Secoo Holding Limited (“Secoo”, the “Company” or “We”) (NASDAQ:
SECO), Asia's largest online integrated upscale products and
services platform, today announced its unaudited financial results
for the first quarter ended March 31, 2020.
Highlights for First Quarter
2020:
- GMV1 reached
RMB2,476.0 million (US$349.7 million) for Q1 2020, representing an
increase of 12.2% from RMB2,206.5 million for Q1 2019.
- Total number of
orders2 was 723.0 thousand for Q1 2020, representing an
increase of 11.6% from 647.6 thousand for Q1 2019.
- Number of active
customers3 increased by 11.5% to 340.0 thousand for Q1
2020 from 305.0 thousand for Q1 2019.
- Total revenues was
RMB1,005.2 million (US$142.0 million) for Q1 2020, compared with
RMB1,175.4 million for Q1 2019.
_________________________
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 cancelled 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 cancelled 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, “Despite the impact of COVID-19
on both the economy and our operations during the first quarter of
2020, we achieved solid performance with a GMV of RMB2,476.0
million, an increase of 12.2% year-over-year. To better address the
demand for high-end products and services during this time of
restrictive public movement and physical store shopping, we have
been enhancing our brand partnerships and trend-setting,
upscale-oriented livestream selling sessions, along with our
high-quality fulfillment services, bringing a superior luxury
shopping experience to our customers. Notwithstanding the
challenges presented by the pandemic, we are excited to see a
rebounding high-end consumption trend in China heading into the
second half of the year as most of channels of shopping abroad
sharply reduced due to travel restrictions, along with consumers
embracing faster digitization and e-commerce, allowing Secoo to
gain ever-broader recognition as the go-to luxury e-commerce
platform.
“Drawing on our well-placed strategies, strong
execution abilities and technology-driven innovation capabilities,
we are in an advantageous position to support high-end brands and
brick-and-mortar retail stores to accelerate their digital
transformation, while meeting the rising demand for consumption
upgrades in China. We are confident in our ability to navigate
through the dynamic markets and capitalize on the elevated
opportunities in the aftermath of the pandemic,” Mr. Li
concluded.
Mr. Shaojun Chen, Chief Financial Officer of
Secoo, said, “The outbreak of COVID-19 since the beginning of this
year has brought unprecedented impact on the luxury consumer
industry. Our revenue performance in the first quarter of 2020 was
negatively impacted mainly due to a slowdown in discretionary
spending and curtailed public movement during the outbreak. It is
encouraging for us to still achieve double-digit year-over-year
growth across our key operating metrics. This performance
demonstrates the attractiveness of our upscale platform and the
robust demand for high-profile products and services. We aim to
continue investing in technology enhancements to further build our
intelligent operating system in order to elevate efficiency and
improve profitability. Looking ahead, our core capabilities and
strengthened cash position set a solid financial foundation, which
we believe will support us to recover our growth momentum in the
near future and capture enormous potential in China’s online luxury
consumer market in the long run.”
Recent Developments
- In June 2020, Secoo closed on the
US$100 million equity investment from Qudian, Inc. (NYSE: QD)
(together with its affiliates, “Qudian”) by issuing a total of
10,204,082 Class A ordinary shares of the Company to Qudian. Secoo
will utilize the proceeds to further strengthen the supply chain
and enhance customer satisfaction, so as to better capture the
rising demand for high-end products and services in
China.
- Since the beginning of the first
quarter, Secoo has hosted a number of large shopping festivals,
including Secoo Brands & Quality Online Shopping Festival held
in May and Secoo 618 shopping festival. The Brands & Quality
Online Shopping Festival featured more than 200 live-stream selling
sessions in collaboration with 13 top-tier luxury brands, including
Prada, Versace, Ferragamo, Tod's, Roger Vivier, Armani and covering
more than 40,000 products.
- From the first quarter of 2020 to
date, Secoo expanded direct collaborations with 150 new brands,
including IDo, Ebohr, Ted Baker, Jeff Banks and St John.
