MOGU Inc. (NYSE: MOGU) (“MOGU” or the "Company"), a KOL-driven
online fashion and lifestyle destination in China, today announced
its unaudited financial results for the six months ended March 31,
2022.
Mr. Chen Qi, Chairman and Chief Executive Officer of MOGU,
commented, “In 2022, the Live eCommerce industry saw many changes,
including an intensifying competitive environment amongst the major
live platforms and harsher regulations that resulted in greater
supervision of key influencers. In the meantime, COVID-19
restrictions affected the fulfillment of orders nationwide
resulting in both sales volume and revenue coming in below
expectations. The Gross Merchandise Value (“GMV1”) and revenue of
MOGU decreased by 31.4% and 29.2% to RMB5,225 million (US$824.2
million) and RMB168 million (US$26.5 million) period-over-period,
respectively. Despite facing multiple challenges, we proactively
explored new opportunities. The acquisition of Hangzhou Ruisha
Technology Co. Ltd. allowed us to expand and further utilize MOGU's
merchants' service capabilities that we have been building over the
years. Through Ruisha, we are able to reach more brands, thereby
enriching our platform with more fashionable and high-quality
product offerings for our users.”
"During the second half of fiscal year of 2022, our total
revenues decreased by 29.2% to RMB168 million. The adjusted EBITDA
and Loss from operations were negative RMB16.3 million and RMB240.3
million, compared with negative RMB18.9 million and RMB233.5
million, respectively, for the same period of fiscal year 2021. We
continue to focus on optimizing our cost structure and improving
our operational efficiency and expect these will result in a
significant improvement in financial performance during our fiscal
year 2023. We will also continue to explore new business
opportunities to diversify our revenue structure," added Ms. Qi
Feng, Financial Controller.
Highlights For the Six Months Ended March 31, 2022
- Total revenues for the six months ended March 31, 2022
decreased by 29.2% to RMB168.0 million (US$26.5 million) from
RMB237.4 million during the same period of fiscal year 2021.
- LVB associated GMV for the six months ended March
31, 2022 decreased by 23.0% period-over-period to RMB4,846 million
(US$764.4 million2). LVB associated GMV for the six months ended
March 31, 2022 accounted for 92.7% of our total GMV.
- GMV for the six months ended March 31, 2022 was RMB5,225
million (US$824.2 million), a decrease of 31.4%
period-over-period.
Financial Results For the Six Months Ended March 31,
2022
Total revenues for the six months ended March 31, 2022
decreased by 29.2% to RMB168.0 million (US$26.5 million) from
RMB237.4 million during the same period of fiscal year 2021.
- Commission revenues for the six months ended March 31,
2022 decreased by 33.1% to RMB109.9 million (US$17.3 million) from
RMB164.4 million in the same period of fiscal year 2021, primarily
attributable to the lower GMV due to the heightened competitive
environment.
- Marketing services revenues for the six months ended
March 31, 2022 decreased by 83.4% to RMB4.9 million (US$0.8
million) from RMB29.4 million in the same period of fiscal year
2021. The decrease was primarily due to the restructuring of the
Company’s business towards an LVB-focused model, which involves
more business partners, including LVB hosts and their agencies, who
take on a portion of our marketing and promotion functions.
- Financing solutions revenues for the six months ended
March 31, 2022 decreased by 59.0% to RMB10.4 million (US$1.6
million) from RMB25.3 million in the same period of fiscal year
2021. The decrease was primarily due to a decrease in service fee
from loans to users in line with lower GMV.
- Technology service revenues for the six months ended
March 31,2022 increased by 145.3% to RMB35.7 million(US$5.6
million) from RMB14.6 million in the same period of fiscal year
2021, primarily attributable to the combination of Hangzhou Ruisha
Technology Co. Ltd., (“Ruisha”), which is committed to providing
brands merchants with one-stop and customized services for
full-domain operations, including a wide variety of operational
services, data platforms and other software services, as well as
value-added services such as traffic placement.
