SHANGHAI, Aug. 15, 2019 /PRNewswire/ -- 111, Inc. ("111" or
the "Company") (NASDAQ: YI), a leading integrated online and
offline healthcare platform in China, today announced its unaudited financial
results for the second quarter ended June
30, 2019 and US$10 million share repurchase
program.
Second Quarter 2019 Highlights
- Net revenues were RMB838.2
million (US$122.1 million),
representing an increase of 109.2% year-over-year and beating
high-end of previous guidance of RMB805
million.
- Operating expenses[1] were RMB142.9
million (US$20.8 million),
representing an increase of 18.5% year-over-year. Operating
expenses accounted for 17.0% of net revenue this quarter as
compared to 30.1% in the same quarter of last year.
- Number of pharmacies served increased to more than
190,000 as of June 30, 2019, compared
to more than 170,000 pharmacies as of March
31, 2019.
- Quarterly pharmacies' orders were 193,000, representing
an increase of 36.6% quarter-over-quarter.
Mr. Junling Liu, Co-Founder,
Chairman, and Chief Executive Officer of 111, commented, "We had
another strong quarter. Net revenues grew by 109.2%
year-over-year to RMB838.2 million,
which has been our fastest growth rate since our IPO and exceeded
the high end of our guidance for the third consecutive
quarter. The rapid growth during the quarter was primarily
driven by the continuous progress we have made in our B2B segment,
where revenues grew by 253.4% year-over-year. The number of
pharmacies we served increased to more than 190,000, from more than
170,000 as of March 31, 2019.
Comparing to first quarter this year, our revenue of B2B business
increased by 41.4% where revenue from existing stores of pharmacies
increased by 24.9% and revenue from new stores contributed the
growth of 16.5%.
In addition, gross profit grew 72% year-over-year to
RMB42.1 million, an all-time high.
Net losses continued to trend downward, demonstrating the scaling
effect of our business and our effectiveness at executing our
growth strategy while closely controlling costs.
As of June 30,
2019, we were directly sourcing from 124 pharmaceutical
companies. We have also signed a strategic partnership agreement
with MSH China, a leading premium healthcare insurance service
provider, to jointly explore business opportunities in online
consultation and diagnosis, chronic disease management, drug refill
service and PBM model. Our customer satisfaction rate for the
second quarter 2019 has increased to 99.2% from 98.9% for the first
quarter 2019.
With a network of more than 190,000 pharmacies across the
country and our B2C online capabilities, we believe that we have
laid a solid foundation for us to build an integrated online and
offline healthcare platform in China through our T2B2C[2] business model. By enabling
pharmacies, pharmaceutical companies, insurance companies and
doctors, we are creating value in this healthcare ecosystem on the
basis of transparency and efficiency. While expanding our
unique capabilities including smart supply chain, cloud solutions
big data and medical expertise, we have confidence to continue
our strong revenue growth and further reduce our operating
expenditure in the third quarter and years ahead."
[1] Operating expense
consists of fulfillment expenses, selling and marketing expenses,
general and administrative expenses, technology expenses and other
operating expenses (net).
|
[2] T2B2C business
model refers to the business model whereby technology companies
(T-side) enable businesses to better serve consumers
(C-side).
|
Second Quarter 2019 Financial Results
Net revenues were RMB838.2 million
(US$122.1 million), representing an
increase of 109.2% from RMB400.7
million in the same quarter of last year. The increase was
mainly due to the significant increase in product revenues from B2B
segment, which increased by 253.4% to RMB649.9 million (US$94.7 million) from RMB183.9 million in the same quarter of last
year.
Operating costs and
expenses were RMB939.0 million (US$136.8 million), representing an increase
of 89.0% from RMB496.8 million in the same quarter of
last year.
- Cost of products sold was RMB796.1 million (US$116.0
million), representing an increase of 111.6% from
RMB376.3 million in the same quarter
of last year. The increase was primarily due to our rapid revenue
growth in B2B business, which increased by 253.4% as compared to
same quarter last year.
- Fulfillment expenses were RMB27.4
million (US$4.0 million),
representing an increase of 62.1% from RMB16.9 million in the same quarter of last year.
Fulfillment expenses accounted for 3.3% of net revenue this quarter
as compared to 4.2% in the same quarter of last year.
