ECMOHO Limited (Nasdaq: MOHO) ("ECMOHO" or the "Company"), a
leading integrated solutions provider in the rapidly growing
non-medical health and wellness market in China, today announced
its unaudited financial results for the third quarter ended
September 30, 2019.
Third Quarter 2019 Financial
Highlights
- Total net revenues were US$74.9
million, an increase of 53.5% year-over-year.
- Operating income was US$2.7
million, an increase of 58.8% year-over-year. Operating margin was
3.6%, up from 3.5% in the same quarter of last year.
- Non-GAAP operating income was
US$3.1 million, an increase of 82.4% year-over-year. Non-GAAP
operating margin was 4.1%, up from 3.5% in the same quarter of last
year.
- Net income was US$1.9 million, an
increase of 35.7% year-over-year.
- Non-GAAP net income was US$2.3
million, an increase of 64.3% year-over-year.
- Basic and diluted net earnings per
American Depositary Share (“ADS1”) attributable to ECMOHO Limited’s
ordinary shareholders were US$0.07 and US$0.06, respectively,
compared with basic and diluted net loss per ADS of US$1.11 and
US$1.11, respectively, for the same period of 2018.
- Non-GAAP basic and diluted net
earnings per ADS attributable to ECMOHO Limited’s ordinary
shareholders were US$0.09 and US$0.07, respectively, compared with
non-GAAP basic and diluted net loss per ADS of US$1.11 and US$1.11,
respectively, for the same period of 2018.
Third Quarter 2019 Operational
Highlights
- The number of major brand partners2
reached 8 in the first nine months of this year.
- Number of brands increased to 64 as
of September 30, 2019, from 62 as of June 30, 2019.
- Number of brand partners increased
to 40 as of September 30, 2019, from 39 as of June 30, 2019.
- Number of cumulative paying
consumers was 7.6 million as of September 30, 2019, from 7.2
million as of June 30, 2019.
1 Each ADS represents four Class A ordinary shares.
2 A major brand partner is defined as a brand partner whose
products contributed over US$10 million in revenue in a given
period.
“We are very pleased to report robust financial
and operational growth in our first earnings results since listing
on NASDAQ in early November," commented Ms. Zoe Wang, Founder and
Chief Executive Officer of ECMOHO. “In the first nine months of
this year as well as in the third quarter, we saw strong growth
from our existing brand partners and are ramping up operations from
newly added brand partners as we further expand the diverse array
of health and wellness products we have on offer. We deepened our
relationships with eight major brand partners who each generated
over US$10 million in revenue during the first nine months of this
year, a significant improvement from only five major brand partners
for full year 2018.”
“Our investments in technology and data-driven
precision marketing continue to drive growth in the number of
paying consumers, which increased to 7.6 million as of the end of
the third quarter, with repeat purchase rate which came in at 35%
during the first nine months of 2019. Meanwhile, our XG Health
platform made solid progress with the number of partnered specialty
stores reaching 285 during the quarter.”
“Looking ahead, we, as a leading integrated
solution provider in the rapidly growing non-medical health and
wellness market in China, will continue to strengthen our service
offerings and enhance operational efficiency to achieve our
long-term growth potential. As our platform grows in scale and
these investments mature, we expect to continue growing at a more
rapid pace than the industry average.”
Third Quarter 2019 Financial
Results
Total net revenues were US$74.9
million, an increase of 53.5% from US$48.8 million in the same
quarter of last year.
Product sales revenue was
US$68.3 million, an increase of 54.9% from US$44.1 million in the
same quarter of last year. The increase was primarily attributable
to strong sales growth from mother and child care products, health
supplements and food, and personal care products. Top growth
contributors included existing partners Abbott, A.H.C., Gerber,
Perrier, and Pfizer and new partners BabyNes, Jiangzhong Shiliao,
and the SAEM.
Services revenue was US$6.6
million, an increase of 40.4% from US$4.7 million in the same
quarter of last year. The increase in revenue was primarily
attributable to the growth in services the Company provided to its
brand partners.
Cost of revenues was US$56.5
million, compared with US$34.6 million in the same quarter of last
year.
