SHANGHAI, May 19, 2021 /PRNewswire/ -- 111, Inc. ("111" or
the "Company") (NASDAQ: YI), a leading tech-enabled healthcare
platform company committed to digitally connecting patients with
medicine and healthcare services in China, today announced its unaudited financial
results for the first quarter ended March
31, 2021.
First Quarter 2021 Highlights
- Net revenues were RMB2.6
billion (US$396.0 million),
representing an increase of 64.7% year-over-year. Revenue growth
was 89.0% excluding pandemic-related items(1).
- Operating expenses(2) were RMB289.0 million (US$44.1
million), representing an
increase of 43.6% year-over-year. Operating expenses
accounted for 11.1% of net revenue this quarter as compared to
12.8% in the same quarter of last year.
- Non-GAAP net loss attributable to ordinary
shareholder(3) was RMB109.3
million (US$16.7 million),
compared to RMB109.4 million in the
same quarter of last year. As a percentage of net revenues,
non-GAAP net loss attributable to ordinary shareholders decreased
to 4.2% this quarter from 6.9% in the same quarter of last
year.
- Cash and cash equivalents, restricted cash and short-term
investments amounted to RMB 1.2
billion (US$177.5 million) as
of March 31, 2021.
(1) Pandemic-related
items consist of masks, protective clothing and medicine for fever
which have an occasional revenue increase in the first quarter of
2020 due to the breakout of COVID-19.
|
(2) Operating expense
consists of fulfillment expenses, selling and marketing expenses,
general and administrative expenses, technology expenses and other
operating expenses.
|
(3) Non-GAAP net
loss attributable to ordinary shareholders represents net loss
attributable to ordinary shareholders excluding share-based
compensation expenses.
|
"We delivered another strong quarter of
growth in Q1 2021, with net revenue of RMB2.6 billion. This was achieved despite
the typical seasonal retail lull caused by the Lunar New Year, as
well as the unusually strong first quarter we had in 2020, driven
by high demand for pandemic-related products due to COVID-19," said
Mr. Junling Liu, Co-Founder,
Chairman, and Chief Executive Officer of 111.
"As part of our commitment to advancing China's healthcare system, we continue to
build upon our transformative, cutting-edge technology and S2B2C
model to provide enterprise solutions to enable healthcare
businesses better serve their consumers. Our top line growth is
driven by our S2B2C model, and is a testament of the tremendous
progress in our mission to digitally connect patients with medicine
and healthcare services."
Mr. Liu added, "To briefly highlight our S2B2C model, the 'S' is
our innovative supply-chain platform that encompasses
industry-leading technology behind the platform and our network of
suppliers, such as pharmaceutical companies, distributors and other
service providers. This 'S' is digitally connected to the 'B,' our
rapidly expanding network of pharmacies, doctors, clinics, and
other healthcare businesses. The platform works in harmony as
doctors can utilize our Cloud Pharmacy, Cloud Clinic, and various
doctor-patient platforms to provide online consultations,
e-prescription services, and follow-up care to patients. As a
result, our transformative S2B2C model delivers better
doctor-patient experiences and more positive care outcomes."
"This quarter demonstrated the solid progress we have made in
additional partnerships with pharmaceutical companies and
healthcare providers. 111's innovative approach to product
commercialization makes us a valuable partner to pharmaceutical
companies as these partnerships offer access to access to our vast
network of pharmacies and doctors, which creates a streamlined
approach to launching new products. Further, our commercialization
platform allows pharmaceutical companies to sell their products
outside of the hospital system, through both online and offline
channels. This enables pharmaceutical companies to launch their
products as soon as they are approved, giving patients accelerated
access to much-needed medication. As of March 31, we have developed over 360 direct
partnerships with pharmaceutical companies."
"To further strengthen our supply chain platform, the two
additional new fulfillment centers in Northwest and Northeast China that we announced in March are
now fully operational and we are also expanding some of our
existing fulfillment centers to meet growing demand for our
services. In the meantime, our supply chain platform is further
strengthened by more and more market place vendors. Currently there
are over 900 marketplace vendors utilizing our platform to expand
their geographical reach."
"As we advance our S2B2C model, we are making progress in our
Supply Chain Platform to Pharmacy to Consumer ("S2P2C") offering,
via which we leverage our scale to provide over 340,000 pharmacies
with a wide selection of products and services. These services
allow pharmacies to elevate their businesses through cutting-edge
technology, such as cloud-based systems that manage inventory,
product selection, and pricing. We also provide powerful digital
solutions that helps pharmacies improve their customer experience,
as well as the tools and support necessary to enable previously
offline businesses establish a significant presence online."