- Selling and marketing expenses were RMB75.0 million (US$10.9
million), representing an increase of 20.0% from
RMB62.5 million in the same quarter
of last year, mainly due to increase in the number of sales staff
and expenses associated with the expansion of B2B business. Selling
and marketing expenses accounted for 8.9% of net revenue this
quarter as compared to 15.6% in the same quarter of last year.
- General and administrative expenses were RMB28.5 million (US$4.2
million), representing an increase of 18.8% from
RMB24.0 million in the same quarter
of last year, mainly due to increases in managerial staff and
share-based compensation expenses. General and administrative
expenses accounted for 3.4% of net revenue this quarter as compared
to 6.0% in the same quarter of last year.
- Technology expenses were RMB12.3
million (US$1.8 million),
representing a decrease of 29.7% from RMB17.5 million in the same quarter of last year,
mainly due to improvement of our system development efficiency and
implementation of automation tools. Technology expenses accounted
for 1.5% of net revenue this quarter as compared to 4.4% in the
same quarter of last year.
Loss from operations was RMB100.8
million (US$14.7 million),
compared to RMB96.1 million in
the same quarter of last year. Loss from operations accounted
for 12.0% of net revenue this quarter as compared to 24.0% in the
same quarter of last year.
Non-GAAP Loss from operations[3] was RMB85.3
million (US$12.4 million),
compared to RMB84.5 million in the same quarter of
last year. Non-GAAP loss from operations accounted for
10.2% of net revenue this quarter as compared to 21.1% in the
same quarter of last year.
[3] Non-GAAP loss
from operations represents loss from operations excluding
share-based compensation.
|
Net loss attributable to ordinary shareholders was
RMB100.2 million (US$14.6 million), compared to RMB86.4 million in the same quarter of last
year. Net loss attributable to ordinary shareholders
accounted for 12.0% of net revenue this quarter as compared to
21.6% in the same quarter of last year.
Non-GAAP net loss attributable to ordinary
shareholders[4] was RMB84.7 million (US$12.3
million), compared to RMB74.8
million in the same quarter of last year. Non-GAAP net loss
attributable to ordinary shareholders accounted for 10.1% of
net revenue this quarter as compared to 18.7% in the same quarter
of last year.
Loss per ADS was RMB1.22 (US$0.18), compared to RMB2.40 for the same period of last year.
Non-GAAP Loss per ADS[5] was RMB1.03 (US$0.15), compared to RMB2.08 for the same period of last
year.
As of June 30, 2019, the Company
had cash and cash equivalents, restricted
cash and short-term investments of
RMB987.2 million (US$143.8 million), compared to RMB1,106.5 million as of December 31, 2018.
Business Outlook
For the third quarter of 2019, the Company expects total net
revenues to be between RMB1 billion and RMB1.05 billion, representing year-over-year
growth of approximately 101% to 111%.
The above outlook is based on the current market conditions and
reflects the Company's current and preliminary estimates of market
and operating conditions and customer demand, which are all subject
to change.
Share Repurchase Program
The Company's board of directors has authorized a share
repurchase program under which the Company may repurchase its own
class A ordinary shares in the form of American depository shares
("ADSs") with an aggregate value of up to US$10 million within the next twelve
months. The Company expects to fund the repurchases from its
existing cash balance. The share repurchase program may be
limited or terminated at any time without prior notice. Under
the share repurchase program, the Company may repurchase its ADSs
through open market transactions at prevailing market prices and/or
in privately negotiated transactions, depending on a number of
factors, including, but not limited to, price, trading volume and
general market conditions, along with the Company's working capital
requirements, general business conditions and other factors, as
well as subject to applicable rules of Rule 10b5-1 and/or Rule
10b-18 under the Securities Exchange
Act of 1934, as amended.
