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 second quarter ended June 30, 2020.
Second Quarter 2020 Financial
Highlights
- Total net revenues were RMB2,152.1
million (US$1304.6 million), an increase of 26.3% year-over-year.
Services revenue was RMB1,224.3 million (US$173.3 million), an
increase of 43.2% year-over-year.
- Income from operations was RMB160.6
million (US$22.7 million), an increase of 87.2% year-over-year.
Operating margin was 7.5%, compared with 5.0% in the same quarter
of last year.
- Non-GAAP income from operations2
was RMB187.1 million (US$26.5 million), an increase of 81.4%
year-over-year. Non-GAAP operating margin was 8.7%, compared with
6.1% in the same quarter of last year.
- Net income attributable to ordinary
shareholders of Baozun Inc. was RMB119.8 million (US$17.0 million),
an increase of 78.6% year-over-year.
- Non-GAAP net income attributable to
ordinary shareholders of Baozun Inc.3 was RMB146.0 million (US$20.7
million), an increase of 73.4% year-over-year.
- Basic and diluted net income
attributable to ordinary shareholders of Baozun Inc. per American
Depository Share (“ADS4”) were RMB2.04 (US$0.29) and RMB2.00
(US$0.28), respectively, compared with RMB1.16 and RMB1.13,
respectively, for the same period of 2019.
- Basic and diluted non-GAAP net
income attributable to ordinary shareholders of Baozun Inc. per
ADS5 were RMB2.48 (US$0.35) and RMB2.43 (US$0.34), respectively,
compared with RMB1.45 and RMB1.41, respectively, for the same
period of 2019.
Second Quarter 2020 Operational
Highlights
- Total Gross Merchandise Volume
(“GMV”)6 was RMB12,757.8 million, an increase of 31.2%
year-over-year.
- Distribution GMV7 was RMB1,037.6
million, an increase of 9.1% year-over-year.
- Non-distribution GMV8 was
RMB11,720.2 million, an increase of 33.6% year-over-year.
- Number of brand partners increased
to 250 as of June 30, 2020, from 212 as of June 30, 2019.
- Number of GMV brand partners
increased to 241 as of June 30, 2020, from 202 as of June 30,
2019.
Mr. Vincent Qiu, Chairman and Chief Executive
Officer of Baozun, commented, “Strong recovery in e-commerce, our
unique value proposition to brand partners and the tenacity of our
team underpinned a solid set of results in the second quarter of
2020, with strong top line growth and remarkably improved
profitability. COVID-19, while an impediment to growth for many
companies, created an opportunity for us to empower our brand
partners as they bolstered their online go-to-market strategies and
integrated omni-channel initiatives. Over the past three years, we
have centralized and continuously strengthened our technology
footprint around cloud infrastructure and AI technology in our
integrated digital operating platform to drive efficiency and
enhance intelligence for our brand partners. We believe
digitalization and innovation will continue to be key components of
our strategy that will strengthen our competitive moat and drive
our long-term sustainable growth.”
Mr. Robin Lu, Chief Financial Officer of Baozun,
commented, “In the past few quarters, while we have continued to
push through various cost control initiatives, we have stepped up
our efforts to optimize category mix, accelerate new brands
engagement, and enhance operating leverage and synergies through
digitization and innovation. All these initiatives have contributed
to a remarkable margin expansion, with non-GAAP operating profit
growing by over 81% year-over-year, a solid milestone in delivering
on our high-quality growth strategy. Looking into the third
quarter, despite the pandemic, we will continue to forge ahead with
our optimization of category mix and high-quality growth strategy.
While we are experiencing stronger seasonality and continued macro
uncertainties, we anticipate that GMV for the third quarter of 2020
will grow by at least 15% year-over-year. We are very confident we
will deliver strong year-over-year growth in our non-GAAP operating
profits in the third quarter of 2020.”
Second Quarter 2020 Financial
Results
Total net revenues were
RMB2,152.1 million (US$304.6 million), an increase of 26.3% from
RMB1,704.2 million in the same quarter of last year.
Product sales revenue was
RMB927.8 million (US$131.3 million), an increase of 9.3% from
RMB849.1 million in the same quarter of last year. The increase was
primarily attributable to the acquisition of new brand partners and
the increased popularity of brand partners’ products, partially
offset by slower growth in personal-care products in appliances
category.
