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 fourth
quarter and full year ended December 31, 2022.
FOURTH QUARTER
2022 HIGHLIGHTS
- Total
revenues were RMB301.5 million (USD43.7 million),
representing a 34.6% increase from the same quarter of 2021.
- Net new
store openings totaled 131 (93
company owned and operated stores and 38 franchised stores).
- Adjusted store
EBITDA1 was RMB12.8 million (USD1.9
million), representing a 45.7% increase from the same quarter of
2021.
- Adjusted store EBITDA
margin2 was 4.7%, representing an
increase of 0.6 percentage points from the same quarter of
2021.
_________________________
1 Adjusted store EBITDA is calculated as
fully-burdened gross profit3 of company owned and operated stores
excluding depreciation & amortization and store pre-opening
expenses.2 Adjusted store EBITDA margin is calculated as adjusted
store EBITDA as a percentage of revenues from company owned and
operated stores.3 Fully-burdened gross profit of company owned and
operated stores, the most comparable GAAP measure to adjusted store
EBITDA, was a loss of RMB46.4 million (USD6.7 million) for the
three months ended December 31, 2022, compared to a loss of RMB52.7
million in the same quarter of 2021.
FULL YEAR 2022
HIGHLIGHTS
- Total
revenues were RMB1,011.1 million (USD146.6
million), representing a 57.2% increase from 2021.
- Net new
store openings totaled 227 (174
company owned and operated stores and 53 franchised stores) in
2022, reaching 617 total stores at year-end (547 company owned and
operated stores and 70 franchised stores).
- Registered loyalty club
members totaled 11.3 million as of December 31, 2022,
representing an 88.5% increase from 2021.
COMPANY MANAGEMENT
STATEMENT
Mr. Yongchen Lu, CEO & Director of Tims
China, commented, “We demonstrated resilience and agility during
the fourth quarter of 2022 and are pleased with our achievements,
especially considering the challenges brought about by the COVID-19
pandemic, which were particularly acute in December given peaks in
infection rates across the country. Despite the difficult
circumstances, we managed to grow total revenues year-over-year by
34.6%, expand our store network to 617 across 39 cities, launch a
series of new bestseller products such as ‘mulled wine flavored
brewed coffee’ and ‘salted egg yolk wrap’, and grow our registered
loyalty club membership to over 11 million by year-end. With the
end of ‘zero-COVID control measures’ by the PRC government
authorities in December 2022, we are very excited to embark on a
new era of development while continuing to drive strong revenue
growth, win market share, and achieve margin expansion in the
coming quarters.”
Mr. Lu added, “In 2023, we will continue to
execute our differentiated ‘Coffee Plus’ growth strategy by
offering creative and customized beverage and food combos at
compelling values. This initiative has been highly successful: the
percentage of orders with food increased from 38.5% in the fourth
quarter of 2021 to 47.1% in the fourth quarter of 2022. We plan to
surpass 1,000 system-wide stores by year-end and further enhance
our customer-facing technology, key pillars of our strategy of
driving ‘absolute convenience’ for our guests.”
Mr. Dong (Albert) Li, CFO of Tims China,
commented, “In the fourth quarter of 2022, COVID-19 created
tremendous pressure on the entire consumer segment in China and our
operations were significantly disrupted by widespread infections.
However, our team performed well and remained committed to
delivering high-quality products and sustained services, while also
maintaining the safety and health of our employees and customers in
this volatile environment. In the fourth quarter, we expanded both
top-line revenues and adjusted store EBITDA margin and also opened
a record net new stores of 131, of which 23 utilize our compact
Tims Express format in partnership with Sinopec Easy Joy.”
Mr. Li continued, “Looking ahead, our top
near-term financial priorities are to continue to deliver robust
revenue growth, expand store-level profitability, and improve
adjusted corporate EBITDA margins. By leveraging Tims China’s brand
influence and positive consumer perception, growing customer
recognition and loyalty, continuous innovation, ever-expanding
store network, and disciplined execution, we expect to further
optimize our cost structure, improve on operational efficiency, and
achieve greater economies of scale.”
IMPACT OF COVID-19 AND RELATED
EFFORTS
During the fourth quarter of 2022, our business
operations were severely affected due to the resurgence of the
pandemic and multiple rounds of lockdowns across major cities in
the PRC. In December, the PRC government significantly changed its
COVID policies, including removal of mass testing and central
quarantine requirements, as well as lifting of travel restrictions.
A significant wave of infections occurred and many chose to stay at
home. As a result, dine-in traffic declined substantially. In the
fourth quarter of 2022, we also experienced approximately 48 daily
temporary store closures on average, over twice as many compared to
approximately 23 daily temporary store closures on average in the
third quarter of 2022.
To cope with and to adapt to challenges from the
pandemic, we continued to focus on our digital capabilities in
order to capture the growing demand from delivery and takeaway
services. As a result, the number of delivery and takeaway orders
increased by 47.3% from the fourth quarter of 2021 to the fourth
quarter of 2022.
