Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“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 third quarter
ended September 30, 2020.
Third Quarter 2020 Financial
Highlights
- Total net revenues were RMB1,829.2
million (US$1269.4 million), an increase of 21.7% year-over-year.
Services revenue was RMB1,025.7 million (US$151.1 million), an
increase of 22.0% year-over-year.
- Income from operations was RMB84.6
million (US$12.5 million), an increase of 50.9% year-over-year.
Operating margin was 4.6%, compared with 3.7% in the same period of
last year.
- Non-GAAP income from operations2
was RMB111.7 million (US$16.4 million), an increase of 47.1%
year-over-year. Non-GAAP operating margin was 6.1%, compared with
5.1% in the same period of last year.
- Net income attributable to ordinary
shareholders of Baozun Inc. was RMB64.6 million (US$9.5 million),
an increase of 64.2% year-over-year.
- Non-GAAP net income attributable to
ordinary shareholders of Baozun Inc.3 was RMB91.5 million (US$13.5
million), an increase of 55.1% year-over-year.
- Basic and diluted net income
attributable to ordinary shareholders of Baozun Inc. per American
Depository Share (“ADS4”) were RMB1.09 (US$0.16) and RMB1.07
(US$0.16), respectively, compared with RMB0.68 and RMB0.66,
respectively, for the same period of 2019.
- Basic and diluted non-GAAP net
income attributable to ordinary shareholders of Baozun Inc. per
ADS5 were RMB1.55 (US$0.23) and RMB1.52 (US$0.22), respectively,
compared with RMB1.01 and RMB0.99, respectively, for the same
period of 2019.
Third Quarter 2020 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)6 was RMB10,847.0
million, an increase of 19.4% year-over-year.
- Distribution GMV7 was RMB868.3 million, an increase of 17.4%
year-over-year.
- Non-distribution GMV8 was RMB9,978.8 million, an increase of
19.6% year-over-year.
- Number of brand partners increased to 260 as of September 30,
2020, from 223 as of September 30, 2019.
- Number of GMV brand partners increased to 253 as of September
30, 2020, from 214 as of September 30, 2019.
Mr. Vincent Qiu, Chairman and Chief Executive
Officer of Baozun, commented, “We hit another key milestone with
our successful secondary listing on the Hong Kong Stock Exchange
during the quarter and we have now embarked on a new journey. Dual
listing in two of the largest financial markets in the world
positions us well to pursue market expansion opportunities and
strategic alliances. I am very excited about the strategic changes
we’ve made recently to accelerate the pace of innovation and
strengthening of leadership, and we will continue to nurture and
invest in our culture of innovation while promoting ownership and
entrepreneurship at all levels at Baozun. We believe that our
effort in this area will allow us to pursue collaborative
creativity and build a value-generating ecosystem together with all
our diverse partners.”
“In navigating the post-COVID recovery in China,
e-commerce, particularly brand e-commerce and digitalization, is
becoming a more significant part of everyday life, and we are
pleased to see a continuous broad recovery across a variety of
categories. By leveraging our technology and expertise, we are
providing cutting-edge data intelligence and sales analytic tools
that drive enhancements in user engagement, conversions and
retention. Once again, we are honored to be a key contributor
towards the success of our brand partners, with many of them top
ranked in each of their segments during the recent 11.11 Shopping
Festival. As e-commerce continues to evolve and digitalization
becomes more critical for both international and domestic brands,
we are excited about our new journey ahead of us. We are confident
that our enhanced focus on strategic business development,
continuous exploration of omni-channel alliances, and strengthened
capital resources, will be a strong engine for driving long-term
high-quality and sustainable growth,” Mr. Vincent Qiu
concluded.
Mr. Robin Lu, Chief Financial Officer of Baozun,
commented, “We delivered another solid quarter, with year-over-year
GMV growth of 19% and net revenue growth of 22%. Despite the impact
of stronger seasonality during the quarter, our technology
infrastructure, category mix optimization, coupled with innovation
in business model towards consolidating and streamlining business
operations, have greatly enhanced our operating efficiency.
