Secoo Holding Limited (“Secoo”, the “Company” or “We”) (NASDAQ:
SECO), Asia's leading online integrated upscale products and
services platform, today announced its unaudited financial results
for the second quarter ended June 30, 2020.
Highlights for Second Quarter
2020:
- GMV1 reached
RMB3,632.0 million (US$514.1 million) for Q2 2020, representing an
increase of 12.1% from RMB3,238.8 million for Q2 2019.
- Total number of
orders2 was 1,028.0 thousand for Q2 2020, representing an
increase of 7.7% from 954.8 thousand for Q2 2019.
- Number of active
customers3 increased by 9.2% to 467.7 thousand for Q2 2020
from 428.4 thousand for Q2 2019.
- Total revenues was
RMB1,306.3 million (US$184.9 million) for Q2 2020, compared with
RMB1,712.1 million for Q2 2019.
- Net
income was RMB5.9 million (US$0.8 million) for Q2
2020.
_________________________
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 period presented.
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 period
presented.
3 Active customer refers to a customer who made at least
one account purchase during the period presented.
Commentary
Mr. Richard Rixue Li, Chairman and Chief
Executive Officer of Secoo, said, “Despite the ongoing effects of
the global pandemic on the economy, our long term growth drivers
remain intact and the execution of our strategies remains on track.
In the second quarter, we continued to deliver healthy growth in
key operating metrics with a GMV of RMB3,632.0 million, up 12.1%
year-over-year. This reaffirms our ability to navigate through the
dynamics in a challenging macro environment. Bolstered by our
well-placed globalized supply chain, we have been elevating our
relationships with elite brands and building out our ties with high
quality suppliers and strategic partners around the world, further
strengthening Secoo’s value proposition as the go-to luxury
platform to Chinese consumers.
“We continued our endeavors, in the second
quarter, to strengthen our operational capabilities at multiple
fronts in order to further optimize the luxury shopping experience
on Secoo’s platform. Powered by our advanced technology, we further
enhanced our target marketing efforts, coupled with individualized
recommendation services and compelling promotional tactics, to gain
even broader traction with our massive registered customer base. At
the same time, we remain focused on fostering our unique live
streaming ecosystem, which features a more trendsetting and
credible luxury experience via this widely-recognized new channel.
We believe the continuous expansion of our supply chain system and
offerings, both domestically and globally, has us well-equipped to
capture tremendous potentials in China’s luxury e-commerce
industry,” Mr. Li concluded.
Mr. Shaojun Chen, Chief Financial Officer of
Secoo, said, “During the second quarter, the global economic
impacts of COVID-19 negatively affected demand in high-end
discretionary spending, resulting in the decline of our revenue on
a year-over-year basis. Encouragingly, we regained sequential
positive operating profits and efficiency, which was mainly
attributable to effective cost control, and ultimately demonstrated
our ability to navigate the dynamic market and drive profitable
growth. The performance in this quarter makes us remain confident
that we are on the right track to achieve our long-term corporate
goals and maximize shareholder value.”
Recent Developments
- Since the beginning of the second
quarter of 2020, Secoo has expanded direct collaborations with 148
brands. All the top brands in collaborations with Secoo continued
to sign up with Secoo in order to gain access to the enormous
consumer demand for luxury goods in China during the global
pandemic.
- The Company also remains dedicated
to deepening collaborations with top luxury brands in more creative
and effective promotional events. For examples, Secoo teamed up
with Miu Miu and Giuseppe Zanotti to launch “Brand Week” marketing
campaigns across Secoo platform. Also, Secoo and Roger Vivier
jointly launched a love-themed promotional event during the
quarter. These bespoke online events are well tailored to luxury
fashion’s digital transformation trend.
- In July 2020, Secoo held its annual
“707” anniversary campaign for the twelfth consecutive year. With a
focus on bolstering Secoo membership, this year’s anniversary
campaign presented a series of promotional events featuring Secoo’s
top luxury brands.
- Recently, Secoo established a
collaboration with Artemest, an e-commerce platform specializing in
handmade products that are crafted by exceptional artisans in
Italy. Artemest recently opened its official online flagship
store on Secoo, further expanding Secoo’s high-end premium
lifestyle offerings.