- Other revenues for the six months ended March 31, 2022
increased by 88.4% to RMB7.1 million (US$1.1 million) from RMB3.8
million in the same period of fiscal year 2021.
Cost of revenues for the six months ended March 31, 2022
decreased by 16.2% to RMB74.5 million (US$11.7 million) from
RMB88.8 million in the same period of fiscal year 2021, which was
primarily due to decreases in the IT related expenses, payment
handling costs and rental expenses.
Sales and marketing expenses for the six months ended March 31,
2022 decreased by 53.6% to RMB55.6 million (US$8.8 million) from
RMB119.9 million in the same period of fiscal year 2021, primarily
due to optimized spending on branding and user acquisition
activities.
Research and development expenses for the six months ended March
31, 2022 decreased by 20.1% to RMB37.4 million (US$5.9 million)
from RMB46.8 million in the same period of fiscal year 2021,
primarily due to decreases in payroll costs as a result of
headcount optimization and rental expenses.
General and administrative expenses for the six months ended
March 31, 2022 decreased by 32.3% to RMB37.1 million (US$5.9
million) from RMB54.8 million in the same period of fiscal year
2021, primarily due to decreases in payroll costs as a result of
headcount optimization as well as miscellaneous administrative
expenses.
Amortization of intangible assets for the six months ended March
31, 2022 decreased by 14.1% to RMB168.0 million (US$26.5 million)
from RMB195.6 million in the same period of fiscal year 2021.
Impairment of intangible assets for the six months ended March
31, 2022 was RMB48.9 million (US$7.7 million) from nil in the same
period of fiscal year 2021. The Company provided full impairment
charges for broadcasting license, domain name and insurance license
intangible assets of RMB38.7 million, RMB8.1 million and RMB2.1
million, respectively, for the year ended March 31, 2022, as the
Company believes the future estimated economic benefit generated
from these intangible assets are not considered to be sufficient to
recover related net book values.
Loss from operations for the six months ended March 31,
2022 was RMB240.3 million (US$37.9 million), compared to loss from
operations of RMB233.5 million in the same period of fiscal year
2021.
Net loss attributable to MOGU Inc. for the six months
ended March 31, 2022 was RMB227.9 million (US$35.9 million),
compared to a net loss attributable to MOGU Inc. of RMB145.3
million in the same period of fiscal year 2021.
Adjusted EBITDA3 for the six months ended March 31, 2022
was negative RMB16.3 million (US$2.6 million), compared to negative
RMB18.9 million in the same period of fiscal year 2021.
Adjusted net loss4 for the six months ended March 31,
2022 was RMB12.7 million (US$2.0 million), compared to adjusted net
loss of RMB25.3 million in the same period of fiscal year 2021.
Basic and diluted loss per ADS5 for the six months ended
March 31, 2022 were RMB27.13 (US$4.28) and RMB27.13 (US$4.28),
respectively, compared with RMB16.57 and RMB16.57, respectively, in
the same period of fiscal year 2021. One ADS represents 300 Class A
ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term
investments were RMB636.3 million (US$100.4 million) as of
March 31, 2022, compared with RMB803.1 million as of March 31,
2021.
Fiscal Year 2022 Financial Results
Total revenues decreased by 30.0% to RMB337.5 million
(US$53.2 million) from RMB482.4 million in fiscal year 2021.
- Commission revenues decreased by 28.8% to RMB226.7
million (US$35.8 million) from RMB318.6 million in fiscal year
2021, primarily attributable to the lower GMV due to the heightened
competitive environment.
- Marketing services revenues decreased by 74.9% to
RMB17.9 million (US$2.8 million) from RMB71.3 million in fiscal
year 2021. The decrease was primarily due to the restructuring of
the Company’s business towards an LVB-focused model, which involves
more business partners, including LVB hosts and their agencies, who
take on a portion of our marketing and promotion functions.
- Financing solutions revenues decreased by 35.4% to
RMB31.9 million (US$5.0 million) from RMB49.3 million in the same
period of fiscal year 2021. The decrease was primarily due to a
decrease in service fee from loans to users in line with lower
GMV.