Overall, our non-GAAP operating profits grew by 47% year-over-year
and non-GAAP operating profit margin expanded to 6.1% for the third
quarter, the highest numbers for the third quarter since 2015. We
believe these proactive efforts are solidifying the foundation that
underpins our high-quality growth strategy.”
Third Quarter 2020 Financial
Results
Total net revenues were
RMB1,829.2 million (US$269.4 million), an increase of 21.7% from
RMB1,503.1 million in the same quarter of last year.
Product sales revenue was
RMB803.4 million (US$118.3 million), an increase of 21.3% from
RMB662.3 million in the same quarter of last year. The increase was
primarily attributable to the acquisition of new brand partners and
the increased popularity of brand partners’ products.
Services revenue was RMB1,025.7
million (US$151.1 million), an increase of 22.0% from RMB840.8
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.
Total operating expenses were
RMB1,744.6 million (US$256.9 million), compared with RMB1,447.0
million in the same quarter of last year.
- Cost of
products was RMB673.7 million (US$99.2 million),
compared with RMB529.0 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 RMB419.8 million (US$61.8 million), compared
with RMB333.4 million in the same quarter of last year. The
increase was primarily due to a rise in GMV contribution from the
Company’s distribution and consignment model, and an increase in
warehouse rental expenses associated with expanded warehouse
capacity to address additional growth opportunities, both of which
were partially offset by efficiency improvements.
- Sales and marketing
expenses were RMB501.1 million (US$73.8 million), compared
with RMB443.1 million in the same quarter of last year. The
increase was in line with GMV growth and an increase in digital
marketing services, which was partially offset by efficiency
improvements.
- Technology and content
expenses were RMB101.6 million (US$15.0 million) compared
with RMB94.1 million in the same quarter of last year, which was
mainly attributable to growth in GMV and the Company’s ongoing
investment in technological innovation and productization, which
was partially offset by the Company’s cost control initiatives and
efficiency improvements.
- General and administrative
expenses were RMB51.1 million (US$7.5 million), compared
with RMB51.7 million in the same quarter of last year. The decrease
was primarily attributable to the Company’s cost control
initiatives and leverage gained as the business scales.
Income from operations was
RMB84.6 million (US$12.5 million), an increase of 50.9% compared
with RMB56.1 million in the same quarter of last year. Operating
margin was 4.6%, compared with 3.7% in the same quarter of last
year.
Non-GAAP income from operations
was RMB111.7 million (US$16.4 million), an increase of 47.1%
compared with RMB75.9 million in the same quarter of last year.
Non-GAAP operating margin was 6.1%, compared with 5.1% in the same
quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB64.6 million (US$9.5
million), an increase of 64.2% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB1.09 (US$0.16) and RMB1.07
(US$0.16), respectively, compared with RMB0.68 and RMB0.66,
respectively, in the same period of 2019.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB91.5
million (US$13.5 million), an increase of 55.1% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB1.55 (US$0.23) and RMB1.52 (US$0.22), respectively, compared
with RMB1.01 and RMB0.99, respectively, in the same period of
2019.
As of September 30, 2020, the Company had
RMB4,506.4 million (US$663.7 million) in cash, cash
equivalents and short-term investments, an increase from
RMB1,988.5 million as of December 31, 2019. The significant
increase in cash, cash equivalents and short-term investments was
mainly attributable to the offering proceeds received from the
issuance of the Company’s ordinary shares in connection with the
Company’s secondary listing on the Stock Exchange of Hong Kong
Limited.
Most Recent Updates
Hong Kong Listing
On September 29, 2020, the Company successfully
listed on the Main Board of The Stock Exchange of Hong Kong Limited
under the stock code “9991,” with a global offering of 43,833,700
new Class A ordinary shares (including an aggregate of 3,833,700
Class A ordinary shares listed on October 29, 2020 pursuant to the
partial exercise of the over-allotment option). The Hong
Kong-listed shares are fully fungible with Baozun’s ADSs listed on
the Nasdaq Global Select Market, based on the ratio of three Class
A ordinary shares per ADS. Gross proceeds from the Global Offering,
before any underwriting fees and other offering expenses, were
approximately HK$3.6 billion.
