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,
2023 and fiscal year 2023.
Mr. Fan Yiming, Chief Executive Officer of MOGU, commented,
“Fiscal Year 2023 has been an extremely challenging year. The
competitive environment of online shopping continued to intensify
and several surges in COVID-19 cases in China resulted in supply
chain and logistics disruptions.
The Gross Merchandise Value (“GMV1”) and revenue of MOGU for the
second half of fiscal year 2023 decreased by 38.0% and 30.2%, to
RMB3,241 million and RMB117.2 million period-over-period,
respectively.The declining GMV was driven by weakening demand in
the fashion & accessories category, which was partially offset
by accelerating growth for healthcare and food.
Consumer behavior has shifted during the Covid-19 pandemic. As
many customers temporarily adopted a more conservative consumption
attitude, they tend to exercise more prudence on discretionary
spending like fashion and accessories. Meanwhile, people pay more
attention to their health and general well-being, which in turn
leads to more interest and willingness to consume healthcare
related products. In response to this trend, we have proactively
adjusted our product offerings and expanded our product portfolio
with a variety of healthcare products, groceries, household
supplies and foods. Our goal is to offer our customers a wider
variety of products while providing a more enjoyable shopping
experience."
"During the second half of fiscal year of 2023, our total
revenues decreased by 30.2%, as compared with the same period of
fiscal year 2022, to RMB117.2 million. We continued to take a
holistic approach to improve our financial performance. The
adjusted EBITDA (non-GAAP) and loss from operations were negative
RMB6.8 million and RMB139.4 million, compared with negative RMB16.3
million and RMB240.3 million, respectively, for the same period of
fiscal year 2022. We will also continue to explore new business
opportunities to diversify our revenue structure," added Ms. Qi
Feng, Financial Controller of MOGU.
Highlights For the Six Months Ended March 31, 2023
- Total revenues for the six months ended March 31, 2023
decreased by 30.2% to RMB117.2 million (US$17.1 million) from
RMB168.0 million during the same period of fiscal year 2022.
- Live video broadcast (“LVB”) associated GMV for
the six months ended March 31, 2023 decreased by 34.7%
period-over-period to RMB3,165 million (US$460.9 million2).
- GMV for the six months ended March 31, 2023 was RMB3,241
million (US$471.9 million), a decrease of 38.0%
period-over-period.
Financial Results For the Six Months Ended March 31,
2023
Total revenues for the six months ended March 31, 2023
decreased by 30.2% to RMB117.2 million (US$17.1 million) from
RMB168.0 million during the same period of fiscal year 2022.
- Commission revenues for the six months ended March 31,
2023 decreased by 31.0% to RMB75.8 million (US$11.0 million) from
RMB109.9 million in the same period of fiscal year 2022, primarily
attributable to the lower GMV due to the heightened competitive
environment and the COVID-19 pandemic resurgence.
- Marketing services revenues for the six months ended
March 31, 2023 decreased by 70.6% to RMB1.4 million (US$0.2
million) from RMB4.9 million in the same period of fiscal year
2022, primarily due to the challenging competitive
environment.
- Financing solutions revenues for the six months ended
March 31, 2023 decreased by 42.0% to RMB6.0 million (US$0.9
million) from RMB10.4 million in the same period of fiscal year
2022. The decrease was primarily due to the decrease in the service
fee of loans to users in line with the lower GMV.
- Technology service revenues for the six months ended
March 31,2023 decreased by 13.8% to RMB30.8 million (US$4.5
million) from RMB35.7 million in the same period of fiscal year
2022, primarily attributable to the decrease of software services
revenue.
- Other revenues for the six months ended March 31, 2023
decreased by 55.3% to RMB3.2 million (US$0.5 million) from RMB7.1
million in the same period of fiscal year 2022, primarily due to
the decrease of promotion services revenue provided to financial
institutions under the impact of the COVID-19 pandemic.
Cost of revenues for the six months ended March 31, 2023
decreased by 27.2% to RMB54.2 million (US$7.9 million) from RMB74.5
million in the same period of fiscal year 2022, which was primarily
due to a decrease in payroll, IT-related expenses and payment
handling and outsourcing costs, in line with the overall reduction
in revenue.
