HANGZHOU, China--(BUSINESS WIRE)--
MOGU Inc. (NYSE: MOGU) (“MOGU” or the "Company"), a leading online
fashion and lifestyle destination in China, today announced its
unaudited financial results for the fourth quarter and fiscal year 2019
ended March 31, 2019.
Fourth Quarter and Fiscal Year 2019 Highlights
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Gross Merchandise Value (GMV
1
) for the
twelve-month period ended March 31, 2019 was RMB17,408 million
(US$2,593.9 million2), an increase of 18.7% year-over-year.
-
Total revenues for the fourth quarter were RMB217.6 million
(US$32.4 million), an increase of 15.9% year-over-year. Total
revenues for fiscal year 2019 were RMB1,074.3 million (US$160.1
million), an increase of 10.4% year-over-year.
-
Active buyers
3
in the twelve-month period
ended March 31, 2019 remained largely unchanged at 32.8 million
compared to the same period last year.
-
Live Video Broadcast business continued to grow strongly with
associated GMV increasing 138.1% year-over-year and average mobile
MAUs who clicked on a live video broadcast in the twelve-month period
ended March 31, 2019 increasing 42.1% year-over-year.
“We delivered another quarter of solid growth with total GMV increasing
18.7% in the twelve-month period ended March 31, 2019, driven primarily
by continued robust growth of our live video broadcast business,” said
Mr. Qi Chen, Chairman and Chief Executive Officer of MOGU. “During the
past quarter, we continued to expand, optimize, and elevate the supply
chain for our fashion ecosystem by enriching content, increasing user
engagement on our live video broadcasts, and facilitating more repeat
repurchases. Looking ahead, we will continue to strengthen our unique
three-way fashion eco-system by further growing our content creation
community of fashion key opinion leaders (“KOL”) and live video
broadcast hosts, elevating the fashion product supply chain and
supporting deeper collaboration between merchants and KOLs, and
ultimately facilitating greater user and community engagement through
rich and high-quality interactive fashion content and products. We are
confident that these initiatives will drive KOL-generated GMV across our
platform going forward.”
Ms. Helen Wu, Chief Financial Officer of MOGU, commented, “We generated
total revenues of RMB217.6 million during the quarter, an increase of
15.9% year-over-year. Commission revenues increased 37.3% year-over-year
to RMB116.5 million, outpacing total revenue growth by more than double.
The increase in commission revenues was driven by growth in GMV and
higher commission rate from live video broadcasts and prime service
offerings as they increasingly contribute a higher proportion of GMV.”
Fourth Quarter Fiscal Year 2019 Financial Results
Total revenues increased by 15.9% to RMB217.6 million (US$32.4
million) from RMB187.7 million during the same quarter of fiscal year
2018. The increase was primarily attributable to increases in commission
revenues and other revenues, which were partially offset by a decrease
in revenues from marketing services.
-
Commission revenues
increased by 37.3% to RMB116.5
million (US$17.4 million) from RMB84.9 million in the same period of
fiscal year 2018, primarily attributable to growth in GMV and a
slightly higher average commission rate.
-
Marketing services revenues decreased by 6.6% to RMB71.3
million (US$10.6 million) from RMB76.4 million in the same period of
fiscal year 2018, primarily due to the Company’s decision to
strategically increase its focus on the live video broadcast
businesses as an effective and efficient content format to improve
user engagement and experience, which affected the amount of marketing
service properties available on MOGU’s platform and the number of
marketing service customers.
-
Other revenues increased by 12.6% to RMB29.8 million (US$4.4
million) from RMB26.5 million in the same period of fiscal year 2018,
primarily attributable to growth in financing solutions offered to
users and merchants.
Total costs and expenses
increased by 15.6% to RMB385.7
million (US$57.5 million) from RMB333.7 million in the same period of
fiscal year 2018, primarily due to increases in sales and marketing
expenses and general and administrative expenses, which were partially
offset by decreases in cost of revenues, research and development
expenses, and amortization of intangible assets.
Cost of revenues
decreased by 19.7% to RMB61.1 million
(US$9.1 million) from RMB76.0 million in the same period of fiscal year
2018, primarily due to a decrease in depreciation expenses associated
with the disposal of servers following the Company’s transition to a
third-party cloud-based network infrastructure in fiscal year 2018 to
improve operational efficiency.
Sales and marketing expenses
increased by 49.5% to
RMB178.2 million (US$26.6 million) from RMB119.2 million in the same
period of fiscal year 2018, primarily due to higher spending on branding
campaigns around and during the Chinese New Year holiday.
Research and development expenses decreased by 17.7% to RMB57.2
million (US$8.5 million) from RMB69.5 million in the same period of
fiscal year 2018, primarily due to a decrease in payroll costs which
were in-line with a decrease in headcount of MOGU’s research and
development personnel.