- Technology service revenues increased by 61.6% to
RMB46.1 million (US$7.3 million) from RMB28.5 million in the fiscal
year 2021, primarily attributable to the combination of
Ruisha.
- Other revenues increased by 1.7% to RMB14.9 million
(US$2.4 million) from RMB14.7 million in fiscal year 2021.
Cost of revenues decreased by 12.8% to RMB159.6 million (US$25.2
million) from RMB183.1 million in fiscal year 2021, which was
primarily due to decreases in the IT related expenses, payment
handling costs and rental expenses.
Sales and marketing expenses decreased by 35.4% to RMB148.4
million (US$23.4 million) from RMB229.8 million in fiscal year
2021, primarily due to optimized spending on branding and user
acquisition activities.
Research and development expenses decreased by 20.1% to RMB82.6
million (US$13.0 million) from RMB103.5 million in fiscal year
2021, primarily due to a decrease in payroll costs as a result of
headcount optimization.
General and administrative expenses decreased by 23.2% to
RMB79.2 million (US$12.5 million) from RMB103.0 million in fiscal
year 2021, primarily due to decreases in payroll costs as a result
of headcount optimization as well as miscellaneous administrative
expenses.
Amortization of intangible assets slightly decreased by 4.0% to
RMB328.2 million (US$51.8 million) from RMB341.8 million in fiscal
year 2021.
Impairment of goodwill and intangible assets for the year ended
March 31, 2022 was RMB235.4 million (US$37.1 million), compared to
nil in the fiscal year 2021, which was associated with
weaker-than-expected operating results of the LVB-focused
e-commerce platform reporting unit due to the continuously
heightened competitive environment and the limited future economic
benefit generated from these intangible assets.
Loss from operations was RMB670.5 million (US$105.8
million), compared to loss from operations of RMB428.9 million in
fiscal year 2021, primarily attributable to impairment of goodwill
and intangible incurred in fiscal year 2022.
Net loss attributable to MOGU Inc. was RMB639.8 million
(US$100.9 million), compared to a net loss attributable to MOGU
Inc. of RMB328.0 million in fiscal year 2021.
Adjusted EBITDA6 was negative RMB89.1 million (US$14.1
million), compared to negative RMB51.5 million in fiscal year
2021.
Adjusted net loss7 was RMB82.6 million (US$13.0 million),
compared to adjusted net loss of RMB51.0 million in fiscal year
2021.
Basic and diluted loss per ADS were RMB76.17 (US$12.02)
and RMB RMB76.17 (US$12.02) respectively, compared with RMB37.41
and RMB37.41, respectively, in fiscal year 2021. One ADS represents
300 Class A ordinary shares.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
nonGAAP measures, such as Adjusted EBITDA and Adjusted net loss as
supplemental measures to review and assess operating performance.
The presentation of these nonGAAP financial measures is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
accounting principles generally accepted in the United States of
America (“U.S. GAAP”). The Company defines Adjusted EBITDA as net
loss before interest income, (gain)/loss from investments, net, the
deferred tax impact resulting from the amortization and impairment
of intangible assets, share of results of equity investees,
impairment of goodwill and intangible assets, share-based
compensation expenses, amortization of intangible assets, and
depreciation of property and equipment. The Company defines
Adjusted net loss as net loss excluding (gain)/loss from
investments, net, impairment of goodwill and intangible assets,
share-based compensation expenses, amortization of intangible
assets, and adjustments for tax effects. See “Unaudited
Reconciliations of GAAP and NonGAAP Results” at the end of this
press release.
The Company presents these nonGAAP financial measures because
they are used by management to evaluate operating performance and
formulate business plans. The Company believes that the nonGAAP
financial measures help identify underlying trends in its business
by excluding certain expenses, gain/loss and other items and the
deferred tax impact resulting from the amortization and impairment
of intangible assets, that are not expected to result in future
cash payments or that are nonrecurring in nature or may not be
indicative of the Company’s core operating results and business
outlook. The Company also believes that the nonGAAP financial
measures could provide further information about the Company’s
results of operations, enhance the overall understanding of the
Company’s past performance and future prospects.
The nonGAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The nonGAAP
financial measures have limitations as analytical tools. The
Company’s nonGAAP financial measures do not reflect all items of
income and expense that affect the Company’s operations and do not
represent the residual cash flow available for discretionary
expenditures. Further, these nonGAAP measures may differ from the
nonGAAP information used by other companies, including peer
companies, and therefore their comparability may be limited. The
Company compensates for these limitations by reconciling the
nonGAAP financial measures to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating
performance. The Company encourages you to review the Company’s
financial information in its entirety and not rely on a single
financial measure.
For more information on the nonGAAP financial measures, please
see the table captioned “Unaudited Reconciliations of GAAP and
NonGAAP Results” set forth at the end of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “confident,” “potential,”
“continue” or other similar expressions. Among other things, the
business outlook and quotations from management in this
announcement, as well as MOGU’s strategic and operational plans,
contain forward-looking statements. MOGU may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), 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. Statements that are not historical
facts, including but not limited to statements about MOGU’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: MOGU’s growth strategies; the risk that
COVID-19 or other health risks in China or globally could adversely
affect its operations or financial results; its future business
development, results of operations and financial condition; its
ability to understand buyer needs and provide products and services
to attract and retain buyers; its ability to maintain and enhance
the recognition and reputation of its brand; its ability to rely on
merchants and third-party logistics service providers to provide
delivery services to buyers; its ability to maintain and improve
quality control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China’s ecommerce market; changes in its revenues and certain cost
or expense items; the expected growth of China’s ecommerce market;
PRC governmental policies and regulations relating to MOGU’s
industry, and general economic and business conditions globally and
in China and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in MOGU’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and MOGU undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
About MOGU Inc.
MOGU Inc. (NYSE: MOGU) is a leading KOL-driven online fashion
and lifestyle destination in China. MOGU provides people with a
more accessible and enjoyable shopping experience for everyday
fashion, particularly as they increasingly live their lives online.
By connecting merchants, KOLs and users together, MOGU’s platform
serves as a valuable marketing channel for merchants, a powerful
incubator for KOLs, and a vibrant and dynamic community for people
to discover and share the latest fashion trends with others, where
users can enjoy a truly comprehensive online shopping
experience.
MOGU INC.
Unaudited Condensed
Consolidated Balance Sheets
(All amounts in thousands,
except for share and per share data)
As of March 31,
As of March 31,
2021
2022
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
542,076
438,608
69,189
Restricted cash
808
809
128
Short-term investments
260,245
196,853
31,053
Inventories, net
240
79
12
Loan receivables, net
99,965
26,788
4,226
Prepayments and other current assets
77,679
55,135
8,697
Amounts due from related parties
6,061
640
101
Total current assets
987,074
718,912
113,406
Non-current assets:
Property, equipment and software, net
10,780
7,702
1,215
Intangible assets, net
426,005
89,822
14,169
Goodwill
186,504
63,460
10,011
Investments
66,382
72,120
11,377
Other non-current assets
163,111
214,964
33,910
Total non-current assets
852,782
448,068
70,682
Total assets
1,839,856
1,166,980
184,088
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Short-term borrowings
-
10,064
1,588
Accounts payable
19,938
17,950
2,832
Salaries and welfare payable
4,349
12,311
1,942
Advances from customers
77
901
142
Taxes payable
1,558
3,265
515
Amounts due to related parties
6,234
4,694
740
Accruals and other current liabilities
333,127
272,638
43,009
Total current liabilities
365,283
321,823
50,768
Non-current liabilities:
Deferred tax liabilities
17,526
12,112
1,911
Other non-current liabilities
2,151
890
140
Total non-current liabilities
19,677
13,002
2,051
Total liabilities
384,960
334,825
52,819
Shareholders’ equity
Ordinary shares
181
181
29
Treasury stock
(126,424
)
(136,113
)
(21,471
)
Statutory reserves
3,331
3,331
525
Additional paid-in capital
9,458,643
9,471,101
1,494,029
Accumulated other comprehensive income
97,145
69,016
10,887
Accumulated deficit
(7,977,980
)
(8,617,780
)
(1,359,421
)
Total MOGU Inc. shareholders’ equity
1,454,896
789,736
124,578
Non-controlling interests
-
42,419
6,691
Total shareholders’ equity
1,454,896
832,155
131,269
Total liabilities and shareholders’
equity
1,839,856
1,166,980
184,088
MOGU INC.