Sales and marketing expenses for the six months ended March 31,
2023 decreased by 37.0% to RMB35.1 million (US$5.1 million) from
RMB55.6 million in the same period of fiscal year 2022, primarily
due to optimized spending on branding and user acquisition
activities, in line with the overall reduction in revenue.
Research and development expenses for the six months ended March
31, 2023 decreased by 56.8% to RMB16.1 million (US$2.4 million)
from RMB37.4 million in the same period of fiscal year 2022,
primarily due to a decrease in payroll costs.
General and administrative expenses for the six months ended
March 31, 2023 decreased by 17.2% to RMB30.7 million (US$4.5
million) from RMB37.1 million in the same period of fiscal year
2022, primarily due to a decrease in professional service fees and
payroll costs.
Amortization of intangible assets for the six months ended March
31, 2023 decreased by 76.2% to RMB40.0 million (US$5.8 million)
from RMB168.0 million in the same period of fiscal year 2022,
primarily because the majority of the intangible assets recorded as
a result of the business cooperation agreement MOGU entered into
with Tencent in July 2018 have been fully amortized as of March 31,
2022.
Impairment of goodwill and intangible assets for the six months
ended March 31, 2023 increased by 73.2% to RMB84.7 million (US$12.3
million) from RMB48.9 million in the same period of fiscal year
2022, primarily due to the Company’s recognition of a full
impairment charge of RMB 63.5 million against its remaining
goodwill balance and impairments totaling RMB21.2 million for
intangible assets which had been recorded in connection with the
acquisition of Ruisha Technology. The recorded impairments resulted
from weaker-than-expected operating results which reflect an
increasingly competitive business environment and the related
limited future economic benefit expected to be generated from these
intangible assets. As of March 31, 2023, the carrying value of the
Company’s goodwill is $0.
Loss from operations for the six months ended March 31,
2023 was RMB139.4 million (US$20.3 million), compared to loss from
operations of RMB240.3 million in the same period of fiscal year
2022.
Net loss attributable to MOGU Inc. for the six months
ended March 31, 2023 was RMB113.9 million (US$16.6 million),
compared to a net loss attributable to MOGU Inc. of RMB227.9
million in the same period of fiscal year 2022.
Adjusted EBITDA3 for the six months ended March 31, 2023
was negative RMB6.8 million (US$1.0 million), compared to negative
RMB16.3 million in the same period of fiscal year 2022.
Adjusted net loss4 for the six months ended March 31,
2023 was RMB40.0 million (US$5.8 million), compared to an adjusted
net loss of RMB180.6 million in the same period of fiscal year
2022.
Basic and diluted loss per ADS5 for the six months ended
March 31, 2023 were RMB13.29 (US$1.93) and RMB13.29 (US$1.93),
respectively, compared with RMB27.13 and RMB27.13, respectively, in
the same period of fiscal year 2022. One ADS represents 300 Class A
ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term
investments were RMB562.8 million (US$82.0 million) as of March
31, 2023, compared with RMB636.3 million as of March 31, 2022.
Fiscal Year 2023 Financial Results
Total revenues decreased by 31.2% to RMB232.1 million
(US$33.8 million) from RMB337.5 million in fiscal year 2022.
- Commission revenues decreased by 34.9% to RMB147.5
million (US$21.5 million) from RMB226.7 million in fiscal year
2022, primarily attributable to the lower GMV due to the heightened
competitive environment.
- Marketing services revenues decreased by 75.3% to RMB4.4
million (US$0.6 million) from RMB17.9 million in fiscal year 2022.
The decrease was primarily due to the challenging competitive
environment.
- Financing solutions revenues decreased by 59.4% to
RMB12.9 million (US$1.9 million) from RMB31.9 million in the same
period of fiscal year 2022. The decrease was primarily due to the
decrease in service fees of loans to users in line with the lower
GMV.
- Technology service revenues increased by 27.8% to
RMB58.9 million (US$8.6 million) from RMB46.1 million in the fiscal
year 2022, primarily attributable to the incremental year-over-year
revenue contribution of Hangzhou Ruisha Technology Co., Ltd.
(“Ruisha”), a business acquired in July 2021. This acquisition
demonstrates the Company’s commitment to providing brand 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 decreased by 44.1% to RMB8.3 million
(US$1.2 million) from RMB14.9 million in fiscal year 2022,
primarily due to the COVID -related decrease in promotion services
revenue provided to financial institutions.
