SHANGHAI, Nov. 14, 2019 /PRNewswire/ -- 111, Inc. ("111" or
the "Company") (NASDAQ: YI), a leading integrated online and
offline healthcare platform in China, today announced its unaudited financial
results for the third quarter ended September 30, 2019.
Third Quarter 2019 Highlights
- Net revenues were RMB1.11
billion (US$155.4 million),
representing 123.2% growth year-over-year and 32.5% growth
quarter-over-quarter, beating high-end of previous guidance of
RMB1.05 billion.
- Operating expenses[1] were RMB165.4 million (US$23.1
million), representing an increase of 13.7% year-over-year.
Operating expenses accounted for 14.9% of net revenue this quarter
as compared to 29.2% in the same quarter of last year.
- Number of pharmacies served increased to more than
210,000 as of September 30, 2019,
compared to more than 130,000 pharmacies as of September 30, 2018.
- Quarterly pharmacy order numbers reached 280,000,
representing an increase of 45.1% quarter-over-quarter. Same store
sales were up 24.6% quarter-over-quarter and newly added pharmacies
contributed 15.2% growth quarter-over-quarter.
[1]
Operating expense consists of fulfillment expenses, selling and
marketing expenses, general and administrative expenses, technology
expenses and other operating expenses (net).
|
Mr. Junling Liu, Co-Founder,
Chairman, and Chief Executive Officer of 111, commented, "We are
pleased to report another quarter of solid business growth. Our
third quarter net revenues increased 123.2% year-over-year and
32.5% quarter-over-quarter to RMB1.11billion, exceeding the high end of our
guidance for the 4th consecutive quarter. Gross profit
reached RMB47.3 million, up
204.3% year-over-year. Our operating efficiency continued to
improve during the quarter, due to solid execution of our growth
strategy. All operating expenses as a percentage of revenue were
lower year-over-year. In particular, fulfillment cost as a
percentage of revenue decreased further to 2.8% during the quarter,
as compared to 3.2% in the previous quarter, and 4.2% in the same
quarter of last year. This clearly demonstrates the growing
effectiveness of our smart supply chain technology.
As a result of relentlessly executing our T2B2C strategy, by
September 30, 2019, we had a
fast-growing virtual pharmacy network of more than 210,000
pharmacies as compared to 130,000 as of September 30, 2018. We have also made solid
progress in establishing strategic partnerships with pharmaceutical
and insurance companies. By the end of the quarter we were directly
sourcing from 150 leading pharmaceutical manufacturers, as compared
to 80 in the same quarter last year. During the quarter, we signed
a strategic partnership with TK.CN, the online arm of Taikang
Insurance Company.
The Internet+ model in the healthcare sector is gaining more
popularity and we believe 111, Inc. is ideally positioned to
benefit from more favorable regulatory environment. As a leading
integrated online and offline healthcare platform in China, our mission is to build efficiency and
transparency in this highly fragmented and multi-tiered
pharmaceutical distribution and retail industry, and to deliver
unique value to both consumers and businesses."
Third Quarter 2019 Financial Results
Net revenues were RMB1.11 billion (US$155.4 million), representing an increase of
123.2% from RMB497.6 million in the
same quarter of last year. The increase was mainly due to the
significant increase in product revenues from B2B segment, which
increased by 229.5% to RMB909.5 million (US$127.2 million) from RMB276.0 million in the same quarter of last
year.
Operating costs and
expenses were RMB1,228.5 million (US$171.9 million), representing an increase
of 95.8% from RMB627.5 million in the same quarter of
last year.
- Cost of products sold was RMB1,063.1 million (US$148.7 million), representing an increase of
120.5% from RMB482.1 million in the
same quarter of last year. The increase was primarily due to our
rapid revenue growth in B2B business, which increased by 229.5% as
compared to same quarter last year.
- Fulfillment expenses were RMB31.6
million (US$4.4 million),
representing an increase of 52.7% from RMB20.7 million in the same quarter of last year.
Fulfillment expenses accounted for 2.8% of net revenue this quarter
as compared to 4.2% in the same quarter of last year.
