Baozun Inc. (Nasdaq: BZUN) ("Baozun" or the "Company"), the leading
brand e-commerce service partner that helps brands execute their
e-commerce strategies in China, today announced its unaudited
financial results for the first quarter ended March 31, 2019.
First Quarter 2019 Financial
Highlights
- Total net revenues were RMB1,286.8 million (US$1191.7 million),
an increase of 39.7% year-over-year. Services revenue was RMB669.2
million (US$99.7 million), an increase of 45.1%
year-over-year.
- Income from operations was RMB45.8 million (US$6.8 million), an
increase of 61.3% year-over-year. Operating margin was 3.6%,
compared with 3.1% in the same quarter of last year.
- Non-GAAP income from operations2 was RMB64.7 million (US$9.6
million), an increase of 41.7% year-over-year. Non-GAAP operating
margin was 5.0%, unchanged from the same quarter of last year.
- Net income attributable to ordinary shareholders of Baozun Inc.
was RMB34.0 million (US$5.1 million), an increase of 127.8%
year-over-year.
- Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc.3 was RMB52.6 million (US$7.8 million), an increase of
64.8% year-over-year.
- Basic and diluted net income attributable to ordinary
shareholders of Baozun Inc. per American Depository Share (“ADS4”)
were RMB0.59 (US$0.09) and RMB 0.57 (US$0.08), respectively,
compared with RMB 0.27 and RMB0.25, respectively, for the same
period of 2018.
- Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS5 were RMB 0.91 (US$0.14) and
RMB0.89 (US$0.13), respectively, compared with RMB0.57 and RMB0.54,
respectively, for the same period of 2018.
First Quarter 2019 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)6 was RMB 7,831.0
million, an increase of 58.4% year-over-year.
- Distribution GMV7 was RMB 709.5 million, an increase of 32.4%
year-over-year.
- Non-distribution GMV8 was RMB 7,121.5 million, an increase of
61.6% year-over-year.
- Number of brand partners increased to 200 as of March 31, 2019,
from 156 as of March 31, 2018.
- Number of GMV brand partners increased to 192 as of March 31,
2019, from 150 as of March 31, 2018.
“I’m pleased to announce a strong start to the
year where our investments in developing innovative and disruptive
technology are paving the way for us to lead the industry into the
next phase of the e-commerce revolution,” commented Mr. Vincent
Qiu, Chairman and Chief Executive Officer of Baozun. “One of our
strategic goals this year is to focus on high-quality growth as we
begin to benefit from the additional capacity and expanded
addressable market, that our powerful tools and highly-targeted
digital marketing solutions are creating. We continue to grow our
business in a sustainable and balanced manner, which we believe
will better position us to drive growth over the long-term and
offer both international and domestic brand partners a unique value
proposition.”
Mr. Robin Lu, Chief Financial Officer of Baozun
commented, “We delivered another solid quarter with GMV increasing
by 58.4% and revenue growing by 39.7% year-over-year. Notably, new
brand partners, especially brands in high-quality GMV categories,
delivered incremental contribution in GMV growth. Furthermore, we
are delighted to see some early-stage operational efficiency
improvement generated from our system intelligence and automation,
which underscores our commitment to innovations. During the first
quarter of 2019, our investments in technology innovation and
productization totaled RMB23 million. We are confident with our
growth prospects and expect GMV to grow by 50% to 55%
year-over-year for the second quarter of 2019.”
First Quarter 2019 Financial
Results
Total net revenues were
RMB1,286.8 million (US$191.7 million), an increase of 39.7% from
RMB921.2 million in the same quarter of last year.
Product sales revenue was RMB
617.6 million (US$92.0 million), an increase of 34.3% from RMB
459.9 million in the same quarter of last year. The increase was
primarily attributable to acquisition of new brand partners, the
increased popularity of brand partners’ products and Baozun’s
increasingly effective marketing and promotional campaigns.
