Secoo Holding Limited (“Secoo”, the “Company” or “We”)
(NASDAQ:SECO), Asia's largest online integrated upscale products
and services platform, today announced its unaudited financial
results for the third quarter ended September 30, 2017.
Highlights for Third Quarter
2017:
- GMV1 reached RMB1,394.4 million (US$209.6
million) for Q3 2017, representing an increase of 65.4% from Q3
2016.
- Total number of orders2 was 372.3 thousand for
Q3 2017, representing an increase of 61.4% from 230.7 thousand for
Q3 2016.
- Number of active customers3 increased by 43.6%
to 158 thousand for Q3 2017.
- Total net revenue reached RMB982.2 million
(US$147.6 million), up 44.2% from Q3 2016.
- Gross margin was 17.0% for Q3 2017, compared
with 16.2% in Q3 2016.
- Net income increased by 902.9% to RMB34.1
million (US$5.1 million) for Q3 2017 compared with RMB3.4 million
for Q3 2016.
- Non-GAAP net income4 increased by 1,067.6% to
RMB39.7 million (US$6.0 million) for Q3 2017, from RMB3.4 million
in Q3 2016.
- Basic and diluted net loss per share was
RMB0.61 (US$0.09) for Q3 2017, compared with RMB21.58 for Q3
2016. Basic and diluted net loss per American Depositary
Share ("ADS") was RMB0.30 (US$0.05) for Q3 2017, compared with
RMB10.79 for Q3 2016. Two ADSs represent one ordinary share.
- Basic and diluted non-GAAP net income per
share5 was RMB4.28 (US$0.64) and RMB3.96 (US$0.60)
respectively for Q3 2017, compared with basic and diluted non-GAAP
net income per share of RMB0.45 and RMB0.45, respectively, for Q3
2016. Basic and diluted non-GAAP net income per ADS was
RMB2.14 (US$0.32) and RMB1.98 (US$0.30) respectively for Q3 2017,
compared with basic and diluted non-GAAP net income per ADS of
RMB0.22 and RMB0.22, respectively, for Q3 2016.
__________________________
1 GMV is to the total value of all orders of products and
services, excluding the value of whole car sales, placed on our
online platform and in our offline experience centers, regardless
of whether the products are delivered or returned or whether the
services are cancelled during the quarter.2 Total orders are to the
total number of orders of products and services, excluding the
number of whole car sales, placed on our online platform and in our
offline experience centers, regardless of whether the products are
delivered or returned or whether the services are cancelled during
the quarter.3 Active customers are to a customer account that
made at least one purchase during the quarter.4 Non-GAAP net income
is a non-GAAP financial measure, which is defined as net income,
excluding share-based compensation expenses. See
“Reconciliation of GAAP and Non-GAAP Results” at the end of this
press release.5 Basic and diluted non-GAAP net income per
share is a non-GAAP financial measure, which is defined as non-GAAP
net income, divided by weighted average number of basic and
diluted outstanding, including the dilutive effect of share-based
awards as determined under the treasury stock method. Basic
and diluted Non-GAAP net income per ADS is equal to basic and
diluted non-GAAP net income per share divided by two as two ADSs
represent one ordinary share.
Commentary
Mr. Richard Rixue Li, Chairman and Chief
Executive Officer of Secoo, said, “We are very pleased to report
strong financial results for our first quarter as a public company.
The key to our success has been our ability to provide an
integrated online and offline platform that effectively overcomes
key challenges, such as counterfeiting, faced by international
luxury brands and matches them with the growing demand of Chinese
customers. With our expanding brand coverage and product offerings,
sophisticated authentication processes, and world-class after-sale
services, we achieved 65.4% GMV growth and total number of orders
increased by 61.4% compared with the same period last year.”
“During the quarter, we continued our efforts to
strengthen our partnerships with an increasing number of top-tier
brands and sell their products through direct sales and marketplace
operations on our platform,” continued Mr. Li. “With more major
luxury brands leveraging our platform, we have been constantly
building upon our brand creditability to attract more customers.