- Selling and marketing expenses were RMB87.1 million (US$12.2
million), representing an increase of 12.7% from
RMB77.3 million in the same quarter
of last year, mainly due to increase in the number of sales staff
and expenses associated with the expansion of B2B business. Selling
and marketing expenses accounted for 7.8% of net revenue this
quarter as compared to 15.5% in the same quarter of last year.
- General and administrative expenses were RMB32.0 million (US$4.5
million), representing an increase of 20.9% from
RMB26.4 million in the same quarter
of last year, mainly due to increases in professional service fee.
General and administrative expenses accounted for 2.9% of net
revenue this quarter as compared to 5.3% in the same quarter of
last year.
- Technology expenses were RMB14.7
million (US$2.1 million),
representing a decrease of 27.2% from RMB20.2 million in the same quarter of last year,
mainly due to improvement of our system development efficiency and
implementation of automation tools. Technology expenses accounted
for 1.3% of net revenue this quarter as compared to 4.1% in the
same quarter of last year.
The Company will continue to make infrastructure investments to
support its rapid revenue growth and expects to improve further its
operational efficiency and effectiveness.
Loss from operations was RMB118.1
million (US$16.5 million),
compared to RMB129.9 million in
the same quarter of last year. Loss from operations accounted
for 10.6% of net revenue this quarter as compared to 26.1% in the
same quarter of last year.
Non-GAAP Loss from operations[2] was
RMB104.5 million (US$14.6 million), compared to RMB115.1 million in the same quarter of
last year. Non-GAAP loss from operations accounted for 9.4% of
net revenue this quarter as compared to 23.1% in the same quarter
of last year, narrowing down to single digit percentage of net
revenue for the first time.
Net loss attributable to ordinary shareholders was
RMB123.3 million (US$17.2 million), compared to RMB125.9 million in the same quarter of last
year. Net loss attributable to ordinary shareholders
accounted for 11.1% of net revenue this quarter as compared to
25.3% in the same quarter of last year.
Non-GAAP net loss attributable to ordinary
shareholders[3] was RMB109.7 million (US$15.4
million), compared to RMB111.1
million in the same quarter of last year. Non-GAAP net loss
attributable to ordinary shareholders accounted for 9.9% of
net revenue this quarter as compared to 22.3% in the same quarter
of last year.
Loss per ADS was RMB1.50 (US$0.22), compared to RMB2.80 for the same period of last year.
Non-GAAP Loss per
ADS[4] was RMB1.34 (US$0.19), compared to RMB2.47 for the same period of last
year.
As of September 30, 2019, the
Company had cash and cash equivalents, restricted
cash and short-term investments of
RMB784.6 million (US$109.8 million), compared to RMB1,106.5 million as of December 31, 2018.
[2]
Non-GAAP loss from operations represents loss from operations
excluding share-based compensation.
|
[3]
Non-GAAP net loss attributable to ordinary shareholders represents
net loss attributable to ordinary shareholders excluding
share-based compensation and impairment loss of long-term
investment.
|
[4]
Non-GAAP loss per ADS represents loss per ADS excluding share-based
compensation and impairment loss of long-term investment per
ADS.
|
Update on Share Repurchase
Under the share repurchase program announced in August 14, 2019, the Company has been authorized
to repurchase up to US$10 million
worth of its ADSs in next twelve months. As of September 30, 2019, the Company had used an
aggregate of US$2.6 million and
repurchased 606,953 ADSs.
Business Outlook
For the fourth quarter of 2019, the Company expects total net
revenues to be between RMB1.18 billion and RMB1.24 billion, representing year-over-year
growth of approximately 112% to 123%.
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.
