BEIJING, May 21, 2015 /PRNewswire/ -- Jumei International
Holding Limited (NYSE: JMEI) ("Jumei" or the "Company"),
China's leading online retailer of
beauty products, today announced its unaudited financial results
for the first quarter ended March 31,
2015. The Company will host a conference call to discuss the
results at 8:30 AM U.S. Eastern
Daylight Time on May 22, 2015
(8:30 PM China time on the same
day).
First Quarter 2015 Highlights
- Net revenues increased by 61.8% year-over-year to US$250.6 million.
- Total net GMV [1] increased by 20.3% year-over-year
to US$326.5 million, primarily due to
a 14.3% increase in the number of active customers[2]
and an 18.4% increase in total orders[3].
- Gross profit as a percentage of net revenues decreased to 31.4%
from 44.1% in the same period of 2014. Gross profit as a percentage
of total net GMV decreased slightly to 24.1% from 25.2% in the same
period of 2014. The decrease was primarily due to the Company's
shift in strategy from beauty product marketplace sales to
merchandise sales that started in September
2014.
- Net income attributable to Jumei's ordinary shareholders
increased by 49.5% to US$15.7 million
from US$10.5 million in the same
period of 2014. Net margin attributable to Jumei's ordinary
shareholders was 6.3%, compared with 6.8% in the same period of
2014.
- Non-GAAP net income attributable to Jumei's ordinary
shareholders[4] was US$17.2
million, an increase of 44.5% from the same period of 2014.
Non-GAAP net margin attributable to Jumei's ordinary
shareholders[4] was
6.9%, compared with 7.7% in the same period of 2014.
[1]
|
"Net GMV" means the sum of (i) net revenues generated
from merchandise sales, and (ii) net revenues generated from
marketplace services plus corresponding payables to third-party
merchants;
|
[2]
|
"Active customer" means a customer that made at least
one purchase during a specified period;
|
[3]
|
"Total orders" means the total number of orders
placed during a period, excluding rejected or returned
orders;
|
[4]
|
"Non-GAAP net income attributable to Jumei's ordinary
shareholders" is a non-GAAP financial measure defined as net income
attributable to Jumei's ordinary shareholders excluding share-based
compensation expenses. "Non-GAAP net margin attributable to Jumei's
ordinary shareholders" is a non-GAAP financial measure defined as
Non-GAAP net income attributable to Jumei's ordinary shareholders
as a percentage of total net revenues. See "Use of Non-GAAP
Financial Measures" and "Unaudited Reconciliation of GAAP and
Non-GAAP Results".
|
Mr. Leo Chen, founder and CEO of
Jumei, stated, "We are pleased to announce stronger-than-expected
growth for the first quarter of 2015. We successfully completed our
transition for beauty products from marketplace sales to
merchandise sales at the end of 2014, and our new business
initiative – Jumei Global, took off early this year and experienced
high growth in terms of sales volume. Jumei is currently one of the
leading players in cross-border e-commerce in China. We expanded into cross-border baby and
maternity category in mid-April, 2015 and quickly achieved market
leading position in this new category in China. Our target for 2015 is focused on top
line growth and expansion into other cross-border categories as we
look to expand our customer base and significantly grow our order
numbers. We are confident that we can achieve our quarterly and
yearly sales target for 2015."
Unaudited First Quarter 2015 Financial Results
Total net revenues were US$250.6
million, an increase of 61.8% from US$154.9 million in the first quarter of 2014.
The increase was primarily attributable to the shift from beauty
product marketplace sales to merchandise sales, as well as the
increase in the number of active customers and total orders. The
number of active customers increased by 14.3% to approximately 5.6
million from approximately 4.9 million in the same period of 2014.
The number of total orders increased by 18.4% to approximately 13.5
million from approximately 11.4 million in the same period of
2014.
Gross profit was US$78.7
million, an increase of 15.2% from US$68.3 million in the first quarter of 2014.
Gross profit as a percentage of net revenues decreased to 31.4%
from 44.1% in the same period of 2014. The decrease was primarily
due to the shift from beauty product marketplace sales to
merchandise sales. Gross profit as a percentage of net GMV
decreased slightly to 24.1% from 25.2% in the same period of 2014.
