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 third quarter of fiscal year 2019
ended December 31, 2018.
Third Quarter Fiscal Year 2019 Highlights
-
Gross Merchandise Value (GMV
1
) for the
twelve-month period ended December 31, 2018 was RMB16,978 million
(US$2,469 million2), an increase of 21.5% year-over-year.
-
Total revenues were RMB367.2 million (US$53.4 million), an
increase of 20.3% year-over-year.
-
Active buyers
3
in the twelve-month period
ended December 31, 2018 increased to 34.5 million from 33.9 million
during the same period last year
-
Live Video Broadcast business continued to grow strongly with
associated GMV increasing 177.8% year-over-year and average Mobile
MAUs who clicked on a live video broadcast in the twelve-month period
ended December 31, 2018 increasing 43.6%.
“We recorded healthy growth during the quarter with total GMV increasing
21.5% in the twelve-month period ended December 31, 2018, driven
primarily by strong growth in our live video broadcast business.”
commented by Mr. Qi Chen, Chairman and Chief Executive Officer of MOGU.
“Live video broadcast not only provides users with a more fun, engaging,
and interactive fashion discovery experience, but also allows us to
gather data on current fashion trends and what users want which allows
us to create a more efficient fashion industry value chain. As we
continue enriching the fashion content on our platform and serving more
users, merchants and influencers, our focus will expand to include
optimizing and elevating the supply chain for fashion products. While
this will be a difficult challenge, we strongly believe that these
efforts will greatly benefit all participants across our ecosystem.”
Ms. Helen Wu, Chief Financial Officer, commented, “We generated total
revenues of RMB367.2 million during the quarter, an increase of 20.3%
year-over-year and 57.2% sequentially. Our loss from operations improved
to RMB97.7 million (US$14.2 million) during the quarter from RMB202.5
million during the same period last year. Our net loss also improved to
RMB42.2 million (US$6.1 million) during the quarter from RMB156.1
million during the same period last year. We will continue to execute
our strategy which focuses on growing our live video broadcast and prime
services offering businesses for merchants which carry higher commission
rates and will further drive revenue growth.”
Third Quarter Fiscal Year 2019 Financial Results
Total revenues increased 20.3% to RMB367.2 million (US$53.4
million) from RMB305.2 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.
-
Revenues from marketing services decreased by 9.6% to RMB131.4
million (US$19.1 million) from RMB145.4 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 its
marketing services customers.
-
Commission revenues
increased by 34.7% to RMB175.6
million (US$25.5 million) from RMB130.3 million in the same period of
fiscal year 2018, primarily attributable to the growth in GMV and a
slightly higher average commission rate.
-
Other revenues increased by 104.6% to RMB60.2 million (US$8.8
million) from RMB29.4 million in the same period of fiscal year 2018,
primarily attributable to the growth in online direct sales.
Total costs and expenses
decreased by 8.4% to RMB464.9
million (US$67.6 million) from RMB507.6 million in the same period of
fiscal year 2018, primarily due to decreases in amortization of
intangible assets, research and development expenses and sales and
marketing expenses, which were partially offset by increased cost of
revenues and general and administrative expenses.
Cost of revenues
increased by 21.1% to RMB100.4 million
(US$14.6 million) from RMB82.9 million in the same period of fiscal year
2018, primarily due to costs associated with increased online direct
sales as part of the Company’s trial launch of its beauty product online
direct sales business.
Sales and marketing expenses
decreased by 8.6% to RMB204.7
million (US$29.8 million) from RMB223.9 million in the same period of
fiscal year 2018, primarily due to lower spending on customer incentive
programs as the Company further refines its sales and marketing
strategies.
Research and development expenses decreased by 22.2% to RMB55.3
million (US$8.0 million) from RMB71.0 million in the same period of
fiscal year 2018, primarily due to a decrease in payroll costs
associated with lower employee headcount as the Company continues to
optimize its organizational structure.