Conference Call
111's management team will host an earnings conference call at
7:30 AM U.S. Eastern Time on
Thursday, November 14, 2019
(8:30 PM Beijing Time on November 14, 2019).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
+1-845-675-0437
|
Hong Kong:
|
+852-3018-6771 or
800-906-601
|
Mainland
China:
|
4006-208-038 or
8008-190-121
|
International:
|
+65-6713-5090
|
Passcode:
|
8445615
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call until 9:59
AM ET on November 22,
2019:
United
States:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Passcode:
|
8445615
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of 111's website at
http://ir.111.com.cn/.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP loss from operations, non-GAAP net loss attributable to
ordinary shareholders and non-GAAP loss per ADS, non-GAAP measures,
as supplemental measures to review and assess its operating
performance. The Company defines non-GAAP loss from operations as
loss from operations excluding share-based compensation. The
Company defines non-GAAP net loss attributable to ordinary
shareholders as net loss attributable to ordinary shareholders
excluding share-based compensation and impairment loss of long-term
investment. The Company defines non-GAAP loss per ADS as loss per
ADS excluding share-based compensation and impairment loss of
long-term investment per ADS. 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.
The Company believes that non-GAAP loss from operations,
non-GAAP net loss attributable to ordinary shareholders and
non-GAAP loss per ADS help identify underlying trends in its
business that could otherwise be distorted by the effect of certain
expenses that it includes in loss from operations and net loss.
Share-based compensation is a non-cash expense that varies from
period to period. Impairment loss of long-term investment is a
non-cash expense that occurred in this period. As a result,
management excludes these two items from its internal operating
forecasts and models. Management believes that this adjustment for
share-based compensation and impairment loss of long-term
investment provides investors with a basis to measure the company's
core performance, including compared with the performance of other
companies, without the period-to-period variability created by
share-based compensation. The Company believes that non-GAAP loss
from operations, non-GAAP net loss attributable to ordinary
shareholders and non-GAAP loss per ADS provide useful information
about its operating results, enhances the overall understanding of
its past performance and future prospects and allow for greater
visibility with respect to key metrics used by the management in
their financial and operational decision-making.
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 loss from operations, non-GAAP
net loss attributable to ordinary shareholders or non-GAAP loss per
ADS is that it does not reflect all items of income and expense
that affect the Company's operations. Further, the non-GAAP
financial measures may differ from the non-GAAP information used by
other companies, including peer companies, and therefore their
comparability may be limited.
The Company compensates for these limitations by reconciling the
non-GAAP financial measures to the nearest U.S. GAAP measures, all
of which should be considered when evaluating the Company's
performance. The Company encourages you to review its financial
information in its entirety and not rely on a single financial
measure.
Reconciliation of the non-GAAP financial measures to the most
comparable U.S. GAAP measures is included at the end of this press
release.
Exchange Rate Information Statement
This announcement contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB7.1477 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of September 30,
2019.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "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,"
"confident" and similar statements. Among other things, the
Business Outlook and quotations from management in this
announcement, as well as 111's strategic and operational plans,
contain forward-looking statements. 111 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 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. Forward-looking statements
involve inherent risks, uncertainties and other factors that could
cause actual results to differ materially from those contained in
any such statements. Potential risks and uncertainties include, but
are not limited to, uncertainties as to the Company's ability
comply with extensive and evolving regulatory requirements, its
ability to compete effectively in the evolving PRC general health
and wellness market, its ability to manage the growth of its
business and expansion plans, its ability to achieve or maintain
profitability in the future, its ability to control the risks
associated with its pharmaceutical retail and wholesale businesses,
and the Company's ability to meet the standards necessary to
maintain listing of its ADSs on the Nasdaq Global Market, including
its ability to cure any non-compliance with Nasdaq's continued
listing criteria. 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. All
information provided in this press release is as of the date of
this press release, and 111 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 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a
leading integrated online and offline healthcare platform in
China. The Company provides
hundreds of millions of consumers with better access to
pharmaceutical products and medical services directly through its
online retail pharmacy and indirectly through its offline pharmacy
network. 111 also offers online medical services through its
internet hospital, 1 Clinic, which provides consumers with
cost-effective and convenient online consultation and electronic
prescription services. In addition to providing direct services to
consumers through its online retail pharmacy, 111 also enables
offline pharmacies to better serve their customers. The Company's
online wholesale pharmacy, 1 Drug Mall, serves as a one-stop shop
for pharmacies to source a vast selection of pharmaceutical
products. The Company's New Retail platform, by integrating the
front and back ends of the pharmaceutical supply chain, has formed
a smart supply chain, which transforms the flow of pharmaceutical
products to pharmacies and modernizes how they serve their
customers.