Unaudited Condensed
Consolidated Statements of Operations and Comprehensive
Loss
(All amounts in thousands,
except for share and per share data)
For the six months
ended
For the year ended
March 31,
March 31,
2021
2022
2021
2022
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Commission revenues
164,392
109,935
17,342
318,602
226,742
35,768
Marketing services revenues
29,376
4,882
770
71,345
17,888
2,822
Financing service
25,315
10,367
1,635
49,285
31,852
5,025
Technology service revenues
14,556
35,709
5,633
28,505
46,077
7,269
Other revenues
3,770
7,102
1,120
14,655
14,910
2,352
Total revenues
237,409
167,995
26,500
482,392
337,469
53,236
Cost of revenues (exclusive of amortization of intangible assets
shown separately below)
(88,827
)
(74,468
)
(11,747
)
(183,112
)
(159,601
)
(25,176
)
Sales and marketing expenses
(119,933
)
(55,638
)
(8,777
)
(229,775
)
(148,410
)
(23,411
)
Research and development expenses
(46,822
)
(37,414
)
(5,902
)
(103,474
)
(82,641
)
(13,036
)
General and administrative expenses
(54,790
)
(37,083
)
(5,850
)
(103,038
)
(79,178
)
(12,490
)
Amortization of intangible assets
(195,574
)
(167,964
)
(26,496
)
(341,802
)
(328,154
)
(51,765
)
Impairment of goodwill and intangible
assets
-
(48,890
)
(7,712
)
-
(235,394
)
(37,132
)
Other income, net
35,035
13,117
2,069
49,885
25,427
4,011
Loss from operations
(233,502
)
(240,345
)
(37,915
)
(428,924
)
(670,482
)
(105,763
)
Interest income
9,177
6,902
1,089
19,601
13,903
2,193
Gain/(loss) from investments, net
86,497
(7,590
)
(1,197
)
86,497
232
37
Loss before income tax and share of
results of equity investees
(137,828
)
(241,033
)
(38,023
)
(322,826
)
(656,347
)
(103,533
)
Income tax (expenses)/benefits
(7,531
)
12,797
2,019
(5,181
)
14,512
2,289
Share of results of equity investee, net
of tax
36
(121
)
(19
)
36
(539
)
(85
)
Net loss
(145,323
)
(228,357
)
(36,023
)
(327,971
)
(642,374
)
(101,329
)
Net loss attributable to non-controlling
interests
-
(483
)
(76
)
-
(2,574
)
(406
)
Net loss attributable to MOGU
Inc.
(145,323
)
(227,874
)
(35,947
)
(327,971
)
(639,800
)
(100,923
)
Net loss
(145,323
)
(228,357
)
(36,023
)
(327,971
)
(642,374
)
(101,329
)
Other comprehensive loss:
Foreign currency translation adjustments,
net of nil tax
(33,834
)
(6,744
)
(1,064
)
(72,993
)
(17,400
)
(2,745
)
Unrealized securities holding losses, net
of tax
(28,967
)
(516
)
(81
)
(31,658
)
(10,729
)
(1,692
)
Total comprehensive loss
(208,124
)
(235,617
)
(37,168
)
(432,622
)
(670,503
)
(105,766
)
Total comprehensive loss attributable to
non-controlling interests
-
(483
)
(76
)
-
(2,574
)
(406
)
Total comprehensive loss attributable
to MOGU Inc.