General and administrative expenses increased by 110.2% to
RMB47.9 million (US$7.0 million) from RMB22.8 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 39.3% to RMB66.6
million (US$9.7 million) from RMB109.8 million in the same period of
fiscal year 2018, primarily due to a decrease in amortization of the
intangible assets of 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 MOGU entered into with Tencent in July
2018.
Other net income increased by 265.4% to RMB10.0 million (US$1.5
million) from RMB2.7 million in the same period of fiscal year 2018,
primarily due to a government grant the Company received during the
quarter.
Loss from operations was RMB97.7 million (US$14.2 million),
compared to loss from operations of RMB202.5 million in the same period
of fiscal year 2018.
Interest income was RMB7.7 million (US$1.1 million), compared to
interest income of RMB8.1 million in the same period of fiscal year 2018.
Share of results of equity investee was RMB14.8 million (US$2.2
million) for the period.
Net loss was RMB42.2 million (US$6.1 million), compared to
RMB156.1 million in the same period of fiscal year 2018.
Adjusted EBITDA
4
was negative RMB5.3 million
(US$0.8 million), compared to negative RMB73.1 million in the same
period of fiscal year 2018.
Adjusted net profit
5
was RMB13.7 million
(US$2.0 million), compared to net loss of RMB81.7 million in the same
period of fiscal year 2018.
Basic and diluted loss per ADS were RMB4.03 (US$0.59) and RMB4.03
(US$0.59), respectively, compared with RMB15.02 and RMB15.02,
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
RMB1,614.2 million (US$234.8 million) as of December 31, 2018, compared
with RMB1,355.4 million as of March 31, 2018.
Conference Call
The Company will host a conference call to discuss the earnings at 7:30
a.m. Eastern Time on Monday, February 25, 2019 (8:30 p.m. Beijing/Hong
Kong Time on the same day).
Dial-in numbers for the live conference call are as follows:
International:
|
|
|
+1 647 689 5649
|
Mainland China, North:
|
|
|
+86 108 007 141 191
|
Mainland China, South:
|
|
|
+86 108 001 401 195
|
United States:
|
|
|
+1 877 824 0239
|
Hong Kong:
|
|
|
+852 800 901 563
|
Passcode:
|
|
|
Mogu
|
A telephone replay of the call will be available after the conclusion of
the conference call until 11:59 PM ET on March 4, 2019.
Dial-in numbers for the replay are as follows:
International:
|
|
|
+1 416 621 4642
|
United States:
|
|
|
+1 800 585 8367
|
Passcode:
|
|
|
9478068
|
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 nonGAAP
measures, such as Adjusted EBITDA and Adjusted net profit/(loss), as
supplemental measures to review and assess operating performance. The
presentation of these nonGAAP 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 NonGAAP Results” at
the end of this press release.
The Company presents these nonGAAP financial measures because they are
used by management to evaluate operating performance and formulate
business plans. The Company believes that the nonGAAP 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 nonGAAP 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 nonGAAP financial measures are not defined under U.S. GAAP and are
not presented in accordance with U.S. GAAP. The nonGAAP financial
measures have limitations as analytical tools. The Company’s nonGAAP
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 nonGAAP
measures may differ from the nonGAAP information used by other
companies, including peer companies, and therefore their comparability
may be limited. The Company compensates for these limitations by
reconciling the nonGAAP 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 nonGAAP financial measures, please see the
table captioned “Unaudited Reconciliations of GAAP and NonGAAP 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.
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 aimed 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 December
31, 2018, which was RMB6.8755 to US$1.00. The percentages stated in this
press release are calculated based on the RMB amounts.
3 “Active buyers” refers to registered user accounts that
placed one or more orders on MOGU’s platform in a given period,
regardless of whether the products are sold, delivered or returned. If a
buyer registered two or more user accounts on MOGU’s platform and placed
orders on its platform through each of those registered user accounts,
the number of active buyers would, under this methodology, be counted as
the number of registered user accounts that such buyer used to place the
orders.