Following the easing of pandemic-related
measures, we have gradually resumed normal operations and the
overall business environment and consumer sentiment have
dramatically improved. This recovery is well demonstrated in our
same-store sales performance, which reached 17.1% in February
2023.
FOURTH QUARTER
2022 FINANCIAL
RESULTS
Total
revenues reached RMB301.5 million
(USD43.7 million) for the three months ended December 31, 2022,
representing an increase of 34.6% from RMB224.0 million in the same
quarter of 2021. Total revenues comprise:
- Revenues from company owned
and operated stores were RMB272.5 million (USD39.5
million) for the three months ended December 31,
2022, representing an increase of 27.5% from
RMB213.7 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 373 as of December 31, 2021 to 547 as of
December 31, 2022, offset by negative 7.1% same-store sales growth
of company owned and operated stores for the three months ended
December 31, 2022.
- Other revenues
were RMB29.0 million (USD4.2 million) for the three months ended
December 31, 2022, representing an increase of 180.7% from RMB10.3
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 17 as of December 31, 2021 to 70
as of December 31, 2022.
Company operated store costs and
expenses were RMB310.7 million (USD45.0 million) for the
three months ended December 31, 2022, representing an increase of
18.4% from RMB262.5 million in the same quarter of 2021. Company
operated store costs and expenses comprise:
- Food and packaging
expenses were RMB89.5 million (USD13.0 million),
representing an increase of 25.0% from RMB71.6 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 0.7 percentage points from 33.5% in
the fourth quarter of 2021 to 32.8% in the fourth quarter of
2022.
- Rental and property
management fee were RMB75.9 million (USD11.0 million),
representing an increase of 35.2% from RMB56.2 million, mainly due
to the increase in the number of company owned and operated stores
from 373 as of December 31, 2021 to 547 as of December 31, 2022.
Accordingly, rental and property management fee as a percentage of
revenues from company owned and operated stores increased by 1.6
percentage points from 26.3% in the fourth quarter of 2021 to 27.9%
in the fourth quarter of 2022.
- Payroll and employee
benefits expenses were RMB66.7 million
(USD9.7 million), representing a decrease of 7.1% from RMB71.8
million, primarily due to refined staffing arrangement of our store
operation personnel and optimization of our labor structure,
including hiring more part-time employees, during the fourth
quarter of 2022. Payroll and employee benefits as a percentage of
revenues from company owned and operated stores decreased by 9.1
percentage points from 33.6% in the fourth quarter of 2021 to 24.5%
in the fourth quarter of 2022.
- Delivery costs
were RMB21.9 million (USD3.2 million), representing an increase of
57.4% from RMB13.9 million, due to increased home-delivery orders.
Delivery costs as a percentage of revenues from company owned and
operated stores increased by 1.5 percentage points from 6.5% in the
fourth quarter of 2021 to 8.0% in the fourth quarter of 2022.
- Other operating
expenses were RMB23.1 million (USD3.4 million),
representing a decrease of 17.4% from RMB28.0 million, due to our
continuous efforts to optimize our cost structure and drive
operating leverage through revenue growth and store network
expansion. Other operating expenses as a percentage of revenues
from company owned and operated stores decreased by 4.6 percentage
points from 13.1% in the fourth quarter of 2021 to 8.5% in the
fourth quarter of 2022.
- Store depreciation and
amortization were RMB33.5 million (USD4.9 million),
representing an increase of 59.8% from RMB21.0 million, driven by
an increase in the number of company owned and operated stores from
373 as of December 31, 2021 to 547 as of December 31, 2022. Store
depreciation and amortization as a percentage of revenues from
company owned and operated stores increased by 2.5 percentage
points from 9.8% in the fourth quarter of 2021 to 12.3% in the
fourth quarter of 2022.
Cost of other revenues was
RMB22.1 million (USD3.2 million) for the three months ended
December 31, 2022, representing an increase of 238.6% from RMB6.5
million in the same quarter of 2021, which was primarily driven by
an increase in the number of franchised stores from 17 as of
December 31, 2021 to 70 as of December 31, 2022, and the incurrence
of cost of product sales related to our e-commerce business during
the fourth quarter of 2022.
Marketing expenses were RMB24.3
million (USD3.5 million) for the three months ended December 31,
2022, representing an increase of 18.4% from RMB20.5 million in the
same quarter of 2021, which was primarily attributable to the
increase in the number of our system-wide stores from 390 as of
December 31, 2021 to 617 as of December 31, 2022. Marketing
expenses as a percentage of total revenues decreased by 1.1
percentage points from 9.2% in the fourth quarter of 2021 to 8.1%
in the fourth quarter of 2022.