- Cost of product
sales was US$53.3 million, an increase of 66.6% from
US$32.0 million in the same quarter of last year. The increase was
due to strong growth in the sales of aforementioned products.
- Cost of services
was US$3.2 million, an increase of 23.1% from US$2.6 million in the
same quarter of last year. The increase was primarily due to the
growth in services revenue.
Operating expenses were US$15.7
million, compared with US$12.5 million in the same quarter of last
year. Operating expenses represented 21.0% of total net
revenues, down from 25.7% of total net revenues in the same quarter
last year.
- Fulfilment
expenses were US$4.2 million, an increase of 27.3% from
US$3.3 million in the same quarter of last year. Fulfilment
expenses grew at a slower pace than product shipments primarily due
to higher sales growth from online retailers which generally have
lower fulfilment expenses per unit. Fulfillment expenses
represented 5.6% of total net revenues, down from 6.8% in the same
quarter of last year.
- Sales and marketing
expenses were US$9.2 million, an increase of 43.8% from
US$6.4 million in the same quarter of last year. Sales and
marketing expenses grew at a slower pace than product sales
primarily due to higher sales growth from online retailers as
products sold to e-commerce platforms incur a smaller amount of
sales and marketing expenses. Sales and marketing expenses
represented 12.3% of total net revenues, down from 13.1% in the
same quarter of last year.
- General and administrative
expenses were US$1.9 million, a decrease of 20.8% from
US$2.4 million in the same quarter of last year. The decrease was
primarily due to increased operating efficiency and operating
leverage as the Company’s business grew in scale. General and
administrative expenses represented 2.5% of total net revenues,
down from 4.9% in the same quarter of last year.
- Research and development
expenses were US$442,257, an increase of 21.2% from
US$364,980 in the same quarter of last year. The increase was
primarily due to the Company’s continued investments in innovation
and systems development.
Operating income was US$2.7
million, an increase of 58.8% from US$1.7 million in the same
quarter of last year. Operating margin was 3.6%, up from 3.5% in
the same quarter of last year.
Non-GAAP operating income was
US$3.1 million, an increase of 82.4% from US$1.7 million in the
same quarter of last year. Non-GAAP operating margin was
4.1%, up from 3.5% during the same quarter of last year.
Net income was US$1.9 million,
an increase of 35.7% from US$1.4 million during the same quarter of
last year. Net margin was 2.5%, compared with 2.9% during the same
quarter of last year.
Non-GAAP net income was US$2.3
million, an increase of 64.3% from US$1.4 million during the same
quarter of last year. Non-GAAP net margin was 3.1%, up from 2.9%
during the same quarter of last year.
Net income attributable to ECMOHO
Limited was US$2.0 million, an increase of 42.9% from
US$1.4 million during the same quarter of last year.
Non-GAAP net income attributable to
ECMOHO Limited was US$2.4 million, an increase of 71.4%
from US$1.4 million during the same quarter of last year.
As of September 30, 2019, the Company had US$9.8 million in
cash, cash equivalents and restricted cash, a decrease from US$13.0
million as of December 31, 2018.
Inventory days in the third quarter increased to
89 days from 81 days in the first six months of this year, as the
Company prepared for the all-important Singles Day shopping event
during the fourth quarter of 2019.
The Company completed its initial public
offering in early November and there are 34,679,375 ADS equivalent
outstanding as of the date of this press release.
Business Outlook
The Company expects 2019 full-year total net
revenues to be between US$328 million and US$332 million,
representing a growth rate of approximately 65% to 67%, and
non-GAAP net margin to be in the range of 3.2% to 3.4%.
For full year 2020, the Company estimates its
total net revenues to be between US$500 million and US$570
million.
The above outlook is based on current market
conditions and reflects the Company’s current and preliminary
estimates of market and operating conditions, which are subject to
substantial uncertainty.
Conference Call
The Company will host a conference call to discuss the earnings
at 8:00 p.m. Eastern Time on November 25, 2019 (9:00 a.m. Beijing
time on November 26, 2019).
