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 first quarter ended March 31, 2018.
Highlights for First Quarter
2018:
- GMV1 reached
RMB1,119.5 million (US$178.5 million) for Q1 2018, representing an
increase of 43.2% from Q1 2017.
- Total number of
orders2 was 306.1 thousand for Q1 2018, representing an
increase of 45.3% from 210.7 thousand for Q1 2017.
- Number of active
customers3 increased by 56.1% to 160.9 thousand for Q1
2018.
- Total net revenues
reached RMB802.5 million (US$127.9 million), increasing by 42.8%
from RMB562.0 million for Q1 2017.
- Net income
increased by 10.2% to RMB25.9 million (US$4.1 million) for Q1 2018
from RMB23.5 million for Q1 2017.
- Non-GAAP net
income4 increased by 46.8% to RMB34.5 million (US$5.5
million) for Q1 2018 from RMB23.5 million for Q1 2017.
- Basic and diluted net
income per share was RMB1.02 (US$0.16) and RMB0.97
(US$0.15), respectively, for Q1 2018, compared to basic and diluted
net loss per share of RMB33.70 and RMB33.70, respectively, for Q1
2017. Basic and diluted net income per American Depositary Share
("ADS") was RMB0.51 (US$0.08) and RMB0.49 (US$0.08), respectively,
for Q1 2018, compared to basic and diluted net loss per ADS of
RMB16.85 and RMB16.85, respectively for Q1 2017. Two ADSs represent
one ordinary share.
- Basic and diluted non-GAAP
net income per share5 was RMB1.36 (US$0.22) and RMB1.31
(US$0.21), respectively, for Q1 2018, compared to basic and diluted
non-GAAP net income per share of RMB3.14 and RMB1.12, respectively,
for Q1 2017. Basic and diluted non-GAAP net income per ADS
was RMB0.68 (US$0.11) and RMB0.65 (US$0.10), respectively, for Q1
2018, compared to basic and diluted non-GAAP net income per ADS of
RMB1.57 and RMB0.56, respectively, for Q1 2017.
_________________________
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 customer is customer through whose
account that made at least one purchase during the period. 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, commented, “We are pleased to kick off
2018 on a high note with GMV growing 43.2% and revenue increasing
42.8% year over year. Our strong growth momentum reaffirms the
robust market environment that we are operating in, the viability
and scalability of our business model, as well as our
market-leading position in the Chinese online luxury products and
services industry.”
“For the first quarter of 2018, we have been
consistently making steady progress in the strategy of our brand
network expansion with world-renowned luxury brand partners to
provide an ever-greater product portfolio for our customers,”
continued Mr. Li. “Our expansion into the organic agriculture
sector as well as the further enhancement, both in quantity and
quality, of our high-end travel services are further testaments to
our commitment to providing our customers with a full-spectrum of
lifestyle service offerings. We’re devoted to leveraging both our
online and offline capabilities to build a premium lifestyle
platform to maximize our coverage to better serve our
customers.”
Mr. Li concluded, “The first quarter of 2018 was
a fruitful quarter for Secoo as we successfully carried out our
business strategy of further tapping into China’s robust luxury
consumer market demand. With our consistent focus on both the
diversity and quality of the products and services that we offer to
our customers, we are confident that we are well positioned to
capture emerging opportunities driven by the consumption upgrade in
China and unlock values both to our customers and investors.”
“We are happy to report a strong financial
performance in the first quarter of 2018, which underscored our
solid growth trajectory,” said Mr. Shaojun Chen, Chief Financial
Officer of Secoo. “Our total sales experienced continuous growth in
the first quarter of 2018, delivering total revenues of RMB802.5
million, which exceeded our guidance. Notably, we achieved net
profit for the seventh consecutive quarter, with a 46.8%
year-over-year increase in non-GAAP net income. Going forward, we
will continue to strengthen our brand relationship, enhance our
technical driving ability and expand our online and offline
presence with improved operating efficiency.”
Recent Developments
- In the first quarter of 2018, Secoo expanded direct
collaborations with 83 brands, including Canali, Philipp Plein and
Versace Porcelain.