General and administrative
expenses were RMB66.5 million (USD9.6 million) for the
three months ended December 31, 2022, representing an increase of
13.5% from RMB58.6 million in the same quarter of 2021, which was
primarily due to: (i) increased payroll and employee benefits as a
result of growing headcount; and (ii) increased share-based
compensation expenses recognized. Adjusted general and
administrative expenses, which excludes share-based
compensation expenses of RMB11.1 million (USD1.6 million), were
RMB55.3 million (USD8.0 million). Adjusted general and
administrative expenses as a percentage of total revenues decreased
by 7.8 percentage points from 26.1% in the fourth quarter of 2021
to 18.3% in the fourth 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 RMB10.3 million (USD1.5 million) for the three months ended
December 31, 2022, representing an increase of 92.6% from RMB5.3
million in the same quarter of 2021, which was primarily driven by
the increase in the number of our system-wide stores from 390 as of
December 31, 2021 to 617 as of December 31, 2022. Franchise and
royalty expenses as a percentage of total revenues increased by 1.0
percentage points from 2.4% in the fourth quarter of 2021 to 3.4%
in the fourth quarter of 2022.
As a result of the foregoing, operating
loss was RMB131.4 million (USD19.0 million) for the three
months ended December 31, 2022, compared to RMB129.3 million in the
same quarter of 2021.
Adjusted Corporate EBITDA was a
loss of RMB54.7 million (USD7.9 million) for the three months ended
December 31, 2022, compared to a loss of RMB59.3 million in the
same quarter of 2021. Adjusted Corporate EBITDA
margin was negative 18.1% in the fourth quarter of 2022,
representing an improvement of 8.4 percentage points from negative
26.5% in the fourth quarter of 2021.
Net loss was RMB222.9 million
(USD32.3 million) for the three months ended December 31, 2022,
compared to RMB137.0 million for the same quarter of 2021.
Adjusted net loss was RMB100.8 million (USD14.6
million) for the three months ended December 31, 2022, compared to
RMB89.5 million for the same quarter of 2021. Adjusted net loss
margin was negative 33.4% in the fourth quarter of 2022,
representing an improvement of 6.6 percentage points from negative
40.0% in the fourth quarter of 2021.
Basic and diluted net loss per ordinary
share was RMB1.61 (USD0.23) in the fourth quarter of 2022,
compared to RMB1.11 in the fourth quarter of 2021. Adjusted
basic and diluted net loss per ordinary share was RMB0.73
(USD0.11) in the fourth quarter of 2022, compared to RMB0.73 in the
fourth quarter of 2021.
Liquidity
As of December 31, 2022, the Company’s total
cash and cash equivalents and short-term investments were RMB611.5
million (USD88.7 million), compared to RMB390.8 million as of
December 31, 2021. The change was primarily attributable to
proceeds from bank borrowings, proceeds from the closing of our
merger with Silver Crest Acquisition Corporation, proceeds from our
PIPE investors and proceeds from investors who entered into an
Equity Support Agreement dated March 8, 2022, as amended (the
“ESA”) with us, offset by the cash disbursements as a result of the
rapid expansion of our business and store network nationwide.
KEY OPERATING DATA
|
For the three months ended or as of |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
Dec 31, |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
Dec 31, |
2021 |
2021 |
2021 |
2021 |
2022 |
2022 |
2022 |
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores |
159 |
|
217 |
|
280 |
|
390 |
|
424 |
|
440 |
|
486 |
|
617 |
Company owned and operated stores |
150 |
|
206 |
|
268 |
|
373 |
|
403 |
|
419 |
|
454 |
|
547 |
Franchised stores |
9 |
|
11 |
|
12 |
|
17 |
|
21 |
|
21 |
|
32 |
|
70 |
Same-store sales growth for system-wide stores |
41.6% |
|
26.5% |
|
6.5% |
|
8.2% |
|
4.4% |
|
-6.1% |
|
8.1% |
|
-8.0% |
Same-store sales growth for company owned and operated stores |
40.3% |
|
25.5% |
|
6.6% |
|
8.8% |
|
5.5% |
|
-5.3% |
|
7.5% |
|
-7.1% |
Registered loyalty club members (in thousands) |
2,947 |
|
3,865 |
|
4,770 |
|
5,969 |
|
6,907 |
|
7,532 |
|
8,862 |
|
11,250 |
Adjusted store EBITDA (Renminbi in thousands) (Note*) |
-1,834 |
|
7,545 |
|
5,285 |
|
8,780 |
|
-25,011 |
|
-43,787 |
|
15,325 |
|
12,796 |
Adjusted store EBITDA margin (Note*) |
-1.8% |
|
5.8% |
|
3.0% |
|
4.1% |
|
-11.9% |
|
-26.6% |
|
5.3% |
|
4.7% |
Note* The Company has revised its previously
announced adjusted store EBITDA and adjusted store EBITDA margin to
more accurately account for store depreciation and amortization and
franchise and royalty expenses for company owned and operated
stores. Please refer to “RECONCILIATION OF NON-GAAP MEASURES TO THE
MOST DIRECTLY COMPARABLE GAAP MEASURES – A. Adjusted store EBITDA
and adjusted store EBITDA margin” for more information.
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 issuance of certain ordinary shares to CF Principal Investments
LLC in November 2022 (the “Commitment Shares”), offering costs
related to the ESA (the “ESA Offering Costs”), and expenses related
to 200,000 of our ordinary shares that may be purchased from our
controlling shareholder by a holder of our convertible notes at its
option pursuant to the terms of an Option Agreement dated September
28, 2022 (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 January 17, 2023, Tims China
celebrated the opening its 600th coffee shop, a milestone achieved
in late 2022. The 600th store is located in Zhongshan in Guangdong
province, part of Tims China’s Pearl River Delta cluster, which
includes Shenzhen and Guangzhou.
