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 six months ended June 30, 2021.
Highlights for First Half
2021:
-
GMV1 reached RMB5,027.8 million (US$778.7 million)
for 1H 2021, compared with RMB6,108.0 million for 1H 2020.
- Total
number of orders2 was 1,440.1 thousand for 1H 2021,
compared with 1,751.0 thousand for 1H 2020.
- Number
of active customers3 was 568.9 thousand for 1H 2021,
compared with 658.7 thousand for 1H 2020.
- Total
revenues were RMB1,525.6 million (US$236.3 million) for 1H
2021, compared with RMB2,311.5 million for 1H 2020.
- Gross
Margin reached 19.8% for 1H 2021, compared with 16.0% for
1H 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 canceled 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 canceled 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, “During the first half 2021, we
continued to optimize our operations to deliver a superior upscale
shopping experience for our customers. We spearheaded efforts to
further enhance digitalization capabilities, sharpen product
differentiation and manage sustainability in luxury supply chains,
in order to cater to the discerning needs of Chinese consumers amid
a challenging macro environment.
“We are excited to see our online-and-offline
integrated platform increasingly favored by a large, active and
engaged audience, as we remain dedicated to supply chain enrichment
and technology advancement. Going forward, we will persist in our
firm commitment to our business model and growth strategy. Aligned
with our value proposition, we will provide a richer and more
diversified product portfolio, deepening brand relationships across
the globe, enhancing our worldwide supply chain system and
heightening technological empowerment for customers and brands,”
Mr. Li concluded.
Mr. Shaojun Chen, Chief Financial Officer of
Secoo, said, “Amid an evolving market landscape, we sharpened up
our cost control to drive the sustainable and healthy development
of our core business. Our focus going forward is to continue
balancing profitability by increasing operating efficiency while
honing our suite of luxury selections. Moreover, we will strengthen
our influence across the value chain in the online luxury retail
industry to further solidify our position as a leading player in
the market, both in China and internationally.”
Business Development
Highlights
- In March 2021, Secoo partnered with
London’s iconic department store Liberty to launch the LIBERTY x
SECOO co-branded gift box in celebration of the Chinese goddess
festival. Simultaneously, Liberty and Secoo co-hosted an offline
exhibition for Liberty collections at Secoo HQs Club. This two-week
event took place this spring and marked Liberty’s debut exhibition
in China, an event that allowed Chinese consumers to experience and
better enjoy this iconic brand.
- In May 2021, Secoo unveiled its
Hainan International Business Strategy at the inaugural China
International Consumer Products Expo. Since 2020, when the Ministry
of Finance (MOF) announced that Hainan could include new products
on its duty-free list and raise its tax-free shopping quota, Hainan
has gained strong momentum. Meanwhile, Yangpu port in Hainan Island
will be developed into an international container hub port in
southern China, under the country’s 14th five-year plan. With its
new Hainan strategy, Secoo strives to capitalize on the tremendous
opportunities presented by Hainan’s free trade port-driven
development.
- In May 2021, Secoo entered a
strategic partnership agreement with the Zhuhai Duty Free Group to
leverage respective resources and strengths in the high-end supply
chain. Pursuant to the strategic agreement, both parties will
establish a resource sharing mechanism in the areas of supply chain
systems, marketing promotion, and livestreaming shopping.
- In May 2021, Secoo formed the
strategic partnership agreement with Hainan Province Transport
Investment Holding Company Limited and Hainan Expressway. The
signing parties will work together on a variety of areas including
consumer finance, supply chain, bonded goods distribution and
SaaS.
- In May 2021, Secoo assisted an
array of international luxury brands, such as Bedat & Co,
Selmark and Allegri, to launch new products at the inaugural China
International Consumer Products Expo. These efforts not only
provided an exhibition platform for a stunning selection of fashion
from all over the world, but also facilitated overseas brands’
entry into the Chinese market.
First Half 2021 Financial
Results
GMV was RMB5,027.8 million
(US$778.7 million) for the first six months of 2021, compared with
RMB6,108.0 million for the same period in 2020.