Second Quarter 2020 Financial
Results
GMV increased by 12.1% to
RMB3,632.0 million (US$514.1 million) for the second quarter of
2020, from RMB3,238.8 million for the second quarter of 2019.
Total number of orders
increased by 7.7% to 1,028.0 thousand for the second quarter of
2020 from 954.8 thousand for the second quarter of 2019.
Total revenues for the second
quarter of 2020 was RMB1,306.3 million (US$184.9 million) compared
with RMB1,712.1 million in the second quarter of 2019, primarily
attributable to a slowdown in demand of discretionary spending and
delayed logistics services due to the impact of COVID-19
pandemic.
Cost of revenues decreased by
21.0% to RMB1,096.6 million (US$155.2 million) for the second
quarter of 2020 from RMB1,388.3 million for the second quarter of
2019, primarily due to the decrease of total revenues.
Gross profit was RMB209.8
million (US$29.7 million) for the second quarter of 2020, compared
with RMB323.8 million for the second quarter of 2019. This decrease
was mainly due to the decrease of total revenues and the increase
in discount on sales to boost customers’ willingness to purchase
during the pandemic.
Operating expenses decreased by
35.0% to RMB177.9 million (US$25.2 million) for the second quarter
of 2020 from RMB273.6 million for the second quarter of 2019.
Fulfillment expenses decreased
by 9.1% to RMB41.1 million (US$5.8 million) for the second quarter
of 2020 from RMB45.2 million for the second quarter of 2019. The
decrease was primarily attributable to the decreased freight and
staff cost during the period.
Marketing expenses decreased by
55.0% to RMB68.2 million (US$9.7 million) for the second quarter of
2020 from RMB151.5 million for the second quarter of 2019. The
decrease was primarily due to reduced online and offline
advertising expenses, as well as the decreased staff cost.
Technology and content development
expenses increased by 7.6% to RMB27.0 million (US$3.8
million) for the second quarter of 2020 from RMB25.1 million for
the second quarter of 2019. The increase was primarily due to the
continuous investment in the technology department in order to
strengthen the driving force of technology for operation.
General and administrative
expenses decreased by 20.0% to RMB41.5 million (US$5.9
million) for the second quarter of 2020 from RMB51.9 million for
the second quarter of 2019. The decrease was primarily attributable
to the decreased staff cost during the period, offset by the rising
office rental expenses.
Income from operations was
RMB31.9 million (US$4.5 million) for the second quarter of 2020,
compared with RMB50.2 million for the second quarter of 2019.
Non-GAAP income from
operations, which excludes share based compensation
expenses, for the second quarter of 2020 was RMB33.3 million
(US$4.7 million), compared with RMB53.1 million for the second
quarter of 2019.
Income tax benefit was RMB0.1
million (US$0.02 million) in the second quarter of 2020, compared
with income tax expense of RMB3.3 million for the second quarter of
2019.
Net income was RMB5.9 million
(US$0.8 million) for the second quarter of 2020, compared with a
net income of RMB40.1 million for the second quarter of 2019.
Non-GAAP net income, which
excludes share-based compensation expenses, was RMB7.4 million
(US$1.0 million) in the second quarter of 2020, compared with
RMB43.0 million in the second quarter of 2019.
Net income attributable to ordinary
shareholders of Secoo Holding Limited for the second
quarter of 2020 was RMB6.1 million (US$0.9 million), compared with
RMB38.3 million for the second quarter of 2019.
Basic and diluted net income per
share were RMB0.23 (US$0.03) and RMB0.22 (US$0.03) for the
second quarter of 2020, compared with RMB1.53 and RMB1.47,
respectively, for the second quarter of 2019. Basic and diluted net
income per American depositary share (“ADS”) were RMB0.12 (US$0.02)
and RMB0.11 (US$0.02) for the second quarter of 2020, compared with
RMB0.76 and RMB0.73, respectively, for the second quarter of
2019.
Non-GAAP basic and diluted net income
per share were RMB0.28 (US$0.04) and RMB0.27 (US$0.04) for
the second quarter of 2020, compared with RMB1.64 and RMB1.58,
respectively, for the second quarter of 2019. Non-GAAP basic and
diluted net income per ADS were RMB0.14 (US$0.02) and RMB0.14
(US$0.02) for the second quarter of 2020, compared with RMB0.82 and
RMB0.79, respectively, for the second quarter of 2019.