(208,124
)
(235,134
)
(37,092
)
(432,622
)
(667,929
)
(105,360
)
Net loss per share attributable to
ordinary shareholders
Basic
(0.06
)
(0.09
)
(0.01
)
(0.12
)
(0.25
)
(0.04
)
Diluted
(0.06
)
(0.09
)
(0.01
)
(0.12
)
(0.25
)
(0.04
)
Net loss per ADS*
Basic
(16.57
)
(27.13
)
(4.28
)
(37.41
)
(76.17
)
(12.02
)
Diluted
(16.57
)
(27.13
)
(4.28
)
(37.41
)
(76.17
)
(12.02
)
Weighted average number of shares used
in computing net loss per share
Basic
2,630,463,575
2,520,103,689
2,520,103,689
2,630,425,361
2,519,948,060
2,519,948,060
Diluted
2,630,463,575
2,520,103,689
2,520,103,689
2,630,425,361
2,519,948,060
2,519,948,060
Share-based compensation expenses
included in:
Cost of revenues
1,215
631
100
2,464
1,872
295
General and administrative expenses
6,937
3,121
492
14,475
6,789
1,071
Sales and marketing expenses
2,795
1,143
180
5,416
3,905
616
Research and development expenses
2,320
(352
)
(56
)
3,940
(108
)
(17
)
MOGU INC.
Unaudited Condensed
Consolidated Statements of Cash Flows
(All amounts in thousands,
except for share and per share data)
For the six months
ended
For the year ended
March 31,
March 31,
2021
2022
2021
2022
RMB
RMB
US$
RMB
RMB
US$
Net cash used in operating
activities
(37,950
)
(40,881
)
(6,449
)
(77,931
)
(114,409
)
(18,048
)
Net cash provided by/(used in)
investing activities
34,173
(35,511
)
(5,602
)
(96,663
)
13,947
2,200
Net cash (used in)/provided by
financing activities
(16,618
)
8,815
1,391
(119,249
)
450
71
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
(9,223
)
(861
)
(135
)
(20,647
)
(3,455
)
(544
)
Net decrease in cash and cash equivalents
and restricted cash
(29,618
)
(68,438
)
(10,795
)
(314,490
)
(103,467
)
(16,321
)
Cash and cash equivalents and restricted
cash at beginning of period
572,502
507,855
80,112
857,374
542,884
85,638
Cash and cash equivalents and restricted
cash at end of period
542,884
439,417
69,317
542,884
439,417
69,317
MOGU INC.
Reconciliations of GAAP and
Non-GAAP Results
(All amounts in thousands,
except for share and per share data)
For the six months
ended
For the year ended
March 31
March 31,
2021
2022
2021
2022
RMB
RMB
US$
RMB
RMB
US$
Net loss
(145,323
)
(228,357
)
(36,023
)
(327,971
)
(642,374
)
(101,329
)
Add:
Share of result of equity investee
(36
)
121
19
(36
)
539
85
Add:
(Gain)/loss from investments, net
(86,497
)
7,590
1,197
(86,497
)
(232
)
(37
)
Add:
Income tax expenses/(benefits)
7,531
(12,797
)
(2,019
)
5,181
(14,512
)
(2,289
)
Less:
Interest income
(9,177
)
(6,902
)
(1,089
)
(19,601
)
(13,903
)
(2,193
)
Loss from operations
(233,502
)
(240,345
)
(37,915
)
(428,924
)
(670,482
)
(105,763
)
Add:
Impairment of goodwill and intangible
assets
-
48,890
7,712
-
235,394
37,132
Add:
Share-based compensation expenses
13,267
4,543
716
26,295
12,458
1,965
Add:
Amortization of intangible assets
195,574
167,964
26,496
341,802
328,154
51,765
Add:
Depreciation of property and equipment
5,744
2,599
410
9,327
5,396
851
Adjusted EBITDA
(18,917
)
(16,349
)
(2,581
)
(51,500
)
(89,080
)
(14,050
)
Net loss
(145,323
)
(228,357
)
(36,023
)
(327,971
)
(642,374
)
(101,329
)
Add:
(Gain)/loss from investments, net
(86,497
)
7,590
1,197
(86,497
)
(232
)
(37
)
Add:
Share-based compensation expenses
13,267
4,543
716
26,295
12,458
1,965
Add:
Impairment of goodwill and intangible
assets
-
48,890
7,712
-
235,394
37,132
Add:
Amortization of intangible assets
195,574
167,964
26,496
341,802
328,154
51,765
Less:
Adjusted for tax effects
(2,322
)
(13,291
)
(2,097
)
(4,644
)
(15,963
)
(2,518
)
Adjusted net loss
(25,301
)
(12,661
)
(1,999
)
(51,015
)
(82,563
)
(13,022
)
________________________________
1 GMV refers to the total value of orders placed on the MOGU
