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, 2018.
Highlights for Third Quarter
2018:
- GMV1 reached
RMB2,194.6 million (US$319.5 million) for Q3 2018, representing an
increase of 57.4% from RMB1,394.4 million for Q3 2017.
- Total number of
orders2 was 594.4 thousand for Q3 2018, representing an
increase of 59.7% from 372.3 thousand for Q3 2017.
- Number of active
customers3 increased by 92.4% to 304 thousand for Q3 2018
from 158 thousand for Q3 2017.
- Total net revenues
reached RMB1,572.4 million (US$228.9 million) for Q3 2018,
increasing by 60.1% from RMB982.2 million in Q3 2017.
- Gross margin was
17.2% for Q3 2018, compared to 17.0% in Q3 2017.
- Net income
increased by 31.7% to RMB44.9 million (US$6.5 million) for Q3 2018
from RMB34.1 million for Q3 2017.
- Non-GAAP net
income4 increased by 23.4% to RMB49.0 million (US$7.1
million) for Q3 2018 from RMB39.7 million in Q3 2017.
- Basic and diluted net
income per share were RMB1.74 (US$0.25) and RMB1.67
(US$0.24), respectively, for Q3 2018, compared with basic and
diluted net losses per share of RMB0.61 and RMB0.61, respectively,
for Q3 2017. Basic and diluted net income per American Depositary
Share ("ADS") were RMB0.87 (US$0.13) and RMB0.84 (US$0.12),
respectively, for Q3 2018, compared to basic and diluted net losses
per ADS of RMB0.30 and RMB0.30, respectively, for Q3 2017. Two ADSs
represent one ordinary share.
- Basic and diluted non-GAAP
net income per share5 were RMB1.94 (US$0.28) and RMB1.87
(US$0.27), respectively, for Q3 2018, compared to RMB4.28 and
RMB3.96, respectively, for Q3 2017. Basic and diluted
non-GAAP net income per ADS were RMB0.97 (US$0.14) and RMB0.94
(US$0.14), respectively, for Q3 2018, compared to RMB2.14 and
RMB1.98, respectively, for Q3 2017.
_________________________
1 GMV, or Gross Market Value, refers 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 refer 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 refers to a customer who made
at least one account 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, said, “We are delighted to report our
third quarter 2018 results, another chapter of Secoo’s strong
growth story, highlighted by year-over-year GMV growth of 57.4% and
total revenues growth of 60.1%. We attribute this robust
performance to our ability of leveraging our premium and diverse
product and service offerings and industry-leading capabilities to
gain deep footholds across the value chain in our industry. In
addition, our innovative and cutting-edge online-to-offline
marketing activities and strategic focus on expanding alliances
with leading partners contributed to the robust quarterly growth.
Notably, the number of our active customers increased by 91%
year-over-year to a record high of 300,000 during the quarter.
Further, from a technology perspective, we continued to support
more effective, advanced and efficient operations for our
omnichannel platform, which we believe will lay a solid foundation
for our sustainable future growth.”
“During the third quarter, our efforts to
strengthen our operational capabilities covered multiple fronts,”
continued Mr. Li. “We continued to broaden and deepen our alliances
with premiere designers to further enhance our product offerings
and expand our influence. In doing so, we remained strategically
active, entering into partnerships with 97 new brands throughout
the quarter and recent months. These important partnerships serve
not only as a means to increase our brand recognition among Chinese
luxury and fashion consumers but also as a way for us to continue
to offer superior luxury shopping experiences. As always, we
continue our ardent focus on providing the best shopping experience
for our customers.”
“Secoo’s impressive financial results for the
third quarter of 2018 are reflective of the solid demand that we
have been experiencing and underscore our robust growth
trajectory,” said Mr. Shaojun Chen, Chief Financial Officer of
Secoo. “During the quarter, we exhibited healthy profitability with
operating income and net income increasing by 125.3% and 31.7%,
respectively, on a year-over-year basis. These returns highlight
our successful efforts to improve operating efficiency and increase
profitability. We are encouraged by our third quarter performance
and are confident that we will finish 2018 on very solid
footing.”