[4] Non-GAAP net loss
attributable to ordinary shareholders represents net loss
attributable to ordinary shareholders excluding share-based
compensation and impairment loss of long-term
investment.
|
[5] Non-GAAP loss per
ADS represents loss per ADS excluding share-based compensation and
impairment loss of long-term investment per ADS.
|
Conference Call
111's management team will host an earnings conference call at
7:30 AM U.S. Eastern Time on
Thursday, August 15, 2019
(7:30 PM Beijing Time on August 15, 2019).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
+
1-845-507-1610
|
Hong Kong:
|
+852-3051-2792 or
300-820-34
|
China:
|
4001-203-170 or
8008-700-210
|
International:
|
+61-283-733-610
|
Passcode:
|
9888524
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call until 9:59
AM ET on August 23, 2019:
United
States:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Passcode:
|
9888524
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of 111's website at
http://ir.111.com.cn/.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP loss from operations, non-GAAP net loss attributable to
ordinary shareholders and non-GAAP loss per ADS, non-GAAP measures,
as supplemental measures to review and assess its operating
performance. The Company defines non-GAAP loss from operations as
loss from operations excluding share-based compensation. The
Company defines non-GAAP net loss attributable to ordinary
shareholders as net loss attributable to ordinary shareholders
excluding share-based compensation and impairment loss of long-term
investment. The Company defines non-GAAP loss per ADS as loss per
ADS excluding share-based compensation and impairment loss of
long-term investment per ADS. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with U.S. GAAP.
The Company believes that non-GAAP loss from operations,
non-GAAP net loss attributable to ordinary shareholders and
non-GAAP loss per ADS help identify underlying trends in its
business that could otherwise be distorted by the effect of certain
expenses that it includes in loss from operations and net loss.
Share-based compensation is a non-cash expense that varies from
period to period. Impairment loss of long-term investment is a
non-cash expense that occurred in this period. As a result,
management excludes these two items from its internal operating
forecasts and models. Management believes that this adjustment for
share-based compensation provides investors with a basis to measure
the company's core performance, including compared with the
performance of other companies, without the period-to-period
variability created by share-based compensation. The Company
believes that non-GAAP loss from operations, non-GAAP net loss
attributable to ordinary shareholders and non-GAAP loss per ADS
provide useful information about its operating results, enhances
the overall understanding of its past performance and future
prospects and allow for greater visibility with respect to key
metrics used by the management in their financial and operational
decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The non-GAAP
financial measures have limitations as analytical tools. One of the
key limitations of using non-GAAP loss from operations, non-GAAP
net loss attributable to ordinary shareholders or non-GAAP loss per
ADS is that it does not reflect all items of income and expense
that affect the Company's operations. Further, the non-GAAP
financial measures may differ from the non-GAAP information used by
other companies, including peer companies, and therefore their
comparability may be limited.
The Company compensates for these limitations by reconciling the
non-GAAP financial measures to the nearest U.S. GAAP measures, all
of which should be considered when evaluating the Company's
performance. The Company encourages you to review its financial
information in its entirety and not rely on a single financial
measure.
Reconciliation of the non-GAAP financial measures to the most
comparable U.S. GAAP measures is included at the end of this press
release.
Exchange Rate Information Statement
This announcement contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB6.865 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of June 28,
2019.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. Among other things, the
Business Outlook and quotations from management in this
announcement, as well as 111's strategic and operational plans,
contain forward-looking statements. 111 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 are based upon management's current
expectations and current market and operating conditions and relate
to events that involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company's control. Forward-looking statements
involve inherent risks, uncertainties and other factors that could
cause actual results to differ materially from those contained in
any such statements. Potential risks and uncertainties include, but
are not limited to, uncertainties as to the Company's ability
comply with extensive and evolving regulatory requirements, its
ability to compete effectively in the evolving PRC general health
and wellness market, its ability to manage the growth of its
business and expansion plans, its ability to achieve or maintain
profitability in the future, its ability to control the risks
associated with its pharmaceutical retail and wholesale businesses,
and the Company's ability to meet the standards necessary to
maintain listing of its ADSs on the Nasdaq Global Market, including
its ability to cure any non-compliance with Nasdaq's continued
listing criteria. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and 111 does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading
integrated online and offline healthcare platform in China. The Company provides hundreds of
millions of consumers with better access to pharmaceutical products
and medical services directly through its online retail pharmacy
and indirectly through its offline pharmacy network. 111 also
offers online medical services through its internet hospital, 1
Clinic, which provides consumers with cost-effective and convenient
online consultation and electronic prescription services. In
addition to providing direct services to consumers through its
online retail pharmacy, 111 also enables offline pharmacies to
better serve their customers. The Company's online wholesale
pharmacy, 1 Drug Mall, serves as a one-stop shop for pharmacies to
source a vast selection of pharmaceutical products. The Company's
New Retail platform, by integrating the front and back ends of the
pharmaceutical supply chain, has formed a smart supply chain, which
transforms the flow of pharmaceutical products to pharmacies and
modernizes how they serve their customers.
