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 third quarter ended September 30, 2018.
Third Quarter 2018 Financial
Highlights
- Total net revenues were RMB1,110.8 million (US$1161.7 million),
an increase of 24.8% year-over-year. Services revenue was RMB606.2
million (US$88.3 million), an increase of 45.1%
year-over-year.
- Income from operations was RMB39.3 million (US$5.7 million), an
increase of 41.4% year-over-year. Operating margin was 3.5%,
compared with 3.1% in the same quarter of last year.
- Non-GAAP income from operations2 was RMB61.2 million (US$8.9
million), an increase of 48.6% year-over-year. Non-GAAP operating
margin was 5.5%, compared with 4.6% in the same quarter of last
year.
- Net income attributable to ordinary shareholders of Baozun Inc.
was RMB29.8 million (US$4.3 million), an increase of 35.8%
year-over-year.
- Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc.3 was RMB51.4 million (US$7.5 million), an increase of
46.7% year-over-year.
- Basic and diluted net income attributable to ordinary
shareholders of Baozun Inc. per American Depository Share (“ADS4”)
were RMB0.52 (US$0.08) and RMB0.50 (US$0.07), respectively,
compared with RMB0.40 and RMB0.37, respectively, for the same
period of 2017.
- Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS5 were RMB0.90 (US$0.13) and
RMB0.86 (US$0.13), respectively, compared with RMB0.64 and RMB0.59,
respectively, for the same period of 2017.
Third Quarter 2018 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)6 was RMB6,361.0 million,
an increase of 55.0% year-over-year.
- Distribution GMV7 was RMB581.2 million, an increase of 6.4%
year-over-year.
- Non-distribution GMV8 was RMB5,779.8 million, an increase of
62.4% year-over-year.
- Number of brand partners increased to 172 as of September 30,
2018, from 146 as of September 30, 2017.
- Number of GMV brand partners increased to 166 as of September
30, 2018, from 141 as of September 30, 2017.
“We are pleased to report another quarter of
solid growth across the board, driven primarily by growth from our
existing online stores and improving operational efficiency as we
invest further in developing new and innovative products and
tools,” commented Mr. Vincent Qiu, Chairman and Chief Executive
Officer of Baozun. “I am proud of the experience and capabilities
we have accumulated from participating in the Singles Day shopping
festival over the past decade. This year total order value settled
through payment gateways on all of our e-commerce channels reached
a new record high of RMB6.55 billion on Singles Day 2018, an
increase of approximately 31% compared to last year. Investing in
R&D plays a critical role in our strategy which we strongly
believe will lay a solid foundation for our long-term sustainable
growth. We will continue to refine, update, commercialize, and
expand the omni-channel matrix of solutions we are able to offer
brand partners to drive future growth and strengthen our leading
position in China’s brand e-commerce market.”
Mr. Beck Chen, Chief Financial Officer of Baozun
commented, “We had another strong quarter, with total GMV
increasing 55.0% year-over-year and non-distribution GMV growing
even faster at 62.4% year-over-year. We invested RMB20.1 million in
technological innovation and productization during the quarter,
which will strengthen our position as the leading brand e-commerce
business partner and technology solutions services provider. Our
daily sales momentum during the fourth quarter of 2018 continues to
remain strong and outpace the growth on Singles Day this year. As
such, we expect our GMV for the fourth quarter of 2018 to grow
40-45% on a year-over-year basis while our services revenue during
the fourth quarter of 2018 will grow faster than the GMV
growth.”
Third Quarter 2018 Financial
Results
Total net revenues were
RMB1,110.8 million (US$161.7 million), an increase of 24.8%
from RMB890.2 million in the same quarter of last year.
Product sales revenue was
RMB504.5 million (US$73.5 million), an increase of 6.8% from
RMB472.5 million in the same quarter of last year. The increase was
primarily attributable to the increase in product sales revenue
resulting from the increased popularity of brand partners’ products
and Baozun’s increasingly effective marketing and promotional
campaigns, which was partially offset by the transition of a
leading electronics brand partner’s business from the distribution
model to the consignment model in September 2017.