platform regardless of whether the products are sold, delivered or
returned, calculated based on the listed prices of the ordered
products without taking into consideration any discounts on the
listed prices. Buyers on the MOGU platform are not charged for
separate shipping fees over the listed price of a product. If
merchants include certain shipping fees in the listed price of a
product, such shipping fees will be included in GMV. As a prudent
matter aiming at eliminating any influence on MOGU’s GMV of
irregular transactions, the Company excludes from its calculation
of GMV transactions over a certain amount (RMB100,000) and
transactions by users over a certain amount (RMB1,000,000) per
day.
2 The U.S. dollar (US$) amounts disclosed in this press release,
except for those transaction amounts that were actually settled in
U.S. dollars, are presented solely for the convenience of the
readers. The conversion of Renminbi (RMB) into US$ 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 as of March 31, 2022, which was RMB6.3393 to
US$1.00. The percentages stated in this press release are
calculated based on the RMB amounts.
3 Adjusted EBITDA represents net loss before (i) interest
income, (gain)/loss from investments, net, income tax
expenses/(benefits) and share of results of equity investee,
impairment of goodwill and intangible assets and (ii) certain
non-cash expenses, consisting of share-based compensation expenses,
amortization of intangible assets, and depreciation of property and
equipment. See “Unaudited Reconciliations of GAAP and NonGAAP
Results” at the end of this press release.
4 Adjusted net loss represents net loss excluding (i)
(gain)/loss from investments, net, (ii) share-based compensation
expenses, (iii) impairment of goodwill and intangible assets,
(iv)amortization of intangible assets, (v) adjustments for tax
effects. See “Unaudited Reconciliations of GAAP and NonGAAP
Results” at the end of this press release.
5 The company change the ADS to common share conversion ratio on
March 28, 2022. The ratio changed from one (1) ADS to twenty-five
(25) Class A ordinary share to the current ratio of one (1) ADS to
three hundred (300) Class A ordinary shares. As a result, the
company made the corresponding change to the basic and diluted loss
per ADS retroactively to reflect the new ADS conversion ratio.
6 Adjusted EBITDA represents net loss before (i) interest
income, (gain)/loss from investments, net, income tax
expenses/(benefits) and share of results of equity investee,
impairment of goodwill and intangible assets and (ii) certain
non-cash expenses, consisting of share-based compensation expenses,
amortization of intangible assets, and depreciation of property and
equipment. See “Unaudited Reconciliations of GAAP and NonGAAP
Results” at the end of this press release.
7 Adjusted net loss represents net loss excluding (i)
(gain)/loss from investments, net, (ii) share-based compensation
expenses, (iii) impairment of goodwill and intangible assets, (iv)
amortization of intangible assets, and adjustments for tax effects.
See “Unaudited Reconciliations of GAAP and NonGAAP Results” at the
end of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220608005430/en/
For investor and media inquiries:
MOGU Inc.
Ms. Qi Feng Phone: +86-571-8530-8201 E-mail: ir@mogu.com
Christensen
In China Mr. Eric Yuan Phone: +86-10-5900-1548 E-mail:
eyuan@christensenir.com
In the United States Ms. Linda Bergkamp Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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