4 Adjusted EBITDA represents net loss before (i) interest
income, gain on deconsolidation of a subsidiary, income tax benefits,
gain from investment disposals and share of results of equity investee,
and (ii) certain non-cash expenses, consisting of share-based
compensation expenses, amortization of intangible assets and
depreciation of property and equipment. See “Unaudited Reconciliations
of GAAP and NonGAAP Results” at the end of this press release.
5 Adjusted net profit/(loss) represents net loss excluding
(i) gain of deconsolidation of a subsidiary, (ii) gain from investment
disposals, (iii) share-based compensation expenses, (iv) amortization of
intangible assets, (v) adjustments for tax effects. See “Unaudited
Reconciliations of GAAP and NonGAAP Results” at the end of this press
release.
|
MOGU INC.
|
Unaudited Interim Condensed Consolidated Balance Sheets
|
(All amounts in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
As of March 31,
|
|
As of December 31,
|
|
|
2018
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
1,224,393
|
|
1,266,172
|
|
184,157
|
Restricted cash
|
|
1,004
|
|
1,005
|
|
146
|
Short-term investments
|
|
130,000
|
|
347,000
|
|
50,469
|
Inventories, net
|
|
110
|
|
4,663
|
|
678
|
Loan receivables, net
|
|
104,247
|
|
131,346
|
|
19,103
|
Prepayments and other current assets
|
|
188,862
|
|
163,341
|
|
23,757
|
Amounts due from related parties
|
|
7,179
|
|
862
|
|
125
|
Total current assets
|
|
1,655,795
|
|
1,914,389
|
|
278,435
|
Non-current assets:
|
|
|
|
|
|
|
Property, equipment and software, net
|
|
16,511
|
|
11,176
|
|
1,625
|
Intangible assets, net
|
|
116,770
|
|
1,038,642
|
|
151,064
|
Goodwill
|
|
1,568,653
|
|
1,568,653
|
|
228,151
|
Investments
|
|
201,037
|
|
220,204
|
|
32,027
|
Other non-current assets
|
|
18,755
|
|
9,265
|
|
1,348
|
Total non-current assets
|
|
1,921,726
|
|
2,847,940
|
|
414,215
|
Total assets
|
|
3,577,521
|
|
4,762,329
|
|
692,650
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
12,270
|
|
16,509
|
|
2,401
|
Salaries and welfare payable
|
|
20,654
|
|
50,760
|
|
7,383
|
Advances from customers
|
|
37
|
|
1,385
|
|
201
|
Taxes payable
|
|
8,523
|
|
6,527
|
|
949
|
Amounts due to related parties
|
|
20,103
|
|
6,213
|
|
904
|
Accruals and other current liabilities
|
|
608,486
|
|
509,291
|
|
74,073
|
Total current liabilities
|
|
670,073
|
|
590,685
|
|
85,911
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
25,233
|
|
8,302
|
|
1,207
|
Total non-current liabilities
|
|
25,233
|
|
8,302
|
|
1,207
|
Total liabilities
|
|
695,306
|
|
598,987
|
|
87,118
|
|
|
|
|
|
|
|
Total mezzanine equity
|
|
7,384,872
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Shareholders’ (deficit)/equity
|
|
|
|
|
|
|
Ordinary shares
|
|
31
|
|
177
|
|
25
|
Statutory reserves
