- Live Video Broadcast Business (“LVB”)
Maintained Robust Growth Momentum with GMV Nearly Doubling
Year-over-Year
- LVB Accounted for 53% of GMV, Up 14%
Sequentially
- LVB GMV Grew by 155% and 120% Year-over-Year
During “Double-11” and “Double-12” Shopping Festivals,
Respectively
- LVB Average MAUs Increased 132.7%
Year-over-Year
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 2020 ended December 31, 2019.
Mr. Qi Chen, Chairman and Chief Executive Officer of MOGU,
commented “We continued to execute on our innovative LVB e-commerce
strategy during China’s peak shopping season. Our LVB business
continued to gain strong growth momentum, increasing 99.5%
year-over-year during the quarter as it increasingly accounts for a
more meaningful proportion of GMV which increased to 53.2%, up
14.3% sequentially. LVB hours per day also continued to rise,
eclipsing 3,800 hours per day in December 2019, up from 3,400 hours
per day in September 2019. I believe these strong results reflect
the success we expect to see going forward as our strategy begins
to bear more fruit.”
“This quarter, we made significant progress in cultivating and
empowering our KOLs and LVB hosts, a key component of the engaging
and comprehensive fashion and lifestyle destination we are building
for our users. First, we expanded our LVB host talent pool by
recruiting nearly 5,000 new hosts during the quarter to increase
the diversity of fashion and lifestyle-related content and amplify
engagement with a wider demographic. Second, we are seeing the
performance and growth of our new and mid-tier LVB hosts improve
rapidly on our platform driven by the effective systematic
execution of the new-KOL incubation and empowering "Duo Hundred"
and "Migrating Bird" plans we rolled out in July 2019. Third, we
strengthened the infrastructure we have built to empower KOLs by
adding 2,000 new supply chain vendors that cater to several product
categories and are strategically located across different parts of
China. We believe that combination of strategically expanding and
supporting our LVB host talent pool and the increase in our supply
chain capacity will create enormous synergies that deepen our
competitive advantage and generate sustainable growth going
forward.”
“At the same time, we continued to enrich our LVB e-commerce
business by expanding the breadth and depth of our product
categories, price ranges of the products offered, the array of
brand partners we work with and the variety of innovative
cutting-edge tools to support KOLs. We continue to grow the catalog
of fashion and lifestyle-related short-video content that is both
created and shared by our LVB hosts in order to increase overall
engagement with their followers during off-peak hours when they
aren’t broadcasting. This remains critical for improving user
conversion rates and driving consumption on our platform.”
“As the pioneer in the development of LVB e-commerce, we began
building an interactive platform that seamlessly connects
consumers, KOLs, and suppliers, before LVB technology was adopted
by the wider e-commerce sector. This can be seen in the unique
"P2K2C" model we are deploying. Under this model, “K” stands for
KOLs, who play a central role in bridging the social-commerce gap
through their unparalleled ability to understand, influence and
aggregate diverse consumer demand. "P" stands for our platform as a
provider of consolidated resources including our supply chain
capacity, LVB e-commerce infrastructure and KOL-empowerment system.
Last but not least, "C" stands for our customers. An adaptable and
responsive approach to consumer demand is critical for success in
our industry and we are committed to empowering KOLs by leveraging
the capabilities of our supply chain partners in order to serve the
diverse demands of our users.”
“Progress in 2020 will not come without its challenges. The
outbreak of the Covid-19 has threatened the health of many people
across the globe and disrupted a wide variety of consumer-related
industries in China. Tens of thousands of front-line medical
professionals are fighting the virus at the risk of their own
lives. A large number of civil servants and volunteers are also
working tirelessly to stem the outbreak. Many Chinese citizens have
voluntarily quarantined themselves at home for extended periods of
time as part of nationwide prevention efforts. In the fight against
Covid-19, the people of China and across the globe have
demonstrated strong resolve and made significant sacrifices. I am
extremely proud of their heroic actions.”
“As a company that serves a majority female-oriented consumer
base with a deep-rooted supply chain spread across China, we have
not been immune to the impact from the Covid-19 outbreak. We expect
that our near-term performance will be impacted by the outbreak and
subsequent temporary suspension of operations by factories, large
wholesale markets, and express delivery services. In response to
the change in business environment, we have taken several measures
in collaboration with our KOLs and business partners to mitigate
the impact of the epidemic as well as seize the opportunities
created by it. We capitalized on the growing realization of the
importance that online operations play in today’s economy and
expanded the pool of brand partners we work with by adding over 500
new ones to our supply chain. We made a strategic decision to
prioritize cooperation with brand partners whose sales were most
impacted by the outbreak by demonstrating the unique value
proposition and differentiated solutions our platform can offer
through LVB discount sales. We are also taking advantage of the
opportunity to further optimize the systems and processes we use to
empower KOLs and suppliers and are benefiting from enhanced
streamlining of our cost structure.”