Following the Company’s secondary listing on The
Stock Exchange of Hong Kong Limited, the Company will no longer
provide guidance on net revenues or net revenues growth going
forward.
Dismissal of Class Action Lawsuit
On December 10, 2019 and December 26, 2019,
purported securities class action complaints were filed in the
United States District Court for the Southern District of New York
against the Company, its chief executive officer and its chief
financial officer. These suits were captioned Snyder, et. al. v.
Baozun Inc. et. al. (Case No.: 1: 19 cv-11290) and AUS, et. al. v.
Baozun Inc., et. al. (Case No.: 1: 19 cv-11812). On September 8,
2020, the court appointed the lead plaintiffs and the lead counsel
and consolidated the separate actions into a consolidated action.
On November 6, 2020, the lead counsel filed a notice of voluntary
dismissal with the court stating that the consolidated action is
voluntarily dismissed against all defendants, without prejudice,
and with each party agreeing to bear their own costs. On November
11, 2020, the court signed the notice of voluntary dismissal,
thereby adopting it as an order of the court. The issuance of
this order resulted in the dismissal of the consolidated
action.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:00 a.m. Eastern Time on Monday, November
23, 2020 (8:00 p.m. Beijing time on the same day).
Due to the outbreak of COVID-19, operator
assisted conference calls are not available at the moment. All
participants wishing to attend the call must preregister online
before they can receive the dial-in numbers. Preregistration may
require a few minutes to complete. The Company would like to
apologize for any inconvenience caused by not having an operator as
a result of COVID-19.
Participants can register for the conference
call by navigating to
http://apac.directeventreg.com/registration/event/1414256. Once
preregistration has been complete, participants will receive
dial-in numbers, the passcode, and a unique access PIN.
To join the conference, simply dial the number
in the calendar invite you receive after preregistering, enter the
passcode followed by your PIN, and you will join the conference
instantly.
A telephone replay of the call will be available
after the conclusion of the conference call through 07:59 p.m.
Beijing Time, December 1, 2020.
Dial-in numbers for the replay are as follows: |
International
Dial-in |
+61-2-8199-0299 |
U.S. Toll Free |
+1-855-452-5696 |
Mainland China |
8008-700-206 |
Hong Kong |
800-963-117 |
Passcode: |
1414256# |
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 also uses certain non-GAAP financial
measures in evaluating its business. For example, the Company uses
non-GAAP income from operations, non-GAAP operating margin,
non-GAAP net income, non-GAAP net margin, non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. and non-GAAP
net income 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 from
operations is income 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 is net income 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 attributable to ordinary
shareholders of Baozun Inc. is net income 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
attributable to ordinary shareholders of Baozun Inc. per ADS is
non-GAAP net income attributable to ordinary shareholders of Baozun
Inc. divided by weighted average number of shares used in
calculating net income 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 from operations and
non-GAAP net income 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. Such items
are non-cash expenses that are not directly related to the
Company’s business operations. Share-based compensation expenses
represent non-cash expenses associated with share options and
restricted share units the Company grants under the share incentive
plans. Amortization of intangible assets resulting from business
acquisition represents non-cash expenses associated with intangible
assets acquired through one-off 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 from
operations, non-GAAP net income, non-GAAP net income attributable
to ordinary shareholders of Baozun Inc., and non-GAAP net income
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 from operations and non-GAAP net income. Further,
the non-GAAP measures may differ from the non-GAAP measures used by
other companies, including peer companies, potentially limiting the
comparability of their financial results to the Company’s. In light
of the foregoing limitations, the non-GAAP income from operations,
non-GAAP operating margin, non-GAAP net income, non-GAAP net
margin, non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. and non-GAAP net income 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 from
operations, operating margin, net income, net margin, net income
attributable to ordinary shareholders of Baozun Inc. and net income
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 press release 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,” “future,”
“intends,” “plans,” “believes,” “estimates,” “potential,”
“continue,” “ongoing,” “targets,” “guidance,” “going forward,”
“outlook” and similar statements. Statements that are not
historical facts, including quotes from management in this
announcement and statements about the Company’s strategies and
goals, are or contain 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: the Company’s operations and business
prospects; the Company’s business and operating strategies and its
ability to implement such strategies; the Company’s ability to
develop and manage its operations and business; competition for,
among other things, capital, technology and skilled personnel; the
Company’s ability to control costs; the Company’s dividend policy;
changes to regulatory and operating conditions in the industry and
geographical markets in which the Company operates; and other risks
and uncertainties. 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 and
announcements on the website of The Stock Exchange of Hong Kong
Limited. All information provided in this press release is as of
the date of this press release and are based on assumptions that
the Company believes to be reasonable as of this date, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
About Baozun Inc.