Dial-in numbers for the live conference call are as follows:
International |
+65-6713-5090 |
U.S. Toll Free |
+1-845-675-0437 |
Mainland China Toll Free |
400-620-8038 |
Hong Kong |
+852-3018-6771 |
Passcode: |
1268757# |
A telephone replay of the call will be available after the
conclusion of the conference call until 7:59 AM ET on December 3,
2019.
Dial-in numbers for the replay are as follows:
International
Dial-in |
+61-2-8199-0299 |
U.S. Toll Free |
+1-646-254-3697 |
Passcode: |
1268757# |
A live and archived webcast of the conference
call will be available on the Investor Relations section of
ECMOHO’s website at http://ir.ecmoho.com/.
Use of Non-GAAP Financial
Measures
The Company uses 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 ECMOHO
Limited and non-GAAP net income (loss) attributable to
ordinary shareholders of ECMOHO Limited 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. 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. 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 ECMOHO Limited is net income (loss)
attributable to ordinary shareholders of ECMOHO
Limited excluding the impact of share-based compensation
expenses. Non-GAAP net income (loss) attributable to ordinary
shareholders of ECMOHO Limited per ADS is non-GAAP net
income (loss) attributable to ordinary shareholders of ECMOHO
Limited divided by weighted average number of shares used in
calculating net income (loss) per ordinary share multiplied by
four.
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. 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 ECMOHO
Limited, and non-GAAP net income (loss) attributable to ordinary
shareholders of ECMOHO Limited per ADS is that they do
not reflect all items of income and expense that affect the
Company’s operations. Share-based compensation expenses have been
and may continue to be incurred in the Company’s business and is
not reflected in the presentation of non-GAAP income/(loss) from
operations and non-GAAP net income/(loss). Further, the non-GAAP
measures may differ from the non-GAAP measures used by other
companies, including peer companies, and therefore their
comparability may be limited. In light of the foregoing
limitations, the non-GAAP 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 ECMOHO Limited and non-GAAP net income (loss)
attributable to ordinary shareholders of ECMOHO
Limited 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 ECMOHO
Limited and net income (loss) attributable to ordinary
shareholders of ECMOHO Limited 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, the Company’s statement about its
expectations for Company performance in the full year of 2019 and
in 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 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 ECMOHO Ltd.
ECMOHO is a leading integrated solution provider
in the rapidly growing non-medical health and wellness market in
China. The Company acts as the bridge between brand owners and
Chinese consumers by marketing and distributing health supplements
and food, mother and child care products, personal care products,
household healthcare equipment and other health and wellness
products. Through over seven years of operation, ECMOHO has built
an ecosystem where Chinese consumers are provided with customized
health and wellness solutions that include quality products and
trustworthy content.
For more information, please visit
http://ir.ecmoho.com/.
For investor and media inquiries, please contact:
ECMOHO Ltd. Ms. Ellen Chiu Email:
ellenchiu@ecmoho.com
Christensen In China Mr. Christian Arnell
Phone: +86-10-5900-1548 E-mail: carnell@christensenir.com
In U.S. Mr. Tip Fleming Phone: +1-917-412-3333 Email:
tfleming@Christensenir.com
ECMOHO LIMITED
CONSOLIDATED BALANCE SHEETS AS OF
DECEMBER 31, 2018 AND SEPTEMBER 30, 2019(In
thousands of U.S. dollars)
|
As of December 31,2018 |
|
As of September 30,2019 |
|
Pro formaAs of September
30,2019 |
|
|
|
(unaudited) |
|
(unaudited) |
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
10,336 |
|
7,808 |
|
7,808 |
Restricted cash |
2,628 |
|
2,000 |
|
2,000 |
Accounts receivable, net |
33,840 |
|
60,844 |
|
60,844 |
Inventories, net |
53,683 |
|
61,293 |
|
61,293 |
Prepayments and other current assets |
11,260 |
|
19,038 |
|
19,038 |
Total current
assets |
111,747 |
|
150,983 |
|
150,983 |
Property and equipment, net |
1,477 |
|
1,474 |
|
1,474 |
Intangible assets |
1,502 |
|
1,332 |
|
1,332 |
Operating lease right-of-use assets |
- |
|
1,524 |
|
1,524 |
Deferred tax assets |
1,056 |
|
557 |
|
557 |
Other non-current assets |
1,990 |
|
3,914 |
|
3,914 |
Total
assets |
117,772 |
|
159,784 |
|
159,784 |
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
|
Short term borrowings |
21,956 |
|
32,813 |
|
32,813 |
Accounts payable |
23,540 |
|
49,732 |
|
49,732 |
Amounts due to related parties |
17,423 |
|
12,177 |
|
12,177 |
Advances from customers |
2,957 |
|
946 |
|
946 |
Operating lease liabilities, current |
- |
|
1,179 |
|
1,179 |
Salary and welfare payable |
1,752 |
|
526 |
|
526 |
Tax payable |
2,907 |
|
3,354 |
|
3,354 |
Accrued liabilities and other current liabilities |
4,294 |
|
7,088 |
|
7,088 |
Total current
liabilities |
74,829 |
|
107,815 |
|
107,815 |
Deferred taxes liabilities |
210 |
|
157 |
|
157 |
Operating lease liabilities, non-current |
- |
|
156 |
|
156 |
Other non-current liabilities |
109 |
|
1,539 |
|
1,539 |
Total
liabilities |
75,148 |
|
109,667 |
|
109,667 |
|
|
|
|
|
|
ECMOHO LIMITED
CONSOLIDATED BALANCE SHEETS AS OF
DECEMBER 31, 2018 AND SEPTEMBER 30, 2019(In
thousands of U.S. dollars)
|
As of December 31, 2018 |
|
As of September 30, 2019 |
|
Pro formaAs of September
30, 2019 |
|
|
|
(unaudited) |
|
(unaudited) |
Mezzanine
equity: |
|
|
|
|
|
Class A-1 convertible redeemable preferred shares (US$ 0.00001 par
value; 9,519,000 shares authorized, issued and outstanding as of
December 31, 2018 and September 30, 2019; redemption amount of US$
7,641,780 and US$ 7,936,123 as of December 31, 2018 and
September 30, 2019. No shares issued and outstanding on a pro-forma
basis as of September 30, 2019) |
19,495 |
|
|
19,495 |
|
|
- |
|
Class A-2 convertible redeemable
preferred shares (US$0.00001 par value; 13,663,700 and
10,817,100 shares authorized as of December 31, 2018 and September
30, 2019, respectively, 10,817,100 shares issued and outstanding as
of December 31, 2018 and September 30, 2019; redemption amount of
US$ 22,011,640 and US$ 22,859,140 as of December 31, 2018 and
September 30, 2019. No shares issued and outstanding on a pro-forma
basis as of September 30, 2019) |
26,083 |
|
|
26,173 |
|
|
- |
|
Series A convertible redeemable
preferred shares (US$0.00001 par value; 7,938,915 shares
authorized, issued and outstanding as of December 31, 2018 and
September 30, 2019; redemption amount of US$ 22,926,600 and US$
23,939,100 as of December 31, 2018 and September 30, 2019. No
shares issued and outstanding on a pro-forma basis as of September