“We believe the outbreak will gradually be contained and
business will resume quickly. The word crisis, or weiji in Chinese,
contains the characters for both "danger" and "opportunity". Trials
and tribulations create opportunities and we firmly believe that
the outbreak will create an opportunity for us to strengthen the
impact our KOL-centered LVB business has on the growth of the
e-commerce sector as we focus on creating long-term and sustainable
growth for our shareholders.”
Ms. Helen Wu, Chief Financial Officer of MOGU, commented, “Total
revenues were RMB269.5 million during the quarter, mainly as a
result of 19.6% year-over-year decrease in commission revenues to
RMB141.2 million and 44.9% year-over-year decrease in marketing
revenues to RMB72.5 million. Our LVB business continued to grow
strongly as did associated commission revenues which increased
significantly and accounted for a larger proportion of our overall
commission revenue. Going forward, we expect our LVB business to
continue generating strong growth momentum driven primarily by our
strategy and the continued upgrading of the merchant structure on
our platform. This challenging market environment created by
Covid-19 may impact our performance in the near-term, but we remain
confident in the long-term growth prospects for our business.”
Third Quarter Fiscal Year 2020 Highlights
- Gross Merchandise Value (GMV1) for the third quarter of
fiscal year 2020 was RMB6,299 million (US$904.8 million2), an
increase of 8.0% year-over-year. GMV for the twelve-month period
ended December 31, 2019 was RMB18,295 million (US$2,627.9 million),
an increase of 7.8% year-over-year.
- Live Video Broadcast business continued to grow strongly
with associated GMV for the third quarter of fiscal year 2020
increasing 99.5% year-over-year to RMB3,352 million, and average
APP MAUs who clicked on a LVB in the quarter increasing 132.7%
year-over-year. LVB associated GMV contributed 53.2% of total GMV
during the quarter. Active buyers of LVB business in the
twelve-month period ended December 31, 2019 grew 32.4%
year-over-year to 3.2 million.
- Total revenues for the third quarter were RMB269.5
million (US$38.7 million), a decrease of 26.6% year-over-year.
- Active buyers3 in the twelve-month period ended December
31, 2019 reached 26.6 million, a decrease of 22.9% compared to the
same period last year.
Third quarter Fiscal Year 2020 Financial Results
Total revenues decreased by 26.6% to RMB269.5 million
(US$38.7 million) from RMB367.2 million during the same quarter of
fiscal year 2019.
- Commission revenues decreased by 19.6% to
RMB141.2million (US$20.3 million) from RMB175.6 million in the same
period of fiscal year 2019, primarily due to the decrease in the
GMV and commission revenue related to the marketplace business.
This is mainly due to the accelerated optimization and upgrade of
merchant structure on themarketplace business in second half of
calendar year 2019. Commission revenue from the LVBbusiness grew
significantly and in line with the continued strong growth in
LVB-associated GMV. The LVB business also continues to generate a
stable commission rate, which was partially offset by a slowdown in
the marketplace business.
- Marketing services revenues decreased by 44.9% to
RMB72.5 million (US$10.4 million) from RMB131.4million in the same
period of fiscal year 2019. The decrease was primarily due to the
decrease in GMV related to the marketplace business as the Company
focuses its resources on developing the LVB business and
accelerates the optimization of its merchant structure on the
marketplace which began during the second half of calendar year
2019.
- Other revenues decreased by 7.3% to RMB55.9 million
(US$8.0 million) from RMB60.2 million in the same period of fiscal
year 2019, primarily due to a decrease in the online direct sales,
while revenue from financing solutions continued to increase.
Cost of revenues declined slightly from the same period a year
ago, decreasing RMB1.8 million to RMB98.6 million (US$14.2 million)
from RMB100.4 million in the same period of fiscal year 2019, which
was primarily as a result of the decrease in payment handling costs
and costs associated with decreased online direct sales, which was
partially offset by an increase in IT-related expenses associated
with the LVB business.
Sales and marketing expenses increased by 2.2% to RMB209.3
million (US$30.1 million) from RMB204.7 million in the same period
of fiscal year 2019, primarily due to consistent spending on
marketing and user acquisition channels, which was partially offset
by a decrease in payroll costs.