Recent Developments
- From the third quarter to date, Secoo expanded its direct
collaborations efforts, adding 97 brands, including renowned
international fashion and lifestyle designers such as Calvin Klein,
R. M. Williams, DIESEL, Nicole Miller, Alberta Ferretti, Philosophy
, Mikael D, Villeroy & Boch, Marshall and LVMH’s new beauty
brand Cha Ling. Further, Secoo’s advertising sales grew
substantially, driven by a further increasing advertiser
base, including Huawei Glory, Land Rover, Smart, Dunhill, COFCO,
Haier, and DBS Bank.
- In September 2018, Secoo entered into a strategic partnership
agreement with SASSEUR Group, a leading operator of outlet malls in
Asia, allowing both parties to leverage each other’s resources and
expertise to (i) drive the growth of omni-channel retail networks,
(ii) boost both companies’ growing and leading market presence and
(iii) jointly explore new business initiatives to offer superior
luxury shopping experience for consumers in China.
- In November 2018, Secoo established a strategic partnership
with Will's Group, China's leading premium fitness lifestyle brand.
SASSEUR Group and Will’s Group are both invested by L Catterton
which also has a strategic stake in Secoo. The partnership with
Will’s Group allows each company’s customers to benefit from
reciprocal membership privileges and aim to combined both parties’
strengths to deliver high-end fitness services. Overall, the
partnerships with SASSEUR Group and Will’s Group demonstrate
Secoo’s strategic initiative to diversify its lifestyle portfolio
offerings to meet the increasing demand in luxury products and
services in China.
- In July 2018, Secoo formed strategic partnerships with two
iconic museums in China, Shanxi History Museum and Xi’an Museum. By
leveraging these partnerships and its extensive resources, Secoo
believes it will be well positioned to play an important role in
protecting Chinese cultural relics and in developing Chinese
culture heritage-focused artisanal designs and creative products
and services.
- During the quarter, Secoo upgraded its global supply chain
system to optimize the user experience via establishing fully
integrated SaaS, PaaS and IaaS systems to further expand our global
supply chain and suppliers network.
- In September 2018, Secoo co-hosted the inaugural “Chinese
Heritage Design Festival” in Beijing. The event featured a fusion
of traditions and fashion among many Chinese master artisans,
traditional craftsmen and the most cutting-edge Chinese designer
brands.
- In September 2018, Secoo entered into a partnership with
Feelunique, Europe’s largest online beauty retailer, to launch a
dedicated cosmetics store on Secoo’s platform. Through the
partnership, Feelunique will provide Secoo’s customers with access
to approximately 50 highly sought-after international brands, which
helps bolster Secoo’s beauty and cosmetics product portfolio.
- Also, after quarter-end, in October 2018, British brand Liberty
London joined the Company’s platform to launch an online shop in
China enabling Liberty London to offer luxury bags, leather
products, gifts and stationaries to Secoo’s premium customers. The
partnership reflects the mutual strategy of both companies to
permeate China’s luxury space by offering unique and distinct
products and services to Chinese consumers who increasingly use
fashion and luxury to express their lifestyle and identity.
Leveraging the partnership, Secoo will be better positioned to
increase the customer base and purchase activities.
- Further, in November 2018, Secoo entered into strategic
partnership agreements with the Philippine Trade and Investment
Center and the Mongolian delegation during the inaugural China
International Import Expo (CIIE). At the CIIE, Secoo also signed
cooperation agreements with numerous high-end brands from, among
others, the U.S., the U.K., France, Italy, Australia and
Korea.
- In November 2018, Secoo formed an alliance with Tokyo MX, a
television station in Tokyo, to host a tradeshow in Tokyo for
traditional Japanese craftworks. In addition, Tokyo MX will launch
a flagship store on Secoo’s platform, with the goal of providing
Chinese consumers with a high-quality collection of eminent
traditional Japanese craftworks.
Third
Quarter 2018 Financial
Results
GMV increased by 57.4% to
RMB2,194.6 million (US$319.5 million) for the third quarter of
2018, from RMB1,394.4 million for the third quarter of 2017.
Total number of orders
increased by 59.7% to 594.4 thousand for the third quarter of 2018
from 372.3 thousand for the third quarter of 2017.