General and administrative expenses increased by 109.8% to
RMB46.8 million (US$7.0 million) from RMB22.3 million in the same period
of fiscal year 2018, primarily due to an increase in share-based
compensation expenses.
Amortization of intangible assets decreased by 18.6% to RMB45.0
million (US$6.7 million) from RMB55.3 million in the same period of
fiscal year 2018, primarily due to a decrease in amortization of
intangible assets from an acquired company which was fully amortized in
February 2018 and was partially offset by an increase in the
amortization of the intangible assets recorded as a result of the new
business cooperation agreement that MOGU entered into with Tencent in
July 2018.
Other net income decreased by 69.5% to RMB2.6 million (US$0.4
million) from RMB8.6 million in the same period of fiscal year 2018,
primarily due to a gain on the disposal of servers following the
Company’s transition to a third-party cloud-based network infrastructure
in fiscal year 2018.
Loss from operations was RMB168.1 million (US$25.0 million),
compared to loss from operations of RMB146.0 million in the same period
of fiscal year 2018.
Net loss attributable to MOGU Inc.’s ordinary shareholders was
RMB140.8 million (US$21.0 million), compared to a net loss attributable
to MOGU Inc’s ordinary shareholders of RMB154.7 million in the same
period of fiscal year 2018.
Adjusted EBITDA
4
was negative RMB87.4 million
(US$13.0 million), compared to negative RMB74.3 million in the same
period of fiscal year 2018.
Adjusted net loss
5
was RMB67.7 million (US$10.1
million), compared to adjusted net loss of RMB86.2 million in the same
period of fiscal year 2018.
Basic and diluted loss per ADS were RMB1.32 (US$0.20) and RMB1.32
(US$0.20), respectively, compared with RMB7.02 and RMB7.02,
respectively, in the same period of fiscal year 2018. One ADS represents
25 Class A ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term investments were
RMB1,489.7 million (US$222.0 million) as of March 31, 2019, compared
with RMB1,355.4 million as of March 31, 2018.
Fiscal Year 2019 Financial Results
Total revenues increased by 10.4% to RMB1,074.3 million (US$160.1
million) from RMB973.2 million in fiscal year 2018. The increase was
primarily attributable to increases in commission revenues and other
revenues, which were partially offset by a decrease in revenues from
marketing services.
-
Commission revenues
increased by 22.0% to RMB507.7
million (US$75.7 million) from RMB416.3 million in fiscal year 2018,
primarily attributable to growth in GMV and a slightly higher average
commission rate.
-
Marketing services revenues decreased by 17.0% to RMB395.7
million (US$59.0 million) from RMB476.6 million in fiscal year 2018,
primarily due to the Company’s decision to strategically increase its
focus on the live video broadcast businesses as an effective and
efficient content format to improve user engagement and experience,
which affected the amount of marketing service properties available on
MOGU’s platform and the number of its marketing services customers.
-
Other revenues increased by 112.8% to RMB170.8 million (US$25.5
million) from RMB80.3 million in fiscal year 2018, primarily
attributable to growth in the Company’s trial operations for online
direct sales of beauty products and financing solutions offered to
users and merchants.
Total costs and expenses
decreased by 9.5% to RMB1,648.5
million (US$245.6 million) from RMB1,820.6 million in fiscal year 2018,
primarily due to decreases in amortization of intangible assets,
research and development expenses, sales and marketing expenses, and
cost of revenues, which were partially offset by increased general and
administrative expenses.
Cost of revenues
decreased by 1.2% to RMB313.8 million
(US$46.8 million) from RMB317.7 million in fiscal year 2018, primarily
due to a decrease in depreciation expenses associated with the disposal
of servers following the Company’s transition to a third-party
cloud-based network infrastructure in fiscal year 2018 and decreased
rental and logistics expenses, which were partially offset by an
increase in costs associated with online direct sales during fiscal year
2019.
Sales and marketing expenses
decreased by 0.6% to RMB743.7
million (US$110.8 million) from RMB747.9 million in fiscal year 2018,
primarily due to lower spending on customer incentive programs, which
was offset by higher spending on branding and user acquisition expenses.
Research and development expenses decreased by 18.3% to RMB236.4
million (US$35.2 million) from RMB289.3 million in fiscal year 2018,
primarily due to a decrease in payroll costs which were in-line with a
decrease in headcount of the Company’s research and development
personnel.
General and administrative expenses increased by 68.2% to
RMB168.4 million (US$25.1 million) from RMB100.1 million in fiscal year
2018, primarily due to an increase in share-based compensation expenses.