30, 2019) |
22,875 |
|
|
23,793 |
|
|
- |
|
Redeemable non-controlling
interests (redemption amount of US$ 6,993,038 and nil as of
December 31, 2018 and September 30, 2019) |
6,394 |
|
|
- |
|
|
- |
|
Total mezzanine
equity |
74,847 |
|
|
69,461 |
|
|
- |
|
Stockholders’
(deficit)/equity: |
|
|
|
|
|
Class A Ordinary Shares, US$
0.00001 par value; 4,880,496,457 shares authorized at December 31,
2018 and September 30, 2019; 18,377,600 shares issued at December
31, 2018 and September 30, 2019; 15,531,000 shares outstanding at
December 31, 2018 and September 30, 2019; 47,713,699 shares issued
and 44,867,099 shares outstanding on a pro-forma basis as of
September 30, 2019) |
- |
|
|
- |
|
|
- |
|
Class B Ordinary Shares, US$
0.00001 par value; 75,150,400 shares authorized, issued and
outstanding at December 31, 2018 and September 30, 2019; 75,150,400
shares issued and outstanding on a pro-forma basis as of September
30, 2019) |
1 |
|
|
1 |
|
|
1 |
|
Additional paid-in
capital |
- |
|
|
942 |
|
|
70,403 |
|
Treasury stock (US$0.00001 par
value; 2,846,600 shares at December 31, 2018 and September 30,
2019; 2,846,600 shares on a pro forma basis as of September 30,
2019) |
- |
|
|
- |
|
|
- |
|
Subscription receivables |
(9,261 |
) |
|
- |
|
|
- |
|
Accumulated other
comprehensive loss |
(1,421 |
) |
|
(2,990 |
) |
|
(2,990 |
) |
Accumulated deficit |
(21,853 |
) |
|
(18,063 |
) |
|
(18,063 |
) |
Total ECMOHO Limited
shareholders’ (deficit)/equity |
(32,534 |
) |
|
(20,110 |
) |
|
49,351 |
|
Non-controlling interests |
311 |
|
|
766 |
|
|
766 |
|
Total shareholders’
(deficit)/equity |
(32,223 |
) |
|
(19,344 |
) |
|
50,117 |
|
Total liabilities,
mezzanine equity and shareholders’ (deficit)/equity |
117,772 |
|
|
159,784 |
|
|
159,784 |
|
|
|
|
|
|
|
|
|
|
On a pro forma basis to reflect (i) the
re-designation of 9,519,000 Class A-1 ordinary shares as Class A
ordinary shares and 10,817,100 Class A-2 ordinary shares as Class A
ordinary shares, in each case on a one-for-one basis immediately
prior to the completion of the initial public offering; and (ii)
the conversion of 7,938,915 Series A preferred shares into
8,999,999 Class A ordinary shares on an average basis of
1-for-1.13, meaning each Series A preferred share converts, on
average, into 1.13 Class A ordinary shares
ECMOHO LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME(In thousands of U.S. dollars, except for
share and per ADS data)
|
For Three Months Ended |
|
For Nine Months Ended |
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Net revenues: |
|
|
|
|
|
|
|
Product sales |
44,130 |
|
|
68,356 |
|
|
110,456 |
|
|
208,268 |
|
Services |
4,629 |
|
|
6,573 |
|
|
9,667 |
|
|
17,986 |
|
Total net revenues |
48,759 |
|
|
74,929 |
|
|
120,123 |
|
|
226,254 |
|
Total cost of revenue |
(34,521) |
|
|
(56,513) |
|
|
(83,398) |
|
|
(171,946) |
|
Gross profit |
14,238 |
|
|
18,416 |
|
|
36,725 |
|
|
54,308 |
|
Operating expenses(1): |
|
|
|
|
|
|
|
Fulfillment expenses |
(3,300) |
|
|
(4,178) |
|
|
(8,269) |
|
|
(12,626) |
|
Sales and marketing expenses |
(6,467) |
|
|
(9,181) |
|
|
(18,896) |
|
|
(28,292) |
|
General and administrative expenses |
(2,419) |
|
|
(1,948) |
|
|
(5,603) |
|
|
(6,389) |
|
Research and development expenses |
(365) |
|
|
(442) |
|
|
(1,038) |
|
|
(1,341) |
|
Total operating expenses |
(12,551) |
|
|
(15,749) |
|
|
(33,806) |
|
|
(48,648) |
|
Operating income |
1,687 |
|
|
2,667 |
|
|
2,919 |
|
|
5,660 |
|
Finance expense, net |
(211) |
|
|
(719) |
|
|