Services revenue was RMB 669.2
million (US$99.7 million), an increase of 45.1% from RMB 461.3
million in the same quarter of last year. The increase was
primarily attributable to the rapid growth of the Company’s
consignment model and service fee model, and in particular, strong
growth in digital marketing services.
Total operating expenses were
RMB 1,240.9 million (US$184.9 million), compared with RMB892.8
million in the same quarter of last year.
- Cost of products was RMB508.8
million (US$75.8 million), compared with RMB379.1 million in the
same quarter of last year. The increase was primarily due to higher
costs associated with an increase in product sales revenue.
- Fulfillment expenses were RMB287.6 million
(US$42.9 million), compared with RMB210.6 million in the same
quarter of last year. The increase was primarily due to an increase
in GMV contribution from the Company’s distribution and consignment
model and warehouse rental expenses, partially offset by efficiency
improvements.
- Sales and marketing expenses were RMB311.4
million (US$46.4 million), compared with RMB221.1 million in the
same quarter of last year. The increase was consistent with the
Company’s GMV growth, and increase in digital marketing services,
partially offset by efficiency improvements.
- Technology and content expenses were RMB87.9
million (US$13.1 million), compared with RMB50.3 million in the
same quarter of last year. The increase was primarily due to the
Company’s continued investments in innovation and
productization.
- General and administrative expenses were
RMB45.5 million (US$6.8 million), compared with RMB32.3 million in
the same quarter of last year. The increase was primarily due to an
increase in administrative, corporate strategy, and business
planning staff.
Income from operations was
RMB45.8 million (US$6.8 million), compared with RMB28.4 million in
the same quarter of last year. Operating margin was 3.6%,
compared with 3.1% in the same quarter of last year.
Non-GAAP income from operations
was RMB64.7 million (US$9.6 million), compared with RMB45.7 million
in the same quarter of last year. Non-GAAP operating margin was
5.0%, unchanged from the same quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB34.0 million (US$5.1
million), an increase of 127.8% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB0.59 (US$0.09) and RMB0.57
(US$0.08), respectively, compared with RMB0.27 and RMB0.25,
respectively, in the same period of 2018.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB52.6
million (US$7.8 million), an increase of 64.8% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB0.91 (US$0.14) and RMB0.89 (US$0.13), respectively, compared
with RMB0.57 and RMB0.54, respectively, in the same period of
2018.
As of March 31, 2019, the Company had RMB576.7 million (US$85.9
million) in cash, cash equivalents and short-term
investment, an increase from RMB513.9 million as of
December 31, 2018.
Business Outlook
The Company expects total net revenues to be
between RMB1,550 million and RMB1,600 million for the second
quarter of 2019, which represents a year-over-year growth rate of
34% to 38%, in which services revenue to increase by over 40% on a
year-over-year basis.
Conference CallThe Company will
host a conference call to discuss the earnings at 8:00 a.m. Eastern
Time on Wednesday, May 29, 2019 (8:00 p.m. Beijing time on the same
day).Dial-in numbers for the live conference call are as
follows:
International |
+852-3027-6500 |
U.S. Toll Free |
+1-855-824-5644 |
Mainland China Toll Free |
8009-880-563 |
Hong Kong |
3027-6500 |
Passcode: |
72154472# |
A telephone replay of the call will be available
after the conclusion of the conference call through 11:59 p.m.