Services revenue was RMB606.2
million (US$88.3 million), an increase of 45.1% from RMB417.7
million in the same quarter of last year. The increase was
primarily attributable to the rapid growth in sales from existing
brand partners and the addition of new brand partners under the
Company’s consignment model and service fee model.
Total operating expenses were
RMB1,071.5 million (US$156.0 million), compared with RMB862.4
million in the same quarter of last year.
- Cost of products was RMB401.2
million (US$58.4 million), compared with RMB407.5 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.
- Fulfillment expenses were RMB262.0 million
(US$38.2 million), compared with RMB173.3 million in the same
quarter of last year. The increase was primarily due to an increase
in GMV from the Company’s consignment model business and increased
warehouse rental expenses.
- Sales and marketing expenses were RMB301.1
million (US$43.8 million), compared with RMB222.0 million in the
same quarter of last year. The increase was primarily due to the
addition of online store operational staff and an increase in
promotional and marketing expenses associated with Company-operated
online stores.
- Technology and content expenses were RMB69.5
million (US$10.1 million), compared with RMB35.6 million in the
same quarter of last year. The increase was primarily due to
increased investments in innovation and productization, and
recruitment of additional technology-focused staff.
- General and administrative expenses were
RMB41.0 million (US$6.0 million), compared with RMB29.6 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
RMB39.3 million (US$5.7 million), compared with RMB27.8 million in
the same quarter of last year. Operating margin was 3.5%,
compared with 3.1% in the same quarter of last year.
Non-GAAP income from operations
was RMB61.2 million (US$8.9 million), compared with RMB41.2 million
in the same quarter of last year. Non-GAAP operating margin was
5.5%, compared with 4.6% in the same quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB29.8 million (US$4.3
million), an increase of 35.8% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB0.52 (US$0.08) and RMB0.50
(US$0.07), respectively, compared with RMB0.40 and RMB0.37,
respectively, in the same period of 2017.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB51.4
million (US$7.5 million), an increase of 46.7% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB0.90 (US$0.13) and RMB0.86 (US$0.13), respectively, compared
with RMB0.64 and RMB0.59, respectively, in the same period of
2017.
As of September 30, 2018, the Company had
RMB445.2 million (US$64.8 million) in cash, cash
equivalents and short-term investment, a decrease from
RMB557.4 million as of December 31, 2017 primarily due to inventory
procurement in preparation for Singles Day 2018.
Business Outlook
The Company expects total net revenues to be
between RMB2,200 million and RMB2,250 million for the fourth
quarter of 2018.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:00 a.m. Eastern Time on Wednesday,
November 21, 2018 (8:00 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:
79900678# |
|
A telephone replay of the call will be available
after the conclusion of the conference call through 11:59 p.m. Hong
Kong Time, November 28, 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:
319303038# |
|
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 financial measures
that we use should not be considered in isolation from or as an
alternative to the GAAP financial measures from which they are
derived.
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. For example, our statement about our
expectations for Company performance in the fourth quarter of 2018
is a forward-looking statement and is inherently uncertain. Our
forward-looking 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. For
example, the level of consumer economic activity in China could
impact our sales results in unpredicted ways. 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
For investor and media inquiries, please
contact:
Baozun Inc.Ms. Ellen
Chiuir@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
_____________________________________
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 RMB6.8680 to US$1.00,
the noon buying rate in effect on September 28, 2018 as set forth
in the H.10 Statistical Release of the Federal Reserve Board.
2 Non-GAAP income from operations is a non-GAAP financial
measure, which is defined as income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition.
3 Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc. is a non-GAAP financial measure, which is defined as
net income attributable to ordinary shareholders of Baozun Inc.
excluding share-based compensation expenses and amortization of
intangible assets resulting from business acquisition.
4 Each ADS represents three Class A ordinary shares.
5 Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS are non-GAAP financial
measures, which are defined as non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. divided by
weighted average number of shares used in calculating basic and
diluted net income per ordinary share multiplied by three,
respectively.