Total number of orders was
1,440.1 thousand for the first six months of 2021, compared
with 1,751.0 thousand for the same period in 2020.
Total revenues for the first
six months of 2021 were RMB1,525.6 million (US$236.3 million),
compared with RMB2,311.5 million for the same period in 2020. This
decrease was primarily attributable to a slowdown in demand of
discretionary spending and delayed logistics services worldwide due
to the lingering impact of global COVID-19 pandemic, as well as the
increasing proportion of marketplace businesses in the revenue
mix.
Cost of revenues for the first
six months of 2021 decreased by 37.0% to RMB1,223.1 million
(US$189.4 million) for the first six months of 2021 from RMB1,941.1
million for the same period in 2020, primarily due to the decrease
in total revenues.
Gross profit was RMB302.5
million (US$46.9 million) for the first six months of 2021,
compared with RMB370.4 million for the same period in 2020.
Gross Margin reached 19.8% for
the first six months of 2021, compared with 16.0% for the same
period in 2020.
Operating expenses for the
first six months of 2021 decreased by 13.0% to RMB310.9 million
(US$48.1 million) from RMB357.1 million for the same period in
2020.
Fulfillment expenses for the
first six months of 2021 slightly decreased by 0.2% to RMB83.2
million (US$12.9 million) from RMB83.4 million for the same period
in 2020.
Marketing expenses for the
first six months of 2021 decreased by 14.3% to RMB118.0 million
(US$18.3 million) from RMB137.7 million for the same period in
2020. The decrease was primarily due to reduced rent expenses, as
well as decreased staff costs.
Technology and content development
expenses for the first six months of 2021 slightly
decreased by 0.4% to RMB54.5 million (US$8.4 million) from RMB54.7
million for the same period in 2020.
General and administrative
expenses for the first six months of 2021 decreased by
32.2% to RMB55.1 million (US$8.5 million) from RMB81.4 million for
the same period in 2020. The decrease was primarily attributable to
decreased consulting service fees and office rental expenses.
Loss from operations for the
first six months of 2021 was RMB8.3 million (US$1.3 million),
compared with an income of RMB13.3 million for the same period in
2020.
Non-GAAP loss from operations,
which excludes share-based compensation expenses, was RMB6.0
million (US$0.9 million) for the first six months of 2021, compared
with non-GAAP income from operations of RMB18.3 million for the
same period in 2020.
Income tax benefit was RMB15.1
million (US$2.3 million) for the first six months of 2021, compared
with RMB4.6 million for the same period in 2020.
Net loss was RMB39.8 million
(US$6.2 million) for the first six months of 2021, compared with
RMB36.6 million for the same period in 2020.
Non-GAAP net loss, which
excludes share-based compensation expenses, was RMB37.5 million
(US$5.8 million) for the first six months of 2021, compared with
RMB31.5 million for the same period in 2020.
Net loss attributable to ordinary
shareholders of Secoo Holding Limited for the first six
months of 2021 was RMB40.9 million (US$6.3 million), compared with
RMB36.1 million for the same period in 2020.
Basic and diluted net loss per
share were both RMB1.16 (US$0.18) for the first six months
of 2021, compared with RMB1.40 for the same period in 2020. Basic
and diluted net loss per American depositary share (“ADS”) were
both RMB0.58 (US$0.09) for the first six months of 2021, compared
with RMB0.70 for the same period in 2020.
Non-GAAP basic and diluted net loss per
share were both RMB1.09 (US$0.17) for the first six months
of 2021, compared with RMB1.20 for the same period in 2020.
Non-GAAP basic and diluted net loss per ADS were both RMB0.55
(US$0.09) for the first six months of 2021, compared with RMB0.60
for the same period in 2020.
Cash and Restricted Cash
As of June 30, 2021, the Company had cash, cash
equivalents and restricted cash of RMB407.4 million (US$63.1
million).
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 420,000 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 the translation of
certain Renminbi amounts into U.S. dollars at specified rates
solely for the convenience of readers. Unless otherwise noted, all
translations from Renminbi to U.S. dollars were made at the
exchange rate of RMB6.4566 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,
2021.
