← Lumexa Imaging Holdings, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $45.7m | $54.5m | $8.0m | $3.2m | $607k | $5.3m | $7.1m | $2.1m | $2.4m | $859k | |
| Inventories | $100.6m | $145.2m | $58.0m | $21.0m | $188.9m | $404k | $31k | $65k | $29k | $66k | |
| Prepayment for vehicle purchase and other current assets, net | $61.3m | $63.5m | $38.7m | $27.6m | $441k | $53.3m | $26.3m | $597k | $557k | $97k | |
| Subscription receivable | — | — | — | — | — | — | — | ($17.9m) | ($17.9m) | ($17.9m) | |
| Other receivables, net | — | — | — | — | — | — | $8.8m | $1.5m | — | — | |
| Accounts receivable | $170.5m | $166.3m | $1.5m | $219k | — | $31.0m | $33.8m | — | — | — | |
| Financing receivable,net (net of allowances of $6,365 and $8,450 as of December 31, 2018 and 2019, respectively) | — | — | $3.5m | — | — | — | — | — | — | — | |
| Restricted cash and cash equivalents | $103.8m | $94.9m | $130.1m | $59.1m | $61.8m | $39.4m | $15.6m | $7.3m | $9.1m | — | |
| Reinsurance balances receivable, net (includes $5,171 and $9,201 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $169; 2023 - $187) | $410.2m | $72.5m | $68.0m | $12.2m | $5.8m | $19.5m | $10.7m | $12.4m | $8.2m | — | |
| Funds withheld receivable (includes $0 and $128,451 from related parties in 2024 and 2023, respectively. Allowance for expected credit losses: 2024 - $8; 2023 - $19) | — | — | $27.0m | $684.4m | $654.8m | $636.4m | $441.4m | $144.0m | $12.7m | — | |
| Short-term investments | $0 | $282.4m | $314.2m | $335.9m | $1.3b | $1.2b | $1.3b | $1.2b | $450.3m | $356.4m | |
| Accounts receivable, net | — | — | $197.1m | $238.0m | $233.5m | $212.8m | $262.0m | $246.1m | $194.7m | $250.0m | |
| Income tax receivable | — | — | — | — | — | $0 | $848k | — | — | — | |
| Prepaid expenses and other | — | — | — | — | — | $3.3m | $3.2m | — | — | — | |
| Prepaid Expenses | — | — | — | — | — | — | — | — | $7k | $12k | |
| TOTAL CURRENT ASSETS | $489.5m | $930.3m | $115.4m | $52.0m | $1.8m | $58.9m | $42.3m | $4.2m | $3.0m | $1.0m | |
| Long-term investment | — | — | — | — | — | — | — | — | $393k | $352k | |
| Property and equipment, net | $183.4m | $273.5m | $813k | $153k | $1k | $22k | $49k | $403k | $310k | $236k | |
| Goodwill | — | — | $75.0m | $368.9m | $368.9m | $368.9m | $368.9m | $38.2m | $0 | $21.2m | |
| Intangible assets, net | — | — | — | — | $293k | $14.6m | $12.9m | $24.4m | $20.7m | $10.1m | |
| Goodwill and intangible assets, net | $77.7m | $75.6m | $18.3m | — | — | — | — | — | — | — | |
| Other intangible assets, net | — | — | $7.0m | $395.4m | $316.8m | $241.2m | $155.7m | $459.2m | $617.5m | $465.1m | |
| Intangible assets (note 4) | — | — | — | — | — | $3.0m | $5.2m | — | — | — | |
| Operating lease right-of-use assets | — | — | — | $2.3m | $74k | $561k | $428k | $389k | $255k | $108k | |
| Other assets | $148.9m | $131.6m | $10.7m | $9.9m | $8.1m | $4.8m | $7.9m | $5.8m | $4.8m | — | |
| EQUITY | |||||||||||
| Short-term operating lease liabilities | — | — | — | $1.8m | $39k | $85k | $119k | $126k | $141k | $94k | |