Baozun is the leader and a pioneer in the brand
e-commerce service industry in China. Baozun empowers a broad and
diverse range of brands to grow and succeed by leveraging its
end-to-end e-commerce service capabilities, omni-channel coverage
and technology-driven solutions. Its integrated one-stop solutions
address all core aspects of the e-commerce operations covering IT
solutions, online store operations, digital marketing, customer
services, and 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. Andrew
McLeodPhone: +852-2232-3941E-mail: baozun@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
31,2019 |
|
September
30,2020 |
|
September
30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
1,144,451 |
|
4,088,645 |
|
602,192 |
Restricted cash |
|
382,359 |
|
184,206 |
|
27,131 |
Short-term investments |
|
844,040 |
|
417,768 |
|
61,531 |
Accounts receivable, net |
|
1,800,896 |
|
1,614,439 |
|
237,781 |
Inventories, net |
|
896,818 |
|
1,040,637 |
|
153,269 |
Advances to suppliers |
|
214,771 |
|
439,008 |
|
64,659 |
Prepayments and other current assets |
|
387,713 |
|
492,759 |
|
72,576 |
Amounts due from related parties |
|
19,323 |
|
23,942 |
|
3,526 |
Total current assets |
|
5,690,371 |
|
8,301,404 |
|
1,222,665 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Long-term time deposits |
|
209,495 |
|
203,789 |
|
30,015 |
Investments in equity investees |
|
37,373 |
|
64,309 |
|
9,472 |
Property and equipment, net |
|
415,648 |
|
422,542 |
|
62,234 |
Intangible assets, net |
|
151,041 |
|
136,953 |
|
20,171 |
Land use right, net |
|
42,567 |
|
41,798 |
|
6,156 |
Operating lease right-of-use assets |
|
440,593 |
|
460,217 |
|
67,783 |
Goodwill |
|
13,574 |
|
13,574 |
|
1,999 |
Other non-current assets |
|
41,461 |
|
35,807 |
|
5,273 |
Deferred tax assets |
|
54,477 |
|
56,075 |
|
8,259 |
Total non-current
assets |
|
1,406,229 |
|
1,435,064 |
|
211,362 |
|
|
|
|
|
|
|
Total assets |
|
7,096,600 |
|
9,736,468 |
|
1,434,027 |
|
|
|
|
|
|
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except for share and per share
data) |
|
|
|
|
|
|
|
|
|
As of |
|
|
December
31,2019 |
|
September
30,2020 |
|
September
30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term loan |
|
428,490 |
|
134,000 |
|
19,736 |
Accounts payable |
|
877,093 |
|
283,885 |
|
41,812 |
Notes payable |
|
210,693 |
|
585,493 |
|
86,234 |
Income tax payables |
|
81,966 |
|
32,156 |
|
4,736 |
Accrued expenses and other current liabilities |
|
581,122 |
|
699,340 |
|
103,001 |
Amounts due to related parties |
|
6,796 |
|
5,185 |
|
764 |
Current operating lease liabilities |
|
137,855 |
|
145,437 |
|
21,421 |
Total current liabilities |
|
2,324,015 |
|
1,885,496 |
|
277,704 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Long-term loan |
|
1,859,896 |
|
1,827,631 |
|
269,181 |
Deferred tax liability |
|
2,929 |
|
2,636 |
|
388 |
Long-term operating lease liabilities |
|
309,989 |
|
326,043 |
|
48,021 |
Total non-current liabilities |
|
2,172,814 |
|
2,156,310 |
|
317,590 |
|
|
|
|
|
|
|
Total liabilities |
|
4,496,829 |
|
4,041,806 |
|
595,294 |
|
|
|
|
|
|
|
Redeemable non-controlling interests |
|
9,254 |
|
9,304 |
|
1,370 |
|
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares
authorized, 174,918,929 and 216,145,720 shares issued and