Services revenue was RMB1,224.3
million (US$173.3 million), an increase of 43.2% from RMB855.1
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.
Total operating expenses were
RMB1,991.4 million (US$281.9 million), compared with RMB1,618.4
million in the same quarter of last year.
- Cost of
products was RMB775.8 million (US$109.8 million),
compared with RMB679.2 million in the same quarter of last year.
The increase was primarily due to higher costs associated with an
increase in product sales revenue.
- Fulfillment
expenses were RMB575.3 million (US$81.4 million), compared
with RMB391.9 million in the same quarter of last year. The
increase was primarily due to a rise in GMV contribution from the
Company’s distribution and consignment model, and an increase in
warehouse rental expenses associated with expanded warehouse
capacity to address additional growth opportunities, both of which
were partially offset by efficiency improvements.
- Sales and marketing
expenses were RMB522.0 million (US$73.9 million), compared
with RMB413.2 million in the same quarter of last year. The
increase was in line with GMV growth and an increase in digital
marketing services, which was partially offset by efficiency
improvements.
- Technology and content
expenses were flat at RMB102.3 million (US$14.5 million)
compared the same quarter of last year, which was mainly
attributable to the Company’s cost control initiatives and
efficiency improvements.
- General and administrative
expenses were RMB53.9 million (US$7.6 million), compared
with RMB51.7 million in the same quarter of last year. The increase
was primarily due to a rise in administrative, corporate strategy,
and business planning staff, which were partially offset by cost
control initiatives.
Income from operations was
RMB160.6 million (US$22.7 million), an increase of 87.2% compared
with RMB85.8 million in the same quarter of last year. Operating
margin was 7.5%, compared with 5.0% in the same quarter of last
year.
Non-GAAP income from operations
was RMB187.1 million (US$26.5 million), an increase of 81.4%
compared with RMB103.1 million in the same quarter of last year.
Non-GAAP operating margin was 8.7%, compared with 6.1% in the same
quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB119.8 million (US$17.0
million), an increase of 78.6% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB2.04 (US$0.29) and RMB2.00
(US$0.28), respectively, compared with RMB1.16 and RMB1.13,
respectively, in the same period of 2019.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB146.0
million (US$20.7 million), an increase of 73.4% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB2.48 (US$0.35) and RMB2.43 (US$0.34), respectively, compared
with RMB1.45 and RMB1.41, respectively, in the same period of
2019.
As of June 30, 2020, the Company had RMB2,330.8
million (US$329.9 million) in cash, cash equivalents and
short-term investments, an increase from RMB1,988.5
million as of December 31, 2019.
Business Outlook
Based on current market and operational
conditions and assuming that the macroeconomic environment does not
deteriorate further, the Company expects total net revenues to be
between RMB1,750 million and RMB1,800 million for the third quarter
of 2020, which represents a year-over-year growth rate of 16% to
20%. The above forecast reflects the Company’s current and
preliminary view, which is subject to substantial macro uncertainty
related to the global COVID-19 pandemic.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:00 a.m. Eastern Time on Friday, August
21, 2020 (7:00 p.m. Beijing time on the same day).
Due to the outbreak of COVID-19, operator
assisted conference calls are not available at the moment. All
participants wishing to attend the call must preregister online
before they can receive the dial-in numbers. Preregistration may
require a few minutes to complete. The Company would like to
apologize for any inconvenience caused by not having an operator as
a result of COVID-19.
Participants can register for the conference
call by navigating to
http://apac.directeventreg.com/registration/event/3999806. Once
preregistration has been complete, participants will receive
dial-in numbers, the passcode, and a unique access PIN.
To join the conference, simply dial the number
in the calendar invite you receive after preregistering, enter the
passcode followed by your PIN, and you will join the conference
instantly.
A telephone replay of the call will be available
after the conclusion of the conference call through 09:59 p.m.
Beijing Time, August 29, 2020.