Supported by our trusted and comprehensive global supply chain for
upscale products and lifestyle services, we are able to meet the
diverse purchase preferences and needs of our customers with
ensured authenticity and quality of every product offered on our
platform. Looking forward, we will remain focused on expanding our
online offerings and offline presence, strengthening brand
relationships and enhancing technological capabilities to maintain
and improve the superior user experience we deliver to our growing
customer base.”
“We are happy that our third quarter results
demonstrated robust growth,” said Mr. Shaojun Chen, Chief Financial
Officer of Secoo. “We had 44.2% revenue growth for the third
quarter of 2017 and recorded a net income for the fifth consecutive
quarter since the third quarter of 2016. Our net income for the
third quarter of 2017 hit a new high to RMB34.1 million,
representing a 902.9% increase from the third quarter of 2016. Our
strong top and bottom line performance reflects the strength of our
business and the achieved economies of scale, which gives us the
confidence to execute our growth strategy going forward.”
Recent Developments
- Since 2016, we have been continuously expanding our
partnerships with international and domestic brands bringing our
customers more products and greater selection variety. During
the third quarter of 2017, we partnered with 11 new international
brands, including Armani, Kiton, Vivienne Westwood, Pinko, Mr &
Mrs Italy, etc. We have also signed an exclusive agreement
with European Confederation of the Footwear Industry (“CEC”).
Pursuant to the agreement, we are authorized to sell to our
customers in China premium footwear brands from CEC’s members,
including brands from Italy, France, United Kingdom and Spain and
selected other European countries.
- We have been strengthening our product customization and
cross-over collaboration with individual brands. During the third
quarter of 2017, we collaborated with Dior and launched an
exclusive limited edition handbag for Chinese Valentine’s
Day. During the same period, we also launched an exclusive
product series with two marquee Chinese brands, “Shang-Xia” and
“Neiliansheng”. These exclusive products serve to burnish our
brand distinction and create positive brand awareness.
- In July 2017, we held our 9th anniversary sales promotion,
which recorded a 65% increase in GMV compared to the same event in
2016. During the third quarter of 2017, we also launched our new
“Secoo Yellow” campaign with new brand image and new “Secoo Yellow”
packaging. We believe our new campaign will further enhance our
brand appeal and customer experience.
- Many of our customers choose to utilize our Secoo Check
service, which allows them to make installment payments for
merchandise products purchased on our online platform. For the
third quarter of 2017, GMV for merchandise sales using Secoo Check
services increased 110% compared with the second quarter of 2017.
Secoo Check services not only increase our customers’ payment
flexibility, but also increase the volume of user activities on our
platform.
- During the third quarter of 2017, we continued our effort to
expand our online and offline integrated business model.
Furthermore, in November 2017 we opened a new experience center in
Qingdao and expect to open four additional experience centers in
Xiamen, Tianjin, Changsha and Hangzhou by the end of
2017.
- In November 2017, we signed a strategic agreement with Oracle,
the largest enterprise-level software company in the world and
Accenture, the leading management consulting and information
technology provider in the world, to implement Oracle’s cloud
solutions for our ERP and HCM management systems. Combing
with Accenture’s management consulting service, the new system will
improve our technical capability, operating efficiency and
cross-border business management and ultimately speed up our
globalization strategy.
Share Repurchase Program
Secoo announced that the Board of Directors of
the Company has approved a share repurchase program whereby Secoo
is authorized to repurchase its own Class A ordinary shares in the
form of American Depositary Shares with an aggregate value of up to
US$20 million during the next 12-month period. The proposed share
repurchase may be effected on the open market at prevailing market
prices and/or in negotiated transactions off the market from time
to time as market conditions warrant in accordance with applicable
requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S.
Securities Exchange Act of 1934, as amended.
Third Quarter 2017 Financial
Results
GMV increased by 65.4% to
RMB1,394.4 million (US$209.6 million) for the third quarter of
2017, from RMB843.3 million for the third quarter of 2016.
Total number of orders
increased by 61.4% from 230.7 thousand for the third quarter
of 2016 to 372.3 thousand for the third quarter of 2017.
