Baozun Inc. (Nasdaq:BZUN) ("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 first quarter ended March 31, 2018.
First Quarter 2018 Financial
Highlights
- Total net revenues were RMB921.2 million (US$1146.9 million),
an increase of 14.5% year-over-year. Services revenue was RMB461.3
million (US$73.5 million), an increase of 50.3%
year-over-year.
- Income from operations was RMB28.4 million (US$4.5 million), an
increase of 85.2% year-over-year. Operating margin was 3.1%,
compared with 1.9% in the same quarter of last year.
- Non-GAAP income from operations2 was RMB45.7 million (US$7.3
million), an increase of 36.0% year-over-year. Non-GAAP operating
margin was 5.0%, compared with 4.2% in the same quarter of last
year.
- Net income attributable to ordinary shareholders of Baozun Inc.
was RMB14.9 million (US$2.4 million), an increase of 40.8%
year-over-year.
- Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc.3 was RMB31.9 million (US$5.1 million), an increase of
10.7% year-over-year.
- Basic and diluted net income attributable to ordinary
shareholders of Baozun Inc. per American Depository Share (“ADS4”)
were RMB0.27 (US$0.04) and RMB0.25 (US$0.04), respectively,
compared with basic and diluted net income attributable to ordinary
shareholders of Baozun Inc. per ADS of RMB0.20 and RMB0.18,
respectively, for the same period of 2017.
- Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS5 were RMB0.57 (US$0.09) and
RMB0.54 (US$0.09), respectively, compared with basic and diluted
non-GAAP net income attributable to ordinary shareholders of Baozun
Inc. per ADS of RMB0.54 and RMB0.50 , respectively, for the same
period of 2017.
First Quarter 2018 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)6 was RMB4,943.2 million,
an increase of 66.2% year-over-year.
- Distribution GMV7 was RMB535.9 million, a decrease of 7.6%
year-over-year.
- Non-distribution GMV8 was RMB4,407.3 million, an increase of
84.1% year-over-year.
- Number of brand partners increased to 156 as of March 31, 2018,
from 136 as of March 31, 2017.
- Number of GMV brand partners increased to 150 as of March 31,
2018, from 125 as of March 31, 2017.
“We are pleased to report another outstanding quarter, which was
primarily driven by growth in our existing online stores,”
commented Mr. Vincent Qiu, Chairman and Chief Executive Officer of
Baozun. “On May 11, 2018, we held our third annual Global Brand
E-commerce Summit in Shanghai. This year’s theme was ‘Eyes on The
Data’ and featured talks on big data, artificial intelligence, and
cloud computing. We are firmly focused on becoming the leading
brand e-commerce business partner and technology development and
solution services provider. We plan to continue investing in
innovation to further strengthen our industry leading position and
create greater value for our shareholders.”
Mr. Beck Chen, Chief Financial Officer of Baozun commented, “We
delivered another strong quarter of growth with GMV increasing by
66.2% year-over-year. During this quarter, additional investments
in innovation and productization were for RMB13.5 million. We
believe the investments we are now making in innovation will enable
us to expand our addressable market, further strengthen our
long-term competitiveness, and provide more value to our brand
partners over the long run.”
First Quarter 2018 Financial
Results
Total net revenues were
RMB921.2 million (US$146.9 million), an increase of 14.5% from
RMB804.9 million in the same quarter of last year.
Product sales revenue was
RMB459.9 million (US$73.3 million), a decrease of 7.6% from
RMB498.0 million in the same quarter of last year. The decrease was
primarily attributable to the transition of a leading electronics
brand partner’s business from the distribution model to the
consignment model in September 2017, which was partially offset by
an increase in product sales revenue resulting from the increased
popularity of brand partners’ products and Baozun’s increasingly
effective marketing and promotional campaigns.
Services revenue was RMB461.3
million (US$73.5 million), an increase of 50.3% from RMB306.9
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, and in particular, growth
in sales from existing brand partners and the addition of new brand
partners in the apparel category.
Total operating expenses were
RMB892.8 million (US$142.3 million), compared with RMB789.5
million in the same quarter of last year.
- Cost of products was RMB379.1
million (US$60.4 million), compared with RMB439.1 million in the
same quarter of last year. The decrease was primarily due to the
transition of a leading electronics brand partner’s business from
the distribution model to the consignment model in September 2017
and improved margins from product sales, which were partially
offset by higher costs associated with an increase in product sales
revenue.