- In March 2018, during the 2018 Shanghai International Fashion
Week, Secoo formed the strategic partnership with the Top 100
Global Designers Alliance (the “Top 100”) and renowned fashion show
host, Ontimeshow. Through these partnerships, more than 300 indie
designers associated with Top 100 and Ontimeshow opened or will
open online stores on Secoo’s designer channel.
- In March 2018, Secoo entered a strategic cooperation with the
successful organic brand “Chu Orange.” Through the cooperation,
Secoo purchases its brand-tailored Chu’s tangerines from the
product origin. This cooperation marks Secoo’s first expansion into
the agriculture sector aligning with four quality criteria that
Secoo advocates: product origin, limited production, organic, and
premium quality.
- In March 2018, Secoo formed a strategic partnership with Caissa
Travel (“Caissa”). Leveraging both parties’ resources and
expertise, Secoo and Caissa will jointly design luxurious tourism
products to be listed on Secoo.com. This also signals Secoo’s
cross-sector expansion into the lifestyle travel industry.
- In April 2018, Secoo entered a strategic cooperation with a
China's leading outlets mall operator, Capital Outlets, to
integrate both parties’ respective resources, build an online and
offline omni-channel sales service network to expand Secoo’s new
retail network.
- In April 2018, Secoo announced to cooperate with renowned
artist Edison Chen and his fashion brand, Emotionally Unavailable
“EU”, to launch limited-edition merchandises designed by Edison
Chen. These merchandises will be made exclusively available on
Secoo.com for its 10th anniversary on July 7, 2018.
- In April 2018, Secoo formed a strategic partnership with Sri
Lanka National Tourism Department to jointly launch “Love in Sri
Lanka” tourism products tailored for tourists pursuing for
high-quality travel.
First
Quarter 2018 Financial
Results
GMV increased by 43.2% to
RMB1,119.5 million (US$178.5 million) for the first quarter of
2018, from RMB782.0 million for the first quarter of 2017.
Total number of orders
increased by 45.3% to 306.1 thousand for the first quarter of 2018
from 210.7 thousand for the first quarter of 2017.
Total net revenues for the
first quarter of 2018 increased by 42.8% to RMB802.5 million
(US$127.9 million) from RMB562.0 million in the first quarter of
2017, primarily driven by the increase of total number of orders
shipped during the period.
Cost of revenues increased by
44.2% to RMB670.7 million (US$106.9 million) for the first quarter
of 2018 from RMB465.1 million for the first quarter of 2017, which
was in line with the increase of total net revenues and GMV.
Gross profit increased by 36.2%
to RMB131.8 million (US$21.0 million) for the first quarter of 2018
from RMB96.8 million for the first quarter of 2017.
Operating
expenses increased by 48.8% to RMB108.5 million (US$17.3
million) for the first quarter of 2018 from RMB72.9 million for the
first quarter of 2017.
Fulfillment expenses increased
by 73.2% to RMB26.5 million (US$4.2 million) for the first quarter
of 2018 from RMB15.3 million for the first quarter of 2017. The
increase was primarily attributable to increase of sales volume
which resulted in the increasing delivery expenses, packaging and
third-party payment commissions.
Marketing expenses increased by
69.5% to RMB57.3 million (US$9.1 million) for the first quarter of
2018 from RMB33.8 million for the first quarter of 2017. The
increase was primarily due to the increase in our marketing
promotions as well as staff compensation and benefits expenses.
Technology and content development
expenses increased by 58.0% to RMB17.7 million (US$2.8
million) for the first quarter of 2018 from RMB11.2 million for the
first quarter of 2017. The increase was primarily due to the
increase in staff compensation.
General and administrative
expenses decreased by 44.0% to RMB7.0 million (US$1.1
million) for the first quarter of 2018 from RMB12.5 million for the
first quarter of 2017. The decrease was primarily attributable to a
collection of certain bad debt.
Operating income for the first
quarter of 2018 was RMB23.3 million (US$3.7 million), compared to
RMB23.9 million for the first quarter of 2017.