Amortization of intangible assets decreased by 49.3% to RMB194.9
million (US$29.0 million) from RMB384.6 million in fiscal year 2018,
primarily due to a decrease in amortization of intangible assets from an
acquired company which was fully amortized in February 2018 and was
partially offset by an increase in the amortization of intangible assets
recorded as a result of the new business cooperation agreement that MOGU
entered into with Tencent in July 2018.
Other net income decreased by 53.8% to RMB8.8 million (US$1.3
million) from RMB19.0 million in fiscal year 2018, primarily due to a
decrease in disposal gain from servers following the Company’s
transition to a third-party cloud-based network infrastructure in fiscal
year 2018, which was partially offset by a government grant received in
fiscal year 2019.
Loss from operations was RMB574.2 million (US$85.6 million),
compared to loss from operations of RMB847.4 million in fiscal year 2018.
Net loss attributable to MOGU Inc.’s ordinary shareholders was
RMB1,085.3 million (US$161.7 million), compared to a net loss
attributable to MOGU Inc.’s ordinary shareholders of RMB1,246.4 million
in the same period of fiscal year 2018.
Adjusted EBITDA
6
was negative RMB264.7 million
(US$39.4 million), compared to negative RMB384.2 million in fiscal year
2018.
Adjusted net loss
7
was RMB239.7 million
(US$35.7 million), compared to net loss of RMB420.2 million in the
fiscal year 2018.
Basic and diluted loss per ADS were RMB21.74 (US$3.24) and
RMB21.74 (US$3.24), respectively, compared with RMB56.57 and RMB56.57,
respectively, in fiscal year 2018. One ADS represents 25 Class A
ordinary shares.
Conference Call
MOGU's management will host an earnings conference call at 7:30 AM U.S.
Eastern Time on Thursday, May 30, 2019 (7:30 PM Beijing/Hong Kong Time
on the same day).
Dial-in numbers for the live conference call are as follows:
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International:
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+1 647 689 5649
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Mainland China, North:
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+86 108 007 141 191
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Mainland China, South:
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+86 108 001 401 195
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United States:
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+1 877 824 0239
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Hong Kong:
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+852 5803 0358
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Passcode:
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Mogu
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A telephone replay of the call will be available after the conclusion of
the conference call until 12:59 PM ET on June 4, 2019.
Dial-in numbers for the replay are as follows:
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International:
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+1 416 621 4642
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United States:
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+1 800 585 8367
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Passcode:
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1683306
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A live and archived webcast of the conference call will be available on
the Investor Relations section of MOGU’s website at http://ir.mogu-inc.com.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP
measures, such as Adjusted EBITDA and Adjusted net profit/(loss), as
supplemental measures to review and assess operating performance. The
presentation of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the financial information
prepared and presented in accordance with accounting principles
generally accepted in the United States of America (“U.S. GAAP”). The
Company defines Adjusted EBITDA as net loss before interest income, gain
on deconsolidation of a subsidiary, income tax benefits, gain from
investment disposals, share of results of equity investee, share-based
compensation expenses, amortization of intangible assets, and
depreciation of property and equipment. The Company defines Adjusted net
profit/(loss) as net loss excluding gain of deconsolidation of a
subsidiary, gain from investment disposals, share-based compensation
expenses, amortization of intangible assets, and adjustments for tax
effects. See “Unaudited Reconciliations of GAAP and Non-GAAP Results”
at the end of this press release.
The Company presents these non-GAAP financial measures because they are
used by management to evaluate operating performance and formulate
business plans. The Company believes that the non-GAAP financial
measures help identify underlying trends in its business by excluding
certain expenses, gain/loss and other items that are not expected to
result in future cash payments or that are nonrecurring in nature or
may not be indicative of the company’s core operating results and
business outlook. The Company also believes that the non-GAAP financial
measures could provide further information about the Company’s results
of operations, enhance the overall understanding of the Company’s past
performance and future prospects.
The non-GAAP financial measures are not defined under U.S. GAAP and are
not presented in accordance with U.S. GAAP. The non-GAAP financial
measures have limitations as analytical tools. The Company’s non-GAAP
financial measures do not reflect all items of income and expense that
affect the Company’s operations and do not represent the residual cash
flow available for discretionary expenditures. Further, these non-GAAP
measures may differ from the non-GAAP information used by other
companies, including peer companies, and therefore their comparability
may be limited. The Company compensates for these limitations by
reconciling the non-GAAP financial measures to the nearest U.S. GAAP
performance measure, all of which should be considered when evaluating
performance. The Company encourages you to review the Company’s
financial information in its entirety and not rely on a single financial
measure.