Gross profit from merchandise sales as a percentage of net GMV of
merchandise sales decreased to 28.6% from 33.4% in the same period
of 2014. The decrease was primarily due to the change of product
mix.
Total operating expenses
were US$64.7 million, an increase
of 26.4% from US$51.2 million in the
first quarter of 2014. Operating expenses as a percentage of total
net GMV increased to 19.8% from 18.9% in the same period of
2014.
- Fulfillment expenses were US$28.8 million, an increase of 44.7% from
US$19.9 million in the same period of
2014. Fulfillment expenses as a percentage of total net GMV
increased to 8.8% from 7.3% in the same period of 2014. The
increase was primarily due to higher fulfillment expenses of Jumei
Global.
- Marketing expenses were US$23.8 million, an increase of 1.7% from
US$23.4 million in the same period of
2014. Marketing expenses as a percentage of total net GMV decreased
to 7.3% from 8.6% in the same period of 2014. The decrease was
primarily the result of a series of efficient and effective
marketing campaigns and brand promotion activities that were
launched during the quarter in an effort to grow the Company's
customer base.
- Technology and content expenses were US$6.7 million, an increase of 55.8% from
US$4.3 million in the same period of
2014. Technology and content expenses as a percentage of total net
GMV increased to 2.1% from 1.6% in the same period of 2014. The
increase reflects Jumei's continuous investments in its information
technology platform and the Company's commitment to attract top
research and development talent in order to provide better
technology-enabled services to both consumers and merchants.
- General and administrative expenses were
US$5.3 million, an increase of 43.2%
from US$3.7 million in the same
period of 2014. General and administrative expenses as a percentage
of total net GMV increased to 1.6% from 1.4% in the same period of
2014. The increase was mainly due to the increase in general and
administrative staff headcount.
Income from operations was US$14.1
million, a decrease from US$17.1
million in the same period of 2014.
Non-GAAP income from operations, which excludes
US$1.5 million in share-based
compensation expenses, was US$15.6
million, a decrease of 15.7% from US$18.5 million in the same period of 2014.
Net income attributable to Jumei's ordinary shareholders
was US$15.7 million, compared with
US$10.5 million in the same period of
2014, primarily due to the fact that there is no preferred shares
accretion this quarter as preferred shares have been converted into
ordinary shares at the completion of our initial public offering in
May 2014. Net margin attributable to
Jumei's ordinary shareholders decreased slightly to 6.3% from 6.8%
in the same period of 2014. Net income per basic and diluted ADS
were US$0.11 and US$0.10, respectively, compared with US$0.16 and US$0.12, respectively, for the same period of
2014.
Non-GAAP net income attributable to Jumei's ordinary
shareholders, which excludes share-based compensation expenses,
was US$17.2 million, an increase of
44.5% from US$11.9 million in the
same period of 2014. Non-GAAP net margin attributable to Jumei's
ordinary shareholders decreased to 6.9% from 7.7% in the same
period of 2014. Non-GAAP net income per basic and diluted ADS were
US$0.12 and US$0.11, respectively, compared with US$0.18 and US$0.14, respectively, in the same period of
2014.
Balance Sheet
As of March 31, 2015, the Company
had cash and cash equivalents of US$156.7
million, and short-term investments of US$423.7 million.
Business Outlook
For the second quarter of 2015, the Company expects total net
revenues to be between US$270.1 million and
US$277.8 million, representing a year-over-year growth rate
of approximately 75% to 80%.
These forecasts reflect the Company's current and preliminary
view, which is subject to change.
Conference Call
Jumei's management will host a conference call on Tuesday, May 22, 2015 at 8:30 a.m. U.S. Eastern Daylight Time
(8:30 p.m. Beijing/Hong Kong Time on the same day) to
discuss the financial results.
