Live Video Broadcast Business (“LVB”) Maintains
Robust Growth Momentum with GMV in the Fourth Quarter and Fiscal
Year 2020 Increasing 54.1% and 91.6%, Respectively
LVB GMV for the Fourth Quarter and Fiscal Year
2020 Accounted for 65.4% and 46.2% of the GMV, Respectively
LVB Active Buyers in Fiscal Year 2020 Increased
44.9%
Announces US$10 million Share Repurchase
Program
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 fourth quarter and fiscal
year 2020 ended March 31, 2020.
Mr. Qi Chen, Chairman and Chief Executive Officer of MOGU,
commented, "The global fashion industry experienced a challenging
quarter as a result of the COVID-19 outbreak. Apparel supply
chains, merchant operations, and e-commerce logistics in China were
all disrupted to various extents. Social distancing also weakened
demand for fashion products. The live video broadcasting has become
increasingly popular for many fashion brands and supply chain
partners as a new form of sales. MOGU and our KOLs are well
positioned and prepared to meet their growing demand.”
"Despite this unprecedented and challenging quarter, our LVB
business maintained robust growth momentum with GMV increased by
54.1% in the fourth quarter of 2020 from the same period in 2019,"
commented Mr. Raymond Huang, Chief Strategy Officer of MOGU. "LVB
GMV accounted for the majority of our GMV for the second
consecutive quarter which reflects the direction that we are
heading towards. Over the past 12 months, we have been focusing our
attention and resources on our innovative LVB e-commerce strategy
and building supply chain infrastructure to empower and support our
KOLs. As a result, LVB GMV surged by 91.6% in fiscal year 2020. We
have clearly reached an inflection point where our LVB business
will act as our main growth driver going forward. We will continue
to execute our strategy and provide a differentiated, personalized
and immersive shopping experience to our customers."
Fourth Quarter Fiscal Year 2020 Highlights
- Gross Merchandise Value (GMV1) for the fourth quarter of
fiscal year 2020 was RMB2,420 million (US$341.8 million2), a
decrease of 33.8% year-over-year.
- Live Video Broadcast business continued to grow strongly
with associated GMV for the fourth quarter of fiscal year 2020
increasing 54.1% year-over-year to RMB1,581 million (US$223.2
million). LVB associated GMV for the fourth quarter of 2020
accounted for 65.4% of total GMV for the fourth quarter of
2020.
- Total revenues for the fourth quarter of fiscal year
2020 were RMB119.0 million (US$16.8 million), a decrease of 45.3%
year-over-year.
Fiscal Year 2020 Highlights
- GMV for fiscal year 2020 was RMB17,057 million
(US$2,408.9 million), which remains stable as compared with fiscal
year 2019.
- Live Video Broadcast associated GMV for fiscal year 2020
increased 91.6% to RMB7,877 million (US$1,112.4 million). LVB
associated GMV for fiscal year 2020 accounted for 46.2% of total
GMV. Active buyers of LVB business in fiscal year 2020 increased by
44.9% year-over-year to 3.6 million.
- Total revenues for fiscal year 2020 were RMB835.3
million (US$118.0 million), a decrease of 22.2%
year-over-year.
Fourth Quarter Fiscal Year 2020 Financial Results
Total revenues decreased by 45.3% to RMB119.0 million
(US$16.8 million) from RMB217.6 million during the same quarter of
fiscal year 2019.
- Commission revenues decreased by 43.0% to RMB66.3
million (US$9.4 million) from RMB116.5 million in the same period
of fiscal year 2019, primarily due to the COVID-19 pandemic’s
impacts on the delivery of the merchandise sold on the Company’s
e-commerce platform, demand for the apparel, and the exemption of
commission charge to brand merchants. Commission revenue from the
LVB business grew significantly and was 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 74.4% to
RMB18.2 million (US$2.6 million) from RMB71.3million in the same
period of fiscal year 2019. The decrease was primarily due to the
outbreak of the COVID-19 pandemic and the restructuring of the
Company’s business towards its LVB business.
- Other revenues increased by 15.4% to RMB34.4 million
(US$4.9million) from RMB29.8 million in the same period of fiscal
year 2019, primarily due to an increase in the online direct
sales.