Research and development expenses decreased by 42.3% to RMB31.9
million (US$4.6 million) from RMB55.3 million in the same period of
fiscal year 2019, primarily as a result of headcount
optimization.
General and administrative expenses decreased by 10.2% to RMB43
million (US$6.2 million) from RMB47.9 million in the same period of
fiscal year 2019, primarily due to a decrease in payroll costs.
Amortization of intangible assets increased by 54.4% to RMB102.9
million (US$14.8 million) from RMB66.6 million in the same period
of fiscal year 2019, primarily due to an increase in the
amortization of intangible assets recorded as a result of the
business cooperation agreement that MOGU entered into with Tencent
which became effective from April 2019.
Loss from operations was RMB1,594.9 million (US$229.1
million), compared to loss from operations of RMB97.7 million in
the same period of fiscal year 2019, primarily attributable to a
goodwill impairment incurred which was associated with
weaker-than-expected synergies created by the acquisition of
Meiliworks Limited (meilishuo.com) in February in 2016. The
shortfall in the realized synergies was in part due to the
repositioning of the Company's strategy towards building a
KOL-driven interactive e-commerce model, as well as an increasingly
competitive market environment and the impact from the outbreak of
the Covid-1
Net loss attributable to MOGU Inc.’s ordinary
shareholders was RMB1,634.6 million (US$234.8 million),
compared to a net loss attributable to MOGU Inc’s ordinary
shareholders of RMB42.2 million in the same period of fiscal year
2019.
Adjusted EBITDA4 was negative RMB86.7 million (US$12.5
million), compared to negative RMB5.3 million in the same period of
fiscal year 2019.
Adjusted net loss5 was RMB95.6 million (US$13.7 million),
compared to adjusted net profit of RMB13.7 million in the same
period of fiscal year 2019.
Basic and diluted loss per ADS were RMB14.97 (US$2.15)
and RMB14.97 (US$2.15), respectively, compared with RMB4.03 and
RMB4.03, respectively, in the same period of fiscal year 2019. One
ADS represents 25 Class A ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term
investments were RMB1,191.3 million (US$171.1 million) as of
December 31, 2019, compared with RMB1,489.7 million as of March 31,
2019.
Conference Call
MOGU's management will host an earnings conference call at 7:30
AM U.S. Eastern Time on Monday, March 12, 2020 (7:30 PM
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 19,
2020.
Dial-in numbers for the replay are as follows:
International:
+1 416 621 4642
United States:
+1 800 585 8367
Passcode:
4698718
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, loss from
investments, net, income tax benefits, share of results of equity
investee, goodwill impairment, 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 loss from investments, net, share-based compensation
expenses, goodwill impairment, amortization of intangible assets,
and adjustments for tax effects. Beginning from the second quarter
of fiscal year 2020, we combined each of (i) investment
gain/(loss), (ii) gain on deconsolidation of a subsidiary and (iii)
gain from investment disposals, into loss from investments. The
related financial statements prior to July 1, 2019 have been recast
to reflect this change. 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.
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 December 31, 2019, which was RMB6.9618 to
US$1.00. The percentages stated in this press release are
calculated based on the RMB amounts.
3 “Active buyers” refers to registered user accounts that placed
one or more orders on MOGU’s platform in a given period, regardless
of whether the products are sold, delivered or returned. If a buyer
registered two or more user accounts on MOGU’s platform and placed
orders on its platform through each of those registered user
accounts, the number of active buyers would, under this
methodology, be counted as the number of registered user accounts
that such buyer used to place the orders.
4 Adjusted EBITDA represents net loss before (i) interest
income, loss from investments, net, income tax benefits and share
of results of equity investee, goodwill impairment and (ii) certain
non-cash expenses, consisting of share-based compensation expenses,
amortization of intangible assets, and depreciation of property and
equipment. See “Unaudited Reconciliations of GAAP and NonGAAP
Results” at the end of this press release...
5 Adjusted net loss represents net loss excluding (i) loss from
investments, net, (ii) share-based compensation expenses, (iii)
goodwill impairment, (iv) amortization of intangible assets, (v)
adjustments for tax effects. See “Unaudited Reconciliations of GAAP
and NonGAAP Results” at the end of this press release.
MOGU INC.