outstanding as of December 31, 2019 and September 30, 2020,
respectively) |
|
107 |
|
134 |
|
20 |
Class B ordinary shares (US$0.0001 par value; 30,000,000 shares
authorized, 13,300,738 shares issued and outstanding as of December
31, 2019 and September 30, 2020, respectively) |
|
8 |
|
8 |
|
1 |
Additional paid-in capital |
|
2,014,227 |
|
4,906,826 |
|
722,697 |
Retained earnings |
|
526,009 |
|
712,654 |
|
104,963 |
Accumulated other comprehensive income |
|
28,380 |
|
42,946 |
|
6,325 |
|
|
|
|
|
|
|
Total Baozun Inc. shareholders' equity |
|
2,568,731 |
|
5,662,568 |
|
834,006 |
|
|
|
|
|
|
|
Non-controlling interests |
|
21,786 |
|
22,790 |
|
3,357 |
|
|
|
|
|
|
|
Total equity |
|
2,590,517 |
|
5,685,358 |
|
837,363 |
|
|
|
|
|
|
Total liabilities,
redeemable non-controlling interests and equity |
|
7,096,600 |
|
9,736,468 |
|
1,434,027 |
|
|
|
|
|
|
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
(In thousands, except for share and per share data and per
ADS data) |
|
|
|
|
|
|
|
|
|
For the three months ended September
30, |
|
|
2019 |
|
|
2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
Product sales |
|
662,334 |
|
|
803,434 |
|
|
118,333 |
|
Services |
|
840,760 |
|
|
1,025,725 |
|
|
151,073 |
|
Total net revenues |
|
1,503,094 |
|
|
1,829,159 |
|
|
269,406 |
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
Cost of products |
|
(528,975 |
) |
|
(673,695 |
) |
|
(99,225 |
) |
Fulfillment |
|
(333,350 |
) |
|
(419,846 |
) |
|
(61,837 |
) |
Sales and marketing (2) |
|
(443,097 |
) |
|
(501,145 |
) |
|
(73,811 |
) |
Technology and content |
|
(94,101 |
) |
|
(101,582 |
) |
|
(14,961 |
) |
General and administrative |
|
(51,732 |
) |
|
(51,051 |
) |
|
(7,519 |
) |
Other operating income, net |
|
4,243 |
|
|
2,767 |
|
|
408 |
|
Total operating expenses |
|
(1,447,012 |
) |
|
(1,744,552 |
) |
|
(256,945 |
) |
Income from operations |
|
56,082 |
|
|
84,607 |
|
|
12,461 |
|
Other income (expenses) |
|
|
|
|
|
|
Interest income |
|
14,444 |
|
|
8,024 |
|
|
1,182 |
|
Interest expense |
|
(16,886 |
) |
|
(16,008 |
) |
|
(2,358 |
) |
Impairment loss of investments |
|
- |
|
|
(800 |
) |
|
(118 |
) |
Exchange (loss) gain |
|
(1,257 |
) |
|
4,770 |
|
|
703 |
|
Income before income tax and share of income (loss) in
equity method investment |
|
52,383 |
|
|
80,593 |
|
|
11,870 |
|
Income tax expense (3) |
|
(13,561 |
) |
|
(19,319 |
) |
|
(2,845 |
) |
Share of income in equity method investment, net of tax of nil |
|
146 |
|
|
3,696 |
|
|
544 |
|
Net income |
|
38,968 |
|
|
64,970 |
|
|
9,569 |
|
|
|
|
|
|
|
|
Net loss (income) attributable to non-controlling interests |
|
384 |
|
|
(216 |
) |
|
(32 |
) |
Net income attributable to redeemable non-controlling
interests |
|
- |
|
|
(119 |
) |
|
(17 |
) |
Net income attributable to ordinary
shareholders of Baozun Inc. |
|
39,352 |
|
|
64,635 |
|
|
9,520 |
|
|
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
Basic |
|
0.23 |
|
|
0.36 |
|
|
0.05 |
|
Diluted |
|
0.22 |
|
|
0.36 |
|
|
0.05 |
|
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
Basic |
|
0.68 |
|
|
1.09 |
|
|
0.16 |
|
Diluted |
|
0.66 |
|
|
1.07 |
|
|
0.16 |
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
|
Basic |
|
174,343,867 |
|
|
177,090,226 |
|
|
177,090,226 |
|
Diluted |
|
179,098,979 |
|
|
180,903,849 |