|
|
1,979
|
|
2,475
|
|
360
|
Additional paid-in capital
|
|
-
|
|
9,360,233
|
|
1,361,389
|
Accumulated other comprehensive (loss)/income
|
|
(3,650)
|
|
85,186
|
|
12,390
|
Accumulated deficit
|
|
(4,501,017)
|
|
(5,284,729)
|
|
(768,632)
|
Total MOGU Inc. shareholders’ (deficit)/equity
|
|
(4,502,657)
|
|
4,163,342
|
|
605,532
|
Total shareholders’ (deficit)/equity
|
|
(4,502,657)
|
|
4,163,342
|
|
605,532
|
Total liabilities, mezzanine equity and shareholders’
(deficit)/equity
|
|
3,577,521
|
|
4,762,329
|
|
692,650
|
|
|
|
|
|
|
|
|
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
|
|
For the nine months ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing services revenues
|
|
145,380
|
|
131,396
|
|
19,111
|
|
400,253
|
|
324,449
|
|
47,189
|
Commission revenues
|
|
130,336
|
|
175,577
|
|
25,537
|
|
331,485
|
|
391,230
|
|
56,902
|
Other revenues
|
|
29,441
|
|
60,231
|
|
8,760
|
|
53,802
|
|
141,006
|
|
20,508
|
Total revenues
|
|
305,157
|
|
367,204
|
|
53,408
|
|
785,540
|
|
856,685
|
|
124,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of amortization of intangible assets
shown separately below)
|
|
(82,919)
|
|
(100,419)
|
|
(14,605)
|
|
(241,739)
|
|
(252,734)
|
|
(36,759)
|
Sales and marketing expenses
|
|
(223,886)
|
|
(204,721)
|
|
(29,775)
|
|
(628,727)
|
|
(565,529)
|
|
(82,253)
|
Research and development expenses
|
|
(71,017)
|
|
(55,252)
|
|
(8,036)
|
|
(219,778)
|
|
(179,236)
|
|
(26,069)
|
General and administrative expenses
|
|
(22,779)
|
|
(47,886)
|
|
(6,965)
|
|
(77,795)
|
|
(121,574)
|
|
(17,682)
|
Amortization of intangible assets
|
|
(109,755)
|
|
(66,633)
|
|
(9,691)
|
|
(329,241)
|
|
(149,862)
|
|
(21,797)
|
Other income, net
|
|
2,735
|
|
9,993
|
|
1,453
|
|
10,367
|
|
6,141
|
|
893
|
Loss from operations
|
|
(202,464)
|
|
(97,714)
|
|
(14,211)
|
|
(701,373)
|
|
(406,109)
|
|
(59,068)
|
Interest income
|
|
8,130
|
|
7,724
|
|
1,123
|
|
27,132
|
|
24,422
|
|
3,552
|
Gain of deconsolidation of a subsidiary
|
|
13,592
|
|
-
|
|
-
|
|
13,592
|
|
-
|
|
-
|
Gain from investment disposals
|
|
-
|
|
31,236
|
|
4,543
|
|
-
|
|
31,236
|
|
4,543
|
Loss before income tax and share of results of equity investees
|
|
(180,742)
|
|
(58,754)
|
|
(8,545)
|
|
(660,649)
|
|
(350,451)
|
|
(50,973)
|
Income tax benefits
|
|
24,651
|
|
1,778
|
|
259
|
|
76,670
|
|
12,355
|
|
1,797
|
Share of results of equity investee
|
|
-
|
|
14,816
|
|
2,155
|
|
-
|
|
(7,394)
|
|
(1,075)
|
Net loss
|
|
(156,091)
|
|
(42,160)
|
|
(6,131)
|
|
(583,979)
|
|
(345,490)
|
|
(50,251)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
For the nine months ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net loss attributable to non-controlling
interests
|
|
111
|
|
-
|
|
-
|
|
116
|
|
-
|
|
-
|
Net loss attributable to MOGU Inc.
