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 second quarter ended June 30, 2019.
Second Quarter 2019 Financial
Highlights
- Total net revenues were RMB1,704.2 million (US$1248.2 million),
an increase of 47.0% year-over-year. Services revenue was RMB855.1
million (US$124.5 million), an increase of 46.9%
year-over-year.
- Income from operations was RMB85.8 million (US$12.5 million),
an increase of 47.2% year-over-year. Operating margin was 5.0%,
unchanged from the same quarter of last year.
- Non-GAAP income from operations2 was RMB103.1 million (US$15.0
million), an increase of 30.1% year-over-year. Non-GAAP operating
margin was 6.1%, compared with 6.8% in the same quarter of last
year.
- Net income attributable to ordinary shareholders of Baozun Inc.
was RMB67.1 million (US$9.8 million), an increase of 82.5%
year-over-year.
- Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc.3 was RMB84.2 million (US$12.3 million), an increase of
46.4% year-over-year.
- Basic and diluted net income attributable to ordinary
shareholders of Baozun Inc. per American Depository Share (“ADS4”)
were RMB1.16 (US$0.17) and RMB1.13 (US$0.16), respectively,
compared with RMB0.65 and RMB0.62, respectively, for the same
period of 2018.
- Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS5 were RMB1.45 (US$0.21) and
RMB1.41 (US$0.21), respectively, compared with RMB1.01 and RMB0.96,
respectively, for the same period of 2018.
Second Quarter 2019 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)6 was RMB9,725.7 million,
an increase of 59.9% year-over-year.
- Distribution GMV7 was RMB951.4 million, an increase of 42.8%
year-over-year.
- Non-distribution GMV8 was RMB8,774.3 million, an increase of
62.0% year-over-year.
- Number of brand partners increased to 212 as of June 30, 2019,
from 162 as of June 30, 2018.
- Number of GMV brand partners increased to 202 as of June 30,
2019, from 156 as of June 30, 2018.
“Driven by a robust June 18 sales campaign, our
GMV continued to gain growth momentum during the quarter while
total revenue grew at its fastest pace over the past three years,”
commented Mr. Vincent Qiu, Chairman and Chief Executive Officer of
Baozun. “Our GMV growth rate during the quarter outpaced many
e-commerce marketplaces demonstrating just how effective our
stellar tools are and the unique value proposition we offer to both
international and domestic brand partners. In addition, we deepened
cooperation with China’s largest e-commerce marketplace to enhance
the shopping experience and increase user engagement on their
dedicated channel for premium and luxury goods. This will allow us
to further penetrate into and benefit from the enormous growth
potential in this category. Our focus this year remains on
leveraging the additional capacity our technology and tools are
creating to benefit from an expanding addressable market and
generate high-quality growth.”
Mr. Robin Lu, Chief Financial Officer of Baozun
commented, “Our top line exceeded guidance during the quarter, with
total revenue growing by 47% year-over-year while GMV increased by
nearly 60%. In addition, we are glad to see incremental
contribution to GMV from more newly-acquired brands. We generated
over RMB100 million in non-GAAP income from operations for the
first time during a non-Singles Day quarter, a significant
milestone for us. During the second quarter of 2019, our
investments in technology innovation and productization totaled
RMB21.1 million. So far in the third quarter, we are accelerating
the ramp up of operations for newly-acquired brands and are
reinvesting some of our sustained profits to capture selected
emerging opportunities. We are confident in our growth prospects,
and expect GMV to grow by 40% to 45% year-over-year for the third
quarter of 2019. We also reiterate our outlook where we expect GMV
to grow by 40% to 50% year-over-year during fiscal year 2019.”
Second Quarter 2019 Financial
Results
Total net revenues were
RMB1,704.2 million (US$248.2 million), an increase of 47.0% from
RMB1,159.1 million in the same quarter of last year.
Product sales revenue was
RMB849.1 million (US$123.7 million), an increase of 47.2% from
RMB577.0 million in the same quarter of last year. The increase was
primarily attributable to the acquisition of new brand partners,
the increased popularity of brand partners’ products, and Baozun’s
increasingly effective marketing and promotional campaigns.
Services revenue was RMB855.1
million (US$124.5 million), an increase of 46.9% from RMB582.1
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
RMB1,618.4 million (US$235.7 million), compared with RMB1,100.8
million in the same quarter of last year.
- Cost of products was RMB679.2
million (US$98.9 million), compared with RMB464.4 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 RMB391.9 million
(US$57.1 million), compared with RMB277.7 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, which were partially offset by
efficiency improvements.
