TH International Limited (Nasdaq: THCH), the exclusive operator of
Tim Hortons coffee shops in China (“Tims China” or the “Company”)
today announced its unaudited financial results for the three-month
and nine-month periods ended September 30, 2022.
THIRD QUARTER
2022 HIGHLIGHTS
- Total
revenues were RMB305.7 million (USD43.0 million)
for the three months ended September 30, 2022, representing an
increase of 67.9% from RMB182.1 million in the same quarter of
2021.
- Net new
store openings totaled 46 (35
company owned and operated stores and 11 franchised stores) for the
three months ended September 30, 2022. System-wide stores reached
486 (454 company owned and operated stores and 32 franchised
stores) as of September 30, 2022, compared to 440 as of June 30,
2022 and 280 as of September 30, 2021.
- Same-store sales growth for
company owned and operated stores was 7.5% for the three
months ended September 30, 2022, compared to 6.6% in the same
quarter of 2021.
- Registered loyalty club
members totaled 8.9 million as of September 30, 2022,
representing an 85.8% increase from 4.8 million as of September 30,
2021.
- Adjusted store
EBITDA(1), was RMB19.4 million (USD2.7 million) for the
three months ended September 30, 2022, representing a 336.6%
increase from RMB4.4 million in the same quarter of 2021.
- Adjusted store EBITDA
margin, which stands for adjusted store EBITDA as a
percentage of our revenues from company owned and operated stores,
was 6.7% for the three months ended September 30, 2022,
representing an increase of 4.1 percentage points from 2.6% in the
same quarter of 2021.
(1) Adjusted store EBITDA is calculated as
fully-burdened gross profit(2) of company owned and operated stores
excluding depreciation & amortization and store pre-opening
expenses.
(2) Fully-burdened gross profit of company owned
and operated stores, the most comparable GAAP measure to adjusted
store EBITDA, was a loss of RMB21.0 million (USD3.0 million) for
the three months ended September 30, 2022, representing a 59.4%
improvement from a loss of RMB51.4 million in the same quarter of
2021.
COMPANY MANAGEMENT
STATEMENT
Mr. Yongchen Lu, CEO of Tims China, commented,
“We are very pleased to report strong financial and operational
results for our first quarter as a public company. Our robust
top-line performance reflected contributions from store network
expansion combined with solid same-store sales growth which we
attribute to growing customer recognition of the absolute
convenience, true local relevance, and continuous innovation
offered to Tims China customers. As we continue to build greater
brand awareness and loyalty, we are also increasing the number of
our loyalty club members, exemplifying our success in building a
genuine community. Our recent partnerships and collaborations with
Sinopec Easy Joy and Alibaba Group’s Freshippo provide us new
avenues for growth, particularly with the compact “Tims Express”
store format, ready-to-drink (RTD) coffee, and other co-branded
products.”
Mr. Dong (Albert) Li, CFO of Tims China,
commented, “We achieved solid store-level margin improvement during
the third quarter of 2022 through our continuous efforts to
optimize our cost structure and drive operating leverage through
revenue growth, which demonstrated both strong execution and
resilience despite COVID. Leveraging our highly differentiated
“Coffee Plus” business model and growing brand influence, we are
confident that we will continue building brand love and growing our
customer base effectively, improving our operational efficiency,
and delivering sustainable revenue and profitability growth for our
shareholders in the long-run.”
IMPACT OF COVID-19 AND MITIGATION
EFFORTS
We have demonstrated our resilience and agility
throughout the COVID-19 pandemic, but serious challenges remain.
The COVID-19 pandemic continued to adversely affect our store
operations and the sales of affected cities, primarily as a result
of temporary store closures, reduced operating hours, disallowed
dine-in services, decreased customer traffic, and disruptions to
the supply chain and logistics. In the third quarter of 2022, the
Company experienced approximately 23 daily temporary store closures
on average, compared to approximately 138 daily temporary store
closures on average in the second quarter. Entering the fourth
quarter, new infections continued to increase in October and
November with resurgent outbreaks across China. The Company
experienced approximately 36 daily temporary store closures on
average in October.
Despite the volatile environment, the Company
grew total revenues year-over-year by 67.9% and achieved same-store
sales growth for company owned and operated stores of 7.5% during
the third quarter of 2022. We captured the growing demand for
delivery and takeaway services, and the number of home-delivery
orders fulfilled increased by 111.1% from the third quarter of 2021
to the third quarter of 2022.
Due to the uncertainty of the development of the
COVID-19 pandemic, it remains difficult to predict the full impact
of the COVID-19 pandemic on the broader economy and the actions and
measures undertaken by government authorities to contain the
COVID-19 pandemic, which may impose continuing adverse effects on
our results of operations, cash flows and financial position going
forward.
THIRD QUARTER
2022 FINANCIAL
RESULTS
Total
revenues were RMB305.7 million
(USD43.0 million) for the three months ended September 30, 2022,
representing an increase of 67.9% from RMB182.1 million in the same
quarter of 2021. Total revenues comprise:
- Revenues from company owned
and operated stores were RMB290.0 million (USD40.8
million) for the three months ended September 30,
2022, representing an increase of 67.0% from
RMB173.7 million in the same quarter of 2021. The growth was
primarily driven by an increase in the number of company owned and
operated stores from 268 as of September 30, 2021 to 454 as of
September 30, 2022 and 7.5% same-store sales growth of company
owned and operated stores for the three months ended September 30,
2022.