- Secoo continued endeavors related
to enhancing its characteristic live-streaming channel, by
featuring engaging live-streaming programs with luxury tags and
increasingly appealing to luxury brands that are bolstering their
online strategy. For example, recently on our channel, Mulberry
held its first live stream session to present its bags, DVF live
streamed its runway show during fashion week and Jenny Packham live
streamed its haute couture labels and jewelry series.
- In early May of 2020, Secoo entered
into a strategic collaboration with China Fashion Week as its
exclusive e-commerce platform partner. Secoo has completed over 100
live-stream selling sessions for China Fashion Week events such as
fashion shows, brand presentations, and "See Now, Buy Now"
marketing campaigns. These live streaming sessions have
successfully created buzz, which significantly increased Secoo’s
brand awareness and attracted a large traffic.
- Secoo entered into collaborations
with leading short video social networking platforms such as Douyin
and Kuaishou to launch a series of cross-platform live streaming
events, aiming to provide a wider range of consumers with fashion
luxury goods supported by Secoo’s high-quality supply chain. For
example, on June 7, 2020, Secoo and Kuaishou jointly hosted a
5-hour live streaming sales campaign for luxury products, covering
over one hundred select products from dozens of luxury brands, such
as Hermes, LV, Armani and Gucci, which proved to be highly
attractive and effective marketing approaches.
First Quarter 2020 Financial
Results
GMV increased by 12.2% to
RMB2,476.0 million (US$349.7 million) for the first quarter of
2020, from RMB2,206.5 million for the first quarter of 2019.
Total number of orders
increased by 11.6% to 723.0 thousand for the first quarter of 2020
from 647.6 thousand for the first quarter of 2019.
Total revenues for the first
quarter of 2020 was RMB1,005.2 million (US$142.0 million) compared
with RMB1,175.4 million in the first quarter of 2019, primarily
attributable to a slowdown in demand of discretionary spending and
delayed logistics services due to the impact of COVID-19
pandemic.
Cost of revenues decreased by
8.9% to RMB844.6 million (US$119.3 million) for the first quarter
of 2020 from RMB927.2 million for the first quarter of 2019,
primarily due to the decrease of total revenues.
Gross profit was RMB160.6
million (US$22.7 million) for the first quarter of 2020, compared
with RMB248.2 million for the first quarter of 2019. This decrease
was mainly due to the increase in discount on sales to boost
customers’ willingness to purchase during the pandemic.
Operating expenses decreased by
21.0% to RMB179.2 million (US$25.3 million) for the first quarter
of 2020 from RMB226.8 million for the first quarter of 2019.
Fulfillment expenses decreased
by 7.4% to RMB42.3 million (US$6.0 million) for the first quarter
of 2020 from RMB45.6 million for the first quarter of 2019. The
decrease was primarily attributable to the decreased staff cost
during the period.
Marketing expenses decreased by
37.9% to RMB69.4 million (US$9.8 million) for the first quarter of
2020 from RMB111.9 million for the first quarter of 2019. The
decrease was primarily due to reduced online and offline
advertising expenses, as well as the decreased staff cost.
Technology and content development
expenses increased by 19.8% to RMB27.7 million (US$3.9
million) for the first quarter of 2020 from RMB23.1 million for the
first quarter of 2019. The increase was primarily due to the
continuous investment in the technology department in order to
strengthen the driving force of technology for operation.
General and administrative
expenses decreased by 13.8% to RMB39.9 million (US$5.6
million) for the first quarter of 2020 from RMB46.2 million for the
first quarter of 2019. The decrease was primarily attributable to
the decreased staff cost during the period, offset by the rising
office rental expenses.
Loss from operations was
RMB18.6 million (US$2.6 million) for the first quarter of 2020,
compared with income from operations of RMB21.4 million for the
first quarter of 2019.