For more information on 111, please visit ir.111.com.cn
For more information, please contact:
111, Inc.
Ms. Monica
Mu
IR Director
ir@111.com.cn
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In the United States
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
|
|
December 31,
2018
|
|
|
June 30,
2019
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
853,740
|
|
|
623,552
|
|
90,831
|
|
Restricted
Cash
|
-
|
|
|
54,669
|
|
7,963
|
|
Short-term
investments
|
252,805
|
|
|
309,022
|
|
45,014
|
|
Accounts receivable,
net of allowance of doubtful
accounts of nil at December 31, 2018 and
June 30, 2019
|
28,569
|
|
|
36,450
|
|
5,310
|
|
Inventories
|
210,836
|
|
|
420,917
|
|
61,313
|
|
Prepayments and other
current assets
|
161,147
|
|
|
190,627
|
|
27,768
|
|
Note
Receivable
|
-
|
|
|
10,698
|
|
1,558
|
|
Total current
assets
|
1,507,097
|
|
|
1,645,935
|
|
239,757
|
|
Property and
equipment
|
20,302
|
|
|
22,412
|
|
3,265
|
|
Intangible
assets
|
4,503
|
|
|
4,834
|
|
704
|
|
Long-term
investments
|
11,140
|
|
|
140
|
|
20
|
|
Other Non-Current
Assets
|
3,376
|
|
|
3,322
|
|
485
|
|
Operating lease
right-of-use Assets(1)
|
-
|
|
|
62,459
|
|
9,099
|
|
Total
Assets
|
1,546,418
|
|
|
1,739,102
|
|
253,330
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities including amounts of the
consolidated VIE without recourse to the
Company
|
|
|
|
|
|
|
|
Short-term
borrowings
|
-
|
|
|
37,253
|
|
5,427
|
|
Accounts
payable
|
212,258
|
|
|
470,954
|
|
68,602
|
|
Note
Payable
|
-
|
|
|
16,582
|
|
2,415
|
|
Accrued expense and
other current liabilities(1)
|
102,261
|
|
|
131,140
|
|
19,102
|
|
Total Current
liability
|
314,519
|
|
|
655,929
|
|
95,546
|
|
Operating Lease
Liabilities(1)
|
-
|
|
|
39,911
|
|
5,814
|
|
Other Non-Current
Liabilities
|
8,135
|
|
|
7,035
|
|
1,025
|
|
Total
Liabilities
|
322,654
|
|
|
702,875
|
|
102,385
|
|
On January 1, 2019,
the company adopted ACS 842, the new lease standard, using the
optional
transition method. The company recorded the current portion of the
operating Lease Liabilities in
accrued expense and other current liabilities.
|
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
|
|
December 31,
2018
|
|
|
June 30,
2019
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Ordinary shares Class
A ($0.00005 par value per share;
800,000,000 shares authorized, 91,088,106 shares and
91,317,328 shares issued and outstanding as of
December 31, 2018 and June 30, 2019, respectively)
|
29
|
|
|
29
|
|
4
|
|
|
|
|
|
|
|
Ordinary shares Class
B ($0.00005 par value per share;
72,000,000 shares authorized, 72,000,000 shares issued
and outstanding as of December 31, 2018 and June 30,
2019, respectively)
|
25
|
|
|
25
|
|
4
|
Additional paid in
capital
|
2,540,878
|
|
|
2,572,718
|
|
374,759
|
Accumulated
deficit
|
(1,383,729)
|
|
|
(1,602,445)
|
|
(233,422)
|
Accumulated other
Comprehensive Income
|
67,073
|
|
|
67,295
|
|
9,803
|
Total
shareholders' equity
|
1,224,276
|
|
|
1,037,622
|
|
151,148
|
Non-controlling
interest
|
(512)
|
|
|
(1,395)
|
|
(203)
|
Total
equity
|
1,223,764
|
|
|
1,036,227
|
|
150,945
|
Total liabilities
and equity
|
1,546,418
|
|
|
1,739,102
|
|
253,330
|
111,
Inc.