For more information on the non-GAAP financial measures, please see the
table captioned “Unaudited Reconciliations of GAAP and Non-GAAP
Results” set forth at the end of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expects,”
“anticipates,” “aims,” “future,” “intends,” “plans,” “believes,”
“estimates,” “confident,” “potential,” “continue” or other similar
expressions. Among other things, the business outlook and quotations
from management in this announcement, as well as MOGU’s strategic and
operational plans, contain forward-looking statements. MOGU may also
make written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission (the “SEC”), in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical facts,
including but not limited to statements about MOGU’s beliefs and
expectations, are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following:
MOGU’s growth strategies; its future business development, results of
operations and financial condition; its ability to understand buyer
needs and provide products and services to attract and retain buyers;
its ability to maintain and enhance the recognition and reputation of
its brand; its ability to rely on merchants and third-party logistics
service providers to provide delivery services to buyers; its ability to
maintain and improve quality control policies and measures; its ability
to establish and maintain relationships with merchants; trends and
competition in China’s ecommerce market; changes in its revenues and
certain cost or expense items; the expected growth of China’s ecommerce
market; PRC governmental policies and regulations relating to MOGU’s
industry, and general economic and business conditions globally and in
China and assumptions underlying or related to any of the foregoing.
Further information regarding these and other risks is included in
MOGU’s filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press release,
and MOGU undertakes no obligation to update any forward-looking
statement, except as required under applicable law.
About MOGU Inc.
MOGU Inc. (NYSE: MOGU) is a leading online fashion and lifestyle
destination in China. MOGU provides young people with a more accessible
and enjoyable shopping experience for everyday fashion, particularly as
they increasingly live their lives online. Through innovative use of
content, MOGU’s platform provides a vibrant and dynamic community for
people to discover and share the latest fashion trends with others, and
offers users a truly comprehensive shopping experience.
For more information on MOGU, please visit: http://ir.mogu-inc.com.
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MOGU INC.
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Unaudited Interim Condensed Consolidated Balance Sheets
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(All amounts in thousands, except for share and per share data)
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As of March 31,
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As of March 31,
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2018
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2019
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RMB
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RMB
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US$
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ASSETS
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Current assets:
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Cash and cash equivalents
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1,224,393
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|
|
|
1,276,710
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|
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190,236
|
Restricted cash
|
|
|
|
1,004
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|
|
|
1,006
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|
|
|
150
|
Short-term investments
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|
|
|
130,000
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|
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|
212,000
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31,589
|
Inventories, net
|
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|
110
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|
5,042
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751
|
Loan receivables, net
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|
104,247
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|
120,901
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|
18,015
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Prepayments and other current assets
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188,862
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161,249
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24,026
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Amounts due from related parties
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7,179
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1,789
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267
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Total current assets
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1,655,795
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1,778,697
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265,034
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Non-current assets:
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Property, equipment and software, net
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16,511
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11,975
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1,784
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Intangible assets, net
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116,770
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1,001,967
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149,298
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Goodwill
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1,568,653
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1,568,653
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233,737
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Investments
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201,037
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241,721
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36,018
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Other non-current assets
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18,755
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763
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114
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Total non-current assets
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1,921,726
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2,825,079
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420,951
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Total assets
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3,577,521
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4,603,776
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685,985
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LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’
(DEFICIT)/EQUITY
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Current liabilities:
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Accounts payable
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12,270
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17,989
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2,681
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Salaries and welfare payable
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20,654
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22,112
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3,295
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Advances from customers
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37
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1,177
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175
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Taxes payable
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|
8,523
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5,844
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871
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Amounts due to related parties
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20,103
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9,393
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1,400
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Accruals and other current liabilities
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608,486
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492,385
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73,368
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Total current liabilities
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670,073
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548,900
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81,790
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Non-current liabilities:
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Deferred tax liabilities
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25,233
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2,485
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370
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Other non-current liabilities
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-
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4,722
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|
704
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Total non-current liabilities
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25,233
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|
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|
7,207
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|
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|
1,074
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Total liabilities
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695,306
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556,107
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82,864
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Total mezzanine equity
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7,384,872
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-
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-
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Shareholders’ (deficit)/equity
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Ordinary shares
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31
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177
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25
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Statutory reserves
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1,979
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|
|
|
2,475
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|
369
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Additional paid-in capital
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|
-
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9,392,737
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1,399,561
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Accumulated other comprehensive (loss)/income
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(3,650)
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77,795
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11,592
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Accumulated deficit
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(4,501,017)
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(5,425,515)
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(808,426)
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Total MOGU Inc. shareholders’ (deficit)/equity
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(4,502,657)
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4,047,669
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603,121
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Total shareholders’ (deficit)/equity
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(4,502,657)
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4,047,669
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603,121
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Total liabilities, mezzanine equity and shareholders’
(deficit)/equity
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3,577,521
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4,603,776
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685,985
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MOGU INC.