Cash and Restricted Cash
As of June 30, 2020, the Company had cash, cash
equivalents and restricted cash of RMB1,203.1 million (US$170.3
million).
Conference Call Information
The Company's management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on September 3, 2020
(8:00 PM Beijing/Hong Kong time on September 3, 2020).
To speed up the entry process for participants,
this earnings conference call requires all participants to finish
an online registration in advance.
|
Title of Event: |
Secoo Holding Limited Second Quarter 2020 Earnings Conference
Call |
|
Conference ID: |
8769618 |
|
Registration link: |
http://apac.directeventreg.com/registration/event/8769618 |
For participants who wish to join the call,
please complete the online registration at least 15 minutes prior
to the scheduled call start time. Upon registration, participants
will receive the conference call access information, including
dial-in numbers, a Direct Event Passcode, a unique Registrant ID,
and an e-mail with detailed instructions to join the conference
call.
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 by phone two hours after the conclusion of the live call
at the following numbers, until September 10, 2020:
|
United States: |
+1-646-254-3697 |
|
International: |
+61-2-8199-0299 |
| Hong
Kong, China: |
+852-3051-2780 |
| Mainland
China: |
400-632-2162 |
| Replay
Access Code: |
8769618 |
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s
leading online integrated upscale products and services platform.
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 400,000 SKUs, covering over 3,800 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 income from operations, non-GAAP net income,
non-GAAP net income attributable to ordinary shareholders of Secoo
Holding Limited, and non-GAAP basic and diluted 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 income from operations as income from operations excluding
share-based compensation expenses. We define non-GAAP net income as
net income excluding share-based compensation expenses. We define
non-GAAP net income per share as non-GAAP net income attributable
to ordinary shareholders of Secoo Holding Limited 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 non-GAAP basic and
diluted net income per ADS as non-GAAP basic and diluted 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 RMB7.0651 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 June 30,
2020.
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) 6508-0677
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 June 30, |
|
For the Six Months Ended June 30, |
| |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
| |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise sales |
|
1,661,603 |
|
|
1,263,020 |
|
|
178,768 |
|
|
2,785,474 |
|
|
2,222,542 |
|
|
314,580 |
|
| Marketplace and other
services |
|
50,509 |
|
|
43,320 |
|
|
6,132 |
|
|
102,025 |
|
|
88,969 |
|
|
12,593 |
|
| Total
revenues |
|
1,712,112 |
|
|
1,306,340 |
|
|
184,900 |
|
|
2,887,499 |
|
|
2,311,511 |
|
|
327,173 |
|
| Cost of revenues |
|
(1,388,335 |
) |
|
(1,096,586 |
) |
|
(155,212 |
) |
|
(2,315,492 |
) |
|
(1,941,148 |
) |
|
(274,752 |
) |
| Gross
profit |
|
323,777 |
|
|
209,754 |
|
|
29,688 |
|
|
572,007 |
|
|
370,363 |
|
|
52,421 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Fulfillment expenses |