- Other revenues
were RMB15.7 million (USD2.2 million) for the three months ended
September 30, 2022, representing an increase of 86.4% from RMB8.4
million in the same quarter of 2021. The growth was primarily
attributable to the rapid expansion of our e-commerce business and
an increase in franchise fees and revenues from other franchise
support activities, which was attributable to an increase in the
number of franchised stores from 12 as of September 30, 2021 to 32
as of September 30, 2022.
Company operated store costs and
expenses were RMB299.9 million (USD42.2 million) for the
three months ended September 30, 2022, representing an increase of
36.3% from RMB219.9 million in the same quarter of 2021. Company
operated store costs and expenses comprise:
- Food and packaging
expenses were RMB96.6 million (USD13.6 million),
representing an increase of 61.6% from RMB59.8 million, in line
with our revenue growth and store network expansion. Food and
packaging costs as a percentage of revenues from company owned and
operated stores decreased by 1.1 percentage points from 34.4% in
the third quarter of 2021 to 33.3% in the third quarter of
2022.
- Rental expenses
were RMB36.1 million (USD5.1 million), representing a decrease of
15.7% from RMB42.9 million, mainly due to rent concessions that we
received during the third quarter of 2022. Rental expenses as a
percentage of revenues from company owned and operated stores
decreased by 12.2 percentage points from 24.7% in the third quarter
of 2021 to 12.5% in the third quarter of 2022.
- Payroll and employee
benefits expenses were RMB66.0 million
(USD9.3 million), representing an increase of 10.7% from RMB59.6
million, primarily due to increased headcount of our store
operation and managerial personnel. Payroll and employee benefits
as a percentage of revenues from company owned and operated stores
decreased by 11.5 percentage points from 34.3% in the third quarter
of 2021 to 22.8% in the third quarter of 2022.
- Delivery costs
were RMB23.6 million (USD3.3 million), representing an increase of
110.2% from RMB11.2 million, due to increased number of
home-delivery orders fulfilled. Delivery costs as a percentage of
revenues from company owned and operated stores increased by 1.6
percentage points from 6.5% in the third quarter of 2021 to 8.1% in
the third quarter of 2022.
- Other operating
expenses were RMB77.5 million (USD10.9 million),
representing an increase of 66.9% from RMB46.5 million, in line
with our revenue growth and store network expansion. Other
operating expenses as a percentage of revenues from company owned
and operated stores remained flat at 26.7% during the third quarter
of 2022.
Cost of other revenues was
RMB9.5 million (USD1.3 million) for the three months ended
September 30, 2022, representing an increase of 70.0% from RMB5.6
million in the same quarter of 2021, which was primarily driven by
an increase in the number of franchised stores from 12 as of
September 30, 2021 to 32 as of September 30, 2022 and the
incurrence of cost of product sales related to our e-commerce
business during the third quarter of 2022.
Marketing expenses were RMB24.9
million (USD3.5 million) for the three months ended September 30,
2022, representing an increase of 70.5% from RMB14.6 million in the
same quarter of 2021, which was primarily attributable to the
increase in the number of our system-wide stores from 280 as of
September 30, 2021 to 486 as of September 30, 2022. Marketing
expenses as a percentage of total revenues remained flat at 8.1%
during the third quarter of 2022.
General and administrative
expenses were RMB109.6 million (USD15.4 million) for the
three months ended September 30, 2022, representing an increase of
122.0% from RMB49.4 million in the same quarter of 2021, which was
primarily due to: (i) increased payroll and employee benefits as a
result of growing headcount; (ii) increased share-based
compensation expenses recognized; (iii) the incurrence of our
obligation to issue ordinary shares worth of $3.0 million (the
“Commitment Shares”) to CF Principal Investments LLC (“Cantor”) as
consideration for its irrevocable commitment to purchase our
ordinary shares pursuant to the terms of an Ordinary Share Purchase
Agreement dated March 11, 2022, as amended, for which the closing
of our merger with Silver Crest Acquisition Corporation was a
condition precedent; (iv) offering costs related to an Equity
Support Agreement (“ESA”) dated March 8, 2022, as amended (the “ESA
Offering Costs”); and (v) the incurrence of expenses in relation to
an option granted by our controlling shareholder to a holder of our
convertible notes for the notes holder to purchase 200,000 of our
ordinary shares from the controlling shareholder pursuant to the
terms of an Option Agreement dated September 28, 2022 (the “Option
Shares”). Adjusted general and administrative
expenses, which excludes share-based compensation expenses
of RMB33.3 million (USD4.7 million), expenses of RMB21.5 million
(USD3.0 million) related to the Commitment Shares, ESA Offering
Costs of RMB4.6 million (USD0.7 million), and expenses of RMB1.8
million (USD0.3 million) related to the Option Shares, were RMB48.4
million (USD6.8 million). Adjusted general and administrative
expenses as a percentage of total revenues decreased by 11.3
percentage points from 27.1% in the third quarter of 2021 to 15.8%
in the third quarter of 2022. For more information on the Company’s
non-GAAP financial measures, please see the section “Non-GAAP
Financial Measures” and the table captioned “Reconciliation of
Non-GAAP Measures to the Most Directly Comparable GAAP Measures”
set forth at the end of this earnings release.
Franchise and royalty expenses
were RMB11.0 million (USD1.5 million) for the three months ended
September 30, 2022, representing an increase of 115.0% from RMB5.1
million in the same quarter of 2021, which was primarily driven by
the increase in the number of our system-wide stores from 280 as of
September 30, 2021 to 486 as of September 30, 2022. Franchise and
royalty expenses as a percentage of total revenues increased by 0.8
percentage points from 2.8% in the third quarter of 2021 to 3.6% in
the third quarter of 2022.
As a result of the foregoing, operating
loss was RMB150.5 million (USD21.2 million) for the three
months ended September 30, 2022, compared to RMB113.0 million in
the same quarter of 2021.
