TuanChe Limited (NASDAQ:TC) Q1 2020 Earnings Conference Call - Final Transcript
Jul 02, 2020 • 08:00 am ET
Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to TuanChe Limited First Quarter 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. After prepared remarks by the management team there will be a question-and-answer session. Today's conference call is being recorded.
I would now like to turn the conference call over to your host today, Ms. Cynthia Tan, IR Director of the company. Please go ahead, ma'am.
Thank you, and hello, everyone. Welcome to TuanChe first quarter 2020 earnings conference call. We have released our earnings results earlier today, and it is now available on our IR website as well as on newswire services.
Before we continue, please note that the discussion today will contain forward-looking statements made under the safe harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties, as such, our future results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in our earnings release and our registration statement filed with the SEC. TuanChe does not assume any obligation to update any forward-looking statements, except as required by law.
Today, you'll hear from Mr. Wei Wen, the company's Chief Executive Officer, who will provide an overview of our growth strategies and business development, who will be followed by Mr. Chenxi Yu, (Ronnie), the company's Deputy Chief Financial Officer, who will provide additional details on the company's financial results and discuss the financial outlook. Following management's prepared remarks, we'll open up the call to questions.
With that said, I would now like to turn the call over to our CEO, Mr. Wei Wen. Please go ahead, sir.
Hello, and thank you, everyone, for joining us today on our first quarter 2020 earnings call. In the first quarter of 2020, we experienced significant challenges stemming from the COVID-19 outbreak, which resulted in substantial year-over-year net revenue decline and a widening net loss. In response, we swiftly adjusted our operations to meet the evolving demands of the challenging environment.
During this quarter, we focused our efforts on several key priorities, including first, ensuring the health and safety of our employees and the customers; second, accelerating our online strategy through forming a relationship with Baidu Youjia, Baidu's information Service app in the automobile vertical, depending our collaboration with Tmall Auto, and the completing the acquisition of Longye International; and third, managing our cost structure to maintain sufficient cash balance and liquidity.
Let's take a look now at the first quarter results of our business segments, while also providing additional detail on our strategic and operational priorities. First, our offline marketing services, as we have expanded in press release prior to today, out of concern for public health and in accordance with all national and local regulatory guidelines on COVID-19 prevention and control, both our auto shows and the special promotion events was suspended for both February and March due