Total net revenue for the third
quarter of 2017 increased by 44.2% to RMB982.2 million (US$147.6
million) from RMB681.3 million in the third quarter of 2016,
primarily driven by an increase in the total number of orders and
merchandise sales.
Cost of revenues increased by
42.8% from RMB571.2 million for the third quarter of 2016 to
RMB815.5 million (US$122.6 million) for the third quarter of 2017,
primarily attributable to a significant increase in merchandising
sales, which was in line with our revenue growth.
Operating expenses increased by
30.9% to RMB135.5 million (US$20.4 million) for the third quarter
of 2017 from RMB103.5 million for the third quarter of 2016.
Fulfillment expenses increased
by 26.5% to RMB25.8 million (US$3.9 million), for the third quarter
of 2017 from RMB20.4 million for the third quarter of 2016. The
increase was primarily attributable to (i) the increase in delivery
expenses paid to third-party delivery companies due to the rise in
total number of orders, (ii) the increase in packaging material
fees for upgrading our luxury packaging, and (iii) the increase in
third party payment commissions due to the increase in sales
transactions.
Marketing expenses increased by
21.8% to RMB64.3 million (US$9.7 million) for the third quarter of
2017 from RMB52.8 million for the third quarter of 2016. The
increase was primarily due to the increase in our online
advertising expenditures, as well as increase in overall staff
compensation and benefits expenses, including stock-based
compensation.
Technology and content development
expenses increased by 15.9% to RMB17.5 million (US$2.6
million) for the third quarter of 2017 from RMB15.1 million for the
third quarter of 2016. The increase was primarily due to the
increase in staff compensation.
General and administrative
expenses increased by 82.4% to RMB27.9 million (US$4.2
million) for the third quarter of 2017 from RMB15.3 million for the
third quarter of 2016. The increase was primarily attributable to
(i) the increase in staff compensation and headcount, (ii) the
increase in professional fees associated with our IPO process, and
(iii) the increase in stock-based compensation expenses.
Operating income for the third
quarter of 2017 was RMB31.2 million (US$4.7 million), representing
a 372.7% increase from an operating income of RMB6.6 million for
the third quarter of 2016.
Income tax expenses increased
to RMB0.8 million (US$0.1 million) in the third quarter of 2017
from nil for the third quarter of 2016, primarily due to the
increase of net income from one of our newly established VIE
subsidiary.
Net income. We recorded a net
income of RMB34.1 million (US$5.1 million) for the third quarter of
2017, up 902.9% from a net income of RMB3.4 million for the third
quarter of 2016.
Non-GAAP net income, which
excludes share-based compensation expenses, increased by 1,067.6%
to RMB39.7 million (US$6.0 million) in the third quarter of 2017
from RMB3.4 million in the third quarter of 2016.
Net loss attributable
to ordinary shareholders of Secoo Holding Limited for the
third quarter of 2017 was RMB5.6 million (US$0.8 million),
decreased by 96.5% from RMB161.8 million for the third quarter of
2016. The decrease was primarily attributable to the
accretion of our preferred shares to their redemption value as of
our IPO, which decreased to RMB 39.7 million (US$6.0 million) for
the third quarter of 2017 from RMB165.2 million for the third
quarter of 2016.
Basic and diluted net loss per
share was RMB0.61 (US$0.09) for the third quarter of 2017,
compared with RMB21.58 for the third quarter of 2016. Basic
and net loss per ADS was RMB0.30 (US$0.05) for the third quarter of
2017, compared with RMB10.79 for the third quarter of 2016.
Basic and diluted non-GAAP net income
per share was RMB4.28 (US$0.64) and RMB3.96 (US$0.60)
respectively for the third quarter of 2017, compared with basic and
diluted non-GAAP net income per share of RMB0.45 and RMB0.45,
respectively for the third quarter of 2016. Basic and diluted
non-GAAP net income per ADS was RMB2.14 (US$0.32) and RMB1.98
(US$0.30) respectively for the third quarter of 2017, compared with
basic and diluted non-GAAP net income per share of RMB0.22 and
RMB0.22, respectively for the third quarter of 2016.