Cost of revenues decreased by 4.0% to RMB58.6 million (US$8.3
million) from RMB61.1 million in the same period of fiscal year
2019, which was primarily due to the decrease of payment handling
costs and IT-related expenses.
Sales and marketing expenses decreased by 56.1% to RMB78.2
million (US$11.0 million) from RMB178.2 million in the same period
of fiscal year 2019, primarily due to optimized spending on user
acquisition and branding expenses.
Research and development expenses decreased by 42.6% to RMB32.8
million (US$4.6 million) from RMB57.2 million in the same period of
fiscal year 2019, primarily as a result of headcount
optimization.
General and administrative expenses decreased by 75.5% to
RMB11.5 million (US$1.6million) from RMB46.8 million in the same
period of fiscal year 2019, primarily due to the reversal of
share-based compensation expenses.
Amortization of intangible assets increased by 93.5% to RMB87.1
million (US$12.3 million) from RMB45.0 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 RMB149.1 million (US$21.1
million), compared to loss from operations of RMB168.1 million in
the same period of fiscal year 2019.
Net loss attributable to MOGU Inc.’s ordinary
shareholders was RMB141.9 million (US$20.0 million), compared
to a net loss attributable to MOGU Inc’s ordinary shareholders of
RMB140.8 million in the same period of fiscal year 2019.
Adjusted EBITDA3 was negative RMB83.6 million (US$11.8
million), compared to negative RMB87.4 million in the same period
of fiscal year 2019.
Adjusted net loss4 was RMB79.3 million (US$11.2 million),
compared to adjusted net loss of RMB67.7 million in the same period
of fiscal year 2019.
Basic and diluted loss per ADS were RMB1.30 (US$0.18) and
RMB1.30 (US$0.18), respectively, compared with RMB1.32 and RMB1.32,
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 RMB1,095.4 million (US$154.7 million) as of
March 31, 2020, compared with RMB1,489.7 million as of March 31,
2019.
Fiscal Year 2020 Financial Results
Total revenues decreased by 22.2% to RMB835.3 million
(US$118.0 million) from RMB1,074.3 million in fiscal year 2019.
- Commission revenues decreased by 13.7% to RMB438.3
million (US$61.9 million) from RMB507.7 million in fiscal year
2019, primarily due to the restructuring of the Company’s business
mix towards its LVB business and the outbreak of
COVID-19.Commission revenue from the LVB business 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 38.6% to
RMB243.1 million (US$34.3 million) from RMB395.7million in fiscal
year 2019. The decrease was primarily due to the restructuring of
the Company’s business mix towards its LVB business and the
outbreak of COVID-19.
- Other revenues decreased by 9.9% to RMB154.0million
(US$21.7 million) from RMB170.8 million in fiscal year 2019,
primarily due to a decrease in technology supporting services the
Company provided to its equity investee during the same quarter
last fiscal year when they hadn’t established their back office
technology supporting functions.
Cost of revenues decreased by 6.4% to RMB293.8 million (US$41.5
million) from RMB313.8 million in fiscal year 2019, which was
primarily a result of a decrease in payment handling costs, which
were partially offset by an increase in IT-related expenses
associated with the LVB business.
Sales and marketing expenses decreased by 17.6% to RMB613.2
million (US$86.6 million) from RMB743.7 million in fiscal year
2019, primarily due to optimized spending on user acquisition
activities and user incentive programs, which were partially offset
by an increase in branding and marketing activities.
Research and development expenses decreased by 27.6% to RMB171.1
million (US$24.2 million) from RMB236.4 million in fiscal year
2019, primarily as a result of headcount optimization.
General and administrative expenses decreased by 23.9% to
RMB128.2 million (US$18.1 million) from RMB168.4 million in fiscal
year 2019, primarily due to the reversal of share-based
compensation expenses.
Amortization of intangible assets increased by 70.0% to RMB331.3
million (US$46.8 million) from RMB194.9 million in 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 RMB2,072.9 million (US$292.7
million), compared to loss from operations of RMB574.2 million in
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 COVID-19.