"Concurrent with the growth of our S2B2C and S2P2C segments, we
are also expanding the reach of our Supply Chain Platform to
Doctors to Consumer ("S2D2C") business," commented Mr. Liu. "Our
industry-leading technology is transforming and modernizing the
traditional in-person medical care process by offering telehealth
and patient management tools. These tools allow for convenient and
timely medical care ranging from diagnostics to treatment, as well
as follow-up and routine care. Our combination of cutting-edge
technology and a robust network of doctors puts 111 at the
forefront of the healthcare industry's new era of Internet +
Medical Care + Medicine."
"Finally, this foundation of our model is extended to the 'C',
the consumer or patient, who is digitally connected to doctors,
medicine, and other healthcare providers and services. Consumers
can leverage a wide network of doctors and pharmacies that were
previously out-of-reach or unknown. We believe that the benefits to
having this integrated digital platform is clear – improved access
to healthcare and better patient outcomes. As a result, our
omni-channel, digital platform fills many gaps in the traditional
healthcare ecosystem."
"Given the industry tailwind and the leadership position 111 has
established in our space, we continue to make significant
investments in our team, technology, and supply chain platform. As
a testament to our confidence in driving more business momentum, we
have more than doubled the size of our technology team over the
past 12 months, and have made significant investment in our patient
management portals and other technology offerings. In addition, we
continue to add to the pharmaceuticals and doctors support team
that we began building last year, consisting of professionals with
expertise in specific disease areas such as endocrinology,
oncology, neurology, and others."
"In conclusion," said Mr. Liu, "As we move forward, we will
continue to leverage the immense market opportunities in the
digitization and transformation of healthcare in China. Our mission is to digitally connect
patients with medicine and healthcare products and services. By
bridging the patient access gap, our platform also ensures a
win-win scenario for all parties in the healthcare ecosystem.
Whether it is through our established S2B2C model, or our rapidly
expanding S2P2C and S2D2C offerings, patients, doctors, pharmacies
and pharmaceutical companies all benefit. Reflective of our strong
Q1 2021 performance, 111 is in an excellent position to continue to
transform the healthcare industry in China."
First Quarter 2021 Financial Results
Net revenues were RMB2.6
billion (US$396.0 million),
representing an increase of 64.7% from RMB1.6 billion in
the same quarter of last year.
As of March 31, 2021, the Group
had two reporting segments, Business to Business ("B2B") and
Business to Consumer ("B2C"). Revenue contribution from the
Company's E-Channel was previously disclosed as a separate segment,
but has been incorporated in the B2B segment since the third
quarter of 2020. The Company revised prior comparative periods to
conform to the current period segment presentation as follows:
(In thousands
RMB)
|
For the three
months ended March 31,
|
|
2020
|
|
2021
|
|
YoY
|
B2B Net
Revenue
|
|
|
|
|
|
Product...............................................................................................
|
1,378,450
|
|
2,440,504
|
|
77.0%
|
Service...............................................................................................
|
2,517
|
|
12,025
|
|
377.8%
|
|
|
|
|
|
|
Sub-Total............................................................................................
|
1,380,967
|
|
2,452,529
|
|
77.6%
|
|
|
|
|
|
|
Cost of Products
Sold(4).....................................................................
|
1,335,869
|
|
2,364,354
|
|
77.0%
|
|
|
|
|
|
|
Segment
Profit..................................................................................
|
45,098
|
|
88,175
|
|
95.5%
|
Segment Profit
%..............................................................................
|
3.3%
|
|
3.6%
|
|
|
(In thousands
RMB)
|
For the three
months ended March 31,
|
|
2020
|
|
2021
|
|
YoY
|
B2C Net
Revenue
|
|
|
|
|
|
Product................................................................................................
|
190,684
|
|
137,150
|
|
(28.1%)
|
Service................................................................................................
|
4,017
|
|
5,063
|
|
26.0%
|
|
|
|
|
|
|
Sub-Total............................................................................................
|
194,701
|
|
142,213
|
|
(27.0%)
|
|
|
|
|
|
|
Cost of Products
Sold[4]......................................................................
|
152,201
|
|
114,618
|
|
(24.7%)
|
|
|
|
|
|
|
Segment
Profit..................................................................................
|
42,500
|
|
27,595
|
|
(35.1%)
|
Segment Profit
%..............................................................................
|
21.8%
|
|
19.4%
|
|
|
(4) For segment
reporting purposes, purchase rebate is allocated to B2B segment and
B2C segment primarily based on the amount of cost of products sold
for each segment. Cost of products sold does not include other
direct costs related to cost of product sales such as shipping and
handling expense, payroll and benefits of logistic staff, logistic
centers rental expenses and depreciation expenses, which are
recorded in the fulfillment expenses.
|
Operating costs and expenses were RMB2.8
billion (US$422.5 million),
representing an increase of 63.8% from RMB1.7 billion in
the same quarter of last year.