- Fulfillment expenses were RMB210.6 million
(US$33.6 million), compared with RMB132.4 million in the same
quarter of last year. The increase was primarily due to an increase
in GMV contribution from the Company’s consignment model and
warehouse rental expenses.
- Sales and marketing expenses were RMB221.1
million (US$35.3 million), compared with RMB162.5 million in the
same quarter of last year. The increase was primarily due to the
recruitment of additional online store operational staff and an
increase in promotional and marketing expenses associated with
Company-operated online stores.
- Technology and content expenses were RMB50.3
million (US$8.0 million), compared with RMB28.8 million in the same
quarter of last year. The increase was primarily due to increased
investments in innovation and productization, including recruitment
of additional technology-focused staff.
- General and administrative expenses were
RMB32.3 million (US$5.2 million), compared with RMB27.2 million in
the same quarter of last year. The increase was primarily due to an
increase in administrative, corporate strategy, and business
planning staff.
Income from operations was
RMB28.4 million (US$4.5 million), compared with RMB15.3 million in
the same quarter of last year. Operating margin was 3.1%, compared
with 1.9% in the same quarter of last year.
Non-GAAP income from operations
was RMB45.7 million (US$7.3 million), compared with RMB33.6 million
in the same quarter of last year. Non-GAAP operating margin was
5.0%, compared with 4.2% in the same quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB14.9 million (US$2.4
million), an increase of 40.8% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB0.27 (US$0.04) and RMB0.25
(US$0.04), respectively, compared with basic and diluted net income
attributable to ordinary shareholders of Baozun Inc. per ADS of
RMB0.20 and RMB0.18, respectively, in the same period of 2017.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB31.9
million (US$5.1 million), an increase of 10.7% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB0.57 (US$0.09) and RMB0.54 (US$0.09), respectively,
compared with basic and diluted non-GAAP net income attributable to
ordinary shareholders of Baozun Inc. per ADS of RMB0.54 and
RMB0.50, respectively, in the same period of 2017.
As of March 31, 2018, the Company had RMB709.3 million (US$113.1
million) in cash, cash equivalents and short-term
investment, an increase from RMB557.4 million as of
December 31, 2017 primarily due to the collection of accounts
receivable during the first quarter of 2018.
Business Outlook
The Company expects total net revenues to be
between RMB1,060 million and RMB1,100 million for the second
quarter of 2018.
While the Company is transitioning more of its
business from the distribution model towards the non-distribution
model, Baozun is providing quarterly guidance on services revenues.
The Company expects services revenue to increase by over 50% on a
year-over-year basis for the second quarter of 2018.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:30 a.m. Eastern Time on Thursday, May 17,
2018 (7:30 p.m. Beijing time on the same day).
Dial-in numbers for the live conference call are
as follows:
International |
|
+852 3027 6500 |
U.S.
Toll Free |
|
+1 855-824-5644 |
Mainland China Toll Free |
|
8009-880563 |
Hong
Kong |
|
3027 6500 |
Passcode: 52759033# |
|
|
A telephone replay of the call will be available
after the conclusion of the conference call through 11:59 p.m. Hong
Kong Time, May 24, 2018.
Dial-in numbers for the replay are as
follows:
International Dial-in |
|
+852 3027-6520 |
U.S.
Toll Free |
|
+1 646-982-0473 |
Passcode: 319290002# |
|
|
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
In evaluating the Company’s business, the
Company considers and uses non-GAAP income/(loss) from operations,
non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net
margin, non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. and non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS, as
supplemental measures to review and assess the Company’s 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/(loss) from operations is
income/(loss) 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/(loss) is net income/(loss) 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 (loss) attributable to ordinary
shareholders of Baozun Inc. is net income (loss) 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
(loss) attributable to ordinary shareholders of Baozun Inc. per ADS
is non-GAAP net income (loss) 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 operating performance and formulate business
plans. Non-GAAP income/(loss) from operations and non-GAAP net
income/(loss) enable the Company’s management to assess the
Company’s operating results without considering the impact of
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition. The Company also
believes that the use of the non-GAAP measures facilitate
investors’ assessment of the Company’s 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/(loss)
from operations, non-GAAP net income/(loss), non-GAAP net income
(loss) attributable to ordinary shareholders of Baozun Inc., and
non-GAAP net income (loss) 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/(loss) from operations and non-GAAP
net income/(loss). Further, the non-GAAP measures may differ from
the non-GAAP measures used by other companies, including peer
companies, and therefore their comparability may be limited. In
light of the foregoing limitations, the non-GAAP income/(loss) from
operations, non-GAAP operating margin, non-GAAP net income/(loss),
non-GAAP net margin, non-GAAP net income (loss) attributable to
ordinary shareholders of Baozun Inc. and non-GAAP net income (loss)
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/(loss) from operations, operating margin, net
income/(loss), net margin, net income (loss) attributable to
ordinary shareholders of Baozun Inc. and net income (loss)
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 news release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in 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," "target," "going forward," "outlook" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company's control, which
may cause the Company's actual results, performance or achievements
to differ materially from those in the forward-looking statements.