Net loss attributable to MOGU Inc.’s ordinary
shareholders was RMB2,223.6 million (US$314.0 million),
compared to a net loss attributable to MOGU Inc.’s ordinary
shareholders of RMB1,085.3 million in fiscal year 2019.
Adjusted EBITDA5 was negative RMB320.1 million (US$45.2
million), compared to negative RMB264.7 million in fiscal year
2019.
Adjusted net loss6 was RMB414.2 million (US$58.5
million), compared to adjusted net loss of RMB239.7 million in
fiscal year 2019.
Basic and diluted loss per ADS were RMB20.45 (US$2.89)
and RMB20.45 (US$2.89) respectively, compared with RMB21.74 and
RMB21.74, respectively, in fiscal year 2019. One ADS represents 25
Class A ordinary shares.
Share Repurchase Plan
On May 28, 2020, the board of directors of the Company approved
a new share repurchase program (the “2020 Program”) where the
Company is authorized to repurchase up to US$10 million of its
shares, effective until May 27, 2021.
The Company’s proposed repurchases may be made from time to time
on the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on market conditions and in
accordance with applicable rules and regulations. The Company's
board of directors will review the share repurchase program
periodically, and may authorize adjustment of its terms and size.
The Company plans to fund repurchases from its existing cash
balance.
Impact of COVID-19
Among other things, the outbreak of COVID-19 has caused delays
in the delivery of the merchandise sold on the Company’s e-commerce
platforms during the first quarter of 2020. The delivery has been
gradually recovering in the second quarter of 2020. However, if the
impact of COVID-19 is prolonged or worsens further, it may still
disrupt the delivery. In addition, the Company has decided to
exempt the charge of commissions from brand merchants that
experienced various degrees of shutdowns and delays in commencement
of operations due to COVID-19 in the first quarter of 2020.
At the same time, the Company has taken measures to reduce the
impact of this pandemic outbreak, including, upgrading its
telecommuting system, monitoring its employees’ health on a daily
basis and optimizing its technology system to support potential
growth in user traffic. The extent of the related impact on the
Company's financial results and business outlook depends on the
future developments of the global pandemic.
As of March 31, 2020, the Company had cash and cash equivalents,
restricted cash and short-term investments of RMB1,095.4 million
(US$154.7 million).
Conference Call
MOGU's management will host an earnings conference call at 7:30
AM U.S. Eastern Time on Friday, May 29, 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 June 5,
2020.
Dial-in numbers for the replay are as follows:
International:
+1 416 621 4642
United States:
+1 800 585 8367
Passcode:
6952537
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
impact of COVID-19, 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: COVID-19 pandemic on MOGU’s business, results of
operations, financial condition and stock price; 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.
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 March 31,
2019
2020
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
1,276,710
856,567
120,970
Restricted cash
1,006
807
114
Short-term investments
212,000
238,000
33,612
Inventories, net
5,042
2,926
413
Loan receivables, net
120,901
113,111
15,974
Prepayments and other current assets
161,249
99,108
13,997
Amounts due from related parties
1,789
57
8
Total current assets
1,778,697
1,310,576
185,088
Non-current assets:
Property, equipment and software, net
11,975
14,109
1,993
Intangible assets, net
1,001,967
813,011
114,819
Goodwill
1,568,653
186,504
26,339
Investments
241,721