Dial-in
numbers for the replay are as follows: |
International
Dial-in |
+61-2-8199-0299 |
U.S. Toll Free |
+1-855-452-5696 |
Passcode: |
3999806# |
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
The Company also uses certain non-GAAP financial
measures in evaluating its business. For example, the Company 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 its financial and 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 (loss) 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 financial and 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 financial and 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 facilitates investors’ assessment of the Company’s
financial and 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, potentially limiting the comparability of their
financial results to the Company’s. 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. For example, quotations from management in this
announcement and the Company’s statement about its expectations for
Company performance in the third quarter of 2020 is a
forward-looking statement and is inherently uncertain. 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,
such as the Company’s expected growth of the online retail industry
in China, the Company’s expectations regarding demand for and
market acceptance of its products and services, the impact of the
COVID-19 pandemic on business and economic conditions in China and
globally, the Company’s expectations regarding its relationships
with its brand partners and e-commerce channels, and the level of
consumer economic activity in China, 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 applicable 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. Wendy SunEmail:
ir@baozun.com
ChristensenIn ChinaMr. Andrew
McLeodPhone: +852-2232-3941E-mail: baozun@christensenir.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@ChristensenIR.com
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
|
|
|
|
|
|
|
|
|
As of |
|
|
December
31,2019 |
|
June 30,
2020 |
|
June 30,
2020 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
1,144,451 |
|
1,606,390 |
|
227,370 |
Restricted cash |
|
382,359 |
|
159,910 |
|
22,634 |
Short-term investments |
|
844,040 |
|
724,370 |
|
102,528 |
Accounts receivable, net |
|
1,800,896 |
|
1,548,649 |
|
219,197 |
Inventories, net |
|
896,818 |
|
912,175 |
|
129,110 |
Advances to suppliers |
|
214,771 |
|
193,558 |
|
27,396 |
Prepayments and other current assets |
|
387,713 |
|
377,958 |
|
53,496 |
Amounts due from related parties |
|
19,323 |
|
30,532 |
|
4,322 |
Total current assets |
|
5,690,371 |
|
5,553,542 |
|
786,053 |
Non-current assets |
|
|
|
|
|
|
Long-term time deposits |
|
209,495 |
|
212,030 |
|
30,011 |
Investments in equity investees |
|
37,373 |
|
56,114 |
|
7,942 |
Property and equipment, net |
|
415,648 |
|
417,219 |
|
59,054 |
Intangible assets, net |
|
151,041 |
|
141,741 |
|
20,062 |
Land use right, net |
|
42,567 |
|
42,054 |
|
5,952 |
Operating lease right-of-use assets |
|
440,593 |
|
367,470 |
|
52,012 |
Goodwill |
|
13,574 |
|
13,574 |
|
1,921 |
Other non-current assets |
|
41,461 |
|
39,124 |
|
5,538 |
Deferred tax assets |
|
54,477 |
|
55,489 |
|
7,854 |
Total non-current
assets |
|
1,406,229 |
|
1,344,815 |
|
190,346 |
|
|
|
|
|
|
|
Total assets |
|
7,096,600 |
|
6,898,357 |
|
976,399 |
|
|
|
|
|
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except for share and per share
data) |
|
|
|
|
|
|
|
|
|
As of |
|
|
December
31,2019 |
|
June 30,
2020 |
|
June 30,
2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term loan |
|
428,490 |
|
183,480 |
|
25,970 |
Accounts payable |
|
877,093 |
|
413,151 |
|
58,478 |
Notes payable |
|
210,693 |
|
468,985 |
|
66,381 |
Income tax payables |
|
81,966 |
|
36,804 |
|
5,209 |
Accrued expenses and other current liabilities |
|
581,122 |
|
744,674 |
|
105,401 |
Amounts due to related parties |
|
6,796 |
|
5,801 |
|
821 |
Current operating lease liabilities |
|
137,855 |
|
118,689 |
|
16,799 |
Total current liabilities |
|
2,324,015 |
|
1,971,584 |
|
279,059 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Long-term loan |
|
1,859,896 |
|
1,895,148 |