(428) |
|
|
(1,828) |
|
Foreign exchange loss, net |
44 |
|
|
145 |
|
|
(93) |
|
|
94 |
|
Other income, net |
17 |
|
|
137 |
|
|
250 |
|
|
399 |
|
Income before income tax expenses |
1,537 |
|
|
2,230 |
|
|
2,648 |
|
|
4,325 |
|
Income taxes expenses |
(132) |
|
|
(308) |
|
|
(210) |
|
|
(684) |
|
Net income |
1,405 |
|
|
1,922 |
|
|
2,438 |
|
|
3,641 |
|
Less: Net loss attributable to the non-controlling interest
shareholders and redeemable non-controlling interest
shareholders |
18 |
|
|
(55) |
|
|
(81) |
|
|
(149) |
|
Net income attributable to ECMOHO
Limited |
1,387 |
|
|
1,977 |
|
|
2,519 |
|
|
3,790 |
|
Less: Accretion on Round A convertible redeemable preferred shares
to redemption value |
(177) |
|
|
- |
|
|
(1,018) |
|
|
- |
|
Less: Accretion on Round B convertible redeemable preferred shares
to redemption value |
(284) |
|
|
- |
|
|
(1,575) |
|
|
- |
|
Less: Accretion on Series A convertible redeemable preferred shares
to redemption value |
(147) |
|
|
(310) |
|
|
(147) |
|
|
(918) |
|
Less: Accretion to redemption value of redeemable non-controlling
interests |
(45) |
|
|
- |
|
|
(45) |
|
|
(312) |
|
Less: Extinguishment of convertible redeemable preferred
shares |
(24,763) |
|
|
- |
|
|
(24,763) |
|
|
- |
|
Net (loss)/income attributable to ECMOHO Limited’s ordinary
shareholders |
(24,029) |
|
|
1,667 |
|
|
(25,029) |
|
|
2,560 |
|
Net income |
1,405 |
|
|
1,922 |
|
|
2,438 |
|
|
3,641 |
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
(427) |
|
|
(1,350) |
|
|
(620) |
|
|
(1,625 |
) |
Less: Comprehensive income attributable to non-controlling
interests |
14 |
|
|
(114) |
|
|
(88) |
|
|
(204 |
) |
Comprehensive income attributable to ECMOHO
Limited |
964 |
|
|
686 |
|
|
1,906 |
|
|
2,220 |
|
Net (loss)/earnings per share
attributable to ECMOHO Limited’s ordinary
shareholders |
|
|
|
|
|
|
|
—basic |
(0.28) |
|
|
0.02 |
|
|
(0.30) |
|
|
0.03 |
|
—diluted |
(0.28) |
|
|
0.01 |
|
|
(0.30) |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
Net (loss)/earnings per ADS attributable to ECMOHO
Limited’s ordinary shareholders |
|
|
|
|
|
|
|
—basic |
(1.11) |
|
|
0.07 |
|
|
(1.21) |
|
|
0.11 |
|
—diluted |
(1.11) |
|
|
0.06 |
|
|
(1.21) |
|
|
0.09 |
|
|
|
|
|
|
|
|
|
Weighted average number of Ordinary Shares |
|
|
|
|
|
|
|
—basic |
86,873,800 |
|
|
90,681,400 |
|
|
83,045,279 |
|
|
90,681,400 |
|
—diluted |
86,873,800 |
|
|
112,072,446 |
|
|
83,045,279 |
|
|
111,747,459 |
|
|
|
|
|
|
|
|
|
Pro forma net earnings per share attributable to ECMOHO
Limited’s ordinary shareholders |
|
|
|
|
|
|
|
—basic |
|
|
0.02 |
|
|
|
|
0.03 |
|
—diluted |
|
|
0.02 |
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
ECMOHO LIMITED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME(In thousands of U.S. dollars,
except for share and per ADS data) |
|
|
For Three Months Ended |
|
For Nine Months Ended |
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Pro forma net earnings per ADS attributable to ECMOHO
Limited’s ordinary shareholders |
|
|
|
|
|
|
|
|
|
—basic |
|
|
|
0.07 |
|
|
|
|
|
0.13 |
|
—diluted |
|
|
|
0.07 |
|
|
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
Pro forma weighted average number of Ordinary
Shares |
|
|
|
|
|
|
|
|
|
—basic |
|
|
|
120,017,499 |
|
|
|
|
|
120,017,499 |
|
—diluted |
|
|
|
121,072,445 |
|
|
|
|
|
120,747,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Share-based compensation expenses are allocated in operating
expenses items as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment expenses |