102,373
14,458
Other non-current assets
763
14,183
2,003
Total non-current assets
2,825,079
1,130,180
159,612
Total assets
4,603,776
2,440,756
344,700
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
17,989
17,080
2,412
Salaries and welfare payable
22,112
6,032
852
Advances from customers
1,177
103
15
Taxes payable
5,844
6,342
896
Amounts due to related parties
9,393
12,018
1,697
Accruals and other current liabilities
492,385
393,536
55,578
Total current liabilities
548,900
435,111
61,450
Non-current liabilities:
Deferred tax liabilities
2,485
21,529
3,040
Other non-current liabilities
4,722
3,644
515
Total non-current liabilities
7,207
25,173
3,555
Total liabilities
556,107
460,284
65,005
Shareholders’ equity
Ordinary shares
177
180
25
Treasury Stock
-
(6,566)
(927)
Statutory reserves
2,475
2,630
371
Additional paid-in capital
9,392,737
9,431,740
1,332,016
Accumulated other comprehensive income
77,795
201,796
28,499
Accumulated deficit
(5,425,515)
(7,649,308)
(1,080,289)
Total MOGU Inc. shareholders’ equity
4,047,669
1,980,472
279,695
Total shareholders’ equity
4,047,669
1,980,472
279,695
Total liabilities and shareholders’
equity
4,603,776
2,440,756
344,700
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 year ended
March 31,
March 31,
2019
2020
2019
2020
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Commission revenues
116,498
66,346
9,370
507,728
438,274
61,896
Marketing services revenues
71,298
18,248
2,577
395,747
243,081
34,330
Other revenues
29,797
34,395
4,858
170,803
153,959
21,743
Total revenues
217,593
118,989
16,805
1,074,278
835,314
117,969
Cost of revenues (exclusive of
amortization of intangible assets shown separately below)
(61,054)
(58,590)
(8,274)
(313,788)
(293,757)
(41,486)
Sales and marketing expenses
(178,203)
(78,190)
(11,043)
(743,732)
(613,183)
(86,598)
Research and development expenses
(57,210)
(32,813)
(4,634)
(236,446)
(171,137)
(24,169)
General and administrative expenses
(46,805)
(11,454)
(1,618)
(168,379)
(128,152)
(18,099)
Amortization of intangible assets
(45,012)
(87,112)
(12,303)
(194,874)
(331,294)
(46,788)
Goodwill impairment
-
-
-
-
(1,382,149)
(195,197)
Other income, net
2,620
68
10
8,761
11,472
1,620
Loss from operations
(168,071)
(149,102)
(21,057)
(574,180)
(2,072,886)
(292,748)
Interest income
9,278
6,094
861
33,700
29,312
4,140
Gain/(loss) from investments, net
-
-
-
31,236
(66,550)
(9,399)
Loss before income tax and share of
results of equity investees
(158,793)
(143,008)
(20,196)
(509,244)
(2,110,124)
(298,007)
Income tax benefits
4,861
1,118
158
17,217
590
83
Share of results of equity investee
13,146
-
-
5,752
(114,104)
(16,115)
Net loss
(140,786)
(141,890)
(20,038)
(486,275)
(2,223,638)
(314,039)
Net income attributable to non-controlling
interests
-
-
-
-
-
-
Net loss attributable to MOGU
Inc.
(140,786)
(141,890)
(20,038)
(486,275)
(2,223,638)
(314,039)
Accretion on convertible redeemable
preferred shares to redemption value
-
-
-
(509,904)
-
-
Deemed dividend to holders of mezzanine
equity
-
-
-
(89,076)
-
-
Net loss attributable to MOGU Inc’s
ordinary shareholders
(140,786)
(141,890)
(20,038)
(1,085,255)
(2,223,638)
(314,039)
Net loss
(140,786)
(141,890)
(20,038)
(486,275)
(2,223,638)
(314,039)
Other comprehensive loss:
Foreign currency translation adjustments,
net of nil tax
(27,057)
18,622
2,630
55,440
105,433
14,890
Share of other comprehensive income
/(loss) of equity method investee
1,048
-
-
938
(145)
(20)
Unrealized securities holding gains, net
of tax
18,618
25,472
3,597
25,067
18,713
2,643
Total comprehensive loss
(148,177)
(97,796)
(13,811)
(404,830)
(2,099,637)
(296,526)
Total comprehensive income attributable to
non-controlling interests
-
-
-
-
-
-
Total comprehensive loss attributable
to MOGU Inc.