Adjusted Corporate EBITDA was a
loss of RMB47.6 million (USD6.7 million) for the three months ended
September 30, 2022, compared to a loss of RMB56.8 million in the
same quarter of 2021. Adjusted Corporate EBITDA
margin was negative 15.6% in the third quarter of 2022,
representing an improvement of 15.6 percentage points from negative
31.2% in the third quarter of 2021.
Net loss was RMB195.0 million
(USD27.4 million) for the three months ended September 30, 2022,
compared to RMB113.1 million for the same quarter of 2021.
Adjusted net loss was RMB87.5 million (USD12.3
million) for the three months ended September 30, 2022, compared to
RMB76.4 million for the same quarter of 2021. Adjusted net loss
margin was 28.6% in the third quarter of 2022, representing an
improvement of 13.3 percentage points from 41.9% in the third
quarter of 2021.
Basic and diluted net loss per ordinary
share was RMB1.56 (USD0.22) in the third quarter of 2022,
compared to RMB0.90 in the third quarter of 2021. Adjusted
basic and diluted net loss per ordinary share was RMB0.70
(USD0.10) in the third quarter of 2022, compared to RMB0.60 in the
third quarter of 2021.
Liquidity
As of September 30, 2022, the Company’s total
cash and cash equivalents and short-term investments were RMB759.9
million (USD106.8 million), compared to RMB285.1 million as of June
30, 2022 and RMB390.8 million as of December 31, 2021. The change
was primarily attributable to net proceeds from the closing of our
merger with Silver Crest Acquisition Corporation, proceeds from our
PIPE investors and proceeds from investors who entered into the
Equity Support Agreement.
KEY OPERATING AND FINANCIAL
DATA
|
For the three months ended or as of |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
Dec 31, |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
2021 |
2021 |
2021 |
2021 |
2022 |
2022 |
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores |
159 |
|
217 |
|
280 |
|
390 |
|
424 |
|
440 |
|
486 |
Company owned and operated stores |
150 |
|
206 |
|
268 |
|
373 |
|
403 |
|
419 |
|
454 |
Franchised stores |
9 |
|
11 |
|
12 |
|
17 |
|
21 |
|
21 |
|
32 |
Same-store sales growth for system-wide stores |
41.6% |
|
26.5% |
|
6.5% |
|
8.2% |
|
4.4% |
|
-6.1% |
|
8.1% |
Same-store sales growth for company owned and operated stores |
40.3% |
|
25.5% |
|
6.6% |
|
8.8% |
|
5.5% |
|
-5.3% |
|
7.5% |
Registered loyalty club members (in thousands) |
2,947 |
|
3,865 |
|
4,770 |
|
5,969 |
|
6,907 |
|
7,532 |
|
8,862 |
Adjusted store EBITDA (Renminbi in thousands) |
3,271 |
|
5,296 |
|
4,432 |
|
14,468 |
|
-21,050 |
|
-40,279 |
|
19,352 |
Adjusted store EBITDA margin |
3.3% |
|
4.1% |
|
2.6% |
|
6.8% |
|
-10.0% |
|
-24.5% |
|
6.7% |
KEY DEFINITIONS
- Same-store sales growth. The
percentage change in the sales of stores that have been operating
for 12 months or longer during a certain period compared to the
same period from the prior year. The same-store sales growth for
any period of more than a month equals to the arithmetic average of
the same-store sales growth of each month covered in the period. If
a store was closed for seven days or more during any given month,
its sales during that month and the same month in the comparison
period are excluded for purposes of measuring same-store sales
growth.
- Net new store openings. The
gross number of new stores opened during the period minus the
number of stores permanently closed during the period.
- Adjusted store EBITDA. Calculated
as fully-burdened gross profit of company owned and operated stores
excluding depreciation and amortization, and store pre-opening
expenses.
- Adjusted store EBITDA margin.
Calculated as adjusted store EBITDA as a percentage of revenues
from company owned and operated stores.
- Adjusted general and administrative
expenses. Calculated as general and administrative expenses
excluding share-based compensation expenses, expenses related to
the Commitment Shares, the ESA Offering Costs, and expenses related
to the Option Shares.
- Adjusted corporate EBITDA.
Calculated as operating loss excluding store pre-opening expenses,
and certain non-cash expenses consisting of depreciation and
amortization, share-based compensation expenses, expenses related
to the Commitment Shares, the ESA Offering Costs, expenses related
to the Option Shares, impairment losses of long-lived assets and
loss on disposal of property and equipment.
- Adjusted corporate EBITDA margin.
Calculated as adjusted corporate EBITDA as a percentage of total
revenues.
- Adjusted net loss. Calculated as
net loss excluding store pre-opening expenses, share-based
compensation expenses, expenses related to the Commitment Shares,
the ESA Offering Costs, expenses related to the Option Shares,
impairment losses of long-lived assets, loss on disposal of
property and equipment, changes in fair value of convertible notes,
changes in fair value of warrant liabilities; and changes in fair
value of ESA derivative liabilities.
- Adjusted net loss margin.
Calculated as adjusted net loss as a percentage of total
revenues.
- Adjusted basic and diluted net loss
per ordinary share. Calculated as adjusted net loss attributable to
the Company’s ordinary shareholders divided by weighted-average
number of basic and diluted ordinary share.
RECENT BUSINESS
DEVELOPMENTS
- On August 1, 2022, Tims China
announced the opening of three Tims China coffee shops conveniently
located in Beijing’s central business district within Sinopec's
Easy Joy, China's largest convenience store chain. The newly opened
Tims China shops employ the new “Tims Express” format, a compact
and efficient footprint that integrates easily into Easy Joy stores
and exhibits Tims China’s signature welcoming design.