Beijing Time, June 6, 2019.Dial-in numbers for the replay are as
follows:
International |
+852-3027-6520 |
U.S. Toll Free |
+1-646-982-0473 |
Passcode: |
319317311# |
A live and archived webcast of the conference
call will be available on the Investor Relations section of
Baozun’s website at http://ir.baozun.com/.Use of Non-GAAP
Financial Measures
The Company uses non-GAAP financial measures in
evaluating its business. For example, the Company uses non-GAAP
income/(loss) from operations, non-GAAP operating margin, non-GAAP
net income/(loss), non-GAAP net margin, non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. and non-GAAP
net income (loss) attributable to ordinary shareholders of Baozun
Inc. per ADS, as supplemental measures to review and assess its
financial and 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 U.S. GAAP. Non-GAAP
income/(loss) from operations is income/(loss) from operations
excluding the impact of share-based compensation expenses and
amortization of intangible assets resulting from business
acquisition. Non-GAAP operating margin is non-GAAP income from
operations as a percentage of total net revenues. Non-GAAP net
income/(loss) is net income/(loss) excluding the impact of
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition. Non-GAAP net margin is
non-GAAP net income as a percentage of total net revenues.
Non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. is net income (loss) attributable to ordinary
shareholders of Baozun Inc. excluding the impact of share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition. Non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS is
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. divided by weighted average number of shares used in
calculating net income (loss) per ordinary share multiplied by
three.
The Company presents the non-GAAP financial
measures because they are used by the Company’s management to
evaluate the Company’s financial and operating performance and
formulate business plans. Non-GAAP income/(loss) from operations
and non-GAAP net income/(loss) enable the Company’s management to
assess the Company’s financial and operating results without
considering the impact of share-based compensation expenses and
amortization of intangible assets resulting from business
acquisition. The Company also believes that the use of the non-GAAP
measures facilitates investors’ assessment of the Company’s
financial and operating performance.
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. One of the key limitations of using non-GAAP income/(loss)
from operations, non-GAAP net income/(loss), non-GAAP net income
(loss) attributable to ordinary shareholders of Baozun Inc., and
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. per ADS is that they do not reflect all items of income
and expense that affect the Company’s operations. Share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition have been and may continue to
be incurred in the Company’s business and is not reflected in the
presentation of non-GAAP income/(loss) from operations and non-GAAP
net income/(loss). Further, the non-GAAP measures may differ from
the non-GAAP measures used by other companies, including peer
companies, and therefore their comparability may be limited. In
light of the foregoing limitations, the non-GAAP income/(loss) from
operations, non-GAAP operating margin, non-GAAP net income/(loss),
non-GAAP net margin, non-GAAP net income (loss) attributable to
ordinary shareholders of Baozun Inc. and non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS for
the period should not be considered in isolation from or as an
alternative to income/(loss) from operations, operating margin, net
income/(loss), net margin, net income (loss) attributable to
ordinary shareholders of Baozun Inc. and net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS, or
other financial measures prepared in accordance with U.S. GAAP.
The Company compensates for these limitations by
reconciling the non-GAAP financial measures to the nearest U.S.
GAAP performance measures, which should be considered when
evaluating the Company’s performance. For reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP financial measures, please see the section of the accompanying
tables titled, “Reconciliations of GAAP and Non-GAAP Results.”
Safe Harbor Statements
This news release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "target," "going forward," "outlook" and
similar statements. For example, the Company’s statement about its
expectations for Company performance in the second quarter of 2019
is a forward-looking statement and is inherently uncertain. Such
statements are based upon management's current expectations and
current market and operating conditions, and relate to events that
involve known or unknown risks, uncertainties and other factors,
such as the Company’s expected growth of the online retail industry
in China, the Company’s expectations regarding demand for and
market acceptance of its products and services, the Company’s
expectations regarding its relationships with its brand partners
and e-commerce channels, and the level of consumer economic
activity in China, all of which are difficult to predict and many
of which are beyond the Company's control, which may cause the
Company's actual results, performance or achievements to differ
materially from those in the forward-looking statements. Further
information regarding risks, uncertainties or factors is included
in the Company's filings with the U.S. Securities and Exchange
Commission. The Company does not undertake any obligation to update
any forward-looking statement as a result of new information,
future events or otherwise, except as required under law.
About Baozun Inc.