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 LimitedJingbo MaTel: +86 (10)
6588-0135E-mail: ir@secoo.com
The Piacente Group, Inc.Jenny CaiTel: +86 (10)
6508-0677E-mail: Secoo@tpg-ir.com
In the United States:The Piacente Group, Inc.Brandi PiacenteTel:
+1-212-481-2050E-mail: Secoo@tpg-ir.com
SECOO HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(All amounts in thousands, except for share
data) |
|
|
|
For the Six Months Ended June 30, |
|
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
Merchandise sales |
|
2,222,542 |
|
|
1,424,859 |
|
|
220,683 |
|
Marketplace and other
services |
|
88,969 |
|
|
100,762 |
|
|
15,606 |
|
Total
revenues |
|
2,311,511 |
|
|
1,525,621 |
|
|
236,289 |
|
Cost of revenues |
|
(1,941,148 |
) |
|
(1,223,099 |
) |
|
(189,434 |
) |
Gross
profit |
|
370,363 |
|
|
302,522 |
|
|
46,855 |
|
Operating
expenses: |
|
|
|
|
|
|
Fulfillment expenses |
|
(83,364 |
) |
|
(83,188 |
) |
|
(12,884 |
) |
Marketing expenses |
|
(137,671 |
) |
|
(118,029 |
) |
|
(18,280 |
) |
Technology and content
development expenses |
|
(54,699 |
) |
|
(54,492 |
) |
|
(8,440 |
) |
General and administrative
expenses |
|
(81,378 |
) |
|
(55,148 |
) |
|
(8,541 |
) |
Total operating
expenses |
|
(357,112 |
) |
|
(310,857 |
) |
|
(48,145 |
) |
Income/(loss) from
operations |
|
13,251 |
|
|
(8,335 |
) |
|
(1,290 |
) |
Other income
(expenses): |
|
|
|
|
|
|
Interest income |
|
2,555 |
|
|
568 |
|
|
88 |
|
Interest expense |
|
(64,108 |
) |
|
(60,727 |
) |
|
(9,405 |
) |
Foreign currency exchange
loss |
|
(1,845 |
) |
|
(942 |
) |
|
(146 |
) |
Change in fair value of
financial instruments |
|
(1,395 |
) |
|
- |
|
|
- |
|
Others |
|
10,393 |
|
|
14,494 |
|
|
2,245 |
|
Loss before income
tax |
|
(41,149 |
) |
|
(54,942 |
) |
|
(8,508 |
) |
Income tax benefits |
|
4,551 |
|
|
15,116 |
|
|
2,341 |
|
Net loss |
|
(36,598 |
) |
|
(39,826 |
) |
|
(6,167 |
) |
Less: Gain attributable to
redeemable non-controlling interest |
|
318 |
|
|
964 |
|
|
149 |
|
Less: Loss attributable to
non-redeemable non-controlling interest |
|
(1,083 |
) |
|
(167 |
) |
|
(26 |
) |
Net loss attributable
to Secoo Holding Limited |
|
(35,833 |
) |
|
(40,623 |
) |
|
(6,290 |
) |
Accretion to redeemable
non-controlling interest redemption value |
|
(250 |
) |
|
(248 |
) |
|
(38 |
) |
Net loss attributable
to ordinary shareholders of Secoo Holding Limited |
|
(36,083 |
) |
|
(40,871 |
) |
|
(6,328 |
) |
|
|
|
|
|
|
|
Net loss per
share |
|
|
|
|
|
|
— Basic |
|
(1.40 |
) |
|
(1.16 |
) |
|
(0.18 |
) |
— Diluted |
|
(1.40 |
) |
|
(1.16 |
) |
|
(0.18 |
) |
|
|
|
|
|
|
|
Net loss per
ADS |
|
|
|
|
|
|
— Basic |
|
(0.70 |
) |
|
(0.58 |
) |
|
(0.09 |
) |
— Diluted |
|
(0.70 |
) |
|
(0.58 |
) |
|
(0.09 |
) |
|
|
|
|
|
|
|
Weighted average
number of shares outstanding used in computing net loss per
share |
|
|
|
|
|
|
— Basic |
|