6 GMV includes value added tax and excludes (i) shipping
charges, (ii) surcharges and other taxes, (iii) value of the goods
that are returned and (iv) deposits for purchases that have not
been settled.
7 Distribution GMV refers to the GMV under the distribution
business model.
8 Non-distribution GMV refers to the GMV under the service fee
business model and the consignment business model.
| |
| Baozun
Inc. |
| UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
| (In
thousands) |
| |
|
|
|
|
|
|
| |
|
As of |
| |
|
December 31,
2017 |
|
September 30,
2018 |
|
September 30,
2018 |
| |
|
RMB |
|
RMB |
|
US$ |
| ASSETS |
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
244,809 |
|
390,299 |
|
56,829 |
| Restricted cash |
|
48,848 |
|
179,910 |
|
26,195 |
| Short-term investment |
|
312,614 |
|
54,925 |
|
7,997 |
| Accounts receivable, net1 |
|
1,085,669 |
|
957,838 |
|
139,464 |
| Inventories1 |
|
382,028 |
|
621,294 |
|
90,462 |
| Advances to suppliers |
|
88,881 |
|
312,811 |
|
45,546 |
| Prepayments and other current assets1 |
|
214,636 |
|
244,616 |
|
35,617 |
| Amounts due from related parties |
|
88,795 |
|
65,212 |
|
9,495 |
| Total current assets |
|
2,466,280 |
|
2,826,905 |
|
411,605 |
| |
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
| Investments in equity investees |
|
24,268 |
|
39,844 |
|
5,801 |
| Property and equipment, net |
|
330,924 |
|
391,065 |
|
56,940 |
| Intangible assets, net |
|
66,150 |
|
104,467 |
|
15,211 |
| Land use right, net |
|
44,618 |
|
43,849 |
|
6,385 |
| Goodwill |
|
13,158 |
|
13,158 |
|
1,916 |
| Other non-current assets |
|
18,043 |
|
31,744 |
|
4,622 |
| Deferred tax assets |
|
15,528 |
|
16,046 |
|
2,336 |
| Total
non-current assets |
|
512,689 |
|
640,173 |
|
93,211 |
| |
|
|
|
|
|
|
| Total assets |
|
2,978,969 |
|
3,467,078 |
|
504,816 |
_____________________
1 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, except
for share and per share data) |
| |
|
|
|
|
|
|
| |
|
As of |
| |
|
December
31,2017 |
|
September 30,
2018 |
|
September 30,
2018 |
| |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
Short-term loan |
|
172,000 |
|
|
239,500 |
|
34,872 |
| Accounts payable |
|
583,532 |
|
|
490,322 |
|
71,391 |
| Notes payable |
|
48,000 |
|
|
378,150 |
|
55,060 |
| Income tax payables |
|
30,420 |
|
|
21,639 |
|
3,151 |
| Accrued expenses and other current liabilities1 |
|
314,870 |
|
|
262,764 |
|
38,259 |
| Amounts due to related parties |
|
- |
|
|
13,993 |
|
2,037 |
| Total current liabilities |
|
1,148,822 |
|
|
1,406,368 |
|
204,770 |
| |
|
|
|
|
|
|
| Long-term loan |
|
- |
|
|
68,656 |
|
9,997 |
| Deferred tax liability |
|
3,710 |
|
|
3,417 |
|
498 |
| Total non-current liabilities |
|
3,710 |
|
|
72,073 |
|
10,495 |
| |
|
|
|
|
|
|
| Total liabilities |
|
1,152,532 |
|
|
1,478,441 |
|
215,265 |
| |
|
|
|
|
|
|
| Baozun Inc. shareholders’ equity: |
|
|
|
|
|
|
| Class A ordinary shares (US$0.0001 par value;
470,000,000 shares authorized, 152,824,659 and 157,935,219
shares issued and outstanding as of December 31, 2017 and September
30, 2018, respectively) |
|
95 |
|