- Sales and marketing expenses were RMB413.2
million (US$60.2 million), compared with RMB273.1 million in the
same quarter of last year. The increase was in line with GMV growth
and an increase in digital marketing services, which were partially
offset by efficiency improvements.
- Technology and content expenses were RMB102.3
million (US$14.9 million), compared with RMB65.2 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
RMB51.7 million (US$7.5 million), compared with RMB38.7 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
RMB85.8 million (US$12.5 million), compared with RMB58.3 million in
the same quarter of last year. Operating margin was 5.0%, unchanged
from the same quarter of last year.
Non-GAAP income from operations
was RMB103.1 million (US$15.0 million), compared with RMB79.3
million in the same quarter of last year. Non-GAAP operating margin
was 6.1%, compared with 6.8% in the same quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB67.1 million (US$9.8
million), an increase of 82.5% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB1.16 (US$0.17) and RMB1.13
(US$0.16), respectively, compared with RMB0.65 and RMB0.62,
respectively, in the same period of 2018.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB84.2
million (US$12.3 million), an increase of 46.4% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB1.45 (US$0.21) and RMB1.41 (US$0.21), respectively, compared
with RMB1.01 and RMB0.96, respectively, in the same period of
2018.
As of June 30, 2019, the Company had RMB2,554.8
million (US$372.2 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 RMB1,500 million and RMB1,550 million for the third quarter
of 2019, which represents a year-over-year growth rate of 35% to
40%, in which services revenue to increase in line with growth rate
of total net revenue on a year-over-year basis.
Conference Call
The Company will host a conference call to
discuss the earnings at 8:30 a.m. Eastern Time on Wednesday, August
21, 2019 (8:30 p.m. Beijing time on the same day).
Dial-in numbers for the live conference call are
as follows:
International |
+65-6713-5090 |
U.S. Toll Free |
+1-845-675-0437 |
Mainland China Toll Free |
400-620-8038 or 800-819-0121 |
Hong Kong |
+852-3018-6771 |
Passcode: |
2376196# |
A telephone replay of the call will be available
after the conclusion of the conference call through 09:59 p.m.
Beijing Time, August 29, 2019.
Dial-in numbers for the replay are as
follows:
International
Dial-in |
+61-2-8199-0299 |
U.S. Toll Free |
+1-855-452-5696 |
Passcode: |
2376196# |
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 third 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 these and other 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 applicable 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
__________________________________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 RMB6.8650 to US$1.00, the noon
buying rate in effect on June 28, 2019 as set forth in the H.10
Statistical Release of the Federal Reserve Board.2 Non-GAAP income
from operations is a non-GAAP financial measure, which is defined
as income from operations excluding share-based compensation
expenses and amortization of intangible assets resulting from
business acquisition.3 Non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. is a non-GAAP financial measure, which
is defined as net income attributable to ordinary shareholders of
Baozun Inc. excluding share-based compensation expenses and
amortization of intangible assets resulting from business
acquisition.4 Each ADS represents three Class A ordinary shares.5
Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS are non-GAAP financial
measures, which are defined as non-GAAP net income attributable to
ordinary shareholders of Baozun Inc. divided by weighted average
number of shares used in calculating basic and diluted net income
per ordinary share multiplied by three, respectively.6 GMV includes
value added tax and excludes (i) shipping charges, (ii) surcharges
and other taxes, (iii) value of the goods that are returned and
(iv) deposits for purchases that have not been settled.7
Distribution GMV refers to the GMV under the distribution business
model.8 Non-distribution GMV refers to the GMV under the service
fee business model and the consignment business model.