- On September 7, 2022, Tims China
announced the launch of two co-branded ready-to-drink (RTD) coffee
products in partnership with Sinopec’s Easy Joy.
- On October 17, 2022, Tims China
announced that it has opened its 500th coffee shop. The 500th store
is located in Dongguan, a city of over 10 million people on the
Pearl River delta, less than 50 miles from Hong Kong. This opening
underscores Tims China’s acceleration into new cities across
China.
- On November 18, 2022, Tims China
announced a two-year partnership with Freshippo, Alibaba Group’s
(NYSE: BABA) retail chain for groceries and fresh goods. The
partners will introduce co-branded coffee products for sale
exclusively through Freshippo’s online channels and over 300
brick-and-mortar stores located in 27 cities across China. Tims
China and Freshippo will also work together on research and
development of the co-branded products, collaborating on product
design, positioning, promotion, and pricing.
About TH International
Limited
TH International Limited (Nasdaq: THCH) (“Tims
China”) is the parent company of the exclusive master franchisee of
Tim Hortons coffee shops for Restaurant Brands International Inc.
(TSX: QSR) (NYSE: QSR) in China, including Hong Kong and Macau. TH
International Limited was founded by Cartesian Capital Group and
Tim Hortons Restaurants International, a subsidiary of Restaurant
Brands International Inc.
Tims China offers freshly brewed coffee, tea and
other beverages, bakery & sides, and sandwiches and is an
emerging coffee champion in China. The brand's philosophy is rooted
in world-class execution and data-driven decision making and
centered on true local relevance, continuous innovation, genuine
community, and absolute convenience. For more information, please
visit www.timhortons.com.cn.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Without limiting the generality of the foregoing, the
forward-looking statements in this press release include
descriptions of the Company’s future commercial operations, such as
the geographic expansion of its store network, the continued growth
of its loyalty club members, its new product development
capabilities, the benefits of its recent partnerships, its ability
to successfully build a genuine community and grow customer
recognition, brand awareness and loyalty, and the impact of
COVID-19 and related government measures. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company’s inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company’s registration statement on
Form F-1, as amended, initially filed with the U.S. Securities and
Exchange Commission (the “SEC”) on October 13, 2022 and other
documents filed or to be filed by the Company with the SEC from
time to time, which could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements. The Company cannot assure you that these
forward-looking statements will prove to be accurate and assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures,
namely adjusted store EBITDA, adjusted store EBITDA margin,
adjusted general and administrative expenses, adjusted corporate
EBITDA, adjusted corporate EBITDA margin, adjusted net loss,
adjusted net loss margin, and adjusted basic and diluted net loss
per ordinary share in evaluating its operating results and for
financial and operational decision-making purposes. The Company
defines (i) adjusted store EBITDA as fully-burdened gross profit of
company owned and operated stores excluding depreciation and
amortization, and store pre-opening expenses; (ii) adjusted store
EBITDA margin as adjusted store EBITDA as a percentage of revenues
from company owned and operated stores; (iii) adjusted general and
administrative expenses as general and administrative expenses
excluding share-based compensation expenses, expenses related to
the Commitment Shares, the ESA Offering Costs, and expenses related
to the Option Shares; (iv) adjusted corporate EBITDA as operating
loss excluding store pre-opening expenses, and certain non-cash
expenses. consisting of depreciation and amortization, share-based
compensation expenses, expenses related to the Commitment Shares,
the ESA Offering Costs, expenses related to the Option Shares,
impairment losses of long-lived assets and loss on disposal of
property and equipment; (v) adjusted corporate EBITDA margin as
adjusted corporate EBITDA as a percentage of total revenues; (vi)
adjusted net loss as net loss excluding store pre-opening expenses,
share-based compensation expenses, expenses related to the
Commitment Shares, the ESA Offering Costs, expenses related to the
Option Shares, impairment losses of long-lived assets, loss on
disposal of property and equipment, changes in fair value of
convertible notes, changes in fair value of warrant liabilities;
and changes in fair value of ESA derivative liabilities; (vii)
adjusted net loss margin as adjusted net loss as a percentage of
total revenues; (viii) adjusted basic and diluted net loss per
ordinary share as adjusted net loss attributable to the Company’s
ordinary shareholders divided by weighted-average number of basic
and diluted ordinary share. The Company believes adjusted store
EBITDA, adjusted store EBITDA margin, adjusted general and
administrative expenses, adjusted corporate EBITDA, adjusted
corporate EBITDA margin, adjusted net loss, adjusted net loss
margin, and adjusted basic and diluted net loss per ordinary share
enhance investors' overall understanding of its financial
performance and allow for greater visibility with respect to key
metrics used by its management in its financial and operational
decision-making.
These non-GAAP financial measures are not
defined under U.S. GAAP and are not presented in accordance with
U.S. GAAP. As these non-GAAP financial measures have limitations as
analytical tools and may not be calculated in the same manner by
all companies, they may not be comparable to other similarly titled
measures used by other companies. 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 reconciliation of
these non-GAAP financial measures to the most directly comparable
GAAP financial measures, please see the section of the accompanying
tables titled, “Reconciliation of GAAP and Non-GAAP Results”. The
Company encourages investors and others to review its financial
information in its entirety and not rely on any single financial
measure.
Exchange Rate
This press release contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB7.1135
to USD1.00, the noon buying rate in effect on September 30, 2022 in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred to could be converted into USD or RMB, as the case may be,
at any particular rate or at all.