For more information on 111, please visit ir.111.com.cn
For more information, please contact:
111, Inc.
Ms. Monica
Mu
IR Director
ir@111.com.cn
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In the United States
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
---------
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except for share and per share data)
|
|
|
As
of
|
|
December 31,
2018
|
|
September 30,
2019
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
853,740
|
|
577,485
|
|
80,793
|
Restricted
Cash
|
-
|
|
79,248
|
|
11,087
|
Short-term
investments
|
252,805
|
|
127,854
|
|
17,887
|
Accounts receivable,
net of allowance of doubtful
accounts of nil at December 31, 2018 and
September 30, 2019
|
28,569
|
|
63,631
|
|
8,902
|
Inventories
|
210,836
|
|
441,434
|
|
61,759
|
Prepayments and other
current assets
|
161,147
|
|
198,687
|
|
27,798
|
Note
Receivable
|
-
|
|
59,380
|
|
8,308
|
Total current
assets
|
1,507,097
|
|
1,547,719
|
|
216,534
|
Property and
equipment
|
20,302
|
|
24,794
|
|
3,469
|
Intangible
assets
|
4,503
|
|
7,933
|
|
1,110
|
Long-term
investments
|
11,140
|
|
140
|
|
20
|
Other Non-Current
Assets
|
3,376
|
|
4,068
|
|
569
|
Operating lease
right-of-use Assets(1)
|
-
|
|
89,437
|
|
12,513
|
Total
Assets
|
1,546,418
|
|
1,674,091
|
|
234,215
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities including amounts of the
consolidated VIE without recourse to the
Company
|
|
|
|
|
|
Short-term
borrowings
|
-
|
|
92,557
|
|
12,949
|
Accounts
payable
|
212,258
|
|
412,298
|
|
57,683
|
Note
Payable
|
-
|
|
334
|
|
47
|
Accrued expense and
other current liabilities(1)
|
102,261
|
|
161,258
|
|
22,560
|
Total Current
liability
|
314,519
|
|
666,447
|
|
93,239
|
Operating Lease
Liabilities(1)
|
-
|
|
58,378
|
|
8,167
|
Other Non-Current
Liabilities
|
8,135
|
|
6,486
|
|
907
|
Total
Liabilities
|
322,654
|
|
731,311
|
|
102,313
|
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except for share and per share data)
|
|
|
As
of
|
|
December 31,
2018
|
|
September 30,
2019
|
|
RMB
|
|
RMB
|
|
US$
|
Shareholders'
Equity
|
|
|
|
|
|
Ordinary shares Class
A ($0.00005 par value per share;
800,000,000 shares authorized, 91,088,106 shares and
92,897,094 shares issued and outstanding as of December
31, 2018 and September 30, 2019, respectively)
|
29
|
|
29
|
|
4
|
Ordinary shares Class
B ($0.00005 par value per share;
72,000,000 shares authorized, 72,000,000 shares issued
and outstanding as of December 31, 2018 and September
30, 2019, respectively)
|
25
|
|
25
|
|
4
|
Treasury
shares
|
-
|
|
(18,252)
|
|
(2,553)
|
Additional paid in
capital
|
2,540,878
|
|
2,588,723
|
|
362,176
|
Accumulated
deficit
|
(1,383,729)
|
|
(1,725,744)
|
|
(241,440)
|
Accumulated other
Comprehensive Income
|
67,073
|
|
100,010
|
|
13,992
|
Total
shareholders' equity
|
1,224,276
|
|
944,791
|
|
132,183
|
Non-controlling
interest
|
(512)
|
|
(2,011)
|
|
(281)
|
Total
equity
|
1,223,764
|
|
942,780
|
|
131,902
|
Total liabilities
and equity
|
1,546,418
|
|
1,674,091