Cost of revenues decreased by 28.6% to RMB113.9 million (US$16.6
million) from RMB159.6 million in fiscal year 2022, which was
primarily due to a decrease in payroll, IT-related expenses and
payment handling and outsourcing costs, in line with the overall
reduction in revenue.
Sales and marketing expenses decreased by 54.4% to RMB67.7
million (US$9.9 million) from RMB148.4 million in fiscal year 2022,
primarily due to optimized spending on branding and user
acquisition activities, in line with the overall reduction in
revenue.
Research and development expenses decreased by 55.1% to RMB37.1
million (US$5.4 million) from RMB82.6 million in fiscal year 2022,
primarily due to a decrease in payroll costs.
General and administrative expenses decreased by 19.9% to
RMB63.4 million (US$9.2 million) from RMB79.2 million in fiscal
year 2022, primarily due to a decrease in professional service fees
and payroll costs.
Amortization of intangible assets decreased by 81.7% to RMB60.0
million (US$8.7 million) from RMB328.2 million in fiscal year 2022,
primarily because the majority of the intangible assets recorded as
a result of the business cooperation agreement MOGU entered into
with Tencent in July 2018 have been fully amortized as of March 31,
2022.
Impairment of goodwill and intangible assets for the year ended
March 31, 2023 was RMB84.7 million (US$12.3 million), compared to
RMB235.4 million in the fiscal year 2022. As of March 31, 2023, the
goodwill of the Company has been fully impaired.
Loss from operations was RMB187.4 million (US$27.3
million), compared to loss from operations of RMB670.5 million in
fiscal year 2022.
Net loss attributable to MOGU Inc. was RMB171.3 million
(US$24.9 million), compared to a net loss attributable to MOGU Inc.
of RMB639.8 million in fiscal year 2022.
Adjusted EBITDA was negative RMB23.9 million (US$3.5
million), compared to negative RMB89.1 million in fiscal year
2022.
Adjusted net loss was RMB71.8 million (US$10.5 million),
compared to an adjusted net loss of RMB410.7 million in fiscal year
2022.
Basic and diluted loss per ADS were RMB20.12 (US$2.93)
and RMB20.12 (US$2.93) respectively, compared with RMB76.17 and
RMB76.17, respectively, in fiscal year 2022. 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
income/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, interest expense, (gain)/loss from
investments, net, income tax benefits, share of results of equity
investees, goodwill impairment, 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, goodwill impairment,
share-based compensation expenses, and adjustments for tax effects.
The Company excluded “amortization of intangible assets” as a
non-recurring item in the presentation of adjusted net loss in its
Unaudited Reconciliations of GAAP and Non-GAAP Results for the six
months ended March 31, 2023 and fiscal year 2023. As a result, the
Company made the corresponding change to the prior period
comparative metrics to conform with the new definition. 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 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 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,
2022
2023
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
438,608
416,201
60,604
Restricted cash
809
810
118
Short-term investments
196,853
145,836
21,235
Inventories, net
79
144
21
Loan receivables, net
26,788
7,229
1,053
Prepayments, receivables and other current
assets
55,135
69,126
10,066
Amounts due from related parties
640
1,260
183
Total current assets
718,912
640,606
93,280
Non-current assets:
Property, equipment and software, net
7,702
194,589
28,334
Intangible assets, net
89,822
12,554
1,828
Right-of-use assets*
-
5,441
792
Goodwill
63,460
-
-
Investments
72,120
69,318
10,093
Other non-current assets
214,964
63,640
9,267
Total non-current assets
448,068
345,542
50,314
Total assets
1,166,980
986,148
143,594
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Short-term borrowings
10,064
-
-
Accounts payable
17,950
8,179
1,191
Salaries and welfare payable
12,311
13,550
1,973
Advances from customers
901
245
36
Taxes payable
3,265
4,446
647
Amounts due to related parties
4,694
4,196
611
Current portion of lease liabilities*
-
2,654
386
Accruals and other current liabilities
272,638
270,717
39,419
Total current liabilities
321,823
303,987
44,263
Non-current liabilities:
Non-current lease liabilities*
-
753
110
Deferred tax liabilities
12,112
3,369
491
Other non-current liabilities
890
-
-
Total non-current liabilities
13,002
4,122
601
Total liabilities
334,825
308,109
44,864
Shareholders’ equity
Ordinary shares
181
181
26
Treasury stock
(136,113)
(137,446)
(20,014)
Statutory reserves
3,331
3,331
485
Additional paid-in capital
9,471,101
9,484,664
1,381,074
Accumulated other comprehensive income
69,016
82,396
11,999
Accumulated deficit
(8,617,780)
(8,789,084)
(1,279,790)
Total MOGU Inc. shareholders’ equity
789,736
644,042
93,780
Non-controlling interests
42,419
33,997
4,950
Total shareholders’ equity
832,155
678,039
98,730
Total liabilities and shareholders’
equity
1,166,980
986,148
143,594
*On April 1, 2022, the Company adopted ASC
842, Leases and, as acceptable under the Standard, elected not to
retrospectively adjust prior periods. Right-of-use assets and lease
liabilities were recognized on the Company's consolidated financial
statements in connection with the adoption of the Standard.