Unaudited Interim Condensed
Consolidated Balance Sheets
(All amounts in thousands,
except for share and per share data)
As of March 31,
As of December 31,
2019
2019
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
1,276,710
865,530
124,326
Restricted cash
1,006
806
116
Short-term investments
212,000
325,000
46,683
Inventories, net
5,042
13,780
1,979
Loan receivables, net
120,901
177,810
25,541
Prepayments and other current assets
161,249
117,758
16,915
Amounts due from related parties
1,789
174
25
Total current assets
1,778,697
1,500,858
215,585
Non-current assets:
Property, equipment and software, net
11,975
14,868
2,136
Intangible assets, net
1,001,967
888,526
127,629
Goodwill
1,568,653
186,504
26,790
Investments
241,721
72,349
10,392
Other non-current assets
763
14,353
2,062
Total non-current assets
2,825,079
1,176,600
169,009
Total assets
4,603,776
2,677,458
384,594
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
17,989
41,354
5,940
Salaries and welfare payable
22,112
37,913
5,446
Advances from customers
1,177
146
21
Taxes payable
5,844
6,499
934
Amounts due to related parties
9,393
13,520
1,942
Accruals and other current liabilities
492,385
448,333
64,399
Total current liabilities
548,900
547,765
78,682
Non-current liabilities:
Deferred tax liabilities
2,485
22,604
3,247
Other non-current liabilities
4,722
3,914
562
Total non-current liabilities
7,207
26,518
3,809
Total liabilities
556,107
574,283
82,491
Shareholders’ equity
Ordinary shares
177
180
26
Treasury Stock
-
(5,089)
(731)
Statutory reserves
2,475
2,475
356
Additional paid-in capital
9,392,737
9,455,170
1,358,150
Accumulated other comprehensive income
77,795
157,702
22,653
Accumulated deficit
(5,425,515)
(7,507,263)
(1,078,351)
Total MOGU Inc. shareholders’ equity
4,047,669
2,103,175
302,103
Total shareholders’ equity
4,047,669
2,103,175
302,103
Total liabilities and shareholders’
equity
4,603,776
2,677,458
384,594
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,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
Commission revenues
175,577
141,231
20,287
391,230
371,928
53,424
Marketing services revenues
131,396
72,459
10,408
324,449
224,833
32,295
Other revenues
60,231
55,850
8,022
141,006
119,564
17,174
Total revenues
367,204
269,540
38,717
856,685
716,325
102,893
Cost of revenues (exclusive of
amortization of intangible assets shown separately below)
(100,419)
(98,591)
(14,162)
(252,734)
(235,167)
(33,780)
Sales and marketing expenses
(204,721)
(209,274)
(30,060)
(565,529)
(534,993)
(76,847)
Research and development expenses
(55,252)
(31,884)
(4,580)
(179,236)
(138,324)
(19,869)
General and administrative expenses
(47,886)
(43,000)
(6,177)
(121,574)
(116,698)
(16,763)
Amortization of intangible assets
(66,633)
(102,898)
(14,780)
(149,862)
(244,182)
(35,075)
Goodwill impairment
-
(1,382,149)
(198,533)
-
(1,382,149)
(198,533)
Other income, net
9,993
3,372
484
6,141
11,404
1,638
Loss from operations
(97,714)
(1,594,884)
(229,091)
(406,109)
(1,923,784)
(276,336)
Interest income
7,724
7,430
1,067
24,422
23,218
3,335
Gain/(loss) from investments, net
31,236
(33,918)
(4,872)
31,236
(66,550)
(9,559)
Loss before income tax and share of
results of equity investees
(58,754)
(1,621,372)
(232,896)
(350,451)
(1,967,116)
(282,560)
Income tax benefits/(expenses)
1,778
(769)
(110)
12,355
(528)
(76)
Share of results of equity investee
14,816
(12,497)
(1,795)
(7,394)
(114,104)
(16,390)
Net loss
(42,160)
(1,634,638)
(234,801)
(345,490)
(2,081,748)
(299,026)
Net loss attributable to MOGU
Inc.
(42,160)
(1,634,638)
(234,801)
(345,490)
(2,081,748)
(299,026)
Accretion on convertible redeemable
preferred shares to redemption value
(139,262)
-
-
(509,903)
-
-
Deemed dividends to preferred
shareholders
-
-
-
(89,076)
-
-
Net loss attributable to MOGU Inc's
ordinary shareholders
(181,422)
(1,634,638)
(234,801)
(944,469)
(2,081,748)
(299,026)
Net loss
(42,160)
(1,634,638)
(234,801)
(345,490)
(2,081,748)
(299,026)
Other comprehensive
income/(loss):
Foreign currency translation adjustments,
net of nil tax
3,340
(16,326)
(2,345)
82,497
86,811
12,470
Share of other comprehensive (loss)
/income of equity method investee
34
123
18
(110)
(145)
(21)
Unrealized securities holding
(losses)/gains, net of tax
3,197
-
-
6,449
(6,759)
(971)
Total comprehensive loss
(35,589)
(1,650,841)
(237,128)
(256,654)
(2,001,841)
(287,548)
Total comprehensive loss attributable
to MOGU Inc.