Cash, Cash Equivalents, and Restricted
Cash
As of September 30, 2017, the Company had cash,
cash equivalents, and restricted cash of RMB1,041.5 million
(US$156.5 million), compared with RMB211.3 million on December 31,
2016. The increase was primarily due to net proceeds of RMB874.9
million (US$131.5 million) raised in the Company’s initial public
offering and concurrent private placement in September 2017. For
the third quarter of 2017, net cash inflow from operating
activities was RMB25.2 million.
Fourth Quarter 2017
Guidance
For the fourth quarter of 2017, the Company
currently expects total net revenues to be between RMB1,250.0
million and RMB1,350.0 million, which would represent an increase
of approximately 42% to 54% compared with the fourth quarter of
2016.
The above outlook is based on the current market
conditions and reflects the Company’s current and preliminary
estimates of market and operating conditions and customer demand,
which are all subject to change.
Our ability to achieve these projections is
subject to risks and uncertainties. See “Safe Harbor Statement” at
the end of this press release.
Conference Call Information
The Company’s management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on November 16, 2017
(9:00 PM Beijing/Hong Kong time on November 16, 2017).
Dial-in details for the earnings conference call
are as follows:
United States: |
+1-845-675-0437 |
International: |
+65-6713-5090 |
Hong
Kong: |
+852-3018-6771 |
China: |
400-620-8038 |
Conference ID: |
5788627 |
|
|
Additionally, a live and archived webcast of the
conference call will be available on the Company's investor
relations website at http://ir.secoo.com.
A replay of the conference call will be
accessible approximately two hour after the conclusion of the live
call until November 23, 2017, by dialing the following telephone
numbers:
United States: |
+1-646-254-3697 |
International: |
+65-2-8199-0299 |
Hong
Kong: |
+852-3051-2780 |
China: |
400-632-2162 |
Replay Access Code: |
5788627 |
|
|
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s
largest online integrated upscale products and services platform as
measured by GMV in 2016. Secoo provides customers a wide selection
of authentic upscale products and lifestyle services on the
Company’s integrated online and offline shopping platform which
consists of the Secoo.com website, mobile applications and offline
experience centers, offering over 300,000 SKUs, covering over 3,000
global and domestic brands. Supported by the Company’s proprietary
database of upscale products, authentication procedures and brand
cooperation, Secoo is able to ensure the authenticity and quality
of every product offered on its platform.
For more information, please visit
http://ir.secoo.com
Use of Non-GAAP Financial
Measures
To supplement our consolidated financial
statements which are presented in accordance with U.S. GAAP, we
also use non-GAAP net income and basic and dilutive non-GAAP net
income per share and ADS as additional non-GAAP financial measures.
We present these non-GAAP financial measures because they are used
by our management to evaluate our operating performance. We
define non-GAAP net income as net income excluding share-based
compensation. We define non-GAAP net income per share as
non-GAAP net income dividing by weighted average number of basic
and diluted share outstanding, including the dilutive effect of
share-based awards as determined under the treasury stock
method. We define basic and diluted non-GAAP net income per
ADS as basic and diluted non-GAAP net income per share divided by
two as two ADSs represent one ordinary share. We also believe
that these non-GAAP financial measures provide useful information
to investors and others in understanding and evaluating our
consolidated results of operations in the same manner as our
management and in comparing financial results across accounting
periods and to those of our peer companies.
The use of non-GAAP financial measures has
certain limitations. These non-GAAP measures exclude certain items
that have been and will continue to be incurred in the future and
are not reflected in the presentation of the non-GAAP financial
measures. These non-GAAP financial measures should be considered in
addition to results prepared in accordance with U.S. GAAP, and
should not be considered a substitute for or superior to U.S. GAAP
results. In addition, these non-GAAP financial measures may not be
comparable to similarly titled measures utilized by other companies
since such other companies may not calculate such measures in the
same manner as Secoo does.
Reconciliation of these non-GAAP financial measures to the most
directly comparable U.S. GAAP financial measure is set forth at the
end of this release.