Baozun is the leading brand e-commerce service
partner that helps brands execute their e-commerce strategies in
China by selling their goods directly to customers online or by
providing services to assist with their e-commerce operations. The
Company's integrated end-to-end brand e-commerce capabilities
encompass all aspects of the e-commerce value chain, covering IT
solutions, store operations, digital marketing, customer services,
warehousing and fulfillment.
For more information, please visit
http://ir.baozun.com
For investor and media inquiries, please
contact:
Baozun Inc.Ms. Wendy SunEmail:
ir@baozun.com
ChristensenIn ChinaMr.
Christian ArnellPhone: +86-10-5900-1548E-mail:
carnell@christensenir.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@ChristensenIR.com
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands) |
|
|
As of |
|
December 31,
2018 |
|
March 31,
2019 |
|
March 31,
2019 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
457,340 |
|
521,713 |
|
77,738 |
Restricted cash |
56,074 |
|
152,923 |
|
22,786 |
Short-term investment |
56,535 |
|
54,981 |
|
8,192 |
Accounts receivable, net |
1,547,631 |
|
1,374,920 |
|
204,869 |
Inventories |
650,348 |
|
567,075 |
|
84,497 |
Advances to suppliers |
166,076 |
|
180,813 |
|
26,942 |
Prepayments and other current assets |
286,149 |
|
270,052 |
|
40,239 |
Amounts due from related parties |
32,270 |
|
16,227 |
|
2,418 |
Total current assets |
3,252,423 |
|
3,138,704 |
|
467,681 |
Non-current assets |
|
|
|
|
|
Restricted cash |
69,441 |
|
- |
|
- |
Investments in equity investees |
33,974 |
|
34,489 |
|
5,139 |
Property and equipment, net |
402,740 |
|
403,058 |
|
60,058 |
Intangible assets, net |
132,393 |
|
138,145 |
|
20,584 |
Land use right, net |
43,593 |
|
43,336 |
|
6,457 |
Right-of-use assets9 |
- |
|
446,299 |
|
66,501 |
Goodwill |
13,158 |
|
13,158 |
|
1,961 |
Other non-current assets |
30,021 |
|
30,358 |
|
4,524 |
Deferred tax assets |
38,081 |
|
38,183 |
|
5,689 |
Total non-current
assets |
763,401 |
|
1,147,026 |
|
170,913 |
|
|
|
|
|
|
Total assets |
4,015,824 |
|
4,285,730 |
|
638,594 |
|
|
|
|
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands, except for share and
per share data) |
|
|
|
As of |
|
|
December
31,2018 |
|
March 31,
2019 |
|
March 31,
2019 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term loan |
|
436,200 |
|
659,064 |
|
98,204 |
Accounts payable |
|
886,340 |
|
466,659 |
|
69,534 |
Notes payable |
|
26,770 |
|
99,990 |
|
14,899 |
Income tax payables |
|
62,764 |
|
45,204 |
|
6,736 |
Accrued expenses and other current liabilities |
|
322,668 |
|
319,952 |
|
47,674 |
Amounts due to related parties |
|
13,994 |
|
1,246 |
|
186 |
Operating lease liabilities1 |
|
- |
|
116,753 |
|
17,397 |
Total current liabilities |
|
1,748,736 |
|
1,708,868 |
|
254,630 |
|
|
|
|
|
|
|
Long-term loan |
|
68,753 |
|
- |
|
- |
Deferred tax liability |
|
3,319 |
|
3,222 |
|
480 |
Operating lease liabilities1 |
|
- |
|
333,940 |
|
49,759 |
Total non-current liabilities |
|
72,072 |
|
337,162 |
|
50,239 |
|
|
|
|
|
|
|
Total liabilities |
|
1,820,808 |
|
2,046,030 |
|
304,869 |
|
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares
authorized, 159,247,873 and 160,267,396 shares issued
and outstanding as of December 31, 2018 and March 31, 2019,
respectively) |
|
98 |
|
98 |
|
15 |
Class B ordinary shares (US$0.0001 par value; 30,000,000 shares