|
98 |
|
14 |
| Class B ordinary shares (US$0.0001 par value;
30,000,000 shares authorized, 13,300,738 shares issued and
outstanding as of December 31, 2017 and September 30, 2018,
respectively) |
|
8 |
|
|
8 |
|
1 |
| Additional paid-in capital |
|
1,823,925 |
|
|
1,886,594 |
|
274,693 |
| Accumulated profit (deficit) |
|
(25,000 |
) |
|
56,469 |
|
8,223 |
| Accumulated other comprehensive income |
|
9,995 |
|
|
28,200 |
|
4,106 |
| |
|
|
|
|
|
|
| Total Baozun Inc. shareholders'
equity |
|
1,809,023 |
|
|
1,971,369 |
|
287,037 |
| |
|
|
|
|
|
|
| Noncontrolling interests |
|
17,414 |
|
|
17,268 |
|
2,514 |
| Total equity |
|
1,826,437 |
|
|
1,988,637 |
|
289,551 |
| |
|
|
|
|
|
| Total
liabilities and shareholders'
equity |
2,978,969 |
|
|
3,467,078 |
|
504,816 |
| Baozun Inc. |
| UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
| (In thousands, except for share and per share
data and per ADS data) |
| |
|
|
|
|
|
|
| |
|
For the three months ended
September 30, |
|
| |
|
2017 |
|
2018 |
|
| |
|
RMB |
|
RMB |
|
US$ |
|
| |
|
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
|
| Product sales |
|
472,505 |
|
|
504,534 |
|
|
73,462 |
|
|
|
Services |
|
417,739 |
|
|
606,227 |
|
|
88,268 |
|
|
|
Total net revenues |
|
890,244 |
|
|
1,110,761 |
|
|
161,730 |
|
|
| |
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
|
|
Cost of products |
|
(407,535 |
) |
|
(401,222 |
) |
|
(58,419 |
) |
|
|
Fulfillment |
|
(173,303 |
) |
|
(262,014 |
) |
|
(38,150 |
) |
|
|
Sales and marketing (2) |
|
(222,028 |
) |
|
(301,082 |
) |
|
(43,838 |
) |
|
|
Technology and content |
|
(35,568 |
) |
|
(69,514 |
) |
|
(10,121 |
) |
|
|
General and administrative |
|
(29,636 |
) |
|
(41,034 |
) |
|
(5,975 |
) |
|
|
Other operating income, net |
|
5,623 |
|
|
3,399 |
|
|
495 |
|
|
|
Total operating expenses |
|
(862,447 |
) |
|
(1,071,467 |
) |
|
(156,008 |
) |
|
|
Income from operations |
|
27,797 |
|
|
39,294 |
|
|
5,722 |
|
|
|
Other income (expenses) |
|
|
|
|
|
|
|
|
Interest income |
|
3,256 |
|
|
2,203 |
|
|
321 |
|
|
|
Interest expense |
|
(740 |
) |
|
(1,733 |
) |
|
(252 |
) |
|
|
Gain on disposal of an investment |
|
800 |
|
|
- |
|
|
- |
|
|
|
Exchange loss |
|
(363 |
) |
|
(2,133 |
) |
|
(311 |
) |
|
| Income before
income tax |
|
30,750 |
|
|
37,631 |
|
|
5,480 |
|
|
|
Income tax expense (3) |
|
(8,229 |
) |
|
(7,994 |
) |
|
(1,164 |
) |
|
|
Share of loss in equity method investment, net of tax of nil |
|
(252 |
) |
|
(243 |
) |
|
(35 |
) |
|
|
Net income |
|
22,269 |
|
|
29,394 |
|
|
4,281 |
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interests |
|
(330 |
) |
|
393 |
|
|
57 |
|
|
|
Net income attributable to ordinary
shareholders of Baozun Inc. |
|
21,939 |
|
|
29,787 |
|
|
4,338 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
|
Basic |
|
0.13 |
|
|
0.17 |
|
|
0.02 |
|
|
|
Diluted |
|
0.12 |
|
|
0.17 |
|
|
0.02 |
|
|
|
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
|
Basic |
|
0.40 |
|
|
0.52 |
|
|
0.08 |
|
|
|
Diluted |
|
0.37 |
|
|
0.50 |
|
|
0.07 |
|
|
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
|
|
|
Basic |
|