Exchange Rate Information
This press release contains translation of
certain Renminbi amounts into U.S. dollars at specified rates
solely for the convenience of readers. Unless otherwise noted, all
translations from Renminbi to U.S. dollars were made at the
exchange rate of RMB 6.6533 to US$1.0, the noon buying rate in New
York for cable transfers of RMB as certified for customs purposes
by the Federal Reserve Bank of New York in effect as of September
29, 2017.
Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include but are not limited to Secoo management quotes and the
Company’s financial outlook. These forward-looking statements can
be identified by terminology such as “will,” “estimate,” “project,”
“predict,” “believe,” “expect,” “anticipate,” “intend,”
“potential,” “plan,” “goal” and similar statements. Secoo
Holding Limited may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, 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. Such
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. These forward-looking statements
include, but are not limited to, statements about: the Company’s
goals and strategies; its future business development, financial
condition and results of operations; its ability to attract and
retain new customers and to increase revenues generated from repeat
customers; its expectations regarding demand for and market
acceptance of its products and services; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost
or expense items; the expected growth of the Chinese e-commerce
market; Chinese governmental policies relating to the Company’s
industry and general economic conditions in China. For
additional information on these and other important factors that
could adversely affect the Company's business, financial condition,
results of operations and prospects, please see its filings with
the U.S. Securities and Exchange Commission.
For investor and media inquiries, please
contact:
In China: Secoo Holding Limited Jingbo Ma Tel: +86 10 6588-0135
E-mail: ir@secoo.com
The Piacente Group, Inc. Jenny Cai Tel: +86 (10) 5730-6200
E-mail: Secoo@tpg-ir.com
In the United States: The Piacente Group, Inc. Alan
Wang Tel: +1-212-481-2050 E-mail: Secoo@tpg-ir.com
|
|
SECOO HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATION |
|
(All amounts in thousands, except for share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
September 30, |
|
For the Nine Months Ended
September 30, |
|
|
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
672,737 |
|
|
966,189 |
|
|
145,220 |
|
|
1,697,428 |
|
|
2,292,574 |
|
|
344,577 |
|
|
|
Marketplace and other
services |
8,609 |
|
|
15,994 |
|
|
2,403 |
|
|
17,034 |
|
|
36,287 |
|
|
5,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues |
681,346 |
|
|
982,183 |
|
|
147,623 |
|
|
1,714,462 |
|
|
2,328,861 |
|
|
350,031 |
|
|
|
Cost of revenues |
(571,186 |
) |
|
(815,453 |
) |
|
(122,564 |
) |
|
(1,447,635 |
) |
|
(1,935,633 |
) |
|
(290,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
110,160 |
|
|
166,730 |
|
|
25,059 |
|
|
266,827 |
|
|
393,228 |
|
|
59,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
expenses |
(20,377 |
) |
|
(25,810 |
) |
|
(3,879 |
) |
|
(61,662 |
) |
|
(61,560 |
) |
|
(9,252 |
) |
|
|
Marketing expenses |
(52,790 |
) |
|
(64,282 |
) |
|
(9,662 |
) |
|
(172,152 |
) |
|
(147,733 |
) |
|
(22,204 |
) |
|
|
Technology and content
development expenses |
(15,075 |
) |
|
(17,522 |
) |
|
(2,634 |
) |
|
(43,761 |
) |
|
(43,290 |
) |
|
(6,507 |
) |
|
|
General and
administrative expenses |
(15,303 |
) |
|
(27,868 |
) |
|
(4,189 |
) |
|
(54,058 |
) |
|
(57,811 |
) |
|
(8,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
(103,545 |
) |
|
(135,482 |
) |
|
(20,364 |
) |
|
