n<\/p>\n

(10,047)<\/span><\/p>\n<\/p>\n

(1,391)<\/span><\/p>\n<\/p>\n

Adjusted net income (non-GAAP)<\/span><\/p>\n

50,114<\/span><\/p>\n<\/p>\n

91,020<\/span><\/p>\n<\/p>\n

20,699<\/span><\/p>\n<\/p>\n

2,867<\/span><\/p>\n<\/p>\n

Adjusted net income per ordinary share (non-GAAP):<\/span><\/p>\n

Basic<\/span><\/p>\n

0.31<\/span><\/p>\n<\/p>\n

0.57<\/span><\/p>\n<\/p>\n

0.13<\/span><\/p>\n<\/p>\n

0.02<\/span><\/p>\n<\/p>\n

Diluted<\/span><\/p>\n

0.30<\/span><\/p>\n<\/p>\n

0.57<\/span><\/p>\n<\/p>\n

0.13<\/span><\/p>\n<\/p>\n

0.02<\/span><\/p>\n<\/p>\n

Weighted average number of shares used in calculating
net income per ordinary share<\/span><\/p>\n

Basic<\/span><\/p>\n

163,827,229<\/span><\/p>\n<\/p>\n

160,765,588<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n

Diluted<\/span><\/p>\n

169,151,003<\/span><\/p>\n<\/p>\n

160,765,588<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n

161,480,251<\/span><\/p>\n<\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

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