|
268,241 |
Deferred tax liability |
|
2,929 |
|
2,734 |
|
387 |
Long-term operating lease liabilities |
|
309,989 |
|
257,931 |
|
36,508 |
Total non-current liabilities |
|
2,172,814 |
|
2,155,813 |
|
305,136 |
|
|
|
|
|
|
|
Total liabilities |
|
4,496,829 |
|
4,127,397 |
|
584,195 |
|
|
|
|
|
|
|
Redeemable non-controlling interests |
|
9,254 |
|
9,185 |
|
1,300 |
|
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares
authorized, 174,918,929 and 175,977,846 shares issued and
outstanding as of December 31, 2019 and June 30, 2020,
respectively) |
|
107 |
|
107 |
|
15 |
Class B ordinary shares (US$0.0001 par value; 30,000,000 shares
authorized, 13,300,738 shares issued and outstanding as of December
31, 2019 and June 30, 2020, respectively) |
|
8 |
|
8 |
|
1 |
Additional paid-in capital |
|
2,014,227 |
|
2,063,997 |
|
292,140 |
Retained earnings |
|
526,009 |
|
648,019 |
|
91,721 |
Accumulated other comprehensive income |
|
28,380 |
|
27,071 |
|
3,832 |
|
|
|
|
|
|
|
Total Baozun Inc. shareholders' equity |
|
2,568,731 |
|
2,739,202 |
|
387,709 |
|
|
|
|
|
|
|
Non-controlling interests |
|
21,786 |
|
22,573 |
|
3,195 |
|
|
|
|
|
|
|
Total equity |
|
2,590,517 |
|
2,761,775 |
|
390,904 |
|
|
|
|
|
|
Total liabilities,
redeemable non-controlling interests and equity |
|
7,096,600 |
|
6,898,357 |
|
976,399 |
|
|
|
|
|
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
(In thousands, except for share and per share data and per
ADS data) |
|
|
|
|
|
|
|
|
|
For the three months ended June
30, |
|
|
2019 |
|
|
2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
Product sales |
|
849,153 |
|
|
927,799 |
|
|
131,321 |
|
Services |
|
855,057 |
|
|
1,224,267 |
|
|
173,284 |
|
Total net revenues |
|
1,704,210 |
|
|
2,152,066 |
|
|
304,605 |
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
Cost of products |
|
(679,232 |
) |
|
(775,783 |
) |
|
(109,805 |
) |
Fulfillment |
|
(391,943 |
) |
|
(575,323 |
) |
|
(81,432 |
) |
Sales and marketing (2) |
|
(413,153 |
) |
|
(521,969 |
) |
|
(73,880 |
) |
Technology and content |
|
(102,297 |
) |
|
(102,258 |
) |
|
(14,474 |
) |
General and administrative |
|
(51,657 |
) |
|
(53,892 |
) |
|
(7,628 |
) |
Other operating income, net |
|
19,868 |
|
|
37,802 |
|
|
5,351 |
|
Total operating expenses |
|
(1,618,414 |
) |
|
(1,991,423 |
) |
|
(281,868 |
) |
Income from operations |
|
85,796 |
|
|
160,643 |
|
|
22,737 |
|
Other income (expenses) |
|
|
|
|
|
|
Interest income |
|
13,049 |
|
|
9,090 |
|
|
1,287 |
|
Interest expense |
|
(16,415 |
) |
|
(18,112 |
) |
|
(2,564 |
) |
Exchange gain (loss) |
|
(3,922 |
) |
|
274 |
|
|
39 |
|
Income before income tax and share of income (loss) in
equity method investment |
|
78,508 |
|
|
151,895 |
|
|
21,499 |
|
Income tax expense (3) |
|
(12,317 |
) |
|
(29,107 |
) |
|
(4,120 |
) |
Share of income (loss) in equity method investment, net of tax of
nil |
|
483 |
|
|
(1,719 |
) |
|
(243 |
) |
Net income |
|
66,674 |
|
|
121,069 |
|
|
17,136 |
|
|
|
|
|
|
|
|
Net (income) loss attributable to non-controlling interests |
|
388 |
|
|
(653 |
) |
|
(93 |
) |
Net income attributable to redeemable non-controlling
interests |
|
- |
|
|
(645 |
) |
|
(91 |
) |
Net income attributable to ordinary
shareholders of Baozun Inc. |
|
67,062 |
|
|
119,771 |
|
|
16,952 |
|
|
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
Basic |
|
0.39 |
|
|
0.68 |
|
|
0.10 |
|
Diluted |
|
0.38 |
|
|
0.67 |
|
|
0.09 |
|
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
Basic |
|
1.16 |
|
|
2.04 |
|
|
0.29 |
|
Diluted |
|
1.13 |
|
|
2.00 |
|
|
0.28 |
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
|
Basic |
|
173,775,288 |
|
|
176,473,910 |
|
|
176,473,910 |
|
Diluted |
|
178,830,949 |
|
|
179,857,079 |
|
|
179,857,079 |
|
|
|
|
|
|
|
|
Net income |
|
66,674 |
|
|
121,069 |
|
|
17,136 |
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
2,790 |
|
|
1,899 |
|
|
269 |
|
Comprehensive income |
|
69,464 |
|
|
122,968 |
|
|
17,405 |
|
|
|
|
|
|
|
|
|
|
|
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments—Credit Losses (Topic 326), which requires all entities
to disclose their current estimate of all expected credit losses.