Non-GAAP loss from operations
for the first quarter of 2020 was RMB15.0 million (US$2.1 million),
compared with non-GAAP income from operations of RMB24.9 million
for the first quarter of 2019.
Income tax benefits was RMB4.4
million (US$0.6 million) in the first quarter of 2020, compared
with income tax expense of RMB6.7 million for the first quarter of
2019.
Net loss was RMB42.5 million
(US$6.0 million) for the first quarter of 2020, compared with a net
income of RMB15.8 million for the first quarter of 2019.
Non-GAAP net loss, which
excludes share-based compensation expenses, was RMB38.9 million
(US$5.5 million) in the first quarter of 2020, compared with
non-GAAP net income of RMB19.3 million in the first quarter of
2019.
Net loss attributable to ordinary
shareholders of Secoo Holding Limited for the first
quarter of 2020 was RMB42.2 million (US$6.0 million), compared with
net income attributable to ordinary shareholders of Secoo Holding
Limited of RMB14.2 million for the first quarter of 2019.
Basic and diluted net loss per
share were both RMB1.68 (US$0.24) for the first quarter of
2020, compared with basic and diluted net income per share of
RMB0.56 and RMB0.54, respectively, for the first quarter of 2019.
Basic and diluted net loss per American depositary share (“ADS”)
were both RMB0.84 (US$0.12) for the first quarter of 2020, compared
with basic and diluted net income per ADS of RMB0.28 and RMB0.27,
respectively, for the first quarter of 2019.
Non-GAAP basic and diluted net loss per
share were both RMB1.53 (US$0.22) for the first quarter of
2020, compared with non-GAAP basic and diluted net income per share
of RMB0.70 and RMB0.68, respectively, for the first quarter of
2019. Non-GAAP basic and diluted net loss per ADS were both
RMB0.77 (US$0.11) for the first quarter of 2020, compared with
non-GAAP basic and diluted net income per ADS of RMB0.35 and
RMB0.34, respectively, for the first quarter of 2019.
Cash and Restricted Cash
As of March 31, 2020, the Company had cash, cash
equivalents and restricted cash of RMB733.4 million (US$103.6
million).
Conference Call Information
The Company's management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on July 16, 2020 (8:00
PM Beijing/Hong Kong time on July 16, 2020).
To speed up the entry process for participants,
this earnings conference call requires all participants to finish
an online registration in advance.
For participants who wish to join the call,
please complete the Direct Event online registration at
http://apac.directeventreg.com/registration/event/6671729 at least
15 minutes prior to the scheduled call start time. Upon
registration, participants will receive the conference call access
information, including dial-in numbers, Direct Event Passcode,
unique Registrant ID, and an e-mail with detailed instructions to
join the conference call.
Once complete the registration, please dial-in
at least 10 minutes before the scheduled start time of the earnings
call and enter the Direct Event Passcode and Registrant ID as
instructed to connect to the call.
Additionally, a live and archived webcast of the
conference call will be available on the Company's investor
relations website at http://ir.secoo.com.
A replay of the conference call will be
accessible by phone two hours after the conclusion of the live call
at the following numbers, until July 23, 2020:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong
Kong, China: |
+852-3051-2780 |
Mainland
China: |
400-632-2162 |
Replay
Access Code: |
6671729 |
|
|
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s
largest online integrated upscale products and services platform as
measured by GMV in 2016. 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 400,000 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 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 RMB7.0808 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 March 31,
2020.
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 Limited Jingbo Ma Tel: +86 (10)
6588-0135 E-mail: ir@secoo.com
The Piacente Group, Inc. Jenny Cai Tel: +86 (10) 6508-0677
E-mail: Secoo@tpg-ir.com
In the United States: The Piacente Group, Inc.