|
Unaudited Interim Condensed Consolidated Statements of Operations
and Comprehensive Loss
|
(All amounts in thousands, except for share and per share data)
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|
For the three months ended
March 31,
|
|
|
|
For the year ended
March 31,
|
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
Net revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission revenues
|
|
|
|
84,850
|
|
|
|
116,498
|
|
|
|
17,359
|
|
|
|
416,335
|
|
|
|
507,728
|
|
|
|
75,654
|
Marketing services revenues
|
|
|
|
76,355
|
|
|
|
71,298
|
|
|
|
10,624
|
|
|
|
476,608
|
|
|
|
395,747
|
|
|
|
58,968
|
Other revenues
|
|
|
|
26,462
|
|
|
|
29,797
|
|
|
|
4,440
|
|
|
|
80,264
|
|
|
|
170,803
|
|
|
|
25,450
|
Total revenues
|
|
|
|
187,667
|
|
|
|
217,593
|
|
|
|
32,423
|
|
|
|
973,207
|
|
|
|
1,074,278
|
|
|
|
160,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of amortization of intangible assets
shown separately below)
|
|
|
|
(75,986)
|
|
|
|
(61,054)
|
|
|
|
(9,097)
|
|
|
|
(317,725)
|
|
|
|
(313,788)
|
|
|
|
(46,756)
|
Sales and marketing expenses
|
|
|
|
(119,201)
|
|
|
|
(178,203)
|
|
|
|
(26,553)
|
|
|
|
(747,928)
|
|
|
|
(743,732)
|
|
|
|
(110,820)
|
Research and development expenses
|
|
|
|
(69,496)
|
|
|
|
(57,210)
|
|
|
|
(8,525)
|
|
|
|
(289,274)
|
|
|
|
(236,446)
|
|
|
|
(35,232)
|
General and administrative expenses
|
|
|
|
(22,310)
|
|
|
|
(46,805)
|
|
|
|
(6,974)
|
|
|
|
(100,105)
|
|
|
|
(168,379)
|
|
|
|
(25,089)
|
Amortization of intangible assets
|
|
|
|
(55,314)
|
|
|
|
(45,012)
|
|
|
|
(6,707)
|
|
|
|
(384,555)
|
|
|
|
(194,874)
|
|
|
|
(29,037)
|
Other income, net
|
|
|
|
8,594
|
|
|
|
2,620
|
|
|
|
390
|
|
|
|
18,961
|
|
|
|
8,761
|
|
|
|
1,305
|
Loss from operations
|
|
|
|
(146,046)
|
|
|
|
(168,071)
|
|
|
|
(25,043)
|
|
|
|
(847,419)
|
|
|
|
(574,180)
|
|
|
|
(85,557)
|
Interest income
|
|
|
|
6,332
|
|
|
|
9,278
|
|
|
|
1,382
|
|
|
|
33,464
|
|
|
|
33,700
|
|
|
|
5,021
|
Investment gain
|
|
|
|
158,627
|
|
|
|
-
|
|
|
|
-
|
|
|
|
158,627
|
|
|
|
-
|
|
|
|
-
|
Gain of deconsolidation of a subsidiary
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,592
|
|
|
|
-
|
|
|
|
-
|
Gain from investment disposals
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
31,236
|
|
|
|
4,654
|
Profit/(Loss) before income tax and share of results of equity
investees
|
|
|
|
18,913
|
|
|
|
(158,793)
|
|
|
|
(23,661)
|
|
|
|
(641,736)
|
|
|
|
(509,244)
|
|
|
|
(75,882)
|
Income tax benefits
|
|
|
|
11,995
|
|
|
|
4,861
|
|
|
|
724
|
|
|
|
88,665
|
|
|
|
17,217
|
|
|
|
2,565
|
Share of results of equity investee
|
|
|
|
(4,982)
|
|
|
|
13,146
|
|
|
|
1,959
|
|
|
|
(4,982)
|
|
|
|
5,752
|
|
|
|
857
|
Net profit/(loss)
|
|
|
|
25,926
|
|
|
|
(140,786)
|
|
|
|
(20,978)
|
|
|
|
(558,053)
|
|
|
|
(486,275)
|
|
|
|
(72,460)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOGU INC.
|
|
Unaudited Interim Condensed Consolidated Statements of Operations
and Comprehensive Loss
|
|
(All amounts in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
March 31,
|
|
|
|
For the year ended
March 31,
|
|
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
Net income attributable to non-controlling interests
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
116
|
|
|
|
-
|
|
|
|
-
|
|
Net profit/(loss) attributable to MOGU Inc.