- |
|
|
2 |
|
|
- |
|
|
2 |
|
Sales and marketing expenses |
- |
|
|
114 |
|
|
- |
|
|
280 |
|
General and administrative expenses |
- |
|
|
266 |
|
|
- |
|
|
768 |
|
Research and development expenses |
- |
|
|
4 |
|
|
- |
|
|
4 |
|
Total Share-based compensation expenses |
- |
|
|
386 |
|
|
- |
|
|
1,054 |
|
|
|
|
|
|
|
|
|
|
|
ECMOHO LIMITED
Reconciliations of GAAP and Non-GAAP
Results(In thousands of U.S. dollars, except for
share and per ADS data)
|
For Three Months Ended |
|
For Nine Months Ended |
|
September
30, |
|
September 30, |
|
September
30, |
|
September 30, |
|
2018 |
|
|
2019 |
|
2018 |
|
|
2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
Operating income |
1,687 |
|
|
2,667 |
|
2,919 |
|
|
5,660 |
Add: Share-based compensation expenses |
- |
|
|
386 |
|
- |
|
|
1,054 |
Non-GAAP Operating income |
1,687 |
|
|
3,053 |
|
2,919 |
|
|
6,714 |
|
|
|
|
|
|
|
|
Net income |
1,405 |
|
|
1,922 |
|
2,438 |
|
|
3,641 |
Add: Share-based compensation expenses |
- |
|
|
386 |
|
- |
|
|
1,054 |
Non-GAAP Net income |
1,405 |
|
|
2,308 |
|
2,438 |
|
|
4,695 |
|
|
|
|
|
|
|
|
Net (loss)/income attributable to ECMOHO Limited’s ordinary
shareholders |
(24,029 |
) |
|
1,667 |
|
(25,029 |
) |
|
2,560 |
Add: Share-based compensation expenses |
- |
|
|
386 |
|
- |
|
|
1,054 |
Non-GAAP Net (loss)/income attributable to ECMOHO Limited’s
ordinary shareholders |
(24,029 |
) |
|
2,053 |
|
(25,029 |
) |
|
3,614 |
Non-GAAP net (loss)/earnings per
ADS attributable to ECMOHO Limited’s ordinary
shareholders |
|
|
|
|
|
|
|
—basic |
(1.11 |
) |
|
0.09 |
|
(1.21 |
) |
|
0.16 |
—diluted |
(1.11 |
) |
|
0.07 |
|
(1.21 |
) |
|
0.13 |
|
|
|
|
|
|
|
|
Weighted average number of Ordinary Shares |
|
|
|
|
|
|
|
—basic |
86,873,800 |
|
|
90,681,400 |
|
83,045,279 |
|
|
90,681,400 |
—diluted |
86,873,800 |
|
|
112,072,446 |
|
83,045,279 |
|
|
111,747,459 |
|
|
|
|
|
|
|
|
Pro forma non-GAAP net earnings per ADS attributable to
ECMOHO Limited’s ordinary shareholders |
|
|
|
|
|
|
|
—basic |
|
|
0.07 |
|
|
|
0.12 |
—diluted |
|
|
0.07 |
|
|
|
0.12 |
|
|
|
|
|
|
|
|
Pro forma weighted average number of Ordinary
Shares |
|
|
|
|
|
|
|
—basic |
|
|
120,017,499 |
|
|
|
120,017,499 |
—diluted |
|
|
121,072,445 |
|
|
|
120,747,458 |
Footnote:
This press release
contains translations of Renminbi amounts into U.S. dollars at
specific rates solely for the convenience of the reader. The
conversion of Renminbi into U.S. dollars in this press release is
based on the exchange rate set forth in the H.10 Statistical
release of the Board of Governors of the Federal Reserve System.
The financial statements of the Group’s entities using functional
currency other than US$ are translated from the functional currency
to the reporting currency, US$. Assets and liabilities of the
Group’s subsidiaries incorporated in PRC are translated into US$ at
balance sheet date exchange rates, Income and expense items are
translated at average exchange rates prevailing during the fiscal
year, representing the index rates stipulated by the People’s Bank
of China. Translation adjustments arising from these are reported
as foreign currency translation adjustments and are shown as
accumulated other comprehensive income/(loss) on the consolidated
financial statement.
The exchange rate used
for translation on September 30, 2019 was US$1.00=RMB 7.0729,
representing the index rates stipulated by the People’s Bank of
China.
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