Brandi Piacente Tel: +1-212-481-2050 E-mail:
Secoo@tpg-ir.com
|
SECOO
HOLDING LIMITED |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(All amounts
in thousands, except for share data) |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2019 |
|
2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
Merchandise sales |
|
1,123,871 |
|
|
959,522 |
|
|
135,510 |
|
|
Marketplace
and other services |
|
51,516 |
|
|
45,649 |
|
|
6,447 |
|
|
Total revenues |
|
1,175,387 |
|
|
1,005,171 |
|
|
141,957 |
|
|
Cost of
revenues |
|
(927,157 |
) |
|
(844,562 |
) |
|
(119,275 |
) |
|
Gross profit |
|
248,230 |
|
|
160,609 |
|
|
22,682 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Fulfillment
expenses |
|
(45,648 |
) |
|
(42,283 |
) |
|
(5,972 |
) |
|
Marketing
expenses |
|
(111,852 |
) |
|
(69,423 |
) |
|
(9,804 |
) |
|
Technology
and content development expenses |
|
(23,105 |
) |
|
(27,676 |
) |
|
(3,909 |
) |
|
General and
administrative expenses |
|
(46,242 |
) |
|
(39,851 |
) |
|
(5,628 |
) |
|
Total operating expenses |
|
(226,847 |
) |
|
(179,233 |
) |
|
(25,313 |
) |
|
Income (loss) from operations |
|
21,383 |
|
|
(18,624 |
) |
|
(2,631 |
) |
|
Other income (expenses): |
|
|
|
|
|
|
|
Interest
income |
|
4,682 |
|
|
1,461 |
|
|
206 |
|
|
Interest
expense |
|
(28,373 |
) |
|
(31,062 |
) |
|
(4,387 |
) |
|
Foreign
currency exchange gain (loss) |
|
893 |
|
|
(972 |
) |
|
(137 |
) |
|
Change in
fair value of equity investees |
|
(339 |
) |
|
211 |
|
|
30 |
|
|
Others |
|
24,226 |
|
|
2,020 |
|
|
285 |
|
|
Income(loss) before income tax |
|
22,472 |
|
|
(46,966 |
) |
|
(6,634 |
) |
|
Income tax
benefits (expenses) |
|
(6,674 |
) |
|
4,422 |
|
|
625 |
|
|
Net
income (loss) |
|
15,798 |
|
|
(42,544 |
) |
|
(6,009 |
) |
|
Less: Gain
attributable to redeemable non-controlling interest |
|
417 |
|
|
319 |
|
|
45 |
|
|
Less: Gain
(loss) attributable to non-redeemable non-controlling interest |
|
968 |
|
|
(774 |
) |
|
(109 |
) |
|
Net
income (loss) attributable to Secoo Holding Limited |
|
14,413 |
|
|
(42,089 |
) |
|
(5,945 |
) |
|
Accretion to
redeemable non-controlling interest redemption value |
|
(243 |
) |
|
(125 |
) |
|
(18 |
) |
|
Net
income (loss) attributable to ordinary shareholders of Secoo
Holding Limited |
|
14,170 |
|
|
(42,214 |
) |
|
(5,963 |
) |
|
|
|
|
|
|
|
|
|
Net
income (loss) per share |
|
|
|
|
|
|
|
— Basic |
|
0.56 |
|
|
(1.68 |
) |
|
(0.24 |
) |
|
— Diluted |
|
0.54 |
|
|
(1.68 |
) |
|
(0.24 |
) |
|
|
|
|
|
|
|
|
|
Net
income (loss) per ADS |
|
|
|
|
|
|
|
— Basic |
|
0.28 |
|
|
(0.84 |
) |
|
(0.12 |
) |
|
— Diluted |
|
0.27 |
|
|
(0.84 |
) |
|
(0.12 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used in
computing net income per share |
|
|
|
|
|
|
|
— Basic |
|
25,122,199 |
|
|
25,122,199 |
|
|
25,122,199 |
|
|
— Diluted |
|
26,095,951 |
|
|
25,122,199 |
|
|
25,122,199 |
|
|
|
|
|
|
|
|
|
|
SECOO
HOLDING LIMITED |
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(All amounts