(148,177)
(97,796)
(13,811)
(404,830)
(2,099,637)
(296,526)
Net loss attributable to MOGU Inc's
ordinary shareholders
(140,786)
(141,890)
(20,038)
(1,085,255 )
(2,223,638)
(314,039)
Net loss per share attributable to
ordinary shareholders
Basic
(0.05)
(0.05)
(0.01)
(0.87)
(0.82)
(0.12)
Diluted
(0.05)
(0.05)
(0.01)
(0.87)
(0.82)
(0.12)
Net loss per ADS
Basic
(1.32)
(1.30)
(0.18)
(21.74)
(20.45)
(2.89)
Diluted
(1.32)
(1.30)
(0.18)
(21.74)
(20.45)
(2.89)
Weighted average number of shares used
in computing net loss per share
Basic
2,675,956,443
2,730,786,951
2,730,786,951
1,247,998,533
2,718,827,977
2,718,827,977
Diluted
2,675,956,443
2,730,786,951
2,730,786,951
1,247,998,533
2,718,827,977
2,718,827,977
Share-based compensation expenses
included in:
Cost of revenues
3,451
(3,205)
(453)
13,916
(2,747)
(388)
General and administrative expenses
25,028
(16,071)
(2,270)
64,433
17,740
2,505
Sales and marketing expenses
3,349
(631)
(89)
9,558
7,927
1,120
Research and development expenses
2,054
(3,491)
(493)
15,161
9,265
1,308
33,882
(23,398)
(3,305)
103,068
32,185
4,545
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 year ended
March 31,
March 31,
2019
2020
2019
2020
RMB
RMB
US$
RMB
RMB
US$
Net cash used in operating
activities
(90,538)
(154,827)
(21,866)
(325,808)
(311,789)
(44,033)
Net cash provided by /(used in)
investing activities
140,543
141,860
20,034
(82,836)
(113,150)
(15,980)
Net cash (used in)/provided by
financing activities
(23,083)
(1,510)
(213)
414,872
(29,332)
(4,142)
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
(16,383)
5,515
779
46,091
33,929
4,791
Net increase/(decrease) in cash and cash
equivalents and restricted cash
10,539
(8,962)
(1,266)
52,319
(420,342)
(59,364)
Cash and cash equivalents and restricted
cash at beginning of period
1,267,177
866,336
122,350
1,225,397
1,277,716
180,448
Cash and cash equivalents and restricted
cash at end of period
1,277,716
857,374
121,084
1,277,716
857,374
121,084
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 March 31,
For the year ended
March 31,
2019
2020
2019
2020
RMB
RMB
US$
RMB
RMB
US$
Net loss
(140,786)
(141,890)
(20,038)
(486,275)
(2,223,638)
(314,039)
Add:
Share of result of equity investees
(13,146)
-
-
(5,752)
114,104
16,115
Add:
(Gain)/loss from investments, net
-
-
-
(31,236)
66,550
9,399
Less:
Income tax benefits
(4,861)
(1,118)
(158)
(17,217)
(590)
(83)
Less:
Interest income
(9,278)
(6,094)
(861)
(33,700)
(29,312)
(4,140)
Loss from operations
(168,071)
(149,102)
(21,057)
(574,180)
(2,072,886)
(292,748)
Add:
Share-based compensation expenses
33,882
(23,398)
(3,305)
103,068
32,185
4,545
Add:
Goodwill impairment
-
-
-
-
1,382,149
195,197
Add:
Amortization of intangible assets
45,012
87,112
12,303
194,874
331,294
46,788
Add:
Depreciation of property and equipment
1,792
1,832
259
11,572
7,174
1,013
Adjusted EBITDA
(87,385)
(83,556)
(11,800)
(264,666)
(320,084)
(45,205)
Net loss
(140,786)
(141,890)
(20,038)
(486,275)
(2,223,638)
(314,039)
Add:
(Gain)/loss from investments, net
-
-
-
(31,236)
66,550
9,399
Add:
Share-based compensation
33,882
(23,398)
(3,305)
103,068
32,185
4,545
Add:
Goodwill impairment
-
-
-
-
1,382,149
195,197
Add:
Amortization of intangible assets
45,012
87,112
12,303
194,874
331,294
46,788
Less:
Adjusted for tax effects
(5,817)
(1,161)
(164)
(20,139)
(2,709)
(382)
Adjusted net loss
(67,709)
(79,337)
(11,204)
(239,708)
(414,169)
(58,492)
______________________________ 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 March 31, 2020, which was RMB7.0808 to
US$1.00. The percentages stated in this press release are
calculated based on the RMB amounts.
3 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...
4 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.
5 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...
6 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200529005202/en/
For investor and media inquiries, please contact: MOGU
Inc. Raymond Huang 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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