- Cost of products sold was RMB2.5
billion (US$378.4 million),
representing an increase of 66.6% from RMB1.5 billion in
the same quarter of last year. The increase was primarily due to
our rapid revenue growth in B2B business, which increased by 77.6%
as compared to the same quarter last year.
- Fulfillment expenses were RMB66.3
million (US$10.1 million),
representing an increase of 19.2% from RMB55.6 million in
the same quarter of last year. Fulfillment expenses accounted for
2.6% of net revenues this quarter as compared to 3.5% in the same
quarter of last year.
- Selling and marketing expenses were RMB122.4
million (US$18.7 million),
representing an increase of 27.9% from RMB95.8 million in
the same quarter of last year, mainly due to increase in the number
of sales staffs and expenses associated with the expansion of the
S2B2C business. As a percentage of net revenues, selling and
marketing expense further reduced to 4.7% in the quarter from 6.1%
in the same quarter of last year.
- General and administrative expenses were RMB52.1
million (US$8.0 million),
representing an increase of 75.8% from RMB29.7 million in
the same quarter of last year. As a percentage of net revenues,
general and administrative expense increased to 2.0% in the quarter
from 1.9% in the same quarter of last year.
- Technology expenses were RMB49.7
million (US$7.6 million),
representing an increase of 136.2% from RMB21.0
million in the same quarter of last year, mainly due to our
increased investments in technology. Technology expenses accounted
for 1.9% of net revenues this quarter as compared to 1.3% in the
same quarter of last year.
Loss from operations was RMB173.3
million (US26.4 million), compared to RMB113.7
million in the same quarter of last year. As a percentage of
net revenues, loss from operations decreased to 6.7% in the quarter
from 7.2% in same quarter of last year.
Non-GAAP loss from
operations(5) was RMB135.9 million (US$20.7
million), compared to RMB98.5 million in the same
quarter of last year. As a percentage of net revenues, non-GAAP
loss from operations decreased to 5.2% in the quarter from 6.3% in
same quarter of last year.
Net loss attributable to ordinary
shareholders was RMB146.6 million (US$22.4
million), compared to RMB124.6 million in the same
quarter of last year. As a percentage of net revenues, net loss
attributable to ordinary shareholders decreased to 5.7% in the
quarter from 7.9% in same quarter of last year.
Non-GAAP net loss attributable to ordinary shareholders
was RMB109.3 million (US$16.7
million), compared to RMB109.4 million in the same
quarter of last year. As a percentage of net revenues, non-GAAP net
loss attributable to ordinary shareholders decreased to 4.2% in the
quarter from 6.9% in same quarter of last year.
Loss per ADS was RMB1.78 (US$0.28),
compared to RMB1.52 for the same quarter of last
year.
Non-GAAP loss per
ADS(6) was RMB 1.33 (US$0.21),
compared to RMB1.34 for the same quarter of last
year.
As of March 31, 2021, the Company had cash and cash
equivalents, restricted cash and short-term
investments of RMB 1.2 billion (US$177.5 million), compared to RMB1.6
billion as of December 31, 2020.
[5] Non-GAAP loss
from operations represents loss from operations excluding
share-based compensation expenses.
|
[6] Non-GAAP loss per
ADS represents loss per ADS excluding share-based compensation
expenses per ADS.
|
Business Outlook
For the second quarter of 2021, the Company expects its total
net revenues to be between RMB2.92
billion and RMB3.08 billion,
representing a year-over-year growth of approximately 80% to
90%.
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 changes.
Conference Call
111's management team will host an earnings conference call
today, Wednesday, May 19, 2020, at
7:30 AM U.S. Eastern Time
(7:30 PM Beijing Time on the same
day).
Details for the conference call are as follows:
Event
Title:
|
111, Inc. First
Quarter 2021 Earnings Conference Call
|
|
Registration
Link:
|
http://apac.directeventreg.com/registration/event/5638569
|
All participants must use the link provided above to complete
the online registration process in advance of the conference call.
Upon registering, each participant will receive a set of
participant dial-in numbers, the Direct Event passcode, and a
unique Registration ID, which can be used to join the conference
call.
Please dial in 15 minutes before the call is scheduled to begin
and provide the Direct Event passcode and unique Registration ID
you have received upon registering to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call until May
27, 2021, 9:59 A.M. ET on:
United
States:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
5638569
|
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 expenses. The Company defines non-GAAP net loss
attributable to ordinary shareholders as net loss attributable to
ordinary shareholders excluding share-based compensation expenses.