|
|
(156,202)
|
|
(42,160)
|
|
(6,131)
|
|
(584,095)
|
|
(345,490)
|
|
(50,251)
|
Accretion on convertible redeemable preferred shares to redemption
value
|
|
(174,756)
|
|
(139,262)
|
|
(20,255)
|
|
(507,646)
|
|
(509,903)
|
|
(74,162)
|
Deemed dividend to holders of mezzanine equity
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(89,076)
|
|
(12,956)
|
Net loss attributable to MOGU Inc's ordinary shareholders
|
|
(330,958)
|
|
(181,422)
|
|
(26,386)
|
|
(1,091,741)
|
|
(944,469)
|
|
(137,369)
|
Net loss
|
|
(156,091)
|
|
(42,160)
|
|
(6,131)
|
|
(583,979)
|
|
(345,490)
|
|
(50,251)
|
Other comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil tax
|
|
(13,727)
|
|
3,340
|
|
486
|
|
(48,634)
|
|
82,497
|
|
11,999
|
Share of other comprehensive income/(loss) of equity method investee
|
|
-
|
|
34
|
|
5
|
|
-
|
|
(110)
|
|
(16)
|
Unrealized securities holding gains, net of tax
|
|
472
|
|
3,197
|
|
465
|
|
3,953
|
|
6,449
|
|
938
|
Total comprehensive loss
|
|
(169,346)
|
|
(35,589)
|
|
(5,175)
|
|
(628,660)
|
|
(256,654)
|
|
(37,330)
|
Total comprehensive loss attributable to non-controlling
interests
|
|
111
|
|
-
|
|
-
|
|
116
|
|
-
|
|
-
|
Total comprehensive loss attributable to MOGU Inc.
|
|
(169,457)
|
|
(35,589)
|
|
(5,175)
|
|
(628,776)
|
|
(256,654)
|
|
(37,330)
|
Net loss attributable to MOGU Inc's ordinary shareholders
|
|
(330,958)
|
|
(181,422)
|
|
(26,386)
|
|
(1,091,741)
|
|
(944,469)
|
|
(137,369)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
For the nine months ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net loss per share attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.60)
|
|
(0.16)
|
|
(0.02)
|
|
(1.98)
|
|
(1.21)
|
|
(0.18)
|
Diluted
|
|
(0.60)
|
|
(0.16)
|
|
(0.02)
|
|
(1.98)
|
|
(1.21)
|
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(15.02)
|
|
(4.03)
|
|
(0.59)
|
|
(49.55)
|
|
(30.25)
|
|
(4.40)
|
Diluted
|
|
(15.02)
|
|
(4.03)
|
|
(0.59)
|
|
(49.55)
|
|
(30.25)
|
|
(4.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
550,825,006
|
|
1,126,645,958
|
|
1,126,645,958
|
|
550,797,978
|
|
780,640,722
|
|
780,640,722
|
Diluted
|
|
550,825,006
|
|
1,126,645,958
|
|
1,126,645,958
|
|
550,797,978
|
|
780,640,722
|
|
780,640,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
1,179
|
|
3,568
|
|
519
|
|
3,483
|
|
10,465
|
|
1,522
|
General and administrative expenses
|
|
1,085
|
|
12,894
|
|
1,875
|
|
2,951
|
|
39,405
|
|
5,731
|
Sales and marketing expenses
|
|
533
|
|
2,074
|
|
302
|
|
1,937
|
|
6,209
|
|
903
|
Research and development expenses
|
|
1,653
|
|
4,647
|
|
676
|
|
4,617
|
|
13,107
|
|
1,907
|
|
|
4,450
|
|
23,183
|
|
3,372
|
|
12,988
|
|
69,186
|
|
10,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOGU INC.