| Contract liabilities | — | — | $4.1m | $1.7m | $410k | $553k | — | — | $77k | $6k | |
| Convertible notes | — | — | — | — | — | $2.0m | $4.3m | $2.4m | $635k | — | |
| Income tax payable | $1.9m | $700k | $7.6m | $5.3m | $4k | $3.4m | $776k | $764k | $68k | — | |
| Amounts due to related parties | $118.3m | $114.8m | $5.0m | $4.1m | $10k | $295k | $1.6m | $2.3m | $355k | $233k | |
| Warrant liability | — | — | — | — | $1.7m | $340k | $24k | $232k | $22k | — | |
| Accrued expenses and other current liabilities | $167.7m | $90.1m | $10.6m | $17.3m | $6k | $14.5m | $9.4m | $8.9m | $7.8m | $8.6m | |
| Long-term operating lease liabilities | — | — | $0 | $810k | $26k | $431k | $311k | $238k | $90k | $23.6m | |
| Ordinary shares | $873k | $877k | $2k | $5k | $4k | $8k | $11k | $37k | $297k | $31.7m | |
| Statutory reserve | — | — | $4.0m | $4.0m | $8k | $8k | $8k | $8k | $8k | $8k | |
| Non-controlling interests | $355k | $452k | $32.4m | $7.1m | $7.6m | $8.4m | $4.2m | $3.4m | $1k | — | |
| Payable for sales incentive | — | — | — | — | — | — | $1.6m | $417k | $0 | — | |
| Short-term borrowings | — | — | $49.9m | $16.6m | $15.3m | $6.3m | $2.0m | — | — | — | |
| Long-term bank loan | — | — | $0 | $484.0m | $0 | $2.0m | — | — | — | — | |
| Payable for dealership settlement | — | — | — | — | — | $2.2m | — | — | — | — | |
| Amount due from related parties | — | — | — | — | $705k | — | — | — | — | — | |
| Other non-current assets, net | $1.6m | $3.7m | $3.5m | $16.6m | $4.5m | $3.3m | $37.3m | $16.8m | $12.5m | $10.8m | |
| Restricted cash | — | — | $5.8m | — | — | — | — | — | — | — | |
| Contingent consideration (including contingent consideration of the consolidated VIEs without recourse to Kaixin Auto Holdings of $11,929 and $nil as of December 31, 2018 and 2019, respectively) | — | — | $11.9m | $0 | — | — | — | — | — | — | |
| Lease liabilities - current (including lease liabilities - current of the consolidated VIEs without recourse to Kaixin Auto Holdings of $nil and $1,224 as of December 31, 2018 and 2019, respectively) | — | — | $0 | $1.8m | — | — | — | — | — | — | |
| Long-term contingent consideration (including long-term contingent consideration of the consolidated VIEs without recourse to Kaixin Auto Holdings of $88,098 and $nil as of December 31, 2018 and 2019, respectively) | — | — | $93.7m | $0 | — | — | — | — | — | — | |
| Fixed maturities, available-for-sale, at fair value (Amortized cost: 2024 - $236,788; 2023 - $258,536) | $4.0b | $2.7b | $3.1b | $1.8b | $1.2b | $597.1m | $314.5m | $250.6m | $232.6m | — | |
| Equity securities, at fair value (Cost: 2024 - $13,436; 2023 - $39,889) | — | — | — | — | — | $24.0m | $43.6m | $41.7m | $13.1m | — | |
| Equity method investments | — | — | — | $0 | $43.1m | $83.7m | $80.2m | $80.9m | $81.3m | — | |
| Other investments (Allowance for expected credit losses: 2024 - $1,023; 2023 - $1,023) | $13.1m | $6.6m | $23.7m | $31.7m | $63.8m | $117.7m | $148.8m | $186.4m | $157.0m | — | |