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,
2022
2023
2022
2023
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Commission revenues
109,935
75,814
11,039
226,742
147,514
21,480
Marketing services revenues
4,882
1,434
209
17,888
4,416
643
Financing service revenues
10,367
6,017
876
31,852
12,947
1,885
Technology service revenues
35,709
30,790
4,483
46,077
58,867
8,572
Other revenues
7,102
3,175
462
14,910
8,332
1,213
Total revenues
167,995
117,230
17,069
337,469
232,076
33,793
Cost of revenues (exclusive of
amortization of intangible assets shown separately below)
(74,468)
(54,243)
(7,898)
(159,601)
(113,884)
(16,583)
Sales and marketing expenses
(55,638)
(35,063)
(5,106)
(148,410)
(67,709)
(9,859)
Research and development expenses
(37,414)
(16,146)
(2,351)
(82,641)
(37,068)
(5,398)
General and administrative expenses
(37,083)
(30,704)
(4,471)
(79,178)
(63,445)
(9,238)
Amortization of intangible assets
(167,964)
(39,970)
(5,820)
(328,154)
(59,992)
(8,736)
Impairment of goodwill and intangible
assets
(48,890)
(84,693)
(12,332)
(235,394)
(84,693)
(12,332)
Other income, net
13,117
4,201
612
25,427
7,267
1,058
Loss from operations
(240,345)
(139,388)
(20,297)
(670,482)
(187,448)
(27,295)
Interest income
6,902
8,463
1,232
13,903
17,476
2,545
Interest expense
-
(357)
(52)
-
(685)
(100)
(Loss)/gain from investments, net
(7,590)
816
119
232
(18,615)
(2,711)
Loss before income tax and share of
results of equity investees
(241,033)
(130,466)
(18,998)
(656,347)
(189,272)
(27,561)
Income tax benefits
12,797
7,577
1,103
14,512
8,663
1,261
Share of results of equity investee, net
of tax
(121)
2,008
292
(539)
883
129
Net loss
(228,357)
(120,881)
(17,603)
(642,374)
(179,726)
(26,171)
Net loss attributable to non-controlling
interests
(483)
(7,015)
(1,021)
(2,574)
(8,422)
(1,226)
Net loss attributable to MOGU
Inc.
(227,874)
(113,866)
(16,582)
(639,800)
(171,304)
(24,945)
Net loss
(228,357)
(120,881)
(17,603)
(642,374)
(179,726)
(26,171)
Other comprehensive loss:
Foreign currency translation adjustments,
net of nil tax
(6,744)
(4,231)
(616)
(17,400)
14,264
2,077
Unrealized securities holding losses, net
of tax
(516)
302
44
(10,729)
(884)
(129)
Total comprehensive loss
(235,617)
(124,810)
(18,175)
(670,503)
(166,346)
(24,223)
Total comprehensive loss attributable to
non-controlling interests
(483)
(7,015)
(1,021)
(2,574)
(8,422)
(1,226)
Total comprehensive loss attributable
to MOGU Inc.