|
Unaudited Interim Condensed Consolidated Statements of Cash Flows
|
(All amounts in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) / provided by operating activities
|
|
(125,028)
|
|
29,128
|
|
4,236
|
|
(177,833)
|
|
(235,270)
|
|
(34,219)
|
Net cash provided by/(used in) investing activities
|
|
226,401
|
|
(78,646)
|
|
(11,439)
|
|
258,514
|
|
(223,379)
|
|
(32,489)
|
Net cash provided by financing activities
|
|
2,344
|
|
425,791
|
|
61,930
|
|
6,169
|
|
437,955
|
|
63,698
|
Effect of foreign exchange rate changes on cash and cash equivalents
and restricted cash
|
|
(13,392)
|
|
(1,566)
|
|
(228)
|
|
(48,299)
|
|
62,474
|
|
9,086
|
Net increase in cash and cash equivalents
|
|
90,325
|
|
374,707
|
|
54,499
|
|
38,551
|
|
41,780
|
|
6,076
|
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
|
1,219,721
|
|
892,470
|
|
129,804
|
|
1,271,495
|
|
1,225,397
|
|
178,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at end of period
|
|
1,310,046
|
|
1,267,177
|
|
184,303
|
|
1,310,046
|
|
1,267,177
|
|
184,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31,
|
|
For the nine months ended December 31,
|
|
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(156,091)
|
|
(42,160)
|
|
(6,131)
|
|
(583,979)
|
|
(345,490)
|
|
(50,251)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
Share of result of equity investees
|
|
-
|
|
(14,816)
|
|
(2,155)
|
|
-
|
|
7,394
|
|
1,075
|
Less:
|
|
Income tax benefits
|
|
(24,651)
|
|
(1,778)
|
|
(259)
|
|
(76,670)
|
|
(12,355)
|
|
(1,797)
|
Less:
|
|
Gain from investment disposals
|
|
-
|
|
(31,236)
|
|
(4,543)
|
|
-
|
|
(31,236)
|
|
(4,543)
|
Less:
|
|
Gain of deconsolidation of a subsidiary
|
|
(13,592)
|
|
-
|
|
-
|
|
(13,592)
|
|
-
|
|
-
|
Less:
|
|
Interest income
|
|
(8,130)
|
|
(7,724)
|
|
(1,123)
|
|
(27,132)
|
|
(24,422)
|
|
(3,552)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
(202,464)
|
|
(97,714)
|
|
(14,211)
|
|
(701,373)
|
|
(406,109)
|
|
(59,068)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
Share-based compensation expenses
|
|
4,450
|
|
23,183
|
|
3,372
|
|
12,988
|
|
69,186
|
|
10,063
|
Add:
|
|
Amortization of intangible assets
|
|
109,755
|
|
66,633
|
|
9,691
|
|
329,241
|
|
149,862
|
|
21,797
|
Add:
|
|
Depreciation of property and equipment
|
|
15,152
|
|
2,625
|
|
382
|
|
49,259
|
|
9,780
|
|
1,422
|
|
|
Adjusted EBITDA
|
|
(73,107)
|
|
(5,273)
|
|
(766)
|
|
(309,885)
|
|
(177,281)
|
|
(25,786)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
(156,091)
|
|
(42,160)
|
|
(6,131)
|
|
(583,979)
|
|
(345,490)
|
|
(50,251)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
Gain from investment disposals
|
|
-
|
|
(31,236)
|
|
(4,543)
|
|
-
|
|
(31,236)
|
|
(4,543)
|
Less:
|
|
Gain of deconsolidation of a subsidiary
|
|
(13,592)
|
|
-
|
|
-
|
|
(13,592)
|
|
-
|
|
-
|
Add:
|
|
Share based compensation
|
|
4,450
|
|
23,183
|
|
3,372
|
|
12,988
|
|
69,186
|
|
10,063
|
Add:
|
|
Amortization of intangible assets
|
|
109,755
|
|
66,633
|
|
9,691
|
|
329,241
|
|
149,862
|
|
21,797
|
Less:
|
|
Adjusted for tax effects
|
|
(26,232)
|
|
(2,688)
|
|
(391)
|
|
(78,696)
|
|
(14,322)
|
|
(2,083)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss)/profit
|
|
(81,710)
|
|
13,732
|
|
1,998
|
|
(334,038)
|
|
(172,000)
|
|
(25,017)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190225005352/en/
MOGU Inc.
Qi Feng
Phone: +86-571-8530-8201
E-mail: ir@mogu-inc.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail:
carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
Source: MOGU Inc.