| Reinsurance recoverable on unpaid losses (Allowance for expected credit losses: 2024 - $2,963; 2023 - $3,240) | $99.9m | $117.6m | $71.9m | $623.4m | $592.6m | $562.8m | $556.1m | $564.3m | $571.3m | — | |
| Loan to related party | $168.0m | $168.0m | $168.0m | $168.0m | $168.0m | $168.0m | $168.0m | $168.0m | $168.0m | — | |
| Deferred commission and other acquisition expenses (includes $7,553 and $16,605 from related parties in 2024 and 2023, respectively) | $424.6m | $380.2m | $388.4m | $77.4m | $51.9m | $36.7m | $25.0m | $17.6m | $8.1m | — | |
| Assets held for sale | — | $1.9b | $103.6m | $0 | — | — | — | $0 | $20.8m | — | |
| Reserve for loss and loss adjustment expenses (includes $687,274 and $752,991 from related parties in 2024 and 2023, respectively) | $2.9b | $2.4b | $3.1b | $2.4b | $1.9b | $1.5b | $1.1b | $867.4m | $793.7m | — | |
| Unearned premiums (includes $29,204 and $44,577 from related parties in 2024 and 2023, respectively) | $1.5b | $1.2b | $1.2b | $220.3m | $144.3m | $100.1m | $67.1m | $46.3m | $29.8m | — | |
| Deferred gain on retroactive reinsurance | — | — | $0 | $113.0m | $74.9m | $49.0m | $47.7m | $73.2m | $107.3m | — | |
| Liability for securities purchased | — | — | — | — | — | — | — | $0 | $6.5m | — | |
| Senior notes - principal amount | $362.5m | $262.5m | $262.5m | $262.5m | $262.5m | $262.5m | $262.5m | $262.4m | $262.4m | — | |
| Less: unamortized issuance costs | $11.1m | $8.0m | $7.8m | $7.6m | $7.4m | $7.2m | $6.9m | $7.8m | $7.6m | — | |
| Senior notes, net | $351.4m | $254.5m | $254.7m | $254.9m | $255.1m | $255.3m | $255.6m | $254.6m | $254.8m | — | |
| Liabilities held for sale | — | $1.4b | $85.1m | $0 | — | — | — | $0 | $883k | — | |
| Treasury shares, at cost (2024 - 51,259,545 shares; 2023 - 49,260,235 shares ) | ($5.0m) | ($30.6m) | ($31.5m) | ($31.5m) | ($31.5m) | ($34.0m) | ($117.1m) | ($120.0m) | ($123.7m) | — | |
| Fixed maturities, held-to-maturity, at amortized cost (fair value 2018 - $998,012) | $752.2m | $1.1b | $1.0b | $0 | — | — | — | — | — | — | |
| Deferred tax asset | — | $3.9m | $125.6m | $169.6m | $81.2m | $72.9m | $27.0m | $116.3m | $10.7m | $210.3m | |
| Other current liabilities | $12.1m | $22.6m | $22.1m | $39.2m | $44.3m | $57.8m | $39.4m | $47.8m | $41.1m | $53.1m | |
| Other non-current liabilities | $9.1m | $25.0m | $18.7m | $33.7m | $36.0m | $40.9m | $42.9m | $91.4m | $103.4m | $97.8m | |
| Convertible notes, current | — | — | — | — | $0 | $390.7m | $409.9m | $311.6m | $0 | — | |
| Convertible notes, non-current | $0 | $317.5m | $334.2m | $351.9m | $1.1b | $789.8m | $1.5b | $2.5b | $2.5b | — | |
| Term loan, current | — | — | $0 | $5.0m | $0 | — | — | — | — | — | |
| Derivative liability | $10.3m | $51.6m | $52.4m | $0 | — | — | — | — | — | — | |
| Deferred income taxes | $31.9m | $3.9m | — | — | — | — | — | — | — | — | |
| Viavi net investment | $0 | — | — | — | — | — | — | — | — | — | |
| Non-current portion | — | — | — | — | — | $3.9m | $191k | — | — | — | |
| Non-current lease liabilities | — | — | — | — | — | $2.1m | $3.8m | — | — | — | |