authorized, 13,300,738 shares issued and outstanding as of December
31, 2018 and March 31, 2019, respectively) |
|
8 |
|
8 |
|
1 |
Additional paid-in capital |
|
1,903,503 |
|
1,923,208 |
|
286,567 |
Retained earnings |
|
244,712 |
|
278,721 |
|
41,531 |
Accumulated other comprehensive income |
|
29,222 |
|
20,251 |
|
3,016 |
|
|
|
|
|
|
|
Total Baozun Inc. shareholders' equity |
|
2,177,543 |
|
2,222,286 |
|
331,130 |
|
|
|
|
|
|
|
Noncontrolling interests |
|
17,473 |
|
17,414 |
|
2,595 |
Total equity |
|
2,195,016 |
|
2,239,700 |
|
333,725 |
|
|
|
|
|
|
|
Total liabilities
and shareholders'
equity |
|
4,015,824 |
|
4,285,730 |
|
638,594 |
|
|
|
|
|
|
|
Baozun Inc. |
|
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
|
(In thousands, except for share and per share data and per
ADS data) |
|
|
|
|
For the three months ended March
31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
Product sales |
459,930 |
|
617,585 |
|
92,023 |
Services |
461,269 |
|
669,176 |
|
99,710 |
Total net revenues |
921,199 |
|
1,286,761 |
|
191,733 |
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
Cost of products |
(379,135) |
|
(508,824) |
|
(75,818) |
Fulfillment |
(210,601) |
|
(287,576) |
|
(42,850) |
Sales and marketing (2) |
(221,132) |
|
(311,420) |
|
(46,403) |
Technology and content |
(50,254) |
|
(87,866) |
|
(13,092) |
General and administrative |
(32,315) |
|
(45,469) |
|
(6,775) |
Other operating income, net |
658 |
|
234 |
|
35 |
Total operating expenses |
(892,779) |
|
(1,240,921) |
|
(184,903) |
Income from operations |
28,420 |
|
45,840 |
|
6,830 |
Other income (expenses) |
|
|
|
|
|
Interest income |
1,942 |
|
1,974 |
|
294 |
Interest expense |
(4,116) |
|
(8,042) |
|
(1,198) |
Exchange gain (loss) |
(1,424) |
|
968 |
|
144 |
Income before income tax
and share of income (loss) in equity method
investment |
24,822 |
|
40,740 |
|
6,070 |
Income tax expense (3) |
(8,556) |
|
(7,305) |
|
(1,088) |
Share of income (loss) in equity method investment, net of tax of
nil |
(801) |
|
515 |
|
77 |
Net income |
15,465 |
|
33,950 |
|
5,059 |
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interests |
(534) |
|
59 |
|
9 |
Net income attributable to ordinary
shareholders of Baozun Inc. |
14,931 |
|
34,009 |
|
5,068 |
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
Basic |
0.09 |
|
0.20 |
|
0.03 |
Diluted |
0.08 |
|
0.19 |
|
0.03 |
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
Basic |
0.27 |
|
0.59 |
|
0.09 |
Diluted |
0.25 |
|
0.57 |
|
0.08 |
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
Basic |
166,857,263 |
|
172,839,612 |
|
172,839,612 |
Diluted |
177,061,602 |
|
178,273,196 |
|
178,273,196 |
|
|
|
|
|
|
Net income |
15,465 |
|
33,950 |
|
5,059 |
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
Foreign currency translation adjustment |
(15,036) |
|
(8,971) |
|
(1,337) |
Comprehensive income |
429 |
|
24,979 |
|
3,722 |
|
|
|
|
|
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
|
For the three months ended March
31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Fulfillment |
861 |
|
2,897 |
|
432 |
Sales and marketing |
6,220 |
|
5,271 |
|
785 |
Technology and content |
3,646 |
|
2,620 |
|
390 |
General and administrative |
6,133 |
|
7,688 |
|
1,146 |
|
16,860 |
|
18,476 |
|
2,753 |
|
|
|
|
|
|
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB0.4 million for both the
three months period ended March 31, 2018 and 2019.