Non-GAAP operating income,
which excludes share-based compensation expenses, increased by
33.5% to RMB31.9 million (US$5.1 million) for the first quarter of
2018 from RMB23.9 million for the first quarter of 2017.
Income tax expenses were
RMB10.5 million (US$1.7 million) in the first quarter of 2018
compared with nil for the first quarter of 2017.
Net income was RMB25.9 million
(US$4.1 million) for the first quarter of 2018, increased by 10.2%
from RMB23.5 million for the first quarter of 2017.
Non-GAAP net income, which
excludes share-based compensation expenses, increased by 46.8% to
RMB34.5 million (US$5.5 million) in the first quarter of 2018 from
RMB23.5 million in the first quarter of 2017.
Net income attributable to ordinary
shareholders of Secoo Holding Limited for the first
quarter of 2018 was RMB25.7 million (US$4.1 million) compared to a
net loss attributable to ordinary shareholders of Secoo Holding
Limited of RMB252.8 million for the first quarter of 2017.
Basic and diluted net income per
share was RMB1.02 (US$0.16) and RMB0.97 (US$0.15)
respectively for the first quarter of 2018, compared to basic and
diluted net loss per share of RMB33.70 and RMB33.70, respectively,
for the first quarter of 2017. Basic and diluted net income per ADS
was RMB0.51 (US$0.08) and RMB0.49 (US$0.08), respectively, for the
first quarter of 2018, compared to basic and diluted net loss per
ADS of RMB16.85 and RMB16.85, respectively, for the first quarter
of 2017.
Basic and diluted non-GAAP net income
per share was RMB1.36 (US$0.22) and RMB1.31 (US$0.21),
respectively, for the first quarter of 2018, compared to basic and
diluted non-GAAP net income per share of RMB3.14 and RMB1.12,
respectively, for the first quarter of 2017. Basic and diluted
non-GAAP net income per ADS was RMB0.68 (US$0.11) and RMB0.65
(US$0.10), respectively, for the first quarter of 2018, compared to
basic and diluted non-GAAP net income per ADS of RMB1.57 and
RMB0.56, respectively, for the first quarter of 2017.
Cash, Time Deposits and Restricted
Cash
As of March 31, 2018, the Company had cash, time
deposits and restricted cash of RMB566.3 million (US$90.3 million),
compared to RMB924.8 million as of December 31, 2017.
Second Quarter 2018
Guidance
The Company currently expects total net revenues
for the second quarter of 2018 to be in the range of RMB1,100.0
million and RMB1,130.0 million, which would represent an increase
of approximately 40.2% to 44.0% on a year-over-year basis.
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 substantial change.
The Company’s 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 June 19, 2018 (8:00
PM Beijing/Hong Kong time on June 19, 2018).
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: |
2897611 |
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 hours after the conclusion of the live
call until June 26, 2018, 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: |
2897611 |
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 RMB6.2726 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
March 30, 2018.
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) 5730-6202
E-mail: Secoo@tpg-ir.com
In the United States: The Piacente Group, Inc.