- On February 8, 2023, Tims China
announced that its board of directors had approved the entry into a
transaction for the exclusive rights to develop and sub-franchise
Popeyes, another iconic brand owned by Restaurant Brands
International and one of the world’s largest chicken quick-service
restaurant groups with over 3,900 locations globally, in mainland
China and Macau. The transaction was closed on March 30, 2023 and
is expected to bring significant operational and development
synergies and further growth potential to Tims China.
USE OF 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 INFORMATION
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 RMB6.8972
to USD1.00, the exchange rate in effect on December 30, 2022 set
forth in the H.10 statistical release of the Federal Reserve Board.
The Company makes no representation that the RMB or USD amounts
referred could be converted into USD or RMB, as the case may be, at
any particular rate or at all.
PRE-RECORDED PRESENTATION
The Company will host a pre-recorded
presentation that will be available beginning at Thursday, April 6,
2023, at 8:00 am Eastern Time (or Thursday, April 6, 2023, at 8:00
pm Beijing Time) from the Investor Relations website at
https://ir.timschina.com under “Events and Presentations”.
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 continued expansion of its store network and growth of its
loyalty club members, and its ability to grow customer recognition,
brand awareness and loyalty, the potential benefits of the Popeyes
transaction, estimates of the Company’s future market share and
financial performance, and the Company’s business plans and
financial strategies. 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, which was
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”) on December 22, 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.
STATEMENT REGARDING PRELIMINARY
UNAUDITED FINANCIAL INFORMATION
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial information.
Accordingly, you should not place undue reliance upon these
preliminary estimates. The preliminary unaudited financial
information included in this press release has been prepared by,
and is the responsibility of, the Company’s management. The
Company’s auditor has not audited, reviewed, compiled or applied
agreed-upon procedures with respect to such preliminary financial
data. Accordingly, the Company’s auditor does not express an
opinion or any other form of assurance with respect thereto. Upon
completion of the year-end audit, the Company’s audited financial
results may differ materially from its preliminary estimates.
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.
INVESTOR AND MEDIA CONTACTS
Investor 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$, except for number of
shares) |
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As of |
|
December 31, 2021 |
|
December 31,2022 |
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RMB |
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RMB |
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US$ |
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|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
390,837 |
|
|
239,077 |
|
|
34,663 |
|
Short term investment |
- |
|
|
372,376 |
|
|
53,989 |
|
Accounts receivable, net |
9,817 |
|
|
5,617 |
|
|
814 |
|
Inventories |
42,479 |
|
|
71,468 |
|
|
10,362 |
|
Prepaid expenses and other current assets |
142,839 |
|
|
108,275 |
|
|
15,699 |
|
Total current assets |
585,972 |
|
|
796,813 |
|
|
115,527 |
|
Non-current assets |
|
|
|
|
|
Property and equipment, net |
554,015 |
|
|
720,036 |
|
|
104,395 |
|
Intangible assets, net |
77,594 |
|
|
96,018 |
|
|
13,921 |
|
Operating lease right-of-use assets |
- |
|
|
946,873 |
|
|
137,284 |
|
Other non-current assets |
67,312 |
|
|
82,270 |
|
|
11,928 |
|
Total non-current assets |
698,921 |
|
|
1,845,197 |
|
|
267,528 |
|
Total assets |
1,284,893 |
|
|
2,642,010 |
|
|
383,055 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term bank borrowings |
192,055 |
|
|
407,807 |
|
|
59,127 |
|
Accounts payable |
60,952 |
|
|
105,673 |
|
|
15,321 |
|