(331,633 |
) |
|
(310,394 |
) |
|
(46,652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss)
from operations |
6,615 |
|
|
31,248 |
|
|
4,695 |
|
|
(64,806 |
) |
|
82,834 |
|
|
12,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
(1,157 |
) |
|
(1,839 |
) |
|
(276 |
) |
|
(2,615 |
) |
|
(4,856 |
) |
|
(730 |
) |
|
|
Foreign currency
exchange (losses)/gains |
(2,097 |
) |
|
5,471 |
|
|
822 |
|
|
(4,124 |
) |
|
9,246 |
|
|
1,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss)
before tax |
3,361 |
|
|
34,880 |
|
|
5,241 |
|
|
(71,545 |
) |
|
87,224 |
|
|
13,111 |
|
|
|
Income tax expense |
- |
|
|
(777 |
) |
|
(117 |
) |
|
- |
|
|
(777 |
) |
|
(117 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) |
3,361 |
|
|
34,103 |
|
|
5,124 |
|
|
(71,545 |
) |
|
86,447 |
|
|
12,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to
redeemable non-controlling interest |
- |
|
|
71 |
|
|
11 |
|
|
- |
|
|
206 |
|
|
31 |
|
|
|
Loss attributable to
non-redeemable non-controlling interest |
- |
|
|
58 |
|
|
9 |
|
|
- |
|
|
173 |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to Secoo Holding Limited |
3,361 |
|
|
34,232 |
|
|
5,144 |
|
|
(71,545 |
) |
|
86,826 |
|
|
13,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion to redeemable
non-controlling interest redemption value |
- |
|
|
(184 |
) |
|
(28 |
) |
|
- |
|
|
(546 |
) |
|
(82 |
) |
|
|
Accretion to preferred
share redemption value |
(165,176 |
) |
|
(39,695 |
) |
|
(5,966 |
) |
|
(421,069 |
) |
|
(202,680 |
) |
|
(30,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders of Secoo Holding
Limited |
(161,815 |
) |
|
(5,647 |
) |
|
(850 |
) |
|
(492,614 |
) |
|
(116,400 |
) |
|
(17,494 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
(21.58 |
) |
|
(0.61 |
) |
|
(0.09 |
) |
|
(69.51 |
) |
|
(14.37 |
) |
|
(2.16 |
) |
|
|
— Diluted |
(21.58 |
) |
|
(0.61 |
) |
|
(0.09 |
) |
|
(69.51 |
) |
|
(14.37 |
) |
|
(2.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
(10.79 |
) |
|
(0.30 |
) |
|
(0.05 |
) |
|
(34.75 |
) |
|
(7.19 |
) |
|
(1.08 |
) |
|
|
— Diluted |
(10.79 |
) |
|
(0.30 |
) |
|
(0.05 |
) |
|
(34.75 |
) |
|
(7.19 |
) |
|
(1.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income/(loss) per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
0.22 |
|
|
2.14 |
|
|
0.32 |
|
|
(5.03 |
) |
|
5.68 |
|
|
0.85 |
|
|
|
— Diluted |
0.22 |
|
|
1.98 |
|
|
0.30 |
|
|
(5.03 |
) |
|
5.21 |
|
|
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used in computing net loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
7,500,000 |
|
|
9,274,531 |
|
|
9,274,531 |
|
|
7,086,954 |
|
|
8,098,011 |
|
|
8,098,011 |
|
|
|
— Diluted |
7,500,000 |
|
|
9,274,531 |
|
|
9,274,531 |
|
|
7,086,954 |
|
|
8,098,011 |
|
|
8,098,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECOO HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(All amounts in thousands, except for share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
As of September 30, |
|
|
|
|
2016 |
|
2017 |
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
Assets |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
55,555 |
|
|
886,168 |
|
|
133,192 |
|
|
|
Restricted cash |
|
155,792 |
|
|
155,300 |
|
|
23,342 |
|
|
|
Amount due from related
party |
|
- |
|
|
284 |
|
|
43 |
|
|
|
Accounts
receivable |
|
20,992 |
|
|
44,766 |
|
|
6,728 |
|
|
|
Inventories, net |
|
752,103 |
|
|
1,021,620 |
|
|
153,551 |
|
|
|
Advances to
suppliers |
|
4,108 |
|
|
2,609 |
|
|
392 |
|
|
|
Prepayments and other
current assets |
|
19,887 |
|
|
23,007 |
|
|
3,458 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets |
|
1,008,437 |
|
|
2,133,754 |
|
|
320,706 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
35,196 |
|
|
37,893 |
|
|
5,695 |
|
|
|