| Borrowings (note 16) | — | — | — | — | — | $2.9m | $4.0m | — | — | — | |
| Lease obligations (note 6) | — | — | — | — | — | $2.1m | $2.9m | — | — | — | |
| TOTAL NON-CURRENT ASSETS | $75.8m | $2.4m | $4.8m | $15.2m | $13.4m | $63.4m | $21.7m | $32.0m | |||
| TOTAL KAIXIN HOLDINGS' SHAREHOLDERS' EQUITY | $1.4b | $1.2b | ($102.1m) | ($4.6m) | $6.2m | $29.7m | $31.3m | $45.6m | $13.2m | $21.9m | |
| TOTAL EQUITY | $1.4b | $1.2b | ($69.7m) | $2.5m | $6.2m | $38.1m | $35.5m | $49.0m | $13.2m | $21.9m | |
| TOTAL NON-CURRENT LIABILITIES | $93.7m | $810k | $26k | $6.7m | $311k | ||||||
| Total investments | $4.7b | $3.8b | $4.1b | $1.9b | $1.3b | $822.6m | $587.1m | $559.6m | $484.1m | — | |
| Total equity and liabilities | — | — | — | — | — | $149.8m | $141.6m | — | — | — | |
| TOTAL ASSETS | $6.3b | $6.6b | $191.2m | $54.4m | $6.6m | $74.2m | $55.7m | $67.6m | $24.6m | $33.0m | |
| Accrued investment income | $36.5m | $28.8m | $27.8m | $18.3m | $11.2m | $5.7m | $4.1m | $4.5m | $3.3m | — | |
| Accrued payroll and related expenses | $26.5m | $27.5m | $31.5m | $42.3m | $53.4m | $54.3m | $54.6m | $39.4m | $36.1m | $57.9m | |
| Accrued expenses | $14.9m | $19.3m | $33.9m | $46.7m | $23.7m | $33.1m | $44.7m | $51.2m | $52.4m | $34.6m | |
| Current portion of long-term debt | — | — | — | — | — | — | — | — | $0 | $10.6m | |
| Accounts payable and accrued liabilities | — | — | — | — | — | $24.9m | $26.5m | — | — | — | |
| Accounts Payable | — | — | — | — | — | — | — | — | $6k | $33k | |
| TOTAL CURRENT LIABILITIES | $173.7m | $184.2m | $167.2m | $51.0m | $430k | $29.4m | $19.9m | $15.1m | $9.0m | $9.0m | |
| Deferred tax liabilities | — | — | $300k | $55.9m | $46.5m | $35.9m | $12.9m | $3.3m | $2.3m | $2.1m | |
| Long-term debt | — | — | — | — | — | — | — | — | $2.5b | $2.6b | |
| Deferred tax liability (note 17) | — | — | — | — | — | $0 | $1.1m | — | — | — | |
| TOTAL LIABILITIES | $4.9b | $5.4b | $261.0m | $51.9m | $430k | $36.1m | $20.2m | $18.6m | $11.5m | $11.1m | |
| Preferred Stock, Value, Issued | $315.0m | $465.0m | $465.0m | $465.0m | $394.3m | $1k | $3k | $2k | $4k | $3k | |
| Additional paid-in capital | $749.3m | $748.1m | $38.6m | $186.4m | $7.6m | $227.3m | $312.8m | $399.1m | $406.3m | $437.6m | |
| Accumulated deficit | $285.7m | $35.5m | ($146.1m) | ($192.2m) | ($1.7m) | ($198.3m) | ($283.0m) | ($336.6m) | ($377.5m) | ($431.4m) | |
| Accumulated other comprehensive income | $15.0m | $13.4m | $1.4m | ($2.8m) | $242k | $637k | $1.5m | $890k | $2.0m | $2.0m | |
| Non-controlling interest redeemable convertible Series A Preferred Stock, $0.001 par value, 10,000,000 authorized shares; zero and 35,805 shares issued and outstanding as of June 29, 2019 and June 30, 2018, respectively | 35.8m | 35.8m | 35.8m | 0 | — | — | — | — | — | — | |
| Total redeemable convertible preferred stock | $35.8m | $35.8m | $35.8m | $0 | — | — | — | — | — | — | |
| TOTAL LIABILITIES AND EQUITY | $6.3b | $6.6b | $191.2m | $54.4m | $6.6m | $74.2m | $55.7m | $67.6m | $24.6m | $33.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.