Contract liabilities |
14,129 |
|
|
22,122 |
|
|
3,207 |
|
Amount due to related parties |
14,074 |
|
|
22,485 |
|
|
3,260 |
|
Derivative financial liabilities |
- |
|
|
269,251 |
|
|
39,038 |
|
Lease liability-current |
- |
|
|
180,468 |
|
|
26,165 |
|
Other current liabilities |
286,080 |
|
|
310,456 |
|
|
45,012 |
|
Total current liabilities |
567,290 |
|
|
1,318,262 |
|
|
191,130 |
|
Non-current liabilities |
|
|
|
|
|
Long-term bank borrowings |
11,903 |
|
|
8,800 |
|
|
1,276 |
|
Convertible notes, at fair value |
318,466 |
|
|
354,080 |
|
|
51,337 |
|
Contract liabilities - non-current |
970 |
|
|
3,311 |
|
|
480 |
|
Derivative financial liabilities - non-current |
- |
|
|
19,083 |
|
|
2,767 |
|
Lease liability-non-current |
- |
|
|
820,249 |
|
|
118,925 |
|
Other non-current liabilities |
47,169 |
|
|
7,921 |
|
|
1,147 |
|
Total non-current liabilities |
378,508 |
|
|
1,213,444 |
|
|
175,932 |
|
Total liabilities |
945,798 |
|
|
2,531,706 |
|
|
367,062 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
Ordinary Shares (US$0.0000094 par value, 500,000,000 shares
authorized, 149,181,538 shares and 140,938,555 shares issued and
outstanding as of December 31, 2022, respectively, 124,193,929
shares issued and outstanding as of December 31, 2021) |
7 |
|
|
9 |
|
|
1 |
|
Additional paid-in capital |
937,315 |
|
|
1,472,015 |
|
|
213,422 |
|
Accumulated losses |
(637,528 |
) |
|
(1,380,173 |
) |
|
(200,106 |
) |
Accumulated other comprehensive income |
35,744 |
|
|
16,999 |
|
|
2,465 |
|
Treasury shares (8,242,983 and nil ordinary Shares as of December
31, 2022 and 2021, respectively) |
- |
|
|
- |
|
|
- |
|
Total equity attributable to shareholders of the Company |
335,538 |
|
|
108,850 |
|
|
15,782 |
|
Non-controlling interests |
3,557 |
|
|
1,454 |
|
|
211 |
|
Total shareholders’ equity |
339,095 |
|
|
110,304 |
|
|
15,993 |
|
|
|
|
|
|
|
Commitments and Contingencies |
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
1,284,893 |
|
|
2,642,010 |
|
|
383,055 |
|
|
|
|
|
|
|
TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME/(LOSS) |
(Amounts in thousands of RMB and US$, except for per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Company owned and operated stores |
|
213,653 |
|
|
272,509 |
|
|
39,510 |
|
|
617,226 |
|
|
938,097 |
|
|
136,011 |
|
Other revenues |
|
10,322 |
|
|
28,972 |
|
|
4,201 |
|
|
26,146 |
|
|
72,967 |
|
|
10,579 |
|
Total revenues |
|
223,975 |
|
|
301,481 |
|
|
43,711 |
|
|
643,372 |
|
|
1,011,064 |
|
|
146,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 RMB36,862,860 and
RMB19,521,561 for the years ended December 31, 2022 and 2021,
respectively) |
|
71,596 |
|
|
89,480 |
|
|
12,973 |
|
|
207,948 |
|
|
314,550 |
|
|
45,606 |
|
Rental and property management fee |
|
56,160 |
|
|
75,939 |
|
|
11,010 |
|
|
148,152 |
|
|
236,838 |
|
|
34,338 |
|
Payroll and employee benefits |
|
71,828 |
|
|
66,699 |
|
|
9,670 |
|
|
199,330 |
|
|
268,857 |
|
|
38,981 |
|
Delivery costs |
|
13,926 |
|
|
21,917 |
|
|
3,178 |
|
|
38,604 |
|
|
73,616 |
|
|
10,673 |
|
Other operating expenses (including service fee from transactions
with a related party of RMB550,000 and nil for the years ended
December 31, 2022 and 2021, respectively) |
|
27,962 |
|
|
23,106 |
|
|
3,350 |
|
|
99,105 |
|
|
107,770 |
|
|
15,625 |
|
Store depreciation and amortization |
|
20,986 |
|
|
33,544 |
|
|
4,863 |
|
|
62,679 |
|
|
118,659 |
|
|
17,204 |
|
Company owned and operated store costs and expenses |
|
262,458 |
|
|
310,685 |
|
|
45,044 |
|
|
755,818 |
|
|
1,120,290 |
|
|
162,427 |
|
Costs of other revenues |
|
6,529 |
|
|
22,109 |
|
|
3,206 |
|
|
16,731 |
|
|
48,555 |
|
|
7,040 |
|
Marketing expenses |
|
20,527 |
|
|
24,302 |
|
|
3,523 |
|
|
50,317 |
|
|
81,017 |
|
|
11,746 |
|
General and administrative expenses |
|
58,558 |
|
|
66,460 |
|
|
9,636 |
|
|
174,963 |
|
|
289,544 |
|
|
41,979 |
|
Franchise and royalty expenses (including franchise and royalty
expenses from transactions with a related party of
RMB31,882,569 and RMB15,576,324 for the years ended December
31, 2022 and 2021, respectively) |
|
5,345 |
|
|
10,294 |
|
|
1,492 |
|
|
18,800 |
|
|
35,595 |
|
|
5,161 |
|