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
|
|
|
|
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
For the three
months ended June 30,
|
For the six months
ended June 30,
|
|
|
2018
|
|
|
2019
|
|
2018
|
|
|
2019
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
RMB
|
|
|
RMB
|
|
US$
|
Net
Revenues
|
|
400,740
|
|
|
838,161
|
|
122,092
|
|
730,945
|
|
|
1,493,762
|
|
217,591
|
Operating Costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
sold
|
|
(376,270)
|
|
|
(796,066)
|
|
(115,960)
|
|
(665,349)
|
|
|
(1,418,400)
|
|
(206,613)
|
Fulfillment
expenses
|
|
(16,865)
|
|
|
(27,421)
|
|
(3,994)
|
|
(31,184)
|
|
|
(48,674)
|
|
(7,090)
|
Selling and marketing
expenses
|
|
(62,478)
|
|
|
(75,038)
|
|
(10,931)
|
|
(104,474)
|
|
|
(150,499)
|
|
(21,923)
|
General and
administrative expenses
|
|
(24,030)
|
|
|
(28,510)
|
|
(4,153)
|
|
(38,254)
|
|
|
(56,044)
|
|
(8,164)
|
Technology expenses
|
|
(17,466)
|
|
|
(12,299)
|
|
(1,792)
|
|
(30,648)
|
|
|
(27,329)
|
|
(3,981)
|
Other operating
income (expenses)
|
|
281
|
|
|
334
|
|
49
|
|
702
|
|
|
(162)
|
|
(23)
|
Total Operating
costs and expenses
|
|
(496,828)
|
|
|
(939,000)
|
|
(136,781)
|
|
(869,207)
|
|
|
(1,701,108)
|
|
(247,794)
|
Loss from
operations
|
|
(96,088)
|
|
|
(100,839)
|
|
(14,689)
|
|
(138,262)
|
|
|
(207,346)
|
|
(30,203)
|
Interest
income
|
|
150
|
|
|
1,419
|
|
207
|
|
372
|
|
|
3,360
|
|
489
|
Interest
expense
|
|
(4)
|
|
|
(70)
|
|
(10)
|
|
-
|
|
|
(349)
|
|
(51)
|
Foreign exchange gain
(loss)
|
|
3,540
|
|
|
(3,165)
|
|
(461)
|
|
1,335
|
|
|
(6,010)
|
|
(874)
|
impairment loss of
long-term investment
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
(11,000)
|
|
(1,602)
|
Other Income,
net
|
|
5,393
|
|
|
1,959
|
|
285
|
|
7,103
|
|
|
1,746
|
|
254
|
Loss before income
taxes
|
|
(87,009)
|
|
|
(100,696)
|
|
(14,668)
|
|
(129,452)
|
|
|
(219,599)
|
|
(31,987)
|
Income tax
expense
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Net
Loss
|
|
(87,009)
|
|
|
(100,696)
|
|
(14,668)
|
|
(129,452)
|
|
|
(219,599)
|
|
(31,987)
|
Net Loss attributable
to non-controlling interest
|
|
637
|
|
|
470
|
|
69
|
|
1,127
|
|
|
883
|
|
129
|
Net Loss
attributable to ordinary shareholders
|
|
(86,372)
|
|
|
(100,226)
|
|
(14,599)
|
|
(128,325)
|
|
|
(218,716)
|
|
(31,858)
|
Other
comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains of
available -for-sale securities,
net of tax of nil for three months ended June 30,
2018 and 2019
|
|
4,962
|
|
|
2,465
|
|
359
|
|
5,147
|
|
|
4,220
|
|
615
|
Realized gain of
available-for-sale debt
securities, net of tax
|
|
(6,673)
|
|
|
(511)
|
|
(74)
|
|
(7,103)
|
|
|
(598)
|
|
(87)
|
Foreign currency
translation adjustments
|
|
7,208
|
|
|
19,173
|
|
2,793
|
|
2,216
|
|
|
(3,400)
|
|
(495)
|
Comprehensive
loss
|
|
(80,875)
|
|
|
(79,099)
|
|
(11,521)
|
|
(128,065)
|
|
|
(218,494)
|
|
(31,825)
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
(1.20)
|
|
|
(0.61)
|
|
(0.09)
|
|
(1.78)
|
|
|
(1.34)
|
|
(0.19)
|
Loss per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
(2.40)
|
|
|
(1.22)
|
|
(0.18)
|
|
(3.56)
|
|
|
(2.68)
|
|
(0.38)
|