ContactsInvestor
RelationsTims China Investor
Relations:IR@timschina.com
ICR, LLCTimsChinaIR@icrinc.com
Public RelationsICR,
LLCTimsChinaPR@icrinc.com
TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Amounts in thousands of RMB and US$, except for number of
shares) |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31, 2021 |
|
September 30,2022(Unaudited) |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash |
|
390,837 |
|
|
382,448 |
|
|
53,764 |
|
|
Short term investment |
|
- |
|
|
377,491 |
|
|
53,067 |
|
|
Accounts receivable |
|
9,817 |
|
|
7,672 |
|
|
1,079 |
|
|
Inventories |
|
42,479 |
|
|
52,180 |
|
|
7,335 |
|
|
Prepaid expenses and other current assets |
|
142,839 |
|
|
118,127 |
|
|
16,606 |
|
|
Total current assets |
|
585,972 |
|
|
937,918 |
|
|
131,851 |
|
|
Non-current assets |
|
|
|
|
|
|
|
Property and equipment, net |
|
554,015 |
|
|
636,618 |
|
|
89,494 |
|
|
Intangible assets, net |
|
77,594 |
|
|
86,180 |
|
|
12,115 |
|
|
Other non-current assets |
|
67,312 |
|
|
78,562 |
|
|
11,044 |
|
|
Total non-current assets |
|
698,921 |
|
|
801,360 |
|
|
112,653 |
|
|
Total assets |
|
1,284,893 |
|
|
1,739,278 |
|
|
244,504 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Short-term bank borrowings |
|
192,055 |
|
|
363,926 |
|
|
51,160 |
|
|
Accounts payable |
|
60,952 |
|
|
91,935 |
|
|
12,924 |
|
|
Contract liabilities |
|
14,129 |
|
|
29,350 |
|
|
4,126 |
|
|
Amount due to related parties |
|
14,074 |
|
|
14,855 |
|
|
2,088 |
|
|
Derivative financial liabilities |
|
- |
|
|
157,900 |
|
|
22,197 |
|
|
Other current liabilities |
|
286,080 |
|
|
297,801 |
|
|
41,865 |
|
|
Total current liabilities |
|
567,290 |
|
|
955,767 |
|
|
134,360 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Long-term bank borrowings |
|
11,903 |
|
|
8,501 |
|
|
1,195 |
|
|
Convertible notes, at fair value |
|
318,466 |
|
|
358,540 |
|
|
50,403 |
|
|
Contract liabilities - non-current |
|
970 |
|
|
1,319 |
|
|
185 |
|
|
Derivative financial liabilities - non-current |
|
- |
|
|
55,378 |
|
|
7,785 |
|
|
Other non-current liabilities |
|
47,169 |
|
|
56,163 |
|
|
7,895 |
|
|
Total non-current liabilities |
|
378,508 |
|
|
479,901 |
|
|
67,463 |
|
|
Total liabilities |
|
945,798 |
|
|
1,435,668 |
|
|
201,823 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
Ordinary Shares (US$0.0000094 par value, 500,000,000 shares
authorized, 148,355,092 shares and 124,193,929 shares issued and
outstanding as of September 30, 2022 and December 31, 2021,
respectively) |
|
7 |
|
|
9 |
|
|
1 |
|
|
Additional paid-in capital |
|
937,315 |
|
|
1,450,352 |
|
|
203,887 |
|
|
Accumulated losses |
|
(637,528 |
) |
|
(1,156,306 |
) |
|
(162,550 |
) |
|
Accumulated other comprehensive income |
|
35,744 |
|
|
9,090 |
|
|
1,278 |
|
|
Total equity attributable to shareholders of the Company |
|
335,538 |
|
|
303,145 |
|
|
42,616 |
|
|
Non-controlling interests |
|
3,557 |
|
|
465 |
|
|
65 |
|
|
Total shareholders’ equity |
|
339,095 |
|
|
303,610 |
|
|
42,681 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
1,284,893 |
|
|
1,739,278 |
|
|
244,504 |
|
|
|
|
|
|
|
|
|
|
TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME/(LOSS) |
|
(Amounts in thousands of RMB and US$, except for per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30, |
|
For the nine months endedSeptember 30, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned and operated stores |
|
173,703 |
|
|
290,009 |
|
|
40,769 |
|
|
403,573 |
|
|
665,588 |
|
|
93,567 |
|
|
Other revenues |
|
8,428 |
|
|
15,710 |
|
|
2,208 |
|
|
15,824 |
|
|
43,995 |
|
|
6,185 |
|
|
Total revenues |
|
182,131 |
|
|
305,719 |
|
|
42,977 |
|
|
419,397 |
|
|
709,583 |
|
|
99,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned and operated stores |
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and packaging (including cost of Company owned and operated
stores from transactions with a related party of RMB15,993
thousands and RMB5,434 thousands for the three months ended
September 30, 2022 and 2021, respectively, and RMB26,528 thousands
and RMB12,794 thousands for the nine months ended September 30,
2022 and 2021, respectively) |
|
59,776 |
|
|
96,605 |
|
|
13,581 |
|
|
136,351 |
|
|
225,071 |
|
|
31,640 |
|
|
Rental expenses |
|
42,877 |
|
|
36,131 |
|
|
5,079 |
|
|
101,287 |
|
|
134,145 |
|
|
18,858 |
|
|
Payroll and employee benefits |
|
59,604 |
|
|
65,992 |
|
|
9,277 |
|
|
127,502 |
|
|
202,158 |
|
|
28,419 |
|
|
Delivery costs |
|
11,225 |
|
|
23,590 |
|