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands) |
|
|
As of |
|
December 31,
2018 |
|
June 30,
2019 |
|
June
30,2019 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
457,340 |
|
1,468,177 |
|
213,864 |
Restricted cash |
56,074 |
|
132,890 |
|
19,358 |
Short-term investment |
56,535 |
|
1,086,669 |
|
158,291 |
Accounts receivable, net |
1,547,631 |
|
1,241,985 |
|
180,915 |
Inventories |
650,348 |
|
668,481 |
|
97,375 |
Advances to suppliers |
166,076 |
|
181,560 |
|
26,447 |
Prepayments and other current assets |
286,149 |
|
275,305 |
|
40,103 |
Amounts due from related parties |
32,270 |
|
20,501 |
|
2,986 |
Total current assets |
3,252,423 |
|
5,075,568 |
|
739,339 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Restricted cash |
69,441 |
|
- |
|
- |
Investments in equity investees |
33,974 |
|
39,972 |
|
5,823 |
Property and equipment, net |
402,740 |
|
400,728 |
|
58,373 |
Intangible assets, net |
132,393 |
|
138,417 |
|
20,163 |
Land use right, net |
43,593 |
|
43,080 |
|
6,275 |
Right-of-use assets1 |
- |
|
448,028 |
|
65,263 |
Goodwill |
13,158 |
|
13,158 |
|
1,917 |
Other non-current assets |
30,021 |
|
32,975 |
|
4,803 |
Deferred tax assets |
38,081 |
|
38,357 |
|
5,587 |
Total non-current
assets |
763,401 |
|
1,154,715 |
|
168,204 |
|
|
|
|
|
|
Total assets |
4,015,824 |
|
6,230,283 |
|
907,543 |
|
|
|
|
|
|
__________________________________1 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.
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands, except for share and
per share data) |
|
|
As of |
|
December
31,2018 |
|
June
30,2019 |
|
June
30,2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term loan |
436,200 |
|
291,000 |
|
42,389 |
Accounts payable |
886,340 |
|
563,183 |
|
82,037 |
Notes payable |
26,770 |
|
230,578 |
|
33,587 |
Income tax payables |
62,764 |
|
30,726 |
|
4,476 |
Accrued expenses and other current liabilities |
322,668 |
|
475,773 |
|
69,304 |
Amounts due to related parties |
13,994 |
|
969 |
|
141 |
Operating lease liabilities1 |
- |
|
134,938 |
|
19,656 |
Total current liabilities |
1,748,736 |
|
1,727,167 |
|
251,590 |
|
|
|
|
|
|
Long-term loan |
68,753 |
|
1,818,003 |
|
264,822 |
Deferred tax liability |
3,319 |
|
3,124 |
|
455 |
Operating lease liabilities1 |
- |
|
317,148 |
|
46,198 |
Total non-current liabilities |
72,072 |
|
2,138,275 |
|
311,475 |
|
|
|
|
|
|
Total liabilities |
1,820,808 |
|
3,865,442 |
|
563,065 |
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares
authorized, 159,247,873 and 173,608,726 shares issued and
outstanding as of December 31, 2018 and June 30, 2019,
respectively) |
98 |
|
107 |
|
16 |
Class B ordinary shares (US$0.0001 par value; 30,000,000 shares
authorized, 13,300,738 shares issued and outstanding as of December
31, 2018 and June 30, 2019, respectively) |
8 |
|
8 |
|
1 |
Additional paid-in capital |
1,903,503 |
|
1,974,376 |
|
287,600 |
Retained earnings |
244,712 |
|
345,783 |
|
50,369 |
Accumulated other comprehensive income |
29,222 |
|
23,041 |
|
3,356 |
|
|
|
|
|
|
Total Baozun Inc. shareholders' equity |
2,177,543 |
|
2,343,315 |
|
341,342 |
|
|
|
|
|
|
Noncontrolling interests |
17,473 |
|
21,526 |
|
3,136 |
Total equity |
2,195,016 |
|
2,364,841 |
|
344,478 |
|
|
|
|
|
|
Total liabilities
and shareholders'
equity |
4,015,824 |
|
6,230,283 |
|
907,543 |
|
|
|
|
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
(In thousands, except for share and per share data and per
ADS data) |
|
|
For the three months ended June
30, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
Product sales |
577,003 |
|
|
849,153 |
|
|
123,693 |
|
Services |
582,127 |
|
|
855,057 |
|
|
124,553 |
|
Total net revenues |
1,159,130 |
|
|
1,704,210 |
|
|
248,246 |
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
Cost of products |
(464,364 |
) |
|
(679,232 |
) |
|
(98,941 |
) |
Fulfillment |
(277,720 |
) |
|
(391,943 |
) |
|
(57,093 |
) |
Sales and marketing (2) |
(273,098 |
) |
|
(413,153 |
) |
|
(60,183 |
) |
Technology and content |
(65,210 |
) |
|
(102,297 |
) |
|
(14,901 |
) |
General and administrative |
(38,702 |
) |
|
(51,657 |
) |
|
(7,525 |
) |
Other operating income, net |