Total net revenues for the
third quarter of 2018 increased by 60.1% to RMB1,572.4 million
(US$228.9 million) from RMB982.2 million in the third quarter of
2017, primarily driven by the growth in our total active customers
and total number of orders served during the period.
Cost of revenues increased by
59.7% to RMB1,302.7 million (US$189.7 million) for the third
quarter of 2018 from RMB815.5 million for the third quarter of
2017, which was in line with the increase of total net
revenues.
Operating
expenses increased by 47.2% to RMB199.4 million (US$29.0
million) for the third quarter of 2018 from RMB135.5 million for
the third quarter of 2017.
Fulfillment expenses increased
by 62.4% to RMB41.9 million (US$6.1 million) for the third quarter
of 2018 from RMB25.8 million for the third quarter of 2017. The
increase was primarily attributable to the increase in sales volume
and total number of orders fulfilled during the period.
Marketing expenses increased by
71.9% to RMB110.5 million (US$16.1 million) for the third quarter
of 2018 from RMB64.3 million for the third quarter of 2017. The
increase was primarily due to the increase in marketing promotions,
such as the “Singles’ Day” events as well as the increase in staff
compensation and benefits expenses.
Technology and content development
expenses increased by 21.1% to RMB21.2 million (US$3.1
million) for the third quarter of 2018 from RMB17.5 million for the
third quarter of 2017. The increase was primarily due to the
increase in staff compensation and benefits expenses.
General and administrative
expenses decreased by 7.2% to RMB25.9 million (US$3.8
million) for the third quarter of 2018 from RMB27.9 million for the
third quarter of 2017. The decrease was primarily attributable to
the decrease in professional consulting fees and expenses during
the period.
Operating income increased by
125.3% to RMB70.3 million (US$10.2 million) for the third quarter
of 2018, from RMB31.2 million for the third quarter of 2017.
Income tax expenses were RMB9.2
million (US$1.3 million) in the third quarter of 2018 compared with
RMB0.8 million for the third quarter of 2017.
Net income was RMB44.9 million
(US$6.5 million) for the third quarter of 2018, representing an
increase of 31.7% from RMB34.1 million for the third quarter of
2017.
Non-GAAP net income, which
excludes share-based compensation expenses, increased by 23.4% to
RMB49.0 million (US$7.1 million) in the third quarter of 2018 from
RMB39.7 million in the third quarter of 2017.
Net income/loss attributable to ordinary
shareholders of Secoo Holding Limited for the third
quarter of 2018 was RMB43.9 million (US$6.4 million), compared to a
net loss of RMB5.6 million for the third quarter of 2017, which was
primarily due to the accretion of preferred shares in the third
quarter of 2017, compared to negligible such amount in the third
quarter of 2018.
Basic and diluted net income per
share were RMB1.74 (US$0.25) and RMB1.67 (US$0.24),
respectively, for the third quarter of 2018, compared with basic
and diluted net losses per share of RMB0.61 and RMB0.61,
respectively, for the third quarter of 2017. Basic and diluted net
income per ADS were RMB0.87 (US$0.13) and RMB0.84 (US$0.12),
respectively, for the third quarter of 2018, compared to basic and
diluted net losses per ADS RMB0.30 and RMB0.30, respectively, for
the third quarter of 2017.
Basic and diluted non-GAAP net income
per share were RMB1.94 (US$0.28) and RMB1.87 (US$0.27),
respectively, for the third quarter of 2018, compared to RMB4.28
and RMB3.96, respectively, for the third quarter of 2017.
Basic and diluted non-GAAP net income per ADS were RMB0.97
(US$0.14) and RMB0.94 (US$0.14), respectively, for the third
quarter of 2018, compared to RMB2.14 and RMB1.98, respectively, for
the third quarter of 2017.
Cash, Time deposits, and Restricted
Cash
As of September 30, 2018, the Company had cash,
time deposits, and restricted cash of RMB1,271.7 million (US$185.2
million).
Fourth Quarter 2018
Guidance
The Company currently expects total net revenues
for the fourth quarter of 2018 to be in the range of RMB1.9 billion
and RMB2.0 billion, which would represent an increase of
approximately 35% to 42% 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 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 December 4, 2018
(9:00 PM Beijing/Hong Kong Time on December 4, 2018).