Brandi Piacente Tel: +1-212-481-2050 E-mail:
Secoo@tpg-ir.co
SECOO HOLDING LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(All amounts in thousands, except for share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
March 31, |
|
|
|
|
2017 |
|
2018 |
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
Merchandise sales |
|
552,718 |
|
776,367 |
|
123,771 |
|
|
Marketplace and other
services |
|
9,234 |
|
26,126 |
|
4,165 |
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues |
|
561,952 |
|
802,493 |
|
127,936 |
|
|
Cost of revenues |
|
(465,139) |
|
(670,673) |
|
(106,921) |
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
96,813 |
|
131,820 |
|
21,015 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Fulfillment
expenses |
|
(15,302) |
|
(26,530) |
|
(4,230) |
|
|
Marketing expenses |
|
(33,829) |
|
(57,301) |
|
(9,135) |
|
|
Technology and content
development expenses |
|
(11,222) |
|
(17,657) |
|
(2,815) |
|
|
General and
administrative expenses |
|
(12,542) |
|
(7,034) |
|
(1,121) |
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
(72,895) |
|
(108,522) |
|
(17,301) |
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
23,918 |
|
23,298 |
|
3,714 |
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses): |
|
|
|
|
|
|
|
|
Interest expense,
net |
|
(1,188) |
|
(1,380) |
|
(220) |
|
|
Foreign currency
exchange gains |
|
814 |
|
5,379 |
|
858 |
|
|
Others |
|
- |
|
9,112 |
|
1,453 |
|
|
|
|
|
|
|
|
|
|
|
Income before
tax |
|
23,544 |
|
36,409 |
|
5,805 |
|
|
Income tax
expenses |
|
- |
|
(10,500) |
|
(1,674) |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
23,544 |
|
25,909 |
|
4,131 |
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income
attributable to redeemable non-controlling interest |
|
(181) |
|
297 |
|
47 |
|
|
Loss attributable to
non-redeemable non-controlling interest |
|
(66) |
|
(58) |
|
(9) |
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Secoo Holding Limited |
|
23,791 |
|
25,670 |
|
4,093 |
|
|
|
|
|
|
|
|
|
|
|
Accretion to redeemable
non-controlling interest redemption value |
|
(304) |
|
- |
|
- |
|
|
Accretion to preferred
share redemption value |
|
(276,249) |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income attributable to ordinary shareholders of Secoo
Holding Limited |
|
(252,762) |
|
25,670 |
|
4,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per share |
|
|
|
|
|
|
|
|
— Basic |
|
(33.70) |
|
1.02 |
|
0.16 |
|
|
— Diluted |
|
(33.70) |
|
0.97 |
|
0.15 |
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per ADS |
|
|
|
|
|
|
|
|
— Basic |
|
(16.85) |
|
0.51 |
|
0.08 |
|
|
— Diluted |
|
(16.85) |
|
0.49 |
|
0.08 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS |
|
|
|
|
|
|
|
|
— Basic |
|
1.57 |
|
0.68 |
|
0.11 |
|
|
— Diluted |
|
0.56 |
|
0.65 |
|
0.10 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used in computing net
income/(loss) per share |
|
|
|
|
|
|
|
|
— Basic |
|
7,500,000 |
|
25,280,058 |
|
25,280,058 |
|
|
— Diluted |
|
20,968,602 |
|
26,372,402 |
|
26,372,402 |
|
SECOO HOLDING LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands, except for share
data) |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
As of March 31, |
|
|
|
2017 |
|
2018 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
Cash |
|
453,425 |
|
105,356 |
|
16,796 |
|
Time deposits |
|
292,318 |
|
251,524 |
|
40,099 |
|
Restricted cash |
|
55,214 |
|
53,134 |
|
8,471 |
|
Investment in equity
security |
|
- |
|
30,675 |
|
4,890 |
|
Amount due from related
parties |
|
38 |
|
35 |
|
6 |
|
Accounts
receivable |
|
54,210 |
|
69,363 |
|
11,058 |
|
Inventories, net |
|
1,189,885 |
|
1,195,059 |
|
190,521 |
|
Advances to
suppliers |
|
53,016 |
|
38,507 |
|
6,139 |
|
Prepayments and other
current assets |
|
22,943 |
|
43,656 |
|
6,960 |
|
|
|
|
|
|
|
|
|
Total current
assets |
|
2,121,049 |
|
1,787,309 |
|
284,940 |
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash |
|
123,800 |
|
156,250 |
|
24,910 |
|
Property and equipment,
net |
|
40,793 |
|
45,406 |
|