|
(45,173 |
) |
|
(41,081 |
) |
|
(5,815 |
) |
|
(90,821 |
) |
|
(83,364 |
) |
|
(11,799 |
) |
| Marketing expenses |
|
(151,512 |
) |
|
(68,248 |
) |
|
(9,660 |
) |
|
(263,364 |
) |
|
(137,671 |
) |
|
(19,486 |
) |
| Technology and content
development expenses |
|
(25,074 |
) |
|
(27,023 |
) |
|
(3,825 |
) |
|
(48,179 |
) |
|
(54,699 |
) |
|
(7,742 |
) |
| General and administrative
expenses |
|
(51,850 |
) |
|
(41,527 |
) |
|
(5,878 |
) |
|
(98,092 |
) |
|
(81,378 |
) |
|
(11,518 |
) |
| Total operating
expenses |
|
(273,609 |
) |
|
(177,879 |
) |
|
(25,178 |
) |
|
(500,456 |
) |
|
(357,112 |
) |
|
(50,545 |
) |
| Income from
operations |
|
50,168 |
|
|
31,875 |
|
|
4,510 |
|
|
71,551 |
|
|
13,251 |
|
|
1,876 |
|
| Other income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
1,551 |
|
|
1,094 |
|
|
155 |
|
|
6,233 |
|
|
2,555 |
|
|
362 |
|
| Interest expense |
|
(29,209 |
) |
|
(33,046 |
) |
|
(4,677 |
) |
|
(57,582 |
) |
|
(64,108 |
) |
|
(9,074 |
) |
| Foreign currency exchange
loss |
|
(1,429 |
) |
|
(873 |
) |
|
(124 |
) |
|
(536 |
) |
|
(1,845 |
) |
|
(261 |
) |
| Change in fair value of
financial instruments |
|
- |
|
|
(1,606 |
) |
|
(227 |
) |
|
(339 |
) |
|
(1,395 |
) |
|
(197 |
) |
| Others |
|
22,269 |
|
|
8,373 |
|
|
1,185 |
|
|
46,495 |
|
|
10,393 |
|
|
1,470 |
|
| Income (loss) before
income tax |
|
43,350 |
|
|
5,817 |
|
|
822 |
|
|
65,822 |
|
|
(41,149 |
) |
|
(5,824 |
) |
| Income tax benefits
(expenses) |
|
(3,283 |
) |
|
129 |
|
|
18 |
|
|
(9,957 |
) |
|
4,551 |
|
|
644 |
|
| Net income
(loss) |
|
40,067 |
|
|
5,946 |
|
|
840 |
|
|
55,865 |
|
|
(36,598 |
) |
|
(5,180 |
) |
| Less: Gain (loss) attributable
to redeemable non-controlling interest |
|
545 |
|
|
(1 |
) |
|
- |
|
|
962 |
|
|
318 |
|
|
45 |
|
| Less: Gain (loss) attributable
to non-redeemable non-controlling interest |
|
1,062 |
|
|
(309 |
) |
|
(44 |
) |
|
2,030 |
|
|
(1,083 |
) |
|
(153 |
) |
| Net income (loss)
attributable to Secoo Holding Limited |
|
38,460 |
|
|
6,256 |
|
|
884 |
|
|
52,873 |
|
|
(35,833 |
) |
|
(5,072 |
) |
| Accretion to redeemable
non-controlling interest redemption value |
|
(133 |
) |
|
(125 |
) |
|
(18 |
) |
|
(376 |
) |
|
(250 |
) |
|
(35 |
) |
| Net income (loss)
attributable to ordinary shareholders of Secoo Holding
Limited |
|
38,327 |
|
|
6,131 |
|
|
866 |
|
|
52,497 |
|
|
(36,083 |
) |
|
(5,107 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
| — Basic |
|
1.53 |
|
|
0.23 |
|
|
0.03 |
|
|
2.09 |
|
|
(1.40 |
) |
|
(0.20 |
) |
| — Diluted |
|
1.47 |
|
|
0.22 |
|
|
0.03 |
|
|
2.01 |
|
|
(1.40 |
) |
|
(0.20 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
| — Basic |
|
0.76 |
|
|
0.12 |
|
|
0.02 |
|
|
1.04 |
|
|
(0.70 |
) |
|
(0.10 |
) |
| — Diluted |
|
0.73 |
|
|
0.11 |
|
|
0.02 |
|
|
1.01 |
|
|
(0.70 |
) |
|
(0.10 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of shares outstanding used in computing net income per
share |
|
|
|
|
|
|
|
|
|
|
|
|
| — Basic |
|
25,122,199 |
|
|
26,579,925 |
|
|
26,579,925 |
|
|
25,122,199 |
|
|
25,851,062 |
|
|
25,851,062 |
|
| — Diluted |
|
26,087,022 |
|
|
27,515,184 |
|
|
27,515,184 |
|
|
26,090,272 |
|
|
26,863,098 |
|
|
26,863,098 |
|
|
SECOO HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(All amounts in thousands, except for share
data) |
| |
|
|
|
|
|
|
|
|
| |
|