(35,589)
(1,650,841)
(237,128)
(256,654)
(2,001,841)
(287,548)
Net loss attributable to MOGU Inc's
ordinary shareholders
(181,422)
(1,634,638)
(234,801)
(944,469)
(2,081,748)
(299,026)
Net loss per share attributable to
ordinary shareholders
Basic
(0.16)
(0.60)
(0.09)
(1.21)
(0.77)
(0.11)
Diluted
(0.16)
(0.60)
(0.09)
(1.21)
(0.77)
(0.11)
Net loss per ADS
Basic
(4.03)
(14.97)
(2.15)
(30.25)
(19.18)
(2.75)
Diluted
(4.03)
(14.97)
(2.15)
(30.25)
(19.18)
(2.75)
Weighted average number of shares used
in computing net loss per share
Basic
1,126,645,958
2,729,385,471
2,729,385,471
780,640,722
2,713,973,736
2,713,973,736
Diluted
1,126,645,958
2,729,385,471
2,729,385,471
780,640,722
2,713,973,736
2,713,973,736
Share-based compensation expenses
included in:
Cost of revenues
3,568
1,983
285
10,465
458
66
General and administrative expenses
12,894
12,360
1,775
39,405
33,811
4,857
Sales and marketing expenses
2,074
3,287
472
6,209
8,558
1,229
Research and development expenses
4,647
3,634
522
13,107
12,756
1,832
MOGU INC.
Unaudited Interim Condensed
Consolidated Statements of Cash Flows
(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,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
Net cash provided by/(used in)
operating activities
29,128
(37,692)
(5,414)
(235,270)
(156,962)
(22,546)
Net cash (used in)/provided by
investing activities
(78,646)
12,937
1,858
(223,379)
(255,010)
(36,630)
Net cash provided by/(used in)
financing activities
425,791
(2,049)
(294)
437,955
(27,822)
(3,996)
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
(1,566)
(5,934)
(852)
62,474
28,414
4,081
Net increase/(decrease) in cash and cash
equivalents and restricted cash
374,707
(32,738)
(4,702)
41,780
(411,380)
(59,091)
Cash and cash equivalents and restricted
cash at beginning of period
892,470
899,074
129,144
1,225,397
1,277,716
183,533
Cash and cash equivalents and restricted
cash at end of period
1,267,177
866,336
124,442
1,267,177
866,336
124,442
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,
2018
2019
2018 2019
RMB
RMB
US$
RMB
RMB
US$
Net loss
(42,160)
(1,634,638)
(234,801)
(345,490)
(2,081,748)
(299,026)
Add:
Share of result of equity investees
(14,816)
12,497
1,795
7,394
114,104
16,390
Add:
(Gain)/loss from investments, net
(31,236)
33,918
4,872
(31,236)
66,550
9,559
Add:
Goodwill impairment
-
1,382,149
198,533
-
1,382,149
198,533
Less:
Income tax (benefits)/expenses
(1,778)
769
110
(12,355)
528
76
Less:
Interest income
(7,724)
(7,430)
(1,067)
(24,422)
(23,218)
(3,335)
Loss from operations
(97,714)
(212,735)
(30,558)
(406,109)
(541,635)
(77,803)
Add:
Share-based compensation expenses
23,183
21,264
3,054
69,186
55,583
7,984
Add:
Amortization of intangible assets
66,633
102,898
14,780
149,862
244,182
35,075
Add:
Depreciation of property and equipment
2,625
1,877
270
9,780
5,342
767
Adjusted EBITDA
(5,273)
(86,696)
(12,454)
(177,281)
(236,528)
(33,977)
Net Loss
(42,160)
(1,634,638)
(234,801)
(345,490)
(2,081,748)
(299,026)
Add:
(Gain)/loss from investments, net
(31,236)
33,918
4,872
(31,236)
66,550
9,559
Add:
Share based compensation
23,183
21,264
3,054
69,186
55,583
7,984
Add:
Goodwill impairment
-
1,382,149
198,533
-
1,382,149
198,533
Add:
Amortization of intangible assets
66,633
102,898
14,780
149,862
244,182
35,075
Less:
Adjusted for tax effects
(2,688)
(1,161)
(167)
(14,322)
(1,548)
(222)
Adjusted net loss
13,732
(95,570)
(13,729)
(172,000)
(334,832)
(48,097)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200312005292/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
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