Other operating costs and expenses |
|
1,645 |
|
|
2,395 |
|
|
347 |
|
|
2,135 |
|
|
8,340 |
|
|
1,209 |
|
Loss on disposal of property and equipment |
|
414 |
|
|
- |
|
|
- |
|
|
1,546 |
|
|
8,835 |
|
|
1,281 |
|
Impairment losses of long-lived assets |
|
1,002 |
|
|
1,750 |
|
|
254 |
|
|
1,002 |
|
|
7,223 |
|
|
1,047 |
|
Other income |
|
3,157 |
|
|
5,153 |
|
|
747 |
|
|
3,476 |
|
|
7,152 |
|
|
1,037 |
|
Total costs and expenses, net |
|
353,321 |
|
|
432,842 |
|
|
62,755 |
|
|
1,017,836 |
|
|
1,592,247 |
|
|
230,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(129,346 |
) |
|
(131,361 |
) |
|
(19,044 |
) |
|
(374,464 |
) |
|
(581,183 |
) |
|
(84,263 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
30 |
|
|
1,727 |
|
|
250 |
|
|
316 |
|
|
2,703 |
|
|
392 |
|
Interest expenses |
|
(1,719 |
) |
|
(4,524 |
) |
|
(656 |
) |
|
(1,902 |
) |
|
(14,804 |
) |
|
(2,146 |
) |
Foreign currency transaction (loss)/gain |
|
(395 |
) |
|
(5,142 |
) |
|
(746 |
) |
|
(1,302 |
) |
|
(6,275 |
) |
|
(910 |
) |
Changes in fair value of convertible notes |
|
(5,577 |
) |
|
(2,867 |
) |
|
(416 |
) |
|
(5,577 |
) |
|
(4,494 |
) |
|
(652 |
) |
Changes in fair value of warrant liabilities |
|
- |
|
|
35,954 |
|
|
5,213 |
|
|
- |
|
|
45,903 |
|
|
6,655 |
|
Changes in fair value of ESA derivative liabilities |
|
- |
|
|
(116,666 |
) |
|
(16,915 |
) |
|
- |
|
|
(186,598 |
) |
|
(27,054 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(137,007 |
) |
|
(222,879 |
) |
|
(32,314 |
) |
|
(382,929 |
) |
|
(744,748 |
) |
|
(107,978 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(137,007 |
) |
|
(222,879 |
) |
|
(32,314 |
) |
|
(382,929 |
) |
|
(744,748 |
) |
|
(107,978 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net Loss attributable to non-controlling interests |
|
1,324 |
|
|
988 |
|
|
143 |
|
|
(1,208 |
) |
|
(2,103 |
) |
|
(305 |
) |
Net Loss attributable to shareholders of the Company |
|
(138,331 |
) |
|
(223,867 |
) |
|
(32,457 |
) |
|
(381,721 |
) |
|
(742,645 |
) |
|
(107,673 |
) |
Basic and diluted loss per Ordinary Share |
|
(1.11 |
) |
|
(1.61 |
) |
|
(0.23 |
) |
|
(3.14 |
) |
|
(5.80 |
) |
|
(0.84 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(137,007 |
) |
|
(222,879 |
) |
|
(32,314 |
) |
|
(382,929 |
) |
|
(744,748 |
) |
|
(107,978 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
Fair value changes of short-term investment |
|
- |
|
|
2,134 |
|
|
309 |
|
|
- |
|
|
2,134 |
|
|
309 |
|
Fair value changes of convertible notes due to instrument-specific
credit risk, net of nil income taxes |
|
(548 |
) |
|
505 |
|
|
73 |
|
|
(548 |
) |
|
(1,520 |
) |
|
(220 |
) |
Foreign currency translation adjustment, net of nil income
taxes |
|
(2,114 |
) |
|
5,272 |
|
|
764 |
|
|
(2,890 |
) |
|
(19,357 |
) |
|
(2,807 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
(139,669 |
) |
|
(214,968 |
) |
|
(31,477 |
) |
|
(386,367 |
) |
|
(763,491 |
) |
|
(110,696 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive loss attributable to non- controlling
interests |
|
1,324 |
|
|
988 |
|
|
143 |
|
|
(1,208 |
) |
|
(2,103 |
) |
|
(305 |
) |
Comprehensive loss attributable to shareholders of the Company |
|
(140,993 |
) |
|
(215,956 |
) |
|
(31,620 |
) |
|
(385,159 |
) |
|
(761,388 |
) |
|
(110,391 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Amounts in thousands of RMB and US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net cash used in operating activities |
(56,722 |
) |
|
(96,102 |
) |
|
(13,933 |
) |
|
(244,966 |
) |
|
(286,928 |
) |
|
(41,601 |
) |
Net cash used in investing activities |
(114,274 |
) |
|
(93,737 |
) |
|
(13,591 |
) |
|
(335,277 |
) |
|
(705,172 |
) |
|
(102,240 |
) |
Net cash provided by financing activities |
427,941 |
|
|
44,180 |
|
|
6,405 |
|
|
797,998 |
|
|
834,259 |
|
|
120,956 |
|
Effect of foreign currency exchange rate changes on cash |
(507 |
) |
|
2,288 |
|
|
332 |
|
|
(1,791 |
) |
|
6,081 |
|
|
882 |
|
Net decrease in cash |
256,438 |
|
|
(143,371 |
) |
|
(20,787 |
) |
|
215,964 |
|
|
(151,760 |
) |
|
(22,003 |
) |
Cash at beginning of the period |
134,400 |
|
|
382,448 |
|
|
55,450 |
|
|
174,874 |
|
|
390,837 |
|
|
56,666 |
|
Cash at end of the period |