We adopted this ASU on January 1, 2020 using the modified
retrospective transition method and no material adjustment to the
opening balance of retained earnings of 2020 was necessary. The
adoption of this new ASU has no material impact on our consolidated
financial position and results of operations. (1) Share-based
compensation expenses are allocated in operating expenses items as
follows:
|
|
For the three months ended June
30, |
|
|
2019 |
|
2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Fulfillment |
|
2,154 |
|
2,681 |
|
379 |
Sales and marketing |
|
5,050 |
|
9,074 |
|
1,285 |
Technology and content |
|
2,748 |
|
4,412 |
|
624 |
General and administrative |
|
7,008 |
|
9,893 |
|
1,400 |
|
|
16,960 |
|
26,060 |
|
3,688 |
|
|
|
|
|
|
|
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB0.4 million for both the
three months period ended June 30, 2019 and 2020.
(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 June
30, 2019 and 2020.
Baozun Inc. |
Reconciliations of GAAP and Non-GAAP Results |
(in thousands, except for
share and per ADS data) |
|
|
|
For the three months ended June
30, |
|
2019 |
|
|
2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
85,796 |
|
|
160,643 |
|
|
22,737 |
|
Add: Share-based
compensation expenses |
|
16,960 |
|
|
26,060 |
|
|
3,688 |
|
Amortization of intangible assets resulting from business
acquisition |
|
391 |
|
|
391 |
|
|
55 |
|
Non-GAAP income from
operations |
|
103,147 |
|
|
187,094 |
|
|
26,480 |
|
|
|
|
|
|
|
|
Net Income |
|
66,674 |
|
|
121,069 |
|
|
17,136 |
|
Add: Share-based
compensation expenses |
|
16,960 |
|
|
26,060 |
|
|
3,688 |
|
Amortization of intangible assets resulting from business
acquisition |
|
391 |
|
|
391 |
|
|
55 |
|
Less: Tax effect
of amortization of intangible assets resulting from business
acquisition |
|
(98 |
) |
|
(98 |
) |
|
(14 |
) |
Non-GAAP net
income |
|
83,927 |
|
|
147,422 |
|
|
20,865 |
|
|
|
|
|
|
|
|
Net income attributable to
ordinary shareholders of Baozun Inc. |
|
67,062 |
|
|
119,771 |
|
|
16,952 |
|
Add: Share-based
compensation expenses |
|
16,960 |
|
|
26,060 |
|
|
3,688 |
|
Amortization of intangible assets resulting from business
acquisition |
|
199 |
|
|
199 |
|
|
28 |
|
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. |
|
84,171 |
|
|
145,980 |
|
|
20,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income attributable to
ordinary shareholders of Baozun Inc. per
ADS: |
|
|
|
|
|
|
Basic |
|
1.45 |
|
|
2.48 |
|
|
0.35 |
|
Diluted |
|
1.41 |
|
|
2.43 |
|
|
0.34 |
|
Weighted average shares
used in calculating net income per ordinary share |
|
|
|
|
|
|
Basic |
|
173,775,288 |
|
|
176,473,910 |
|
|
176,473,910 |
|
Diluted |
|
178,830,949 |
|
|
179,857,079 |
|
|
179,857,079 |
|
___________________________
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 RMB7.0651 to US$1.00,
the noon buying rate in effect on June 30, 2020 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 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.
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