As of December 31, |
|
As of June 30, |
| |
|
2019 |
|
2020 |
| |
|
RMB |
|
RMB |
|
US$ |
| Assets |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
709,823 |
|
|
1,110,398 |
|
|
157,167 |
|
| Restricted cash |
|
240,741 |
|
|
92,084 |
|
|
13,034 |
|
| Investment securities |
|
2,318 |
|
|
867 |
|
|
123 |
|
| Accounts receivable, net |
|
123,226 |
|
|
101,168 |
|
|
14,319 |
|
| Inventories |
|
2,680,428 |
|
|
2,943,625 |
|
|
416,643 |
|
| Advances to suppliers |
|
333,826 |
|
|
420,212 |
|
|
59,477 |
|
| Prepayments and other current
assets |
|
431,107 |
|
|
203,501 |
|
|
28,804 |
|
| Amounts due from related
parties |
|
30 |
|
|
435 |
|
|
62 |
|
| Total current
assets |
|
4,521,499 |
|
|
4,872,290 |
|
|
689,629 |
|
| Non-current
assets |
|
|
|
|
|
|
| Property and equipment,
net |
|
83,816 |
|
|
75,522 |
|
|
10,689 |
|
| Intangible asset,net |
|
10,390 |
|
|
9,500 |
|
|
1,345 |
|
| Restricted cash |
|
3,572 |
|
|
586 |
|
|
83 |
|
| Investment in equity
investees |
|
71,595 |
|
|
60,950 |
|
|
8,627 |
|
| Deferred tax assets |
|
106,637 |
|
|
120,141 |
|
|
17,005 |
|
| Goodwill |
|
23,560 |
|
|
24,009 |
|
|
3,398 |
|
| Operating lease right-of-use
assets |
|
159,321 |
|
|
136,277 |
|
|
19,289 |
|
| Other non-current assets |
|
16,806 |
|
|
16,389 |
|
|
2,319 |
|
| Total non-current
assets |
|
475,697 |
|
|
443,374 |
|
|
62,755 |
|
| Total
assets |
|
4,997,196 |
|
|
5,315,664 |
|
|
752,384 |
|
| |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
| Short-term borrowings and
current portion of long-term borrowings |
|
159,500 |
|
|
184,763 |
|
|
26,152 |
|
| Accounts payable |
|
569,045 |
|
|
606,374 |
|
|
85,827 |
|
| Amounts due to related
parties |
|
488 |
|
|
143 |
|
|
20 |
|
| Advances from customers |
|
57,122 |
|
|
50,191 |
|
|
7,104 |
|
| Income taxes payable |
|
110,615 |
|
|
114,098 |
|
|
16,150 |
|
| Accrued expenses and other
current liabilities |
|
895,694 |
|
|
518,020 |
|
|
73,321 |
|
| Deferred revenue |
|
97,965 |
|
|
73,507 |
|
|
10,404 |
|
| Operating lease
liabilities |
|
38,608 |
|
|
42,403 |
|
|
6,002 |
|
| Total current
liabilities |
|
1,929,037 |
|
|
1,589,499 |
|
|
224,980 |
|
| Non-current
liabilities |
|
|
|
|
|
|
| Long-term borrowings,
excluding current portion |
|
1,215,249 |
|
|
1,212,002 |
|
|
171,548 |
|
| Operating lease
liabilities |
|
113,782 |
|
|
91,439 |
|
|
12,942 |
|
| Long-term liabilities |
|
77,344 |
|
|
102,769 |
|
|
14,546 |
|
| Total non-current
liabilities |
|
1,406,375 |
|
|
1,406,210 |
|
|
199,036 |
|
| Total
liabilities |
|
3,335,412 |
|
|
2,995,709 |
|
|
424,016 |
|
| |
|
|
|
|
|
|
| Mezzanine
Equity |
|
|
|
|
|
|
| Redeemable non-controlling
interest |
|
9,337 |
|
|
9,903 |
|
|
1,402 |
|
| Total mezzanine
equity |
|
9,337 |
|
|
9,903 |
|
|
1,402 |
|
| |
|
|
|
|
|
|
| Equity: |
|
|
|
|
|
|
| Class A Ordinary shares (US$0.001 par value, 150,000,000 shares
authorized including class A shares and class B shares as of
December 31, 2019 and June 30,2020, 19,068,224 shares issued and
18,550,770 shares outstanding as of December 31, 2019; 29,272,306
shares issued and 28,754,852 shares outstanding as of June 30,
2020) |
|
126 |
|
|
198 |
|
|
28 |
|
| Class B Ordinary shares (US$0.001 par value, 150,000,000 shares
authorized including class A shares and class B shares, 6,571,429
shares issued and 6,571,429 shares outstanding as of December 31,