The Company defines non-GAAP loss per ADS as loss per ADS excluding
share-based compensation expenses 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 expenses is a non-cash expense that varies
from period to period. As a result, management excludes the items
from its internal operating forecasts and models. Management
believes that the adjustments for share-based compensation expenses
provide investors with a reasonable basis to measure the company's
core operating performance, in a more meaningful comparison with
the performance of other companies. 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 most comparable 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 RMB6.5518 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 March 31,
2021.
Forward-Looking Statements
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
tech-enabled healthcare platform company committed to digitally
connecting patients with medicine and healthcare services in
China. The Company provides
consumers with better access to pharmaceutical products and
healthcare services directly through its online retail pharmacy, 1
Pharmacy, and indirectly through its offline virtual pharmacy
network. The Company also offers online healthcare services through
its internet hospital, 1 Clinic, which provides consumers with
cost-effective and convenient online consultation, electronic
prescription service, and patient management service. In addition,
the Company's online platform, 1 Medicine Marketplace, serves as a
one-stop shop for pharmacies to source a vast selection of
pharmaceutical products. With the largest virtual pharmacy network
in China, 111 enables offline
pharmacies to better serve their customers with cloud-based
services. 111 also provides an omni-channel drug commercialization
platform to its strategic partners, which includes services such as
digital marketing, patient education, data analytics, and pricing
monitoring.
For more information on 111, please visit:
http://ir.111.com.cn/.
For more information, please contact:
111, Inc.
Investor Relations
Stephen Kilmer
Phone: +1 646-274-3580
Email: stephen@kilmerlucas.com
111, Inc.
Media Relations
Email: ir@111.com.cn
Phone: +86-021-2053 6666 (China)
111,
Inc.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands,
except for share and per share data)
|
|
As
of
|
As
of
|
|
December 31,
2020
|
|
March 31,
2021
|
|
RMB
|
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
1,189,620
|
|
|
822,287
|
|
125,505
|
Restricted
cash
|
128,914
|
|
|
140,689
|
|
21,473
|
Short-term
investments
|
300,167
|
|
|
200,084
|
|
30,539
|
Accounts receivable,
net
|
163,094
|
|
|
212,783
|
|
32,476
|
Note
Receivable
|
12,583
|
|
|
54,365
|
|
8,298
|
Inventories
|
766,529
|
|
|
1,032,317
|
|
157,562
|
Prepayments and other
current assets
|
311,797
|
|
|
365,535
|
|
55,792
|
Total current
assets
|
2,872,704
|
|
|
2,828,060
|
|
431,645
|
Property and
equipment
|
43,439
|
|
|
55,312
|
|
8,442
|
Intangible
assets
|
6,517
|
|
|
6,198
|
|
946
|
Long-term
investments
|
140
|
|
|
140
|
|
21
|
Other non-current
assets
|
5,061
|
|
|
10,485
|
|
1,600
|
Operating lease
right-of-use asset
|
98,628
|
|
|
179,125
|
|
27,340
|
Total
Assets
|
3,026,489
|
|
|
3,079,320
|
|
469,994
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities including amounts of the consolidated
VIE without
recourse to the Company
|
|
|
|
|
|
|
Short-term
borrowings
|
229,250
|
|
|
44,850
|
|
6,845
|
Accounts
payable
|
1,073,352
|
|
|
1,372,734
|
|
209,520
|
Accrued expense and
other current liabilities
|
327,118
|
|
|
330,016
|
|
50,370
|
Total Current
liabilities
|
1,629,720
|
|
|
1,747,600
|
|
266,735
|
Long-term operating
lease liabilities
|
62,388
|
|
|
126,792
|
|
19,352
|
Other non-current
liabilities
|
3,736
|
|
|
3,186
|
|
486
|
Total
Liabilities
|
1,695,844
|
|
|
1,877,578
|
|
286,573
|
|
|
|
|
|
|
|
Mezzanine
Equity
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
924,245
|
|
|
908,915
|
|
138,728
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Ordinary shares Class
A
|
30
|
|
|
30
|
|
4
|
Ordinary shares Class
B
|
25
|
|
|
25
|
|
4
|
Treasury
shares
|
(34,972)
|
|
|
(34,972)
|
|
(5,338)
|
Additional paid-in
capital
|
2,669,279
|
|
|
2,708,237
|
|
413,357
|
Accumulated
deficit
|
(2,339,868)
|
|
|
(2,486,508)
|
|
(379,515)
|
Accumulated other
comprehensive income
|
62,911
|
|
|
64,533
|
|
9,850
|
Total
shareholders' equity
|
357,405
|
|
|
251,345
|
|
38,362
|
Non-controlling
interest
|
48,995
|
|
|
41,482
|
|
6,331
|
Total
equity
|
406,400
|
|
|
292,827
|
|
44,693
|
Total liabilities,
mezzanine equity and equity
|
3,026,489
|
|
|
3,079,320