25,851,062 |
|
|
35,326,281 |
|
|
35,326,281 |
|
— Diluted |
|
25,851,062 |
|
|
35,326,281 |
|
|
35,326,281 |
|
SECOO HOLDING LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands, except for share
data) |
|
|
As of December 31, |
|
As of June 30, |
|
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
639,932 |
|
|
316,606 |
|
|
49,036 |
|
Restricted cash |
|
85,826 |
|
|
88,592 |
|
|
13,721 |
|
Accounts receivable, net |
|
99,228 |
|
|
51,301 |
|
|
7,946 |
|
Inventories |
|
3,289,804 |
|
|
3,286,909 |
|
|
509,077 |
|
Advances to suppliers |
|
400,186 |
|
|
340,637 |
|
|
52,758 |
|
Prepayments and other current
assets |
|
492,927 |
|
|
525,220 |
|
|
81,346 |
|
Amounts due from related
parties |
|
— |
|
|
19 |
|
|
3 |
|
Total current
assets |
|
5,007,903 |
|
|
4,609,284 |
|
|
713,887 |
|
Non-current
assets |
|
|
|
|
|
|
Property and equipment,
net |
|
73,027 |
|
|
64,492 |
|
|
9,989 |
|
Restricted cash |
|
3,846 |
|
|
2,249 |
|
|
348 |
|
Investment in equity
investees |
|
57,189 |
|
|
56,949 |
|
|
8,820 |
|
Deferred tax assets |
|
82,896 |
|
|
104,199 |
|
|
16,138 |
|
Goodwill |
|
807 |
|
|
807 |
|
|
125 |
|
Operating lease right-of-use
assets |
|
105,938 |
|
|
90,419 |
|
|
14,004 |
|
Other non-current assets |
|
10,817 |
|
|
17,682 |
|
|
2,739 |
|
Total non-current
assets |
|
334,520 |
|
|
336,797 |
|
|
52,163 |
|
Total
assets |
|
5,342,423 |
|
|
4,946,081 |
|
|
766,050 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Short-term borrowings and
current portion of long-term borrowings |
|
191,289 |
|
|
118,816 |
|
|
18,402 |
|
Accounts payable |
|
348,154 |
|
|
438,123 |
|
|
67,857 |
|
Amounts due to related
parties |
|
62 |
|
|
— |
|
|
— |
|
Advances from customers |
|
96,134 |
|
|
119,638 |
|
|
18,530 |
|
Income taxes payable |
|
77,361 |
|
|
55,840 |
|
|
8,648 |
|
Accrued expenses and other
current liabilities |
|
742,365 |
|
|
484,860 |
|
|
75,093 |
|
Deferred revenue |
|
221,704 |
|
|
35,162 |
|
|
5,446 |
|
Operating lease
liabilities |
|
40,204 |
|
|
35,020 |
|
|
5,424 |
|
Total current
liabilities |
|
1,717,273 |
|
|
1,287,459 |
|
|
199,400 |
|
Non-current
liabilities |
|
|
|
|
|
|
Long-term borrowings,
excluding current portion |
|
1,128,004 |
|
|
1,148,086 |
|
|
177,816 |
|
Operating lease
liabilities |
|
70,427 |
|
|
57,719 |
|
|
8,940 |
|
Long-term liabilities |
|
109,493 |
|
|
161,529 |
|
|
25,018 |
|
Total non-current
liabilities |
|
1,307,924 |
|
|
1,367,334 |
|
|
211,774 |
|
Total
liabilities |
|
3,025,197 |
|
|
2,654,793 |
|
|
411,174 |
|
|
|
|
|
|
|
|
Mezzanine
Equity |
|
|
|
|
|
|
Redeemable non-controlling
interest |
|
10,010 |
|
|
11,193 |
|
|
1,734 |
|
Total mezzanine
equity |
|
10,010 |
|
|
11,193 |
|
|
1,734 |
|
|
|
|
|
|
|
|
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, 2020 and June
30,2021, 29,272,306 shares issued and 28,754,852 shares outstanding