|
|
234,215
|
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended September 30,
|
|
For the nine
months ended September 30,
|
|
|
2018
|
|
|
2019
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
Net
Revenues
|
|
497,624
|
|
|
1,110,451
|
|
155,358
|
|
1,228,569
|
|
|
2,604,213
|
|
364,343
|
|
Operating Costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
sold
|
|
(482,069)
|
|
|
(1,063,122)
|
|
(148,736)
|
|
(1,147,418)
|
|
|
(2,481,522)
|
|
(347,178)
|
|
Fulfillment
expenses
|
|
(20,701)
|
|
|
(31,639)
|
|
(4,426)
|
|
(51,885)
|
|
|
(80,313)
|
|
(11,236)
|
|
Selling and marketing
expenses
|
|
(77,348)
|
|
|
(87,131)
|
|
(12,190)
|
|
(181,822)
|
|
|
(237,631)
|
|
(33,246)
|
|
General and
administrative expenses
|
|
(26,434)
|
|
|
(31,956)
|
|
(4,471)
|
|
(64,687)
|
|
|
(88,000)
|
|
(12,312)
|
|
Technology
expenses
|
|
(20,156)
|
|
|
(14,695)
|
|
(2,056)
|
|
(50,804)
|
|
|
(42,024)
|
|
(5,879)
|
|
Other operating
expenses
|
|
(816)
|
|
|
(3)
|
|
(0)
|
|
(114)
|
|
|
(164)
|
|
(22)
|
|
Total Operating
costs and expenses
|
|
(627,524)
|
|
|
(1,228,546)
|
|
(171,879)
|
|
(1,496,730)
|
|
|
(2,929,654)
|
|
(409,873)
|
|
Loss from
operations
|
|
(129,900)
|
|
|
(118,095)
|
|
(16,521)
|
|
(268,161)
|
|
|
(325,441)
|
|
(45,530)
|
|
Interest
income
|
|
130
|
|
|
1,117
|
|
156
|
|
503
|
|
|
4,477
|
|
626
|
|
Interest
expense
|
|
-
|
|
|
(2,109)
|
|
(295)
|
|
(7)
|
|
|
(2,458)
|
|
(344)
|
|
Foreign exchange gain
(loss)
|
|
1,653
|
|
|
(9,301)
|
|
(1,301)
|
|
2,994
|
|
|
(15,311)
|
|
(2,141)
|
|
impairment loss of
long-term investment
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
(11,000)
|
|
(1,539)
|
|
Other Income,
net
|
|
1,707
|
|
|
4,473
|
|
626
|
|
8,811
|
|
|
6,219
|
|
870
|
|
Loss before income
taxes
|
|
(126,410)
|
|
|
(123,915)
|
|
(17,335)
|
|
(255,860)
|
|
|
(343,514)
|
|
(48,058)
|
|
Income tax
expense
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
Net
Loss
|
|
(126,410)
|
|
|
(123,915)
|
|
(17,335)
|
|
(255,860)
|
|
|
(343,514)
|
|
(48,058)
|
|
Net Loss attributable
to non-controlling
interest
|
|
535
|
|
|
616
|
|
86
|
|
1,661
|
|
|
1,499
|
|
210
|
|
Net Loss
attributable to ordinary
shareholders
|
|
(125,875)
|
|
|
(123,299)
|
|
(17,249)
|
|
(254,199)
|
|
|
(342,015)
|
|
(47,848)
|
|
Other
comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains of
available -for-sale
securities, net of tax of nil for three months
ended September 30, 2018 and 2019
|
|
937
|
|
|
2,465
|
|
345
|
|
6,084
|
|
|
6,685
|
|
935
|
|
Realized gain of
available-for-sale debt
securities, net of tax
|
|
(240)
|
|
|
(511)
|
|
(71)
|
|
(7,343)
|
|
|
(1,109)
|
|
(155)
|
|
Foreign currency
translation adjustments
|
|
19,233
|
|
|
19,173
|
|
2,682
|
|
21,449
|
|
|
15,773
|
|
2,207
|
|
Comprehensive
loss
|
|
(105,945)
|
|
|
(102,172)
|
|
(14,293)
|
|
(234,009)
|
|
|
(320,666)
|
|
(44,861)
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
(1.40)
|
|
|
(0.75)
|
|
(0.11)
|
|
(2.82)
|
|
|
(2.09)
|
|
(0.29)
|
|
Loss per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