390,838 |
|
|
239,077 |
|
|
34,663 |
|
|
390,838 |
|
|
239,077 |
|
|
34,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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$, except for number
of shares and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
A. Adjusted store EBITDA and adjusted store EBITDA margin |
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Revenues - company owned and operated stores |
|
213,653 |
|
|
272,509 |
|
|
39,510 |
|
|
617,226 |
|
|
938,097 |
|
|
136,011 |
|
Food and packaging costs - company owned and operated stores |
|
(71,596 |
) |
|
(89,480 |
) |
|
(12,973 |
) |
|
(207,948 |
) |
|
(314,550 |
) |
|
(45,606 |
) |
Rental expenses - company owned and operated stores |
|
(56,160 |
) |
|
(75,939 |
) |
|
(11,010 |
) |
|
(148,152 |
) |
|
(236,838 |
) |
|
(34,338 |
) |
Payroll and employee benefits - company owned and operated
stores |
|
(71,828 |
) |
|
(66,699 |
) |
|
(9,670 |
) |
|
(199,330 |
) |
|
(268,857 |
) |
|
(38,981 |
) |
Delivery costs - company owned and operated stores |
|
(13,926 |
) |
|
(21,917 |
) |
|
(3,178 |
) |
|
(38,604 |
) |
|
(73,616 |
) |
|
(10,673 |
) |
Other operating expenses - company owned and operated stores |
|
(27,962 |
) |
|
(23,106 |
) |
|
(3,350 |
) |
|
(99,105 |
) |
|
(107,770 |
) |
|
(15,625 |
) |
Store depreciation and amortization |
|
(20,986 |
) |
|
(33,544 |
) |
|
(4,863 |
) |
|
(62,679 |
) |
|
(118,659 |
) |
|
(17,204 |
) |
Franchise and royalty expenses - company owned and operated
stores |
|
(3,866 |
) |
|
(8,174 |
) |
|
(1,185 |
) |
|
(14,894 |
) |
|
(29,404 |
) |
|
(4,263 |
) |
Fully-burdened gross loss - company owned and operated stores |
|
(52,671 |
) |
|
(46,350 |
) |
|
(6,719 |
) |
|
(153,486 |
) |
|
(211,597 |
) |
|
(30,679 |
) |
Store depreciation and amortization |
|
20,986 |
|
|
33,544 |
|
|
4,863 |
|
|
62,679 |
|
|
118,659 |
|
|
17,204 |
|
Store pre-opening expenses |
|
40,465 |
|
|
25,602 |
|
|
3,712 |
|
|
110,583 |
|
|
52,262 |
|
|
7,577 |
|
Adjusted Store EBITDA |
|
8,780 |
|
|
12,796 |
|
|
1,856 |
|
|
19,776 |
|
|
(40,676 |
) |
|
(5,898 |
) |
Adjusted Store EBITDA Margin |
|
4.1 |
% |
|
4.7 |
% |
|
4.7 |
% |
|
3.2 |
% |
|
-4.3 |
% |
|
-4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B. Adjusted general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
General and administrative expenses |
|
(58,558 |
) |
|
(66,460 |
) |
|
(9,636 |
) |
|
(174,963 |
) |
|
(289,544 |
) |
|
(41,979 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
|
- |
|
|
11,145 |
|
|
1,616 |
|
|
- |
|
|
44,421 |
|
|
6,440 |
|
Commission fee for Cantor shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
21,521 |
|
|
3,120 |
|
Option granted by controlling shareholder to CB holder |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,778 |
|
|
258 |
|
Offering costs for ESA transactions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
4,622 |
|
|
670 |
|
Adjusted General and administrative expenses |
|
(58,558 |
) |
|
(55,315 |
) |
|
(8,020 |
) |
|
(174,963 |
) |
|
(217,202 |
) |
|
(31,491 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C. Adjusted corporate EBITDA and adjusted corporate EBITDA
margin |
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Operating loss |
|
(129,346 |
) |
|
(131,361 |
) |
|
(19,044 |
) |
|
(374,464 |
) |
|
(581,183 |
) |
|
(84,263 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Store pre-opening expenses |
|
40,465 |
|
|
25,602 |
|
|
3,712 |
|
|
110,583 |
|
|
52,262 |
|
|
7,577 |
|
Depreciation and amortization |
|
28,152 |
|
|
38,170 |
|
|
5,534 |
|
|
74,276 |
|
|
133,403 |
|
|
19,342 |
|
Share-based compensation expenses |
|
- |
|
|
11,145 |
|
|
1,616 |
|
|
- |
|
|
44,421 |
|
|
6,440 |
|
Commission fee for Cantor shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
21,521 |
|
|
3,120 |
|
Option granted by controlling shareholder to CB holder |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,778 |
|
|
258 |
|
Offering costs for ESA transactions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
4,622 |
|
|
670 |
|
Impairment losses of long-lived assets |
|
1,002 |
|
|
1,750 |
|
|
254 |
|
|
1,002 |
|
|
7,223 |
|
|
1,047 |
|