The dial-in details for the live 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: |
3991427 |
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 December 10, 2018, by dialing the following telephone
numbers:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong
Kong: |
+852-3051-2780 |
China: |
400-632-2162 |
Replay Access Code: |
3991427 |
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, non-GAAP income from operation 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 income from operation as income from operation
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 RMB6.8680 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
28, 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.com
SECOO HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(All amounts in thousands, except for share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
For the Nine Months
Ended September 30, |
|
|
|
|
2017 |
|
2018 |
|
|
2017 |
|
2018 |
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
|
966,189 |
|
|
1,548,403 |
|
|
225,452 |
|
|
2,292,574 |
|
|
3,517,423 |
|
|
512,147 |
|
|
|
Marketplace and other
services |
|
15,994 |
|
|
23,954 |
|
|
3,487 |
|
|
36,287 |
|
|
77,558 |
|
|
11,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues |
|
982,183 |
|
|
1,572,357 |
|
|
228,939 |
|
|
2,328,861 |
|
|
3,594,981 |
|
|
523,439 |
|
|
|
Cost of revenues |
|
(815,453 |
) |
|
(1,302,657 |
) |
|
(189,671 |
) |
|
(1,935,633 |
) |
|
(2,969,740 |
) |
|
(432,402 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
166,730 |
|
|
269,700 |
|
|
39,268 |
|
|
393,228 |
|
|
625,241 |
|
|
91,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
expenses |
|
(25,810 |
) |
|
(41,886 |
) |
|
(6,099 |
) |
|
(61,560 |
) |
|
(98,570 |
) |
|
(14,352 |
) |
|
|
Marketing expenses |
|
(64,282 |
) |
|
(110,532 |
) |
|
(16,094 |
) |
|
(147,733 |
) |
|
(256,845 |
) |
|
(37,397 |
) |
|
|
Technology and content
development expenses |
|
(17,522 |
) |
|
(21,166 |
) |
|
(3,082 |
) |
|
(43,290 |
) |
|
(59,100 |
) |
|
(8,605 |
) |
|
|
General and
administrative expenses |
|
(27,868 |
) |
|
(25,850 |
) |
|
(3,764 |
) |
|
(57,811 |
) |
|
(60,529 |
) |
|
(8,813 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
(135,482 |
) |
|
(199,434 |
) |
|
(29,039 |
) |
|
(310,394 |
) |
|
(475,044 |
) |
|
(69,167 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
31,248 |
|
|
70,266 |
|
|
10,231 |
|
|
82,834 |
|
|
150,197 |
|
|
21,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
|
(1,839 |
) |
|
(15,220 |
) |
|
(2,216 |
) |
|
(4,856 |
) |
|
(19,164 |
) |
|
(2,790 |
) |
|
|
Foreign currency
exchange gains/(loss) |
|
5,471 |
|
|
(7,583 |
) |
|
(1,104 |
) |
|
9,246 |
|
|
(11,904 |
) |
|
(1,733 |
) |
|
|
Others |
|
- |
|
|
6,709 |
|
|
977 |
|
|
- |
|
|
18,110 |
|
|
2,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
tax |
|
34,880 |
|
|
54,172 |
|
|
7,888 |
|
|
87,224 |
|
|
137,239 |
|
|
19,983 |
|
|
|
Income tax
expenses |
|
(777 |
) |
|
(9,228 |
) |
|
(1,344 |
) |
|
(777 |
) |
|
(30,014 |
) |
|
(4,370 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
34,103 |
|
|
44,944 |
|
|
6,544 |
|
|
86,447 |
|
|
107,225 |
|
|
15,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income
attributable to redeemable non-controlling interest |
|
(71 |
) |
|
96 |
|
|
14 |
|
|
(206 |
) |
|
705 |
|
|
103 |
|
|
|
Loss attributable to
non-redeemable non-controlling interest |
|
(58 |
) |
|
969 |
|
|
141 |
|
|
(173 |
) |
|
1,161 |
|
|
169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Secoo Holding Limited |
|
34,232 |
|
|
43,879 |
|
|
6,389 |
|
|
86,826 |
|
|
105,359 |
|
|
15,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion to redeemable