7,239 |
|
Deferred tax
assets |
|
43,981 |
|
42,675 |
|
6,803 |
|
Other non-current
assets |
|
8,085 |
|
13,610 |
|
2,169 |
|
|
|
|
|
|
|
|
|
Total
non-current assets |
|
216,659 |
|
257,941 |
|
41,121 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
2,337,708 |
|
2,045,250 |
|
326,061 |
|
LIABILITIES |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Short-term borrowings
and current portion of long-term borrowings |
|
177,274 |
|
142,065 |
|
22,649 |
|
Accounts payable |
|
318,414 |
|
165,291 |
|
26,351 |
|
Amount due to related
parties |
|
2,467 |
|
11,523 |
|
1,837 |
|
Advances from
customers |
|
68,848 |
|
39,032 |
|
6,223 |
|
Accrued expenses and
other current liabilities |
|
343,936 |
|
215,403 |
|
34,341 |
|
Deferred
revenue |
|
12,051 |
|
18,801 |
|
2,997 |
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
922,990 |
|
592,115 |
|
94,398 |
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
Long-term borrowings,
excluding current portion |
|
124,324 |
|
151,558 |
|
24,162 |
|
|
|
|
|
|
|
|
|
Total
non-current liabilities |
|
124,324 |
|
151,558 |
|
24,162 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
1,047,314 |
|
743,673 |
|
118,560 |
|
|
|
|
|
|
|
|
|
Mezzanine
Equity |
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
5,582 |
|
5,879 |
|
937 |
|
|
|
|
|
|
|
|
|
Total mezzanine
equity |
|
5,582 |
|
5,879 |
|
937 |
|
Equity: |
|
|
|
|
|
|
|
Class A Ordinary shares
(US$0.001 par value, 150,000,000 shares authorized including class
A shares and class B shares, 19,068,224 shares issued and
18,708,629 shares outstanding as of December 31, 2017 and March 31,
2018, respectively) |
|
126 |
|
126 |
|
20 |
|
Class B Ordinary shares
(US$0.001 par value, 150,000,000 shares authorized including class
A shares and class B shares, 6,571,429 shares issued and 6,571,429
shares outstanding as of December 31, 2017 and March 31, 2018,
respectively) |
|
41 |
|
41 |
|
7 |
|
Treasury Stock
(359,595 Class A ordinary shares as of December 31, 2017 and March
31, 2018, respectively, at cost) |
|
(42,606) |
|
(42,606) |
|
(6,792) |
|
Accumulated losses |
|
(1,432,586) |
|
(1,406,916) |
|
(224,296) |
|
Additional paid-in
capital |
|
2,763,387 |
|
2,771,940 |
|
441,912 |
|
Accumulated other
comprehensive loss |
|
(5,304) |
|
(31,055) |
|
(4,951) |
|
|
|
|
|
|
|
|
|
Total equity
attributable to ordinary shareholders |
|
1,283,058 |
|
1,291,530 |
|
205,900 |
|
|
|
|
|
|
|
|
|
Non-redeemable
non-controlling interest |
|
1,754 |
|
4,168 |
|
664 |
|
|
|
|
|
|
|
|
|
Total
equity |
|
1,284,812 |
|
1,295,698 |
|
206,564 |
|
|
|
|
|
|
|
|
|
Total
liabilities, mezzanine equity and equity |
|
2,337,708 |
|
2,045,250 |
|
326,061 |
SECOO HOLDING LIMITED |
Reconciliations of GAAP and Non-GAAP
Results |
(All amounts in thousands, except for share
and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
|
|
|
|
March 31, |
|
|
|
|
|
2017 |
|
2018 |
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
23,918 |
|
23,298 |
|
3,714 |
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
- |
|
8,553 |
|
1,364 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income from operations |
|
23,918 |
|
31,851 |
|
5,078 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
23,544 |
|
25,909 |
|
4,131 |
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
- |
|
8,553 |
|
1,364 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
23,544 |
|
34,462 |
|
5,495 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per weighted average
shares: |
|
|
|
|
|
|
|
|
|
— Basic |
|
3.14 |
|
1.36 |
|
0.22 |
|
|
|
— Diluted |
|
1.12 |
|
1.31 |
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per ADS: |
|
|
|
|
|
|
|
|
|
— Basic |
|
1.57 |
|
0.68 |
|
0.11 |
|
|
|
— Diluted |
|
0.56 |
|
0.65 |
|
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used in computing the adjusted
net income per share |
|
|
|
|
|
|
|
|
|
— Basic |
|
7,500,000 |
|
25,280,058 |
|
25,280,058 |
|
|
|
— Diluted |
|
20,968,602 |
|
26,372,402 |
|
26,372,402 |
|
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