2019 and June 30, 2020, respectively) |
|
41 |
|
|
41 |
|
|
6 |
|
| Treasury Stock (517,454 Class
A ordinary shares as of December 31, 2019 and June 30, 2020,
respectively, at cost) |
|
(71,018 |
) |
|
(71,018 |
) |
|
(10,052 |
) |
| Additional paid-in
capital |
|
2,848,145 |
|
|
3,562,589 |
|
|
504,252 |
|
| Accumulated losses |
|
(1,126,330 |
) |
|
(1,162,413 |
) |
|
(164,529 |
) |
| Accumulated other
comprehensive loss |
|
(26,500 |
) |
|
(46,697 |
) |
|
(6,610 |
) |
| Total equity
attributable to ordinary shareholders |
|
1,624,464 |
|
|
2,282,700 |
|
|
323,095 |
|
| Non-redeemable non-controlling
interest |
|
27,983 |
|
|
27,352 |
|
|
3,871 |
|
| Total shareholders'
equity |
|
1,652,447 |
|
|
2,310,052 |
|
|
326,966 |
|
| |
|
|
|
|
|
|
| Total liabilities,
mezzanine equity and shareholders' equity |
|
4,997,196 |
|
|
5,315,664 |
|
|
752,384 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| SECOO
HOLDING LIMITED |
|
Reconciliations of GAAP and Non-GAAP Results |
|
| (All amounts
in thousands, except for share and per share data) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For
the Three Months Ended |
|
For
the Six Months Ended |
| |
|
June
30, |
|
June 30, |
| |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
| |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
| Income from operations |
|
50,168 |
|
31,875 |
|
4,510 |
|
71,551 |
|
13,251 |
|
|
1,876 |
|
| Add: Share-based compensation expenses |
|
2,938 |
|
1,432 |
|
203 |
|
6,457 |
|
5,091 |
|
|
721 |
|
| Non-GAAP income from operations |
|
53,106 |
|
33,307 |
|
4,713 |
|
78,008 |
|
18,342 |
|
|
2,597 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income (loss) |
|
40,067 |
|
5,946 |
|
840 |
|
55,865 |
|
(36,598 |
) |
|
(5,180 |
) |
| Add: Share-based compensation expenses |
|
2,938 |
|
1,432 |
|
203 |
|
6,457 |
|
5,091 |
|
|
721 |
|
| Non-GAAP net income (loss) |
|
43,005 |
|
7,378 |
|
1,043 |
|
62,322 |
|
(31,507 |
) |
|
(4,459 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss)
attributable to ordinary shareholders of Secoo Holding
Limited |
|
38,327 |
|
6,131 |
|
866 |
|
52,497 |
|
(36,083 |
) |
|
(5,107 |
) |
| Add: Share-based compensation expenses |
|
2,938 |
|
1,432 |
|
203 |
|
6,457 |
|
5,091 |
|
|
721 |
|
| Non-GAAP net income (loss) attributable to ordinary
shareholders of Secoo Holding Limited |
|
41,265 |
|
7,563 |
|
1,069 |
|
58,954 |
|
(30,992 |
) |
|
(4,386 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income
(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
1.64 |
|
0.28 |
|
0.04 |
|
2.35 |
|
(1.20 |
) |
|
(0.17 |
) |
| Diluted |
|
1.58 |
|
0.27 |
|
0.04 |
|
2.26 |
|
(1.20 |
) |
|
(0.17 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income
(loss) per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
0.82 |
|
0.14 |
|
0.02 |
|
1.17 |
|
(0.60 |
) |
|
(0.08 |
) |
| Diluted |
|
0.79 |
|
0.14 |
|
0.02 |
|
1.13 |
|
(0.60 |
) |
|
(0.08 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used in
computing the adjusted net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — Basic |
|
25,122,199 |
|
26,579,925 |
|
26,579,925 |
|
25,122,199 |
|
25,851,062 |
|
|
25,851,062 |
|
| — Diluted |
|
26,087,022 |
|
27,515,184 |
|
27,515,184 |
|
26,090,272 |
|
26,863,098 |
|
|
26,863,098 |
|
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