(2.80)
|
|
|
(1.50)
|
|
(0.22)
|
|
(5.64)
|
|
|
(4.18)
|
|
(0.58)
|
|
Weighted average
number of shares used
in computation of loss per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
90,017,428
|
|
|
164,162,090
|
|
164,162,090
|
|
90,017,428
|
|
|
163,676,671
|
|
163,676,671
|
|
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
For the three
months ended September 30,
|
|
For the nine
months ended September 30,
|
|
2018
|
|
2019
|
|
2018
|
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
RMB
|
|
US$
|
Net cash used in
operating
activities
|
(166,074)
|
|
(288,023)
|
|
(40,296)
|
|
(215,255)
|
|
|
(440,838)
|
|
(61,676)
|
Net cash
provided/(used) in
investing activities
|
(149,711)
|
|
186,857
|
|
26,142
|
|
(59,489)
|
|
|
127,858
|
|
17,889
|
Net cash provided
by financing
activities
|
694,877
|
|
57,645
|
|
8,065
|
|
972,696
|
|
|
99,935
|
|
13,981
|
Effect of exchange
rate changes
on cash and cash equivalents
|
13,495
|
|
22,033
|
|
3,082
|
|
14,714
|
|
|
16,038
|
|
2,244
|
Net increase in
cash and cash
equivalents
|
392,587
|
|
(21,488)
|
|
(3,007)
|
|
712,666
|
|
|
(197,007)
|
|
(27,562)
|
Cash and cash
equivalents, and
restricted cash at the beginning
of the period
|
487,739
|
|
678,221
|
|
94,887
|
|
167,660
|
|
|
853,740
|
|
119,442
|
Cash and cash
equivalents, and
restricted cash at the end of the
period
|
880,326
|
|
656,733
|
|
91,880
|
|
880,326
|
|
|
656,733
|
|
91,880
|
111,
Inc.
|
Unaudited
Reconciliation of GAAP and Non-GAAP Results
|
(In thousands,
except for share and per share data)
|
|
|
For the three
months ended September 30,
|
|
For the nine
months ended September 30,
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Loss from
operations
|
(129,900)
|
|
(118,095)
|
|
(16,521)
|
|
(268,161)
|
|
(325,441)
|
|
(45,530)
|
Add: Share-based
compensation expenses
|
14,782
|
|
13,569
|
|
1,898
|
|
35,067
|
|
40,372
|
|
5,648
|
Non-GAAP loss
from
operations
|
(115,118)
|
|
(104,526)
|
|
(14,623)
|
|
(233,094)
|
|
(285,069)
|
|
(39,882)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss attributable
to ordinary
shareholders
|
(125,875)
|
|
(123,299)
|
|
(17,249)
|
|
(254,199)
|
|
(342,015)
|
|
(47,848)
|
Add: Share-based
compensation expenses
|
14,782
|
|
13,569
|
|
1,898
|
|
35,067
|
|
40,372
|
|
5,648
|
Impairment loss of
long-term
investment
|
-
|
|
-
|
|
-
|
|
-
|
|
11,000
|
|
1,539
|
Non-GAAP net
Loss
attributable to ordinary
shareholders
|
(111,093)
|
|
(109,730)
|
|
(15,351)
|
|
(219,132)
|
|
(290,643)
|
|
(40,661)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
(2.80)
|
|
(1.50)
|
|
(0.22)
|
|
(5.64)
|
|
(4.18)
|
|
(0.58)
|
Add: Share-based
compensation expenses and
impairment loss of long-term
investment per ADS
|
0.33
|
|
0.16
|
|
0.03
|
|
0.77
|
|
0.63
|
|
0.08
|
Non-GAAP Loss per
ADS
|
(2.47)
|
|
(1.34)
|
|
(0.19)
|
|
(4.87)
|
|
(3.55)
|
|
(0.50)
|
View original
content:http://www.prnewswire.com/news-releases/111-inc-announces-third-quarter-2019-unaudited-financial-results-300958259.html
SOURCE 111, Inc.