|
|
|
|
25,926
|
|
|
|
(140,786)
|
|
|
|
(20,978)
|
|
|
|
(558,169)
|
|
|
|
(486,275)
|
|
|
|
(72,460)
|
|
Accretion on convertible redeemable preferred shares to redemption
value
|
|
|
|
(180,594)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(688,240)
|
|
|
|
(509,904)
|
|
|
|
(75,978)
|
|
Deemed dividend to holders of mezzanine equity
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(89,076)
|
|
|
|
(13,273)
|
|
Net loss attributable to MOGU Inc's ordinary shareholders
|
|
|
|
(154,668)
|
|
|
|
(140,786)
|
|
|
|
(20,978)
|
|
|
|
(1,246,409)
|
|
|
|
(1,085,255)
|
|
|
|
(161,711)
|
|
Net profit/(loss)
|
|
|
|
25,926
|
|
|
|
(140,786)
|
|
|
|
(20,978)
|
|
|
|
(558,053)
|
|
|
|
(486,275)
|
|
|
|
(72,460)
|
|
Other comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil tax
|
|
|
|
(32,507)
|
|
|
|
(27,057)
|
|
|
|
(4,032)
|
|
|
|
(81,141)
|
|
|
|
55,440
|
|
|
|
8,261
|
|
Share of other comprehensive (loss)/ income of equity method investee
|
|
|
|
(2,124)
|
|
|
|
1,048
|
|
|
|
156
|
|
|
|
(2,124)
|
|
|
|
938
|
|
|
|
140
|
|
Unrealized securities holding gains, net of tax
|
|
|
|
6,913
|
|
|
|
18,618
|
|
|
|
2,774
|
|
|
|
10,866
|
|
|
|
25,067
|
|
|
|
3,735
|
|
Total comprehensive loss
|
|
|
|
(1,792)
|
|
|
|
(148,177)
|
|
|
|
(22,080)
|
|
|
|
(630,452)
|
|
|
|
(404,830)
|
|
|
|
(60,324)
|
|
Total comprehensive income attributable to non-controlling
interests
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
116
|
|
|
|
-
|
|
|
|
-
|
|
Total comprehensive loss attributable to MOGU Inc.
|
|
|
|
(1,792)
|
|
|
|
(148,177)
|
|
|
|
(22,080)
|
|
|
|
(630,568)
|
|
|
|
(404,830)
|
|
|
|
(60,324)
|
|
Net loss attributable to MOGU Inc's ordinary shareholders
|
|
|
|
(154,668)
|
|
|
|
(140,786)
|
|
|
|
(20,978)
|
|
|
|
(1,246,409)
|
|
|
|
(1,085,255)
|
|
|
|
(161,711)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOGU INC.
|
Unaudited Interim Condensed Consolidated Statements of Operations
and Comprehensive Loss
|
(All amounts in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
March 31,
|
|
|
|
For the year ended
March 31,
|
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
Net loss per share attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(0.28)
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
(2.26)
|
|
|
|
(0.87)
|
|
|
|
(0.13)
|
Diluted
|
|
|
|
(0.28)
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
(2.26)
|
|
|
|
(0.87)
|
|
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(7.02)
|
|
|
|
(1.32)
|
|
|
|
(0.20)
|
|
|
|
(56.57)
|
|
|
|
(21.74)
|
|
|
|
(3.24)
|
Diluted
|
|
|
|
(7.02)
|
|
|
|
(1.32)
|
|
|
|
(0.20)
|
|
|
|
(56.57)
|
|
|
|
(21.74)
|
|
|
|
(3.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
550,857,522
|
|
|
|
2,675,956,443
|
|
|
|
2,675,956,443
|
|
|
|
550,793,455
|
|
|
|
1,247,998,533
|
|
|
|
1,247,998,533
|
Diluted
|
|
|
|
550,857,522
|
|
|
|
2,675,956,443
|
|
|
|
2,675,956,443
|
|
|
|
550,793,455
|
|
|
|
1,247,998,533
|
|
|
|
1,247,998,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
1,136
|
|
|
|
3,451
|
|
|
|
514
|
|
|
|
4,619
|
|
|
|
13,916
|
|
|
|
2,074
|
General and administrative expenses
|
|
|
|
800
|
|
|
|
25,028
|
|
|
|
3,729
|
|
|
|
3,751
|
|
|
|
64,433
|
|
|
|
9,601
|
Sales and marketing expenses
|
|
|
|
513
|
|
|
|
3,349
|
|
|
|
499
|
|
|
|
2,450
|
|
|
|
9,558
|
|
|
|
1,424
|
Research and development expenses
|
|
|
|
1,399
|
|
|
|
2,054
|
|
|
|
306
|
|
|
|
6,016
|
|
|
|
15,161
|
|
|
|
2,259
|
|
|
|
|
3,848
|
|
|
|
33,882
|
|
|
|
5,048
|
|
|
|
16,836
|
|
|
|
103,068
|
|
|
|
15,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOGU INC.