|
|
180,903,849 |
|
|
|
|
|
|
|
|
Net income |
|
38,968 |
|
|
64,970 |
|
|
9,569 |
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(3,081 |
) |
|
15,875 |
|
|
2,338 |
|
Comprehensive income |
|
35,887 |
|
|
80,845 |
|
|
11,907 |
|
|
|
|
|
|
|
|
|
|
|
In June 2016, the FASB issued ASU 2016-13,
Financial Instruments—Credit Losses (Topic 326), which requires all
entities to disclose their current estimate of all expected credit
losses. We adopted this ASU on January 1, 2020 using the modified
retrospective transition method and no material adjustment to the
opening balance of retained earnings of 2020 was necessary. The
adoption of this new ASU has no material impact on our consolidated
financial position and results of operations. (1) Share-based
compensation expenses are allocated in operating expenses items as
follows:
|
|
|
|
|
For the three months ended September
30, |
|
|
2019 |
|
2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Fulfillment |
|
2,382 |
|
2,746 |
|
404 |
Sales and marketing |
|
5,840 |
|
9,544 |
|
1,406 |
Technology and content |
|
2,861 |
|
4,533 |
|
668 |
General and administrative |
|
8,378 |
|
9,863 |
|
1,453 |
|
|
19,461 |
|
26,686 |
|
3,931 |
|
|
|
|
|
|
|
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB0.4 million for both the
three months period ended September 30, 2019 and 2020.
(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
September 30, 2019 and 2020.
|
Baozun Inc. |
Reconciliations of GAAP and Non-GAAP Results |
(in thousands, except for share and per ADS
data) |
|
|
|
For the three months ended September
30, |
|
2019 |
|
2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
56,082 |
|
|
84,607 |
|
|
12,461 |
|
Add: Share-based
compensation expenses |
|
19,461 |
|
|
26,686 |
|
|
3,931 |
|
Amortization of intangible assets resulting from
business acquisition |
|
391 |
|
|
391 |
|
|
57 |
|
Non-GAAP income from
operations |
|
75,934 |
|
|
111,684 |
|
|
16,449 |
|
|
|
|
|
|
|
|
Net Income |
|
38,968 |
|
|
64,970 |
|
|
9,569 |
|
Add: Share-based
compensation expenses |
|
19,461 |
|
|
26,686 |
|
|
3,931 |
|
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 |
|
58,722 |
|
|
91,949 |
|
|
13,543 |
|
|
|
|
|
|
|
|
Net income attributable to
ordinary shareholders of Baozun Inc. |
|
39,352 |
|
|
64,635 |
|
|
9,520 |
|
Add: Share-based
compensation expenses |
|
19,461 |
|
|
26,686 |
|
|
3,931 |
|
Amortization of intangible assets resulting from
business acquisition |
|
199 |
|
|
199 |
|
|
28 |
|
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. |
|
58,962 |
|
|
91,470 |
|
|
13,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income attributable to
ordinary shareholders of Baozun Inc. per
ADS: |
|
|
|
|
|
|
Basic |
|
1.01 |
|
|
1.55 |
|
|
0.23 |
|
Diluted |
|
0.99 |
|
|
1.52 |
|
|
0.22 |
|
Weighted average shares
used in calculating net income per ordinary share |
|
|
|
|
|
|
Basic |
|
174,343,867 |
|
|
177,090,226 |
|
|
177,090,226 |
|
Diluted |
|
179,098,979 |
|
|
180,903,849 |
|
|
180,903,849 |
|
|
|
|
|
|
|
|
|
|
|
______________________________
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
RMB6.7896 to US$1.00, the noon buying rate in effect on September
30, 2020 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.
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