in thousands, except for share data) |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
As of March 31, |
|
|
|
2019 |
|
2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
709,823 |
|
|
490,690 |
|
|
69,299 |
|
|
Restricted
cash |
|
240,741 |
|
|
242,156 |
|
|
34,199 |
|
|
Investment
securities |
|
2,318 |
|
|
2,328 |
|
|
329 |
|
|
Accounts
receivable, net |
|
123,226 |
|
|
104,243 |
|
|
14,722 |
|
|
Inventories |
|
2,680,428 |
|
|
2,853,653 |
|
|
403,013 |
|
|
Advances to
suppliers |
|
333,826 |
|
|
396,355 |
|
|
55,976 |
|
|
Prepayments
and other current assets |
|
431,107 |
|
|
359,720 |
|
|
50,802 |
|
|
Amounts due
from related parties |
|
30 |
|
|
668 |
|
|
94 |
|
|
Total current assets |
|
4,521,499 |
|
|
4,449,813 |
|
|
628,434 |
|
|
Non-current assets |
|
|
|
|
|
|
|
Property and
equipment, net |
|
83,816 |
|
|
79,925 |
|
|
11,288 |
|
|
Intangible
asset, net |
|
10,390 |
|
|
10,051 |
|
|
1,419 |
|
|
Restricted
cash |
|
3,572 |
|
|
586 |
|
|
83 |
|
|
Investment
in equity investees |
|
71,595 |
|
|
60,922 |
|
|
8,604 |
|
|
Deferred tax
assets |
|
106,637 |
|
|
117,254 |
|
|
16,559 |
|
|
Goodwill |
|
23,560 |
|
|
24,016 |
|
|
3,392 |
|
|
Operating
lease right-of-use assets |
|
159,321 |
|
|
145,627 |
|
|
20,566 |
|
|
Other
non-current assets |
|
16,806 |
|
|
17,239 |
|
|
2,434 |
|
|
Total non-current assets |
|
475,697 |
|
|
455,620 |
|
|
64,345 |
|
|
Total assets |
|
4,997,196 |
|
|
4,905,433 |
|
|
692,779 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Short-term
borrowings and current portion of long-term borrowings |
|
159,500 |
|
|
189,500 |
|
|
26,763 |
|
|
Accounts
payable |
|
569,045 |
|
|
664,065 |
|
|
93,784 |
|
|
Amounts due
to related parties |
|
488 |
|
|
488 |
|
|
69 |
|
|
Advances
from customers |
|
57,122 |
|
|
79,730 |
|
|
11,260 |
|
|
Income taxes
payable |
|
110,615 |
|
|
116,022 |
|
|
16,385 |
|
|
Accrued
expenses and other current liabilities |
|
895,694 |
|
|
718,361 |
|
|
101,452 |
|
|
Deferred
revenue |
|
97,965 |
|
|
90,616 |
|
|
12,797 |
|
|
Operating
lease liabilities |
|
38,608 |
|
|
42,123 |
|
|
5,949 |
|
|
Total current liabilities |
|
1,929,037 |
|
|
1,900,905 |
|
|
268,459 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Long-term
borrowings, excluding current portion |
|
1,215,249 |
|
|
1,208,356 |
|
|
170,652 |
|
|
Operating
lease liabilities |
|
113,782 |
|
|
100,938 |
|
|
14,255 |
|
|
Long-term
liabilities |
|
77,344 |
|
|
90,521 |
|
|
12,784 |
|
|
Total non-current liabilities |
|
1,406,375 |
|
|
1,399,815 |
|
|
197,691 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
3,335,412 |
|
|
3,300,720 |
|
|
466,150 |
|
|
|
|
|
|
|
|
|
|
Mezzanine Equity |
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
9,337 |
|
|
9,780 |
|
|
1,381 |
|
|
Total mezzanine equity |
|
9,337 |
|
|
9,780 |
|
|
1,381 |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
Class A
Ordinary shares (US$0.001 par value, 150,000,000 shares authorized