|
3,316 |
|
|
24,680 |
|
|
51,699 |
|
|
7,268 |
|
|
Other operating expenses (including service fee from transactions
with a related party of RMB150 thousands and nil for the three
months ended September 30, 2022 and 2021, respectively, and RMB400
thousands and nil for the nine months ended September 30, 2022 and
2021, respectively) |
|
46,451 |
|
|
77,538 |
|
|
10,900 |
|
|
103,540 |
|
|
196,532 |
|
|
27,628 |
|
|
Company owned and operated store costs and expenses |
|
219,933 |
|
|
299,856 |
|
|
42,153 |
|
|
493,360 |
|
|
809,605 |
|
|
113,813 |
|
|
Costs of other revenues |
|
5,560 |
|
|
9,451 |
|
|
1,329 |
|
|
10,202 |
|
|
26,445 |
|
|
3,718 |
|
|
Marketing expenses |
|
14,578 |
|
|
24,851 |
|
|
3,493 |
|
|
29,791 |
|
|
56,715 |
|
|
7,973 |
|
|
General and administrative expenses |
|
49,364 |
|
|
109,567 |
|
|
15,403 |
|
|
116,405 |
|
|
223,085 |
|
|
31,361 |
|
|
Franchise and royalty expenses (including franchise and royalty
expenses from transactions with a related party of RMB10,157
thousands and RMB5,038 thousands for the three months ended
September 30, 2022 and 2021, respectively, and RMB22,811 thousands
and RMB11,029 thousands for the nine months ended September 30,
2022 and 2021, respectively) |
|
5,126 |
|
|
11,021 |
|
|
1,549 |
|
|
13,455 |
|
|
25,301 |
|
|
3,557 |
|
|
Other operating costs and expenses |
|
424 |
|
|
1,377 |
|
|
194 |
|
|
489 |
|
|
5,945 |
|
|
836 |
|
|
Loss on disposal of property and equipment |
|
391 |
|
|
1,475 |
|
|
207 |
|
|
1,132 |
|
|
8,835 |
|
|
1,242 |
|
|
Impairment losses of long-lived assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5,473 |
|
|
769 |
|
|
Other income |
|
281 |
|
|
1,404 |
|
|
197 |
|
|
319 |
|
|
1,999 |
|
|
281 |
|
|
Total costs and expenses, net |
|
295,095 |
|
|
456,194 |
|
|
64,131 |
|
|
664,515 |
|
|
1,159,405 |
|
|
162,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(112,964 |
) |
|
(150,475 |
) |
|
(21,154 |
) |
|
(245,118 |
) |
|
(449,822 |
) |
|
(63,236 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
20 |
|
|
642 |
|
|
90 |
|
|
286 |
|
|
976 |
|
|
137 |
|
|
Interest expenses |
|
(183 |
) |
|
(4,262 |
) |
|
(599 |
) |
|
(183 |
) |
|
(10,280 |
) |
|
(1,445 |
) |
|
Foreign currency transaction (loss)/gain |
|
34 |
|
|
(367 |
) |
|
(52 |
) |
|
(907 |
) |
|
(1,135 |
) |
|
(160 |
) |
|
Changes in fair value of convertible notes |
|
- |
|
|
19,452 |
|
|
2,735 |
|
|
- |
|
|
(1,627 |
) |
|
(229 |
) |
|
Changes in fair value of warrant liabilities |
|
- |
|
|
9,950 |
|
|
1,399 |
|
|
- |
|
|
9,950 |
|
|
1,399 |
|
|
Changes in fair value of ESA derivative liabilities |
|
- |
|
|
(69,932 |
) |
|
(9,831 |
) |
|
- |
|
|
(69,932 |
) |
|
(9,831 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(113,093 |
) |
|
(194,992 |
) |
|
(27,412 |
) |
|
(245,922 |
) |
|
(521,870 |
) |
|
(73,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(113,093 |
) |
|
(194,992 |
) |
|
(27,412 |
) |
|
(245,922 |
) |
|
(521,870 |
) |
|
(73,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net Loss attributable to non-controlling interests |
|
(2,086 |
) |
|
(611 |
) |
|
(86 |
) |
|
(2,532 |
) |
|
(3,092 |
) |
|
(435 |
) |
|
Net Loss attributable to shareholders of the Company |
|
(111,007 |
) |
|
(194,381 |
) |
|
(27,326 |
) |
|
(243,390 |
) |
|
(518,778 |
) |
|
(72,930 |
) |
|
Basic and diluted loss per Ordinary Share |
|
(0.90 |
) |
|
(1.56 |
) |
|
(0.22 |
) |
|
(2.02 |
) |
|
(4.17 |
) |
|
(0.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(113,093 |
) |
|
(194,992 |
) |
|
(27,412 |
) |
|
(245,922 |
) |
|
(521,870 |
) |
|
(73,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value changes of convertible notes due to instrument-specific
credit risk, net of nil income taxes |
|
- |
|
|
(3,262 |
) |
|
(459 |
) |
|
- |
|
|
(2,026 |
) |
|
(285 |
) |
|
Foreign currency translation adjustment, net of nil income
taxes |
|
308 |
|
|
(14,088 |
) |
|
(1,980 |
) |
|
(776 |
) |
|
(24,628 |
) |
|
(3,462 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
(112,785 |
) |
|
(212,342 |
) |
|
(29,851 |
) |
|
(246,698 |
) |
|
(548,524 |
) |
|
(77,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive loss attributable to non- controlling
interests |
|
(2,086 |
) |
|
(611 |
) |
|
(86 |
) |
|
(2,532 |
) |
|
(3,092 |
) |
|
(435 |
) |
|
Comprehensive loss attributable to shareholders of the Company |
|
(110,699 |
) |
|
(211,731 |
) |
|
(29,765 |
) |
|
(244,166 |
) |
|
(545,432 |
) |
|
(76,677 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Amounts in thousands of RMB and US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30, |