163,205,286 |
|
|
170,940,612 |
|
|
170,940,612 |
|
|
|
Diluted |
|
177,462,498 |
|
|
178,862,592 |
|
|
178,862,592 |
|
|
| |
|
|
|
|
|
|
|
|
Net income |
|
22,269 |
|
|
29,394 |
|
|
4,281 |
|
|
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(10,719 |
) |
|
11,484 |
|
|
1,672 |
|
|
|
Comprehensive income |
|
11,550 |
|
|
40,878 |
|
|
5,953 |
|
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
| |
|
For the three months ended
September 30, |
| |
|
2017 |
|
2018 |
| |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
Fulfillment |
|
716 |
|
1,610 |
|
234 |
|
Sales and marketing |
|
4,846 |
|
7,707 |
|
1,122 |
|
Technology and content |
|
2,798 |
|
3,690 |
|
537 |
|
General and administrative |
|
4,626 |
|
8,497 |
|
1,237 |
|
|
|
12,986 |
|
21,504 |
|
3,130 |
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB0.4 million for both the
three months period ended September 30, 2017 and 2018.
(3) Including income tax benefits of RMB0.1 million related to
the reversal of deferred tax liabilities, which was recognized on
business acquisition for both the three months period ended
September 30, 2017 and 2018.
| Baozun Inc. |
|
| Reconciliations of GAAP and Non-GAAP
Results |
|
| (in thousands,
except for share and per ADS
data) |
|
| |
|
|
|
|
| |
|
For the three months ended
September 30, |
|
| |
|
2017 |
|
2018 |
|
| |
|
RMB |
|
RMB |
|
US$ |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Income from
operations |
|
27,797 |
|
|
39,294 |
|
|
5,722 |
|
|
|
Add: Share-based compensation expenses |
|
12,986 |
|
|
21,504 |
|
|
3,130 |
|
|
| Amortization of intangible assets resulting from business
acquisition |
|
391 |
|
|
391 |
|
|
57 |
|
|
|
Non-GAAP income from operations |
|
41,174 |
|
|
61,189 |
|
|
8,909 |
|
|
| |
|
|
|
|
|
|
|
| Net
Income |
|
22,269 |
|
|
29,394 |
|
|
4,281 |
|
|
|
Add: Share-based compensation expenses |
|
12,986 |
|
|
21,504 |
|
|
3,130 |
|
|
| Amortization of intangible assets resulting from business
acquisition |
|
391 |
|
|
391 |
|
|
57 |
|
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
(98 |
) |
|
(98 |
) |
|
(14 |
) |
|
|
Non-GAAP net income |
|
35,548 |
|
|
51,191 |
|
|
7,454 |
|
|
| |
|
|
|
|
|
|
|
| Net income
attributable to ordinary shareholders of Baozun Inc. |
|
21,939 |
|
|
29,787 |
|
|
4,338 |
|
|
|
Add: Share-based compensation expenses |
|
12,986 |
|
|
21,504 |
|
|
3,130 |
|
|
| Amortization of intangible assets resulting from business
acquisition |
|
199 |
|
|
199 |
|
|
29 |
|
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
(50 |
) |
|
(50 |
) |
|
(7 |
) |
|
|
Non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. |
|
35,074 |
|
|
51,440 |
|
|
7,490 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders of Baozun
Inc. per ADS: |
|
|
|
|
|
|
|
| Basic |
|
0.64 |
|
|
0.90 |
|
|
0.13 |
|
|
|
Diluted |
|
0.59 |
|
|
0.86 |
|
|
0.13 |
|
|
|
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
|
|
| Basic |
|
163,205,286 |
|
|
170,940,612 |
|
|
170,940,612 |
|
|
|
Diluted |
|
177,462,498 |
|
|
178,862,592 |
|
|
178,862,592 |
|
|
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