|
Unaudited Interim Condensed Consolidated Statements of Cash Flows
|
(All amounts in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
For the year ended March 31,
|
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
|
|
(137,029)
|
|
|
|
(90,538)
|
|
|
|
(13,491)
|
|
|
|
(314,862)
|
|
|
|
(325,808)
|
|
|
|
(48,547)
|
Net cash provided by/(used in) investing activities
|
|
|
|
81,947
|
|
|
|
140,543
|
|
|
|
20,942
|
|
|
|
340,461
|
|
|
|
(82,836)
|
|
|
|
(12,343)
|
Net cash provided by/(used in) financing activities
|
|
|
|
967
|
|
|
|
(23,083)
|
|
|
|
(3,439)
|
|
|
|
7,136
|
|
|
|
414,872
|
|
|
|
61,818
|
Effect of foreign exchange rate changes on cash and cash equivalents
and restricted cash
|
|
|
|
(30,534)
|
|
|
|
(16,383)
|
|
|
|
(2,441)
|
|
|
|
(78,833)
|
|
|
|
46,091
|
|
|
|
6,868
|
Net (decrease)/increase in cash and cash equivalents and restricted
cash
|
|
|
|
(84,649)
|
|
|
|
10,539
|
|
|
|
1,571
|
|
|
|
(46,098)
|
|
|
|
52,319
|
|
|
|
7,796
|
Cash and cash equivalents and restricted cash at beginning of period
|
|
|
|
1,310,046
|
|
|
|
1,267,177
|
|
|
|
188,815
|
|
|
|
1,271,495
|
|
|
|
1,225,397
|
|
|
|
182,590
|
Cash and cash equivalents and restricted cash at end of period
|
|
|
|
1,225,397
|
|
|
|
1,277,716
|
|
|
|
190,386
|
|
|
|
1,225,397
|
|
|
|
1,277,716
|
|
|
|
190,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOGU INC.
|
Reconciliations of GAAP and Non-GAAP Results
|
(All amounts in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31,
|
|
|
|
For the year ended March 31,
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
RMB
|
|
|
|
RMB
|
|
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit/(loss)
|
|
|
|
25,926
|
|
|
|
(140,786)
|
|
|
|
(20,978)
|
|
|
|
(558,053)
|
|
|
|
(486,275)
|
|
|
|
(72,460)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
Share of result of equity investees
|
|
|
|
4,982
|
|
|
|
(13,146)
|
|
|
|
(1,959)
|
|
|
|
4,982
|
|
|
|
(5,752)
|
|
|
|
(857)
|
Less:
|
|
|
|
Income tax benefits
|
|
|
|
(11,995)
|
|
|
|
(4,861)
|
|
|
|
(724)
|
|
|
|
(88,665)
|
|
|
|
(17,217)
|
|
|
|
(2,565)
|
Less:
|
|
|
|
Gain from investment disposals
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(31,236)
|
|
|
|
(4,654)
|
Less:
|
|
|
|
Gain of deconsolidation of a subsidiary
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(13,592)
|
|
|
|
-
|
|
|
|
-
|
Less:
|
|
|
|
Interest income
|
|
|
|
(6,332)
|
|
|
|
(9,278)
|
|
|
|
(1,382)
|
|
|
|
(33,464)
|
|
|
|
(33,700)
|
|
|
|
(5,021)
|
Less:
|
|
|
|
Investment gain
|
|
|
|
(158,627)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(158,627)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
Loss from operations
|
|
|
|
(146,046)
|
|
|
|
(168,071)
|
|
|
|
(25,043)
|
|
|
|
(847,419)
|
|
|
|
(574,180)
|
|
|
|
(85,557)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
Share-based compensation expenses
|
|
|
|
3,848
|
|
|
|
33,882
|
|
|
|
5,048
|
|
|
|
16,836
|
|
|
|
103,068
|
|
|
|
15,358
|
Add:
|
|
|
|
Amortization of intangible assets
|
|
|
|
55,314
|
|
|
|
45,012
|
|
|
|
6,707
|
|
|
|
384,555
|
|
|
|
194,874
|
|
|
|
29,037
|
Add:
|
|
|
|
Depreciation of property and equipment
|
|
|
|
12,585
|
|
|
|
1,792
|
|
|
|
267
|
|
|
|
61,843
|
|
|
|
11,572
|
|
|
|
1,724
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
(74,299)
|
|
|
|
(87,385)
|
|
|
|
(13,021)
|
|
|
|
(384,185)
|
|
|
|
(264,666)
|
|
|
|
(39,438)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit/(loss)
|
|
|
|
25,926
|
|
|
|
(140,786)
|
|
|
|
(20,978)
|
|
|
|
(558,053)
|
|
|
|
(486,275)
|
|
|
|
(72,460)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
Gain from investment disposals
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(31,236)
|
|
|
|
(4,654)
|
Less:
|
|
|
|
Gain of deconsolidation of a subsidiary
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(13,592)
|
|
|
|
-
|
|
|
|
-
|
Add:
|
|
|
|
Share based compensation
|
|
|
|
3,848
|
|
|
|
33,882
|
|
|
|
5,048
|
|
|
|
16,836
|
|
|
|
103,068
|
|
|
|
15,358
|
Add:
|
|
|
|
Amortization of intangible assets
|
|
|
|
55,314
|
|
|
|
45,012
|
|
|
|
6,707
|
|
|
|
384,555
|
|
|
|
194,874
|
|
|
|
29,037
|
Less:
|
|
|
|
Adjusted for tax effects
|
|
|
|
(12,623)
|
|
|
|