The dial-in details for the earnings conference call are as
follows:
Hong Kong:
|
800-908-575 (Toll Free)
|
|
3056-2688 (Toll/Mobile)
|
|
|
Mainland China:
|
800-803-6152 (Toll Free)
|
|
400-603-9021 (Toll/Mobile)
|
|
|
USA:
|
1-877-679-2987 (Toll Free)
|
|
646-502-5131 (Toll/Mobile)
|
|
|
UK:
|
0800-376-2927 (Toll Free)
|
|
020-7660-2114 (Toll/Mobile)
|
|
|
Participant PIN Code:
|
810834#
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call through 12:00 a.m. U.S. Eastern Daylight Time,
June 22, 2015. The dial-in details
for the replay are as follows:
Hong Kong and International:
|
852-3060-0238
|
USA:
|
1-866-345-5132
|
Passcode:
|
215252#
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of Jumei's website at
http://jumei.investorroom.com/.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with the United States Generally Accepted Accounting
Principles ("GAAP"), Jumei uses non-GAAP income from operations,
non-GAAP net income attributable to Jumei's ordinary shareholders,
non-GAAP net margin attributable to Jumei's ordinary shareholders
and non-GAAP net income per ADS attributable to Jumei's ordinary
shareholders, by excluding share-based compensation expenses from
operating profit and net income attributable to the Company's
shareholders, respectively. The Company believes these non-GAAP
financial measures are important to help investors understand
Jumei's operating and financial performance, compare business
trends among different reporting periods on a consistent basis and
assess Jumei's core operating results, as they exclude certain
expenses that are not expected to result in cash payments. The use
of the above non-GAAP financial measures has certain limitations.
Share-based compensation expenses have been and will continue to be
incurred in the future and are not reflected in the presentation of
the non-GAAP financial measures, but should be considered in the
overall evaluation of Jumei's results. The Company compensates for
these limitations by providing the relevant disclosure of its
share-based compensation expenses in the reconciliations to the
most directly comparable GAAP financial measures, which should be
considered when evaluating Jumei's performance. These non-GAAP
financial measures should be considered in addition to financial
measures prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, financial measures
prepared in accordance with GAAP. Reconciliation of each of these
non-GAAP financial measures to the most directly comparable GAAP
financial measure is set forth at the end of this release.
About Jumei International Holding Limited
Jumei (NYSE: JMEI) is China's
leading online retailer of beauty products. Jumei's internet
platform is a trusted destination for consumers to discover and
purchase branded beauty products, fashionable apparel and other
lifestyle products through the Company's jumei.com and
jumeiglobal.com websites and mobile application. Leveraging
its deep understanding of customer needs and preferences, as well
as its strong merchandizing capabilities, Jumei has adopted
multiple effective sales formats to encourage product purchases on
its platform, including curated sales, online shopping mall and
flash sales. More information about Jumei can be found at
http://jumei.investorroom.com
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," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Jumei's strategic and operational plans,
contain forward-looking statements. Jumei may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,
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 statements about Jumei'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: the Company's goals and strategies; the
Company's future business development, results of operations and
financial condition; the expected growth of the Company's curated
sales, online shopping mall and flash sales in China; the expected growth of Jumei Global,