|
For the nine months endedSeptember 30, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Net cash used in operating activities |
|
(73,517 |
) |
|
(35,884 |
) |
|
(5,044 |
) |
|
(188,244 |
) |
|
(190,826 |
) |
|
(26,826 |
) |
|
Net cash used in investing activities |
|
(99,767 |
) |
|
(431,081 |
) |
|
(60,600 |
) |
|
(221,003 |
) |
|
(611,435 |
) |
|
(85,954 |
) |
|
Net cash provided by financing activities |
|
82,587 |
|
|
563,473 |
|
|
79,212 |
|
|
370,057 |
|
|
790,079 |
|
|
111,068 |
|
|
Effect of foreign currency exchange rate changes on cash |
|
93 |
|
|
806 |
|
|
113 |
|
|
(1,285 |
) |
|
3,793 |
|
|
533 |
|
|
Net decrease in cash |
|
(90,604 |
) |
|
97,314 |
|
|
13,680 |
|
|
(40,475 |
) |
|
(8,389 |
) |
|
(1,179 |
) |
|
Cash at beginning of the period |
|
225,003 |
|
|
285,134 |
|
|
40,084 |
|
|
174,874 |
|
|
390,837 |
|
|
54,943 |
|
|
Cash at end of the period |
|
134,399 |
|
|
382,448 |
|
|
53,764 |
|
|
134,399 |
|
|
382,448 |
|
|
53,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
|
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE
GAAP MEASURES |
|
(Unaudited, amounts in thousands of RMB and US$, except for number
of shares and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A. Adjusted store EBITDA and adjusted store EBITDA margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30, |
|
For the nine months endedSeptember 30, |
|
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Revenues - company owned and operated stores |
|
173,703 |
|
290,009 |
|
40,769 |
|
403,573 |
|
665,588 |
|
93,567 |
|
Food and packaging costs - company owned and operated stores |
|
(59,776) |
|
(96,605) |
|
(13,581) |
|
(136,351) |
|
(225,071) |
|
(31,640) |
|
Rental expenses - company owned and operated stores |
|
(42,877) |
|
(36,131) |
|
(5,079) |
|
(101,287) |
|
(134,145) |
|
(18,858) |
|
Payroll and employee benefits - company owned and operated
stores |
|
(59,604) |
|
(65,992) |
|
(9,277) |
|
(127,502) |
|
(202,158) |
|
(28,419) |
|
Delivery costs - company owned and operated stores |
|
(11,225) |
|
(23,590) |
|
(3,316) |
|
(24,680) |
|
(51,699) |
|
(7,268) |
|
Other operating expenses - company owned and operated stores |
|
(46,451) |
|
(77,538) |
|
(10,900) |
|
(103,540) |
|
(196,532) |
|
(27,628) |
|
Franchise and royalty expenses - company owned and operated
stores |
|
(5,126) |
|
(11,021) |
|
(1,549) |
|
(13,455) |
|
(25,301) |
|
(3,557) |
|
Fully-burdened gross loss - company owned and operated stores |
|
(51,356) |
|
(20,868) |
|
(2,933) |
|
(103,242) |
|
(169,318) |
|
(23,803) |
|
Depreciation and amortization |
|
19,453 |
|
35,943 |
|
5,053 |
|
46,124 |
|
95,233 |
|
13,388 |
|
Store pre-opening expenses |
|
36,335 |
|
4,277 |
|
601 |
|
70,118 |
|
26,660 |
|
3,748 |
|
Adjusted Store EBITDA |
|
4,432 |
|
19,352 |
|
2,721 |
|
13,000 |
|
(47,425) |
|
(6,667) |
|
Adjusted Store EBITDA Margin |
|
2.6% |
|
6.7% |
|
6.7% |
|
3.2% |
|
-7.1% |
|
-7.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B. Adjusted general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30, |
|
For the nine months endedSeptember 30, |
|
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
General and administrative expenses |
|
(49,364) |
|
(109,567) |
|
(15,403) |
|
(116,405) |
|
(223,085) |
|
(31,361) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
|
- |
|
33,276 |
|
4,678 |
|
- |
|
33,276 |
|
4,678 |
|
Commission fee for Cantor shares |
|
- |
|
21,521 |
|
3,025 |
|
- |
|
21,521 |
|
3,025 |
|
Option granted by controlling shareholder to CB holder |
- |
|
1,778 |
|
250 |
|
- |
|
1,778 |
|
250 |
|
Offering costs for ESA transactions |
|
- |
|
4,622 |
|
650 |
|
- |
|
4,622 |
|
650 |
|
Adjusted General and administrative expenses |
|
(49,364) |
|
(48,370) |
|
(6,800) |
|
(116,405) |
|
(161,888) |
|
(22,758) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C. Adjusted corporate EBITDA and adjusted corporate EBITDA
margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30, |
|
For the nine months endedSeptember 30, |
|
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Operating loss |
|
(112,964) |
|
(150,475) |
|
(21,154) |
|
(245,118) |
|
(449,822) |
|
(63,236) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store pre-opening expenses |
|
36,335 |
|
4,277 |
|
601 |
|
70,118 |
|
26,660 |
|
3,748 |
|
Depreciation and amortization |
|
19,453 |
|
35,943 |
|
5,053 |
|
46,124 |
|
95,233 |
|
13,388 |
|
Share-based compensation expenses |