(235,134)
(117,795)
(17,154)
(667,929)
(157,924)
(22,997)
Net loss per share attributable to
ordinary shareholders
Basic
(0.09)
(0.04)
(0.01)
(0.25)
(0.07)
(0.01)
Diluted
(0.09)
(0.04)
(0.01)
(0.25)
(0.07)
(0.01)
Net loss per ADS*
Basic
(27.13)
(13.29)
(1.93)
(76.17)
(20.12)
(2.93)
Diluted
(27.13)
(13.29)
(1.93)
(76.17)
(20.12)
(2.93)
Weighted average number of shares used
in computing net loss per share
Basic
2,520,103,689
2,570,915,725
2,570,915,725
2,519,948,060
2,554,338,579
2,554,338,579
Diluted
2,520,103,689
2,570,915,725
2,570,915,725
2,519,948,060
2,554,338,579
2,554,338,579
Share-based compensation expenses
included in:
Cost of revenues
631
640
93
1,872
1,448
211
General and administrative expenses
3,121
2,786
406
6,789
7,855
1,144
Sales and marketing expenses
1,143
950
138
3,905
3,398
495
Research and development expenses
(352)
351
51
(108)
862
126
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,
2022
2023
2022
2023
RMB
RMB
US$
RMB
RMB
US$
Net cash (used in)/provided by
operating activities
(40,881)
5,930
863
(114,409)
(10,090)
(1,469)
Net cash (used in)/provided by
investing activities
(35,511)
28,763
4,188
13,947
608
89
Net cash provided by/(used in)
financing activities
8,815
(9,092)
(1,324)
450
(12,064)
(1,757)
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
(861)
(2,369)
(344)
(3,455)
(860)
(125)
Net (decrease)/increase in cash and cash
equivalents and restricted cash
(68,438)
23,232
3,383
(103,467)
(22,406)
(3,262)
Cash and cash equivalents and restricted
cash at beginning of period
507,855
393,779
57,339
542,884
439,417
63,984
Cash and cash equivalents and restricted
cash at end of period
439,417
417,011
60,722
439,417
417,011
60,722
MOGU INC.
Unaudited 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,
2022
2023
2022
2023
RMB
RMB
US$
RMB
RMB
US$
Net loss
(228,357)
(120,881)
(17,603)
(642,374)
(179,726)
(26,171)
Add:
Interest expense
-
357
52
-
685
100
Less:
Income tax benefits
(12,797)
(7,577)
(1,103)
(14,512)
(8,663)
(1,261)
Less:
Interest income
(6,902)
(8,463)
(1,232)
(13,903)
(17,476)
(2,545)
Add:
Amortization of intangible assets
167,964
39,970
5,820
328,154
59,992
8,736
Add:
Depreciation of property and equipment
2,599
3,244
472
5,396
5,311
773
EBITDA
(77,493)
(93,350)
(13,594)
(337,239)
(139,877)
(20,368)
Add:
Impairment of goodwill and intangible
assets
48,890
84,693
12,332
235,394
84,693
12,332
Add:
Share-based compensation expenses
4,543
4,727
688
12,458
13,563
1,976
Add:
Share of result of equity investees
121
(2,008)
(292)
539
(883)
(129)
Less:
Loss/(gain) from investments, net
7,590
(816)
(119)
(232)
18,615
2,711
Adjusted EBITDA
(16,349)
(6,754)
(985)
(89,080)
(23,889)
(3,478)
Net loss
(228,357)
(120,881)
(17,603)
(642,374)
(179,726)
(26,171)
Add:
Loss/(gain) from investments, net
7,590
(816)
(119)
(232)
18,615
2,711
Add:
Share-based compensation expenses
4,543
4,727
688
12,458
13,563
1,976
Add:
Impairment of goodwill and intangible
assets
48,890
84,693
12,332
235,394
84,693
12,332
Less:
Adjusted for tax effects
(13,291)
(7,713)
(1,123)
(15,963)
(8,948)
(1,303)
Adjusted net loss
(180,625)
(39,990)
(5,825)
(410,717)
(71,803)
(10,455)
________________________________ 1GMV are to gross merchandise
volume, 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, 2023, which was RMB6.8676 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)
adjustments for tax effects. The Company excluded “amortization of
intangible assets” as a non-recurring item in the presentation of
adjusted net loss in its Unaudited Reconciliations of GAAP and
Non-GAAP Results for the six months ended March 31, 2023 and fiscal
year 2023. As a result, the Company made the corresponding change
to the prior period comparative metrics to conform with this new
definition. See “Unaudited Reconciliations of GAAP and NonGAAP
Results” at the end of this press release.
5 The Company changed 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230601006130/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:
eric.yuan@christensencomms.com
In the United States Ms. Linda Bergkamp Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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