the Company's ability to attract and retain new customers and to
increase revenues generated from repeat customers; its ability to
obtain the authorization of more exclusive products; its
expectations regarding demand for and market acceptance of its
products and services; trends and competition in China's online retailers of beauty products;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing. Further information regarding
these and other risks is included in Jumei's filings with the SEC,
including its annual report on Form 20-F. All information provided
in this press release and in the attachments is as of the date of
this press release, and Jumei does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
Jumei International Holding Limited
Mr. Sterling Song
Investor Relations Director
Phone: +86-10-5676-6983
Email: kans@jumei.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
Email:
carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
JUMEI
INTERNATIONAL HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
(U.S. dollars in
thousands, except share data and per share data)
|
|
|
|
December 31,
2014
|
|
March 31,
2015
|
|
|
US$
|
|
US$
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
165,407
|
|
156,720
|
Short-term
investments
|
|
412,555
|
|
423,698
|
Loan
receivables
|
|
2,533
|
|
4,331
|
Accounts receivable,
net
|
|
4,403
|
|
9,175
|
Inventories
|
|
101,613
|
|
108,502
|
Advances to
suppliers
|
|
8,759
|
|
30,481
|
Prepayments and other
current assets
|
|
32,852
|
|
26,848
|
Deferred tax
assets
|
|
424
|
|
424
|
Total current
assets
|
|
728,546
|
|
760,179
|
Non-current assets:
|
|
|
|
|
Long-term
investment
|
|
-
|
|
5,000
|
Property, equipment
and software, net
|
|
8,289
|
|
8,956
|
Intangible assets,
net
|
|
18
|
|
14
|
Goodwill
|
|
2,320
|
|
2,320
|
Deferred tax
assets
|
|
1,497
|
|
1,488
|
Other non-current
assets
|
|
2,645
|
|
2,490
|
Total non-current
assets
|
|
14,769
|
|
20,268
|
Total
assets
|
|
743,315
|
|
780,447
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
145,442
|
|
157,737
|
Advances from
customers
|
|
11,070
|
|
18,791
|
Short-term
loan
|
|
1,611
|
|
1,599
|
Tax payable
|
|
13,661
|
|
17,889
|
Accrued expenses and
other current liabilities
|
|
20,169
|
|
15,773
|
Total
current liabilities
|
|
191,953
|
|
211,789
|
Non-current
liabilities
|
|
|
|
|
Long-term
loan
|
|
-
|
|
451
|
Other non-current
liabilities
|
|
843
|
|
778
|
Total
non-current liabilities
|
|
843
|
|
1,229
|
Total
liabilities
|
|
192,796
|
|
213,018
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Ordinary
shares
|
|
36
|
|
36
|
Additional paid-in
capital
|
|
459,108
|
|
460,630
|
Statutory
reserves
|
|
451
|
|
451
|
Treasury
stock
|
|
-
|
|
(145)
|
Retained
earnings
|
|
89,405
|
|
105,096
|
Accumulated other
comprehensive income
|
|
1,259
|
|
448
|
Jumei's
shareholders' equity
|
|
550,259
|
|
566,516
|
Noncontrolling
interests
|
|
260
|
|
913
|
Total
shareholders' equity
|
|
550,519
|
|
567,429
|
Total
liabilities and shareholders'
equity
|
|
743,315
|
|
780,447
|
|
|
|
|
|
JUMEI
INTERNATIONAL HOLDING LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
(U.S. dollars in
thousands, except share data and per share data)
|
|
|
|
For the three
months ended
|
|
|
March 31,
2014
|
|
December 31,
2014
|
|
March 31,
2015
|
|
|
US$
|
|
US$
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
Merchandise sales
|
|
129,833
|
|
154,676
|
|
240,808
|
Marketplace services
|
|
25,026
|
|
11,279
|
|
9,790
|
Total net
revenues
|
|
154,859
|
|
165,955
|
|
250,598
|
Cost of
revenues
|
|
(86,517)
|
|
(115,535)
|
|
(171,869)
|
Gross
profit
|
|
68,342
|
|
50,420
|
|
78,729
|
Operating
expenses:
|
|
|
|
|
|
|
Fulfillment expenses
|
|
(19,886)
|
|
(14,809)
|
|
(28,847)
|
Marketing expenses
|
|
(23,432)
|
|
(19,922)
|
|
(23,820)
|
Technology and content expenses
|
|
(4,256)
|
|
(7,110)
|
|
(6,719)
|