|
- |
|
33,276 |
|
4,678 |
|
- |
|
33,276 |
|
4,678 |
|
Commission fee for Cantor shares |
|
- |
|
21,521 |
|
3,025 |
|
- |
|
21,521 |
|
3,025 |
|
Option granted by controlling shareholder to CB holder |
- |
|
1,778 |
|
250 |
|
- |
|
1,778 |
|
250 |
|
Offering costs for ESA transactions |
|
- |
|
4,622 |
|
650 |
|
- |
|
4,622 |
|
650 |
|
Impairment losses of long-lived assets |
|
- |
|
- |
|
- |
|
- |
|
5,473 |
|
769 |
|
Loss on disposal of property and equipment |
|
391 |
|
1,475 |
|
207 |
|
1,132 |
|
8,835 |
|
1,242 |
|
Adjusted Corporate EBITDA |
|
(56,785) |
|
(47,583) |
|
(6,690) |
|
(127,744) |
|
(252,424) |
|
(35,486) |
|
Adjusted Corporate EBITDA Margin |
|
-31.2% |
|
-15.6% |
|
-15.6% |
|
-30.5% |
|
-35.6% |
|
-35.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D. Adjusted net loss and adjusted net loss margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30, |
|
For the nine months endedSeptember 30, |
|
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Net loss |
|
(113,093) |
|
(194,992) |
|
(27,412) |
|
(245,922) |
|
(521,870) |
|
(73,365) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store pre-opening expenses |
|
36,335 |
|
4,277 |
|
601 |
|
70,118 |
|
26,660 |
|
3,748 |
|
Share-based compensation expenses |
|
- |
|
33,276 |
|
4,678 |
|
- |
|
33,276 |
|
4,678 |
|
Commission fee for Cantor shares |
|
- |
|
21,521 |
|
3,025 |
|
- |
|
21,521 |
|
3,025 |
|
Option granted by controlling shareholder to CB holder |
- |
|
1,778 |
|
250 |
|
- |
|
1,778 |
|
250 |
|
Offering costs for ESA transactions |
|
- |
|
4,622 |
|
650 |
|
- |
|
4,622 |
|
650 |
|
Impairment losses of long-lived assets |
|
- |
|
- |
|
- |
|
- |
|
5,473 |
|
769 |
|
Loss on disposal of property and equipment |
|
391 |
|
1,475 |
|
207 |
|
1,132 |
|
8,835 |
|
1,242 |
|
Changes in fair value of convertible notes |
|
- |
|
(19,452) |
|
(2,735) |
|
- |
|
1,627 |
|
229 |
|
Changes in fair value of warrant liabilities |
|
- |
|
(9,950) |
|
(1,399) |
|
- |
|
(9,950) |
|
(1,399) |
|
Changes in fair value of ESA derivative liabilities |
|
- |
|
69,932 |
|
9,831 |
|
- |
|
69,932 |
|
9,831 |
|
Adjusted Net loss |
|
(76,367) |
|
(87,513) |
|
(12,304) |
|
(174,672) |
|
(358,096) |
|
(50,342) |
|
Adjusted Net loss Margin |
|
-41.9% |
|
-28.6% |
|
-28.6% |
|
-41.6% |
|
-50.5% |
|
-50.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
|
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE
GAAP MEASURES |
|
(Unaudited, amounts in thousands of RMB and US$, except for number
of shares and per share data) |
|
E. Adjusted basic and diluted net loss per Ordinary Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months endedSeptember 30, |
|
For the nine months endedSeptember 30, |
|
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Net Loss attributable to shareholders of the Company |
|
(111,007) |
|
(194,381) |
|
(27,326) |
|
(243,390) |
|
(518,778) |
|
(72,930) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Store pre-opening expenses |
|
36,335 |
|
4,277 |
|
601 |
|
70,118 |
|
26,660 |
|
3,748 |
|
Share-based compensation expenses |
|
- |
|
33,276 |
|
4,678 |
|
- |
|
33,276 |
|
4,678 |
|
Commission fee for Cantor shares |
|
- |
|
21,521 |
|
3,025 |
|
- |
|
21,521 |
|
3,025 |
|
Option granted by controlling shareholder to CB holder |
- |
|
1,778 |
|
250 |
|
- |
|
1,778 |
|
250 |
|
Offering costs for ESA transactions |
|
- |
|
4,622 |
|
650 |
|
- |
|
4,622 |
|
650 |
|
Impairment losses of long-lived assets |
|
- |
|
- |
|
- |
|
- |
|
5,473 |
|
769 |
|
Loss on disposal of property and equipment |
|
391 |
|
1,475 |
|
207 |
|
1,132 |
|
8,835 |
|
1,242 |
|
Changes in fair value of convertible notes |
|
- |
|
(19,452) |
|
(2,735) |
|
- |
|
1,627 |
|
229 |
|
Changes in fair value of warrant liabilities |
|
- |
|
(9,950) |
|
(1,399) |
|
- |
|
(9,950) |
|
(1,399) |
|
Changes in fair value of ESA derivative liabilities |
|
- |
|
69,932 |
|
9,831 |
|
- |
|
69,932 |
|
9,831 |
|
Adjusted Net loss attributable to shareholders of the Company |
|
(74,281) |
|
(86,902) |
|
(12,218) |
|
(172,140) |
|
(355,004) |
|
(49,907) |
|
Weighted average shares outstanding used in calculating basic and
diluted loss per share |
|
124,024,580 |
|
124,699,448 |
|
124,701,053 |
|
120,703,179 |
|
124,368,131 |
|
124,370,421 |
|
Adjusted basic and diluted net loss per Ordinary Share |
(0.60) |
|
(0.70) |
|
(0.10) |
|
(1.43) |
|
(2.85) |
|
(0.40) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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