Other non-current
assets |
|
2,183 |
|
|
8,524 |
|
|
1,281 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current assets |
|
37,379 |
|
|
46,417 |
|
|
6,976 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
1,045,816 |
|
|
2,180,171 |
|
|
327,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Short-term borrowings
(including short-term borrowings of consolidated VIEs without
recourse to the Company of RMB200,000 and RMB242,065 as of December
31, 2016 and September 30, 2017, respectively.) |
|
200,000 |
|
|
242,065 |
|
|
36,383 |
|
|
|
Accounts payable
(including accounts payable of consolidated VIEs without recourse
to the Company of RMB254,537 and RMB268,371 as of December 31, 2016
and September 30, 2017, respectively.) |
|
274,629 |
|
|
306,223 |
|
|
46,026 |
|
|
|
Amount due to related
parties (including amount due to related parties of consolidated
VIEs without recourse to the Company of RMB2,319 and RMB1,544 as of
December 31, 2016 and September 30, 2017, respectively.) |
|
2,319 |
|
|
1,560 |
|
|
234 |
|
|
|
Advances from customers
(including advances from customers of consolidated VIEs without
recourse to the Company of RMB40,891 and RMB20,031 as of December
31, 2016 and September 30, 2017, respectively.) |
|
42,013 |
|
|
21,040 |
|
|
3,162 |
|
|
|
Accrued expenses and
other current liabilities (including accrued expenses and other
liabilities of consolidated VIEs without recourse to the Company of
RMB194,266 and RMB290,104 as of December 31, 2016 and September 30,
2017, respectively.) |
|
214,966 |
|
|
334,858 |
|
|
50,330 |
|
|
|
Deferred revenue
(including deferred revenue of consolidated VIEs without recourse
to the Company of RMB5,254 and RMB9,174 as of December 31, 2016 and
September 30, 2017, respectively.) |
|
5,508 |
|
|
9,230 |
|
|
1,387 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
739,435 |
|
|
914,976 |
|
|
137,522 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Long-term borrowing
(including long-term borrowing of consolidated VIEs without
recourse to the Company of nil and RMB7,090 as of December 31, 2016
and September 30, 2017, respectively.) |
|
- |
|
|
7,090 |
|
|
1,066 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current liabilities |
|
- |
|
|
7,090 |
|
|
1,066 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
739,435 |
|
|
922,066 |
|
|
138,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
Equity |
|
|
|
|
|
|
|
|
Series A-1 Redeemable
Convertible Preferred Shares (US$0.001 par value, 1,250,000 shares
authorized, issued and outstanding as of December 31, 2016 and nil
as of September 30, 2017, Redemption value of RMB180,216 and
nil as of December 31, 2016 and September 30, 2017; Liquidation
value of RMB125,060 and nil as of December 31, 2016 and September
30, 2017) |
|
134,719 |
|
|
- |
|
|
- |
|
|
|
Series A-2 Redeemable
Convertible Preferred Shares (US$0.001 par value, 1,428,572 shares
authorized, issued and outstanding as of December 31, 2016 and nil
as of September 30, 2017, Redemption value of RMB205,966 and nil as
of December 31, 2016 and September 30, 2017; Liquidation value of
RMB142,923 and nil as of December 31, 2016 and September 30,
2017) |
|
152,097 |
|
|
- |
|
|
- |
|
|
|
Series B Redeemable
Convertible Preferred Shares (US$0.001 par value, 2,380,952 shares
authorized, issued and outstanding as of December 31, 2016 and nil
as September 30, 2017, Redemption value of RMB343,409 and nil as of
December 31, 2016 and September 30, 2017; Liquidation value of
RMB323,077 and nil as of December 31, 2016 and September 30,
2017) |
|
293,455 |
|
|
- |
|
|
- |
|
|
|
Series C Redeemable
Convertible Preferred Shares (US$0.001 par value, 1,571,973 shares
authorized, issued and outstanding as of December 31, 2016 and nil