General and administrative expenses
|
|
(3,656)
|
|
(4,578)
|
|
(5,275)
|
Total operating
expenses
|
|
(51,230)
|
|
(46,419)
|
|
(64,661)
|
Income from
operations
|
|
17,112
|
|
4,001
|
|
14,068
|
Other
income/(expenses):
|
|
|
|
|
|
|
Interest income
|
|
884
|
|
4,971
|
|
5,737
|
Others, net
|
|
2,693
|
|
3,137
|
|
384
|
Income before
tax
|
|
20,689
|
|
12,109
|
|
20,189
|
Income tax expenses
|
|
(4,138)
|
|
(1,374)
|
|
(3,836)
|
Net
income
|
|
16,551
|
|
10,735
|
|
16,353
|
Net income attributable to noncontrolling
interests
|
|
-
|
|
(36)
|
|
(661)
|
Net income
attributable to Jumei International Holding Limited
|
|
16,551
|
|
10,699
|
|
15,692
|
Accretion to Preferred Shares redemption value
|
|
(520)
|
|
-
|
|
-
|
Income allocation to participating Redeemable Preferred
Shares
|
|
(5,538)
|
|
-
|
|
-
|
Net income
attributable to Jumei's ordinary shareholders
|
|
10,493
|
|
10,699
|
|
15,692
|
Net
income
|
|
16,551
|
|
10,735
|
|
16,353
|
Foreign currency translation adjustment, net of nil
tax
|
|
(746)
|
|
750
|
|
(811)
|
Total
comprehensive income
|
|
15,805
|
|
11,485
|
|
15,542
|
Comprehensive income attributable to noncontrolling
interests
|
|
-
|
|
(35)
|
|
(652)
|
Comprehensive income attributable to Jumei International
Holding Limited
|
|
15,805
|
|
11,450
|
|
14,890
|
Net income per
share attributable to Jumei's ordinary
shareholders
|
|
|
|
|
|
|
- Basic
|
|
0.16
|
|
0.07
|
|
0.11
|
- Diluted
|
|
0.12
|
|
0.07
|
|
0.10
|
Net income per ADS
attributable to Jumei's ordinary
shareholders (1 ordinary share equals to 1
ADS)
|
|
|
|
|
|
|
- Basic
|
|
0.16
|
|
0.07
|
|
0.11
|
- Diluted
|
|
0.12
|
|
0.07
|
|
0.10
|
Weighted average
shares outstanding used in computing net
income per share attributable to Jumei's
ordinary shareholders
|
|
|
|
|
|
|
- Basic
|
|
66,471,596
|
|
144,781,590
|
|
145,203,770
|
- Diluted
|
|
84,718,363
|
|
150,120,447
|
|
150,084,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
March 31,
2014
|
|
December 31,
2014
|
|
March 31,
2015
|
|
|
US$
|
|
US$
|
|
US$
|
Share-based
compensation expenses included are follows:
|
|
|
|
|
|
|
Fulfillment expenses
|
|
226
|
|
243
|
|
231
|
Marketing expenses
|
|
393
|
|
(172)
|
|
375
|
Technology and content expenses
|
|
242
|
|
329
|
|
325
|
General and administrative expenses
|
|
505
|
|
599
|
|
556
|
Total
|
|
1,366
|
|
999
|
|
1,487
|
JUMEI
INTERNATIONAL HOLDING LIMITED
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(U.S. dollars in
thousands, except share data and per share data)
|
|
|
|
For the three
months ended
|
|
|
March 31,
2014
|
|
December 31,
2014
|
|
March 31,
2015
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
Income from
operations
|
|
17,112
|
|
4,001
|
|
14,068
|
Share-based
compensation expenses
|
|
1,366
|
|
999
|
|
1,487
|
Non-GAAP income from
operations
|
|
18,478
|
|
5,000
|
|
15,555
|
|
|
|
|
|
|
|
Net income attributable to Jumei's ordinary shareholders
|
|
10,493
|
|
10,699
|
|
15,692
|
Share-based
compensation expenses
|
|
1,366
|
|
999
|
|
1,487
|
Non-GAAP net income
attributable to Jumei's ordinary
shareholders
|
|
11,859
|
|
11,698
|
|
17,179
|
|
|
|
|
|
|
|
Non-GAAP net
income per share attributable to Jumei's
ordinary shareholders
|
|
|
|
|
|
|
- Basic
|
|
0.18
|
|
0.08
|
|
0.12
|
- Diluted
|
|
0.14
|
|
0.08
|
|
0.11
|
Non-GAAP net
income per ADS attributable to Jumei's
ordinary shareholders (1 ordinary share equals
to 1
ADS)
|
|
|
|
|
|
|
- Basic
|
|
0.18
|
|
0.08
|
|
0.12
|
- Diluted
|
|
0.14
|
|
0.08
|
|
0.11
|
Non-GAAP weighted
average shares outstanding used in
computing net income per share attributable to
Jumei's
ordinary shareholders:
|
|
|
|
|
|
|
- Basic
|
|
66,471,596
|
|
144,781,590
|
|
145,203,770
|
- Diluted
|
|
84,718,363
|
|
150,120,447
|
|
150,084,009
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jumei-reports-unaudited-first-quarter-2015-financial-results-300087278.html
SOURCE Jumei International Holding Limited