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. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
About Baozun Inc.
Baozun is the leading brand e-commerce service
partner that helps brands execute their e-commerce strategies in
China by selling their goods directly to customers online or by
providing services to assist with their e-commerce operations. The
Company's integrated end-to-end brand e-commerce capabilities
encompass all aspects of the e-commerce value chain, covering IT
solutions, store operations, digital marketing, customer services,
warehousing and fulfillment.
For more information, please visit
http://ir.baozun.com
___________________________________
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 RMB6.2726 to US$1.00,
the noon buying rate in effect on March 30, 2018 as set forth in
the H.10 Statistical Release of the Federal Reserve Board.2
Non-GAAP income from operations is a non-GAAP financial measure,
which is defined as income from operations excluding share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition.3 Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. is a non-GAAP
financial measure, which is defined as net income attributable to
Baozun ordinary shareholders excluding share-based compensation
expenses and amortization of intangible assets resulting from
business acquisition.4 Each ADS represents three Class A ordinary
shares.5 Basic and diluted non-GAAP net income attributable to
ordinary shareholders of Baozun Inc. per ADS are non-GAAP financial
measures, which are defined as non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. divided by
weighted average number of shares used in calculating basic and
diluted net income per ordinary share multiplied by three,
respectively.6 GMV includes value added tax and excludes (i)
shipping charges, (ii) surcharges and other taxes, (iii) value of
the goods that are returned and (iv) deposits for purchases that
have not been settled.7 Distribution GMV refers to the GMV under
the distribution business model.8 Non-distribution GMV refers to
the GMV under the service fee business model and the consignment
business model.9 Certain reclassifications in accounts
receivable, inventories, prepayments and other current assets and
accrued expenses and other current liabilities as of December 31,
2017 were retrospectively adjusted as a result of the adoption of a
new revenue accounting standard effective on January 1, 2018.
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
|
|
|
|
|
As of |
|
|
December 31,
2017 |
|
March
31,
2018 |
|
March
31,
2018 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
244,809 |
|
533,545 |
|
85,060 |
Restricted cash |
|
48,848 |
|
105,150 |
|
16,763 |
Short-term investment |
|
312,614 |
|
175,714 |
|
28,013 |
Accounts receivable, net1 |
|
1,085,669 |
|
837,988 |
|
133,595 |
Inventories1 |
|
382,028 |
|
365,975 |
|
58,345 |
Advances to suppliers |
|
88,881 |
|
82,431 |
|
13,141 |
Prepayments and other current assets1 |
|
214,636 |
|
121,124 |
|
19,310 |
Amounts due from related parties |
|
88,795 |
|
72,156 |
|
11,503 |
Total current assets |
|
2,466,280 |
|
2,294,083 |
|
365,730 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Investments in equity investees |
|
24,268 |
|
40,308 |
|
6,426 |
Property and equipment, net |
|
330,924 |
|
332,382 |
|
52,990 |
Intangible assets, net |
|
66,150 |
|
74,500 |
|
11,877 |
Land use right, net |
|
44,618 |
|
44,362 |
|
7,072 |
Goodwill |
|
13,158 |
|
13,158 |
|
2,098 |
Other non-current assets |
|
18,043 |
|
22,350 |
|
3,563 |
Deferred tax assets |
|
15,528 |
|
15,646 |
|
2,494 |
Total non-current
assets |
|
512,689 |
|
542,706 |