as of September 30, 2017, Redemption value of RMB227,596 and
nil as of December 31, 2016 and September 30, 2017; Liquidation
value of RMB263,065 and nil as of December 31, 2016 and September
30, 2017) |
|
197,987 |
|
|
- |
|
|
- |
|
|
|
Series D Redeemable
Convertible Preferred Shares (US$0.001 par value, 3,178,652 shares
authorized, issued and outstanding as of December 31, 2016 and nil
as of September 30, 2017, Redemption value of RMB495,579 and
nil as of December 31, 2016 and September 30, 2017; Liquidation
value of RMB655,720 and nil as of December 31, 2016 and September
30, 2017) |
|
438,683 |
|
|
- |
|
|
- |
|
|
|
Series E Redeemable
Convertible Preferred Shares (US$0.001 par value, 2,925,658 shares
authorized, issued and outstanding as of December 31, 2016 and nil
as of September 30, 2017, Redemption value of RMB598,531 and nil as
of December 31, 2016 and September 30, 2017; Liquidation value of
RMB839,363 and nil as of December 31, 2016 and September 30,
2017) |
|
532,511 |
|
|
- |
|
|
- |
|
|
|
Redeemable
non-controlling interest |
|
5,082 |
|
|
5,458 |
|
|
820 |
|
|
|
|
|
|
|
|
|
|
|
|
Total mezzanine
equity |
|
1,754,534 |
|
|
5,458 |
|
|
820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit: |
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.001 par value, 37,264,193 shares authorized as of December
31, 2016 and September 30, 2017; 7,500,000 shares and 25,639,653
issued and outstanding as of December 31, 2016 and September 30,
2017) |
|
47 |
|
|
167 |
|
|
25 |
|
|
|
Accumulated losses |
|
(1,363,165 |
) |
|
(1,479,564 |
) |
|
(222,381 |
) |
|
|
Additional paid-in
capital |
|
- |
|
|
2,722,859 |
|
|
409,249 |
|
|
|
Accumulated other
comprehensive loss |
|
(87,072 |
) |
|
7,330 |
|
|
1,102 |
|
|
|
|
|
|
|
|
|
|
|
|
Total deficit
attributable to ordinary shareholders |
|
(1,450,190 |
) |
|
1,250,792 |
|
|
187,995 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-redeemable
non-controlling interest |
|
2,037 |
|
|
1,855 |
|
|
279 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
deficit |
|
(1,448,153 |
) |
|
1,252,647 |
|
|
188,274 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities, mezzanine equity and deficit |
|
1,045,816 |
|
|
2,180,171 |
|
|
327,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECOO HOLDING LIMITED |
|
Reconciliations of GAAP and Non-GAAP Results |
|
(All amounts in thousands, except for share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) |
|
3,361 |
|
34,103 |
|
5,124 |
|
(71,545 |
) |
|
86,447 |
|
12,994 |
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense |
|
- |
|
5,549 |
|
834 |
|
249 |
|
|
5,549 |
|
834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income/(loss) |
|
3,361 |
|
39,652 |
|
5,958 |
|
(71,296 |
) |
|
91,996 |
|
13,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income/(loss) per weighted average
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.45 |
|
4.28 |
|
0.64 |
|
(10.06 |
) |
|
11.36 |
|
1.71 |
|
|
|
Diluted |
|
0.45 |
|
3.96 |
|
0.60 |
|
(10.06 |
) |
|
10.42 |
|
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income/(loss) per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.22 |
|
2.14 |
|
0.32 |
|
(5.03 |
) |
|
5.68 |
|
0.85 |
|
|
|
Diluted |
|
0.22 |
|
1.98 |
|
0.30 |
|
(5.03 |
) |
|
5.21 |
|
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used in computing the adjusted
net income/( loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
|
7,500,000 |
|
9,274,531 |
|
9,274,531 |
|
7,086,954 |
|
|
8,098,011 |
|
8,098,011 |
|
|
|
— Diluted |
|
7,500,000 |
|
10,007,076 |
|
10,007,076 |
|
7,086,954 |
|
|
8,830,556 |
|
8,830,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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