(5,817)
|
|
|
|
(867)
|
|
|
|
(91,319)
|
|
|
|
(20,139)
|
|
|
|
(3,001)
|
Less:
|
|
|
|
Investment gain
|
|
|
|
(158,627)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(158,627)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
Adjusted net loss
|
|
|
|
(86,162)
|
|
|
|
(67,709)
|
|
|
|
(10,090)
|
|
|
|
(420,200)
|
|
|
|
(239,708)
|
|
|
|
(35,720)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 GMV refers to the total value of orders placed on the MOGU
platform regardless of whether the products are sold, delivered or
returned, calculated based on the listed prices of the ordered products
without taking into consideration any discounts on the listed prices.
Buyers on the MOGU platform are not charged for separate shipping fees
over the listed price of a product. If merchants include certain
shipping fees in the listed price of a product, such shipping fees will
be included in GMV. As a prudent matter aiming at eliminating any
influence on MOGU’s GMV of irregular transactions, the Company excludes
from its calculation of GMV transactions over a certain amount
(RMB100,000) and transactions by users over a certain amount
(RMB1,000,000) per day.
2 The U.S. dollar (US$) amounts disclosed in this press
release, except for those transaction amounts that were actually settled
in U.S. dollars, are presented solely for the convenience of the
readers. The conversion of Renminbi (RMB) into US$ in this press release
is based on the exchange rate set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System as of March 29,
2019, which was RMB6.7112 to US$1.00. The percentages stated in this
press release are calculated based on the RMB amounts.
3 “Active buyers” refers to registered user accounts that
placed one or more orders on MOGU’s platform in a given period,
regardless of whether the products are sold, delivered or returned. If a
buyer registered two or more user accounts on MOGU’s platform and placed
orders on its platform through each of those registered user accounts,
the number of active buyers would, under this methodology, be counted as
the number of registered user accounts that such buyer used to place the
orders.
4 Adjusted EBITDA represents net loss before (i) interest
income, gain on deconsolidation of a subsidiary, income tax benefits,
gain from investment disposals and share of results of equity investee,
and (ii) certain non-cash expenses, consisting of share-based
compensation expenses, amortization of intangible assets and
depreciation of property and equipment. See “Unaudited Reconciliations
of GAAP and Non-GAAP Results” at the end of this press release.
5 Adjusted net loss represents net loss excluding (i) gain of
deconsolidation of a subsidiary, (ii) gain from investment disposals,
(iii) share-based compensation expenses, (iv) amortization of intangible
assets, (v) adjustments for tax effects. See “Unaudited Reconciliations
of GAAP and Non-GAAP Results” at the end of this press release.
6 Adjusted EBITDA represents net loss before (i) interest
income, gain on deconsolidation of a subsidiary, income tax benefits,
gain from investment disposals and share of results of equity investee,
and (ii) certain non-cash expenses, consisting of share-based
compensation expenses, amortization of intangible assets and
depreciation of property and equipment. See “Unaudited Reconciliations
of GAAP and Non-GAAP Results” at the end of this press release.
7 Adjusted net loss represents net loss excluding (i) gain of
deconsolidation of a subsidiary, (ii) gain from investment disposals,
(iii) share-based compensation expenses, (iv) amortization of intangible
assets, (v) adjustments for tax effects. See “Unaudited Reconciliations
of GAAP and Non-GAAP Results” at the end of this press release.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190530005354/en/
For investor and media inquiries, please contact:
MOGU Inc.
Sean Zhang
Phone: +86-571-8530-8201
E-mail:
ir@mogu.com
Christensen
In China
Mr. Christian Arnell
Phone:
+86-10-5900-1548
E-mail: carnell@christensenir.com
In the United States
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email:
lbergkamp@christensenir.com
Source: MOGU Inc.