|
86,520 |
|
|
|
|
|
|
|
Total assets |
|
2,978,969 |
|
2,836,789 |
|
452,250 |
|
|
|
|
|
|
|
|
Baozun
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In thousands, except
for share and per share data) |
|
|
|
|
|
|
|
|
|
As of |
|
|
December
31,2017 |
|
March
31,
2018 |
|
March
31,
2018 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term loan |
|
172,000 |
|
|
127,463 |
|
|
20,321 |
|
Accounts payable |
|
583,532 |
|
|
485,333 |
|
|
77,373 |
|
Notes payable |
|
48,000 |
|
|
19,400 |
|
|
3,093 |
|
Income tax payables |
|
30,420 |
|
|
13,353 |
|
|
2,129 |
|
Accrued expenses and other current liabilities1 |
|
314,870 |
|
|
278,295 |
|
|
44,367 |
|
Total current liabilities |
|
1,148,822 |
|
|
923,844 |
|
|
147,283 |
|
|
|
|
|
|
|
|
Long-term loan |
|
- |
|
|
63,306 |
|
|
10,092 |
|
Deferred tax liability |
|
3,710 |
|
|
3,612 |
|
|
576 |
|
Total Non-current liabilities |
|
3,710 |
|
|
66,918 |
|
|
10,668 |
|
|
|
|
|
|
|
|
Total liabilities |
|
1,152,532 |
|
|
990,762 |
|
|
157,951 |
|
|
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value;
470,000,000 shares authorized, 152,824,659 and 156,567,603 shares
issued and outstanding as of December 31, 2017 and March 31, 2018,
respectively) |
|
95 |
|
|
97 |
|
|
16 |
|
Class B ordinary shares (US$0.0001 par value;
30,000,000 shares authorized, 13,300,738 shares issued and
outstanding as of December 31, 2017 and March 31, 2018,
respectively) |
|
8 |
|
|
8 |
|
|
1 |
|
Additional paid-in capital |
|
1,823,925 |
|
|
1,843,084 |
|
|
293,831 |
|
Accumulated deficit |
|
(25,000 |
) |
|
(10,069 |
) |
|
(1,606 |
) |
Accumulated other comprehensive income |
|
9,995 |
|
|
(5,041 |
) |
|
(804 |
) |
|
|
|
|
|
|
|
Total Baozun Inc. shareholders'
equity |
|
1,809,023 |
|
|
1,828,079 |
|
|
291,438 |
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
17,414 |
|
|
17,948 |
|
|
2,861 |
|
Total equity |
|
1,826,437 |
|
|
1,846,027 |
|
|
294,299 |
|
|
|
|
|
|
|
Total
liabilities and shareholders'
equity |
2,978,969 |
|
|
2,836,789 |
|
|
452,250 |
|
|
|
|
|
|
|
|
|
|
|
|
Baozun Inc. |
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
(In thousands, except for share and per share
data and per ADS data) |
|
|
|
|
|
|
|
|
|
|
For the three months ended
March 31, |
|
|
2017 |
|
|
2018 |
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
|
Product sales |
|
497,950 |
|
|
459,930 |
|
|
73,324 |
|
|
Services |
|
306,921 |
|
|
461,269 |
|
|
73,537 |
|
|
Total net revenues |
|
804,871 |
|
|
921,199 |
|
|
146,861 |
|
|
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
|
Cost of products |
|
(439,085 |
) |
|
(379,135 |
) |
|
(60,443 |
) |
|
Fulfillment |
|
(132,437 |
) |
|
(210,601 |
) |
|
(33,575 |
) |
|
Sales and marketing (2) |
|
(162,468 |
) |
|
(221,132 |
) |
|
(35,254 |
) |
|
Technology and content |
|
(28,763 |
) |
|
(50,254 |
) |
|
(8,012 |
) |
|
General and administrative |
|
(27,243 |
) |
|
(32,315 |
) |
|
(5,152 |
) |
|
Other operating income, net |
|
468 |
|
|
658 |
|
|
105 |
|
|
Total operating expenses |
|
(789,528 |
) |
|
(892,779 |
) |
|
(142,331 |
) |
|
Income from operations |
|
15,343 |
|
|
28,420 |
|
|
4,530 |
|
|
Other income (expenses) |
|
|
|
|
|
|
|
Interest income |
|
3,132 |
|
|
1,942 |
|
|
310 |
|
|
Interest expense |
|
(15 |
) |
|
(4,116 |
) |
|
(656 |
) |
|
Exchange loss |
|
(151 |
) |
|
(1,424 |
) |
|
(227 |
) |
|
Income before
income tax |
|
18,309 |
|
|
24,822 |
|
|
3,957 |
|
|
Income tax expense (3) |
|
(7,174 |
) |
|
(8,556 |
) |
|
(1,364 |
) |
|
Share of loss in equity method investment, net of tax of nil |
|
(530 |
) |
|
(801 |
) |
|
(128 |
) |
|
Net income |
|
10,605 |
|
|
15,465 |
|
|
2,465 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests |
|
- |
|
|
(534 |
) |
|
(85 |
) |
|
Net income attributable to ordinary
shareholders of Baozun Inc. |
|
10,605 |
|
|
14,931 |
|
|
2,380 |
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
Basic |
|
0.07 |
|
|
0.09 |
|
|
0.01 |
|
|
Diluted |
|
0.06 |
|
|
0.08 |
|
|
0.01 |
|
|
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
Basic |
|
0.20 |
|
|
0.27 |
|
|
0.04 |
|
|
Diluted |
|
0.18 |
|
|
0.25 |
|
|
0.04 |
|
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
|
|
Basic |
|
159,516,894 |
|
|
166,857,263 |
|
|
166,857,263 |
|
|
Diluted |
|
174,776,404 |
|
|
177,061,602 |
|
|
177,061,602 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
10,605 |
|
|
15,465 |
|
|
2,465 |
|
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(5,493 |
) |
|
(15,036 |
) |
|
(2,397 |
) |
|
Comprehensive income |
|
5,112 |
|
|
429 |
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
|
|
For the three months ended
March 31, |
|
|
2017 |
|
2018 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Fulfillment |
|
738 |
|
861 |
|
137 |
Sales and marketing |
|
5,246 |
|
6,220 |
|
992 |
Technology and content |
|
5,379 |
|
3,646 |
|
581 |
General and administrative |
|
6,886 |
|
6,133 |
|
978 |
|
|
18,249 |
|
16,860 |
|
2,688 |
|
|
|
|
|
|
|
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB nil and RMB0.4 million
for the three months period ended March 31, 2017 and 2018,
respectively.
(3) Including income tax benefits of RMB nil and RMB0.1 million
related to the reversal of deferred tax liabilities, which was
recognized on business acquisition for the three months period
ended March 31, 2017 and 2018, respectively.
|
|
Baozun Inc. |
|
Reconciliations of GAAP and Non-GAAP
Results |
|
(in thousands,
except for share and per ADS
data) |
|
|
|
|
|
|
|
For the three months ended March
31, |
|
|
|
2017 |
|
2018 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
15,343 |
|
28,420 |
|
|
4,530 |
|
|
Add: Share-based compensation expenses |
|
18,249 |
|
16,860 |
|
|
2,688 |
|
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
391 |
|
62 |
|
|
Non-GAAP income from operations |
|
33,592 |
|
45,671 |
|
|
7,280 |
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
10,605 |
|
15,465 |
|
|
2,465 |
|
|
Add: Share-based compensation expenses |
|
18,249 |
|
16,860 |
|
|
2,688 |
|
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
391 |
|
62 |
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
- |
|
(98 |
) |
|
(15 |
) |
|
Non-GAAP net income |
|
28,854 |
|
32,618 |
|
|
5,200 |
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders of Baozun Inc. |
|
10,605 |
|
14,931 |
|
|
2,380 |
|
|
Add: Share-based compensation expenses |
|
18,249 |
|
16,860 |
|
|
2,688 |
|
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
199 |
|
32 |
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
- |
|
(50 |
) |
|
(8 |
) |
|
Non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. |
|
28,854 |
|
31,940 |
|
|
5,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders of Baozun
Inc. per ADS: |
|
|
|
|
|
|
|
Basic |
|
0.54 |
|
0.57 |
|
|
0.09 |
|
|
Diluted |
|
0.50 |
|
0.54 |
|
|
0.09 |
|
|
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
|
|
Basic |
|
159,516,894 |
|
166,857,263 |
|
|
166,857,263 |
|
|
Diluted |
|
174,776,404 |
|
177,061,602 |
|
|
177,061,602 |
|
|
|
|
|
|
|
|
|
|
|
|
For investor and media inquiries, please
contact:
Baozun Inc.Ms. Caroline
Dongir@baozun.com
ChristensenIn ChinaMr.
Christian ArnellPhone: +86-10-5900-1548E-mail:
carnell@christensenir.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@ChristensenIR.com
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