non-controlling interest redemption value |
|
(184 |
) |
|
- |
|
|
- |
|
|
(546 |
) |
|
- |
|
|
- |
|
|
|
Accretion to preferred
share redemption value |
|
(39,695 |
) |
|
- |
|
|
- |
|
|
(202,680 |
) |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to ordinary shareholders of Secoo
Holding Limited |
|
(5,647 |
) |
|
43,879 |
|
|
6,389 |
|
|
(116,400 |
) |
|
105,359 |
|
|
15,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
|
(0.61 |
) |
|
1.74 |
|
|
0.25 |
|
|
(14.37 |
) |
|
4.17 |
|
|
0.61 |
|
|
|
— Diluted |
|
(0.61 |
) |
|
1.67 |
|
|
0.24 |
|
|
(14.37 |
) |
|
4.04 |
|
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) per ADS |
|
|
|
|
|
. |
|
|
|
|
|
|
|
|
— Basic |
|
(0.30 |
) |
|
0.87 |
|
|
0.13 |
|
|
(7.19 |
) |
|
2.08 |
|
|
0.30 |
|
|
|
— Diluted |
|
(0.30 |
) |
|
0.84 |
|
|
0.12 |
|
|
(7.19 |
) |
|
2.02 |
|
|
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
|
2.14 |
|
|
0.97 |
|
|
0.14 |
|
|
5.68 |
|
|
2.46 |
|
|
0.36 |
|
|
|
— Diluted |
|
1.98 |
|
|
0.94 |
|
|
0.14 |
|
|
5.21 |
|
|
2.39 |
|
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used in computing net
income/(loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
|
9,274,531 |
|
|
25,260,757 |
|
|
25,280,058 |
|
|
8,098,011 |
|
|
25,273,554 |
|
|
25,273,554 |
|
|
|
— Diluted |
|
9,274,531 |
|
|
26,236,702 |
|
|
26,236,702 |
|
|
8,098,011 |
|
|
26,096,457 |
|
|
26,096,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECOO HOLDING LIMITED |
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
(All amounts in thousands, except for share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
December 31, |
|
As of September
30, |
|
|
|
|
|
2017 |
|
2018 |
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
Cash |
|
453,425 |
|
|
1,141,983 |
|
|
166,276 |
|
|
|
|
Time deposits |
|
292,318 |
|
|
68,792 |
|
|
10,016 |
|
|
|
|
Restricted cash |
|
55,214 |
|
|
58,129 |
|
|
8,464 |
|
|
|
|
Investment in equity
security |
|
- |
|
|
29,183 |
|
|
4,249 |
|
|
|
|
Amount due from related
parties |
|
38 |
|
|
8,430 |
|
|
1,227 |
|
|
|
|
Accounts
receivable |
|
54,210 |
|
|
109,633 |
|
|
15,963 |
|
|
|
|
Inventories, net |
|
1,189,885 |
|
|
1,483,488 |
|
|
216,000 |
|
|
|
|
Advances to
suppliers |
|
53,016 |
|
|
97,147 |
|
|
14,145 |
|
|
|
|
Prepayments and other
current assets |
|
22,943 |
|
|
64,164 |
|
|
9,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets |
|
2,121,049 |
|
|
3,060,949 |
|
|
445,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash |
|
123,800 |
|
|
2,800 |
|
|
408 |
|
|
|
|
Investment in equity
security |
|
- |
|
|
3,031 |
|
|
441 |
|
|
|
|
Property and equipment,
net |
|
40,793 |
|
|
50,220 |
|
|
7,312 |
|
|
|
|
Deferred tax
assets |
|
43,981 |
|
|
59,363 |
|
|
8,643 |
|
|
|
|
Other non-current
assets |
|
8,085 |
|
|
16,758 |
|
|
2,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current assets |
|
216,659 |
|
|
132,172 |
|
|
19,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
2,337,708 |
|
|
3,193,121 |
|
|
464,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
Short-term borrowings
and current portion of long-term borrowings |
|
177,274 |
|
|
127,500 |
|
|
18,564 |
|
|
|
|
Accounts payable |
|
318,414 |
|
|
9,940 |
|
|
1,446 |
|
|
|
|
Amount due to related
parties |
|
2,467 |
|
|
10,200 |
|
|
1,485 |
|
|
|
|
Advances from
customers |
|
68,848 |
|
|
66,023 |
|
|
9,613 |
|
|
|
|
Accrued expenses and
other current liabilities |
|
343,936 |
|
|
363,123 |
|
|
52,872 |
|
|
|
|
Deferred
revenue |
|
12,051 |
|
|
22,689 |
|
|
3,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
922,990 |
|
|
599,475 |
|
|
87,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
Long-term borrowings,
excluding current portion |