18,251 |
|
|
19,868 |
|
|
2,894 |
|
Total operating expenses |
(1,100,843 |
) |
|
(1,618,414 |
) |
|
(235,749 |
) |
Income from operations |
58,287 |
|
|
85,796 |
|
|
12,497 |
|
Other income (expenses) |
|
|
|
|
|
Interest income |
2,457 |
|
|
13,049 |
|
|
1,901 |
|
Interest expense |
(2,312 |
) |
|
(16,415 |
) |
|
(2,391 |
) |
Impairment loss of investments |
(1,524 |
) |
|
- |
|
|
- |
|
Exchange loss |
(3,713 |
) |
|
(3,922 |
) |
|
(571 |
) |
Income before income tax and share of income (loss) in
equity method investment |
53,195 |
|
|
78,508 |
|
|
11,436 |
|
Income tax expense (3) |
(16,467 |
) |
|
(12,317 |
) |
|
(1,794 |
) |
Share of income (loss) in equity method investment, net of tax of
nil |
(264 |
) |
|
483 |
|
|
70 |
|
Net income |
36,464 |
|
|
66,674 |
|
|
9,712 |
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interests |
287 |
|
|
388 |
|
|
57 |
|
Net income attributable to ordinary
shareholders of Baozun Inc. |
36,751 |
|
|
67,062 |
|
|
9,769 |
|
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
Basic |
0.22 |
|
|
0.39 |
|
|
0.06 |
|
Diluted |
0.21 |
|
|
0.38 |
|
|
0.06 |
|
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
Basic |
0.65 |
|
|
1.16 |
|
|
0.17 |
|
Diluted |
0.62 |
|
|
1.13 |
|
|
0.16 |
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
Basic |
170,280,708 |
|
|
173,775,288 |
|
|
173,775,288 |
|
Diluted |
178,871,965 |
|
|
178,830,949 |
|
|
178,830,949 |
|
|
|
|
|
|
|
Net income |
36,464 |
|
|
66,674 |
|
|
9,712 |
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
Foreign currency translation adjustment |
21,757 |
|
|
2,790 |
|
|
406 |
|
Comprehensive income |
58,221 |
|
|
69,464 |
|
|
10,118 |
|
|
|
|
|
|
|
|
|
|
__________________________________(1)
Share-based compensation expenses are allocated in operating
expenses items as follows:
|
For the three months ended June
30, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Fulfillment |
1,186 |
|
2,154 |
|
314 |
Sales and marketing |
7,910 |
|
5,050 |
|
736 |
Technology and content |
3,742 |
|
2,748 |
|
400 |
General and administrative |
7,757 |
|
7,008 |
|
1,021 |
|
20,595 |
|
16,960 |
|
2,471 |
|
|
|
|
|
|
(2) Including amortization of intangible assets
resulting from business acquisition, which amounted to RMB0.4
million for both the three months period ended June 30, 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 June
30, 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 June
30, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
58,287 |
|
|
85,796 |
|
|
12,497 |
|
Add: |
Share-based compensation expenses |
20,595 |
|
|
16,960 |
|
|
2,471 |
|
|
Amortization of intangible assets resulting from business
acquisition |
391 |
|
|
391 |
|
|
57 |
|
Non-GAAP income from operations |
79,273 |
|
|
103,147 |
|
|
15,025 |
|
|
|
|
|
|
|
Net Income |
36,464 |
|
|
66,674 |
|
|
9,712 |
|
Add: |
Share-based compensation expenses |
20,595 |
|
|
16,960 |
|
|
2,471 |
|
|
Amortization of intangible assets resulting from business
acquisition |
391 |
|
|
391 |
|
|
57 |
|
Less: |
Tax effect of amortization of intangible assets resulting from
business acquisition |
(98 |
) |
|
(98 |
) |
|
(14 |
) |
Non-GAAP net income |
57,352 |
|
|
83,927 |
|
|
12,226 |
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders of Baozun
Inc. |
36,751 |
|
|
67,062 |
|
|
9,769 |
|
Add: |
Share-based compensation expenses |
20,595 |
|
|
16,960 |
|
|
2,471 |
|
|
Amortization of intangible assets resulting from business
acquisition |
199 |
|
|
199 |
|
|
29 |
|
Less: |
Tax effect of amortization of intangible assets resulting from
business acquisition |
(50 |
) |
|
(50 |
) |
|
(7 |
) |
Non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. |
57,495 |
|
|
84,171 |
|
|
12,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders of Baozun
Inc. per ADS: |
|
|
|
|
|
Basic |
1.01 |
|
|
1.45 |
|
|
0.21 |
|
Diluted |
0.96 |
|
|
1.41 |
|
|
0.21 |
|
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
Basic |
170,280,708 |
|
|
173,775,288 |
|
|
173,775,288 |
|
Diluted |
178,871,965 |
|
|
178,830,949 |
|
|
178,830,949 |
|
|
|
|
|
|
|
|
|
|
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