Weighted average
number of shares used in computation of loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
72,000,000
|
|
|
163,750,044
|
|
163,750,044
|
|
72,000,000
|
|
|
163,435,631
|
|
163,435,631
|
|
|
|
|
|
111,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended June 30,
|
|
For the six months
ended June 30,
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
Net cash used in
operating
activities
|
|
(28,871)
|
|
|
(93,495)
|
|
(13,619)
|
|
|
(49,181)
|
|
|
(152,815)
|
|
(22,260)
|
|
Net cash used in
investing
activities
|
|
137,257
|
|
|
(52,570)
|
|
(7,658)
|
|
|
90,222
|
|
|
(58,999)
|
|
(8,594)
|
|
Net cash provided
by
financing activities
|
|
277,819
|
|
|
21,491
|
|
3,131
|
|
|
277,819
|
|
|
42,290
|
|
6,160
|
|
Effect of exchange
rate
changes on cash and cash
equivalents, and restricted
cash
|
|
4,631
|
|
|
11,342
|
|
1,652
|
|
|
1,219
|
|
|
(5,995)
|
|
(873)
|
|
Net increase in
cash and cash
equivalents, and restricted
cash
|
|
390,836
|
|
|
(113,232)
|
|
(16,494)
|
|
|
320,079
|
|
|
(175,519)
|
|
(25,567)
|
|
Cash and cash
equivalents,
and restricted cash at the
beginning of the period
|
|
96,903
|
|
|
791,453
|
|
115,288
|
|
|
167,660
|
|
|
853,740
|
|
124,361
|
|
Cash and cash
equivalents,
and restricted cash at the end
of the period
|
|
487,739
|
|
|
678,221
|
|
98,794
|
|
|
487,739
|
|
|
678,221
|
|
98,794
|
|
|
|
111,
Inc
|
|
|
Unaudited
Reconciliation of GAAP and Non-GAAP Results
|
|
|
(In thousands,
except for share and per share data)
|
|
|
For the three
months ended June 30,
|
For the six months
ended June 30,
|
|
|
2018
|
|
|
2019
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
|
Loss from
operations
|
|
(96,088)
|
|
|
(100,839)
|
|
(14,689)
|
|
|
(138,262)
|
|
|
(207,346)
|
|
(30,203)
|
|
Add: Share-based
compensation expenses
|
|
11,619
|
|
|
15,576
|
|
2,269
|
|
|
20,286
|
|
|
26,803
|
|
3,904
|
|
Non-GAAP loss
from
operations
|
|
(84,469)
|
|
|
(85,263)
|
|
(12,420)
|
|
|
(117,976)
|
|
|
(180,543)
|
|
(26,299)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss attributable
to ordinary
shareholders
|
|
(86,370)
|
|
|
(100,226)
|
|
(14,599)
|
|
|
(128,326)
|
|
|
(218,716)
|
|
(31,858)
|
|
Add:
Share-based
compensation expenses
|
|
11,619
|
|
|
15,576
|
|
2,269
|
|
|
20,286
|
|
|
26,803
|
|
3,904
|
|
Impairment loss of
long-term
investment
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
11,000
|
|
1,602
|
|
Non-GAAP net
Loss
attributable to ordinary
shareholders
|
|
(74,751)
|
|
|
(84,650)
|
|
(12,330)
|
|
|
(108,040)
|
|
|
(180,913)
|
|
(26,352)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
(2.40)
|
|
|
(1.22)
|
|
(0.18)
|
|
|
(3.56)
|
|
|
(2.68)
|
|
(0.38)
|
|
Add:
Share-based c
ompensation expenses and
impairment loss of long-term
investment per ADS
|
|
0.32
|
|
|
0.19
|
|
0.03
|
|
|
0.56
|
|
|
0.47
|
|
0.06
|
|
Non-GAAP Loss per
ADS
|
|
(2.08)
|
|
|
(1.03)
|
|
(0.15)
|
|
|
(3.00)
|
|
|
(2.21)
|
|
(0.32)
|
|
View original
content:http://www.prnewswire.com/news-releases/111-inc-announces-second-quarter-2019-unaudited-financial-results-and-us10-million-share-repurchase-program-300902339.html
SOURCE 111, Inc.