including class A shares and class B shares, 19,068,224 shares
issued and 18,550,770 shares outstanding as of December 31, 2019
and March 31, 2020, respectively) |
|
126 |
|
|
126 |
|
|
18 |
|
|
Class B
Ordinary shares (US$0.001 par value, 150,000,000 shares authorized
including class A shares and class B shares, 6,571,429 shares
issued and 6,571,429 shares outstanding as of December 31, 2019 and
March 31, 2020, respectively) |
|
41 |
|
|
41 |
|
|
6 |
|
|
Treasury
Stock (517,454 Class A ordinary shares as of December 31, 2019 and
March 31, 2020, respectively, at cost) |
|
(71,018 |
) |
|
(71,018 |
) |
|
(10,030 |
) |
|
Additional
paid-in capital |
|
2,848,145 |
|
|
2,851,804 |
|
|
402,752 |
|
|
Accumulated
losses |
|
(1,126,330 |
) |
|
(1,168,544 |
) |
|
(165,030 |
) |
|
Accumulated
other comprehensive loss |
|
(26,500 |
) |
|
(45,123 |
) |
|
(6,373 |
) |
|
Total equity attributable to ordinary
shareholders |
|
1,624,464 |
|
|
1,567,286 |
|
|
221,343 |
|
|
Non-redeemable non-controlling interest |
|
27,983 |
|
|
27,647 |
|
|
3,905 |
|
|
Total shareholders' equity |
|
1,652,447 |
|
|
1,594,933 |
|
|
225,248 |
|
|
|
|
|
|
|
|
|
|
Total liabilities, mezzanine equity and shareholders'
equity |
|
4,997,196 |
|
|
4,905,433 |
|
|
692,779 |
|
|
|
|
|
|
|
|
|
|
SECOO
HOLDING LIMITED |
Reconciliations of GAAP and Non-GAAP Results |
(All amounts
in thousands, except for share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
|
|
March 31, |
|
|
|
2019 |
|
2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
Income (loss) from operations |
|
21,383 |
|
(18,624 |
) |
|
(2,631 |
) |
|
Add:
Share-based compensation expenses |
|
3,519 |
|
3,659 |
|
|
517 |
|
|
Non-GAAP income (loss) from operations |
|
24,902 |
|
(14,965 |
) |
|
(2,114 |
) |
|
|
|
|
|
|
|
|
|
Net
Income (loss) |
|
15,798 |
|
(42,544 |
) |
|
(6,009 |
) |
|
Add:
Share-based compensation expenses |
|
3,519 |
|
3,659 |
|
|
517 |
|
|
Non-GAAP net income (loss) |
|
19,317 |
|
(38,885 |
) |
|
(5,492 |
) |
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to ordinary
shareholders of Secoo Holding Limited |
|
14,170 |
|
(42,214 |
) |
|
(5,963 |
) |
|
Add:
Share-based compensation expenses |
|
3,519 |
|
3,659 |
|
|
517 |
|
|
Non-GAAP net income (loss) attributable to ordinary
shareholders of Secoo Holding Limited |
|
17,689 |
|
(38,555 |
) |
|
(5,446 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
Basic |
|
0.70 |
|
(1.53 |
) |
|
(0.22 |
) |
|
Diluted |
|
0.68 |
|
(1.53 |
) |
|
(0.22 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per ADS: |
|
|
|
|
|
|
|
Basic |
|
0.35 |
|
(0.77 |
) |
|
(0.11 |
) |
|
Diluted |
|
0.34 |
|
(0.77 |
) |
|
(0.11 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used in
computing the adjusted net income per share |
|
|
|
|
|
|
|
— Basic |
|
25,122,199 |
|
25,122,199 |
|
|
25,122,199 |
|
|
— Diluted |
|
26,095,951 |
|
25,122,199 |
|
|
25,122,199 |
|
|
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