ATRenew Inc. (RERE) Q3 2022 Results - Earnings Call Transcript

ATRenew Inc. (NYSE:RERE) Q3 2022 Earnings Conference Call November 22, 2022 7:00 AM ET

Company Participants

Jeremy Ji - Director of Corporate Development and IR

Kerry Chen - Co-Founder, Chairman and CEO

Rex Chen - CFO

Conference Call Participants

Joyce Ju - Bank of America

Operator

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the ATRenew Incorporated Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. We will be hosting a question-and-answer session after managements' prepared remarks. Please note today's event is being recorded.

I will now turn the call over to the first speaker today, Mr. Jeremy Ji, Director of Corporate Development and Investor Relations of the Company. Please go ahead, sir.

Jeremy Ji

Thank you. Hello, everyone, and welcome to ATRenew's third quarter 2022 earnings conference call. Speaking first today is Kerry Chen, our Founder, Chairman and CEO; and he will be followed by Rex Chen, our CFO. After that, we will open the call to questions from analysts.

Our third quarter 2022 financial results were released earlier today. The earnings release and investor slides accompanying this call are available at our IR Web site, ir.atrenew.com. There will also be a transcript following this call for your convenience.

For today's agenda, Kerry will share his thoughts of our quarterly performance and business strategy, followed by Rex, who will address the financial highlights. Both Kerry and Rex will join the Q&A session.

Let me cover the Safe Harbor statement. Some of the information you will hear during our discussion today will consist of forward-looking statements and I refer you to our Safe Harbor statements in the earnings press release. Any forward-looking statement that management makes on this call are based on assumptions as of today and that ATRenew does not take any obligations to upgrade our assumptions on these statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB and all comparisons are on a year-over-year basis.

I'd now like to turn the call over to Kerry for business and strategy updates.

Kerry Chen

Hello, everyone, and welcome to ATRenew's third quarter 2022 earnings conference call. in the third quarter, we faced a challenging macro environment, and then the control measures remain strict and consumer demand for new phone [indiscernible]. Responding to these challenges, our teams proactively adjusted their operational strategies to meet consumer demand for convenient and trustworthy recycling services. As a result, revenues reached the high-end of the guidance range we provided last quarter and we achieved our non-GAAP operating profit compared to a non-GAAP operating loss in the second quarter. I'd like to take this opportunity to express my gratitude to our staff for their efforts and perseverance in the face of adversity.