|
124,324 |
|
|
1,151,151 |
|
|
167,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current liabilities |
|
124,324 |
|
|
1,151,151 |
|
|
167,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
1,047,314 |
|
|
1,750,626 |
|
|
254,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
Equity |
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
5,582 |
|
|
6,287 |
|
|
915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mezzanine
equity |
|
5,582 |
|
|
6,287 |
|
|
915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
18,550,770 shares outstanding as of December 31, 2017 and September
30, 2018, respectively) |
|
126 |
|
|
126 |
|
|
18 |
|
|
|
|
Class B Ordinary shares
(US$0.001 par value, 150,000,000 shares authorized including class
A shares and class B shares, 6,571,429 shares issued and 6,571,429
shares outstanding as of December 31, 2017 and September 30, 2018,
respectively) |
|
41 |
|
|
41 |
|
|
6 |
|
|
|
|
Treasury Stock
(359,595 and 517,454 Class A ordinary shares as of December 31,
2017 and September 30, 2018, respectively, at cost) |
|
(42,606 |
) |
|
(71,018 |
) |
|
(10,340 |
) |
|
|
|
Accumulated losses |
|
(1,432,586 |
) |
|
(1,327,227 |
) |
|
(193,248 |
) |
|
|
|
Additional paid-in
capital |
|
2,763,387 |
|
|
2,832,907 |
|
|
412,479 |
|
|
|
|
Accumulated other
comprehensive loss |
|
(5,304 |
) |
|
(4,046 |
) |
|
(589 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
attributable to ordinary shareholders |
|
1,283,058 |
|
|
1,430,783 |
|
|
208,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-redeemable
non-controlling interest |
|
1,754 |
|
|
5,425 |
|
|
790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity |
|
1,284,812 |
|
|
1,436,208 |
|
|
209,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities, mezzanine equity and equity |
|
2,337,708 |
|
|
3,193,121 |
|
|
464,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECOO HOLDING LIMITED |
|
Reconciliations of GAAP and Non-GAAP
Results |
|
(All amounts in thousands, except for share
and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
|
|
|
|
|
September
30, |
|
September
30, |
|
|
|
|
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
31,248 |
|
70,266 |
|
10,231 |
|
82,834 |
|
150,197 |
|
21,869 |
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
5,549 |
|
4,010 |
|
584 |
|
5,549 |
|
17,240 |
|
2,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income from operations |
|
36,797 |
|
74,276 |
|
10,815 |
|
88,383 |
|
167,437 |
|
24,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
34,103 |
|
44,944 |
|
6,544 |
|
86,447 |
|
107,225 |
|
15,612 |
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
5,549 |
|
4,010 |
|
584 |
|
5,549 |
|
17,240 |
|
2,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
39,652 |
|
48,954 |
|
7,128 |
|
91,996 |
|
124,465 |
|
18,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per weighted
average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
4.28 |
|
1.94 |
|
0.28 |
|
11.36 |
|
4.92 |
|
0.72 |
|
|
|
Diluted |
|
3.96 |
|
1.87 |
|
0.27 |
|
10.42 |
|
4.77 |
|
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
2.14 |
|
0.97 |
|
0.14 |
|
5.68 |
|
2.46 |
|
0.36 |
|
|
|
Diluted |
|
1.98 |
|
0.94 |
|
0.14 |
|
5.21 |
|
2.39 |
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used in computing the adjusted
net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic |
|
9,274,531 |
|
25,260,757 |
|
25,260,757 |
|
8,098,011 |
|
25,273,554 |
|
25,273,554 |
|
|
|
— Diluted |
|
10,007,076 |
|
26,236,702 |
|
26,236,702 |
|
8,830,556 |
|
26,096,457 |
|
26,096,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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