(3) Including income tax benefits of RMB0.1 million related to
the reversal of deferred tax liabilities, which was recognized on
business acquisition for both the three months period ended March
31, 2018 and 2019.
|
Baozun Inc. |
Reconciliations of GAAP and Non-GAAP Results |
(in thousands, except for
share and per ADS data) |
|
|
For the three months ended March
31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
28,420 |
|
45,840 |
|
6,830 |
Add:
Share-based compensation expenses |
16,860 |
|
18,476 |
|
2,753 |
Amortization of intangible assets resulting from business
acquisition |
391 |
|
391 |
|
58 |
Non-GAAP
income from operations |
45,671 |
|
64,707 |
|
9,641 |
|
|
|
|
|
|
Net Income |
15,465 |
|
33,950 |
|
5,059 |
Add:
Share-based compensation expenses |
16,860 |
|
18,476 |
|
2,753 |
Amortization of intangible assets resulting from business
acquisition |
391 |
|
391 |
|
58 |
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
(98) |
|
(98) |
|
(15) |
Non-GAAP net
income |
32,618 |
|
52,719 |
|
7,855 |
|
|
|
|
|
|
Net income
attributable to ordinary shareholders of Baozun Inc. |
14,931 |
|
34,009 |
|
5,068 |
Add:
Share-based compensation expenses |
16,860 |
|
18,476 |
|
2,753 |
Amortization of intangible assets resulting from business
acquisition |
199 |
|
199 |
|
30 |
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
(50) |
|
(50) |
|
(8) |
Non-GAAP net
income attributable to ordinary shareholders of Baozun
Inc. |
31,940 |
|
52,634 |
|
7,843 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income attributable to
ordinary shareholders of Baozun Inc. per
ADS: |
|
|
|
|
|
Basic |
0.57 |
|
0.91 |
|
0.14 |
Diluted |
0.54 |
|
0.89 |
|
0.13 |
Weighted
average shares used in calculating net income per ordinary
share |
|
|
|
|
|
Basic |
166,857,263 |
|
172,839,612 |
|
172,839,612 |
Diluted |
177,061,602 |
|
178,273,196 |
|
178,273,196 |
|
|
|
|
|
|
1 This announcement contains translations of certain Renminbi
(RMB) amounts into U.S. dollars (US$) at a specified rate solely
for the convenience of the reader. Unless otherwise noted, the
translation of RMB into US$ has been made at RMB6.7112 to US$1.00,
the noon buying rate in effect on March 29, 2019 as set forth in
the H.10 Statistical Release of the Federal Reserve Board.
2 Non-GAAP income from operations is a non-GAAP financial
measure, which is defined as income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition.
3 Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc. is a non-GAAP financial measure, which is defined as
net income attributable to ordinary shareholders of Baozun Inc.
excluding share-based compensation expenses and amortization of
intangible assets resulting from business acquisition.
4 Each ADS represents three Class A ordinary shares.
5 Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS are non-GAAP financial
measures, which are defined as non-GAAP net income attributable to
ordinary shareholders of Baozun Inc. divided by weighted average
number of shares used in calculating basic and diluted net income
per ordinary share multiplied by three, respectively.
6 GMV includes value added tax and excludes (i) shipping
charges, (ii) surcharges and other taxes, (iii) value of the goods
that are returned and (iv) deposits for purchases that have not
been settled.
7 Distribution GMV refers to the GMV under the distribution
business model.
8 Non-distribution GMV refers to the GMV under the service fee
business model and the consignment business model.
9 In February 2016, the FASB issued ASU 2016-02, Leases (Topic
842), which requires lessees to recognize a right-of-use asset and
lease liability on their balance sheet for all leases. The Company
adopted this ASU on January 1, 2019 using the modified
retrospective approach and will not restate comparative
periods.
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