Loss on disposal of property and equipment |
|
414 |
|
|
- |
|
|
- |
|
|
1,546 |
|
|
8,835 |
|
|
1,281 |
|
Adjusted Corporate EBITDA |
|
(59,313 |
) |
|
(54,694 |
) |
|
(7,928 |
) |
|
(187,057 |
) |
|
(307,118 |
) |
|
(44,528 |
) |
Adjusted Corporate EBITDA Margin |
|
-26.5 |
% |
|
-18.1 |
% |
|
-18.1 |
% |
|
-29.1 |
% |
|
-30.4 |
% |
|
-30.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D. Adjusted net loss and adjusted net loss margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net loss |
|
(137,007 |
) |
|
(222,879 |
) |
|
(32,314 |
) |
|
(382,929 |
) |
|
(744,748 |
) |
|
(107,978 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Store pre-opening expenses |
|
40,465 |
|
|
25,602 |
|
|
3,712 |
|
|
110,583 |
|
|
52,262 |
|
|
7,577 |
|
Share-based compensation expenses |
|
- |
|
|
11,145 |
|
|
1,616 |
|
|
- |
|
|
44,421 |
|
|
6,440 |
|
Commission fee for Cantor shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
21,521 |
|
|
3,120 |
|
Option granted by controlling shareholder to CB holder |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,778 |
|
|
258 |
|
Offering costs for ESA transactions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
4,622 |
|
|
670 |
|
Impairment losses of long-lived assets |
|
1,002 |
|
|
1,750 |
|
|
254 |
|
|
1,002 |
|
|
7,223 |
|
|
1,047 |
|
Loss on disposal of property and equipment |
|
414 |
|
|
- |
|
|
- |
|
|
1,546 |
|
|
8,835 |
|
|
1,281 |
|
Changes in fair value of convertible notes |
|
5,577 |
|
|
2,867 |
|
|
416 |
|
|
5,577 |
|
|
4,494 |
|
|
652 |
|
Changes in fair value of warrant liabilities |
|
- |
|
|
(35,954 |
) |
|
(5,213 |
) |
|
- |
|
|
(45,903 |
) |
|
(6,655 |
) |
Changes in fair value of ESA derivative liabilities |
|
- |
|
|
116,666 |
|
|
16,915 |
|
|
- |
|
|
186,598 |
|
|
27,054 |
|
Adjusted Net loss |
|
(89,549 |
) |
|
(100,803 |
) |
|
(14,614 |
) |
|
(264,221 |
) |
|
(458,897 |
) |
|
(66,534 |
) |
Adjusted Net loss Margin |
|
-40.0 |
% |
|
-33.4 |
% |
|
-33.4 |
% |
|
-41.1 |
% |
|
-45.4 |
% |
|
-45.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E. Adjusted basic and diluted net loss per Ordinary Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net Loss attributable to shareholders of the Company |
|
(138,331 |
) |
|
(223,867 |
) |
|
(32,457 |
) |
|
(381,721 |
) |
|
(742,645 |
) |
|
(107,673 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Store pre-opening expenses |
|
40,465 |
|
|
25,602 |
|
|
3,712 |
|
|
110,583 |
|
|
52,262 |
|
|
7,577 |
|
Share-based compensation expenses |
|
- |
|
|
11,145 |
|
|
1,616 |
|
|
- |
|
|
44,421 |
|
|
6,440 |
|
Commission fee for Cantor shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
21,521 |
|
|
3,120 |
|
Option granted by controlling shareholder to CB holder |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,778 |
|
|
258 |
|
Offering costs for ESA transactions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
4,622 |
|
|
670 |
|
Impairment losses of long-lived assets |
|
1,002 |
|
|
1,750 |
|
|
254 |
|
|
1,002 |
|
|
7,223 |
|
|
1,047 |
|
Loss on disposal of property and equipment |
|
414 |
|
|
- |
|
|
- |
|
|
1,546 |
|
|
8,835 |
|
|
1,281 |
|
Changes in fair value of convertible notes |
|
5,577 |
|
|
2,867 |
|
|
416 |
|
|
5,577 |
|
|
4,494 |
|
|
652 |
|
Changes in fair value of warrant liabilities |
|
- |
|
|
(35,954 |
) |
|
(5,213 |
) |
|
- |
|
|
(45,903 |
) |
|
(6,655 |
) |
Changes in fair value of ESA derivative liabilities |
|
- |
|
|
116,666 |
|
|
16,915 |
|
|
- |
|
|
186,598 |
|
|
27,054 |
|
Adjusted Net
loss attributable to shareholders of the Company |
|
(90,873 |
) |
|
(101,791 |
) |
|
(14,757 |
) |
|
(263,013 |
) |
|
(456,794 |
) |
|
(66,229 |
) |
Weighted
average shares outstanding used in calculating basic and diluted
loss per share |
|
124,193,929 |
|
|
139,179,231 |
|
|
139,179,231 |
|
|
121,582,945 |
|
|
128,096,505 |
|
|
128,096,505 |
|
Adjusted basic and diluted net loss per Ordinary Share |
(0.73 |
) |
|
(0.73 |
) |
|
(0.11 |
) |
|
(2.16 |
) |
|
(3.57 |
) |
|
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TH (NASDAQ:THCH)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
TH (NASDAQ:THCH)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024