as of December 31, 2020 and June 30, 2021, respectively) |
|
198 |
|
|
198 |
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
Class B Ordinary shares
(US$0.001 par value, 150,000,000 shares authorized including class
A shares and class B shares, 6,571,429 shares issued and 6,571,429
shares outstanding as of December 31, 2020 and June 30, 2021,
respectively) |
|
41 |
|
|
41 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
Treasury Stock (517,454 Class
A ordinary shares as of December 31, 2020 and June 30, 2021,
respectively, at cost) |
|
(71,018 |
) |
|
(71,018 |
) |
|
(10,999 |
) |
Additional paid-in
capital |
|
3,560,008 |
|
|
3,562,367 |
|
|
551,740 |
|
Accumulated losses |
|
(1,206,436 |
) |
|
(1,247,307 |
) |
|
(193,183 |
) |
Accumulated other
comprehensive loss |
|
35,923 |
|
|
46,783 |
|
|
7,246 |
|
Total equity
attributable to ordinary shareholders |
|
2,318,716 |
|
|
2,291,064 |
|
|
354,841 |
|
Non-redeemable non-controlling
interest |
|
(11,500 |
) |
|
(10,969 |
) |
|
(1,699 |
) |
Total shareholders'
equity |
|
2,307,216 |
|
|
2,280,095 |
|
|
353,142 |
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders' equity |
|
5,342,423 |
|
|
4,946,081 |
|
|
766,050 |
|
|
SECOO HOLDING LIMITED |
|
Reconciliations of GAAP and Non-GAAP Results |
|
(All amounts in thousands, except for share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
June 30, |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
RMB |
|
US$ |
Income(loss) from operations |
|
13,251 |
|
|
(8,335 |
) |
|
(1,290 |
) |
Add: Share-based
compensation expenses |
|
5,091 |
|
|
2,359 |
|
|
365 |
|
Non-GAAP
income(loss) from operations |
|
18,342 |
|
|
(5,976 |
) |
|
(925 |
) |
|
|
|
|
|
|
|
Net
Loss |
|
(36,598 |
) |
|
(39,826 |
) |
|
(6,167 |
) |
Add: Share-based
compensation expenses |
|
5,091 |
|
|
2,359 |
|
|
365 |
|
Non-GAAP
net loss |
|
(31,507 |
) |
|
(37,467 |
) |
|
(5,802 |
) |
|
|
|
|
|
|
|
Net
loss attributable to ordinary shareholders of
Secoo Holding Limited |
|
( 36,083 |
) |
|
(40,871 |
) |
|
(6,328 |
) |
Add: Share-based
compensation expenses |
|
5,091 |
|
|
2,359 |
|
|
365 |
|
Non-GAAP
net loss attributable to ordinary shareholders of Secoo Holding
Limited |
|
(30,992 |
) |
|
(38,512 |
) |
|
(5,963 |
) |
|
|
|
|
|
|
|
Non-GAAP net
loss per share: |
|
|
|
|
|
|
Basic |
|
(1.20 |
) |
|
(1.09 |
) |
|
(0.17 |
) |
Diluted |
|
(1.20 |
) |
|
(1.09 |
) |
|
(0.17 |
) |
|
|
|
|
|
|
|
Non-GAAP net
loss per ADS: |
|
|
|
|
|
|
Basic |
|
(0.60 |
) |
|
(0.55 |
) |
|
(0.09 |
) |
Diluted |
|
(0.60 |
) |
|
(0.55 |
) |
|
(0.09 |
) |
|
|
|
|
|
|
|
Weighted
average number of shares outstanding used in computing the adjusted
net loss per share |
|
|
|
|
|
|
— Basic |
|
25,851,062 |
|
|
35,326,281 |
|
|
35,326,281 |
|
— Diluted |
|
25,851,062 |
|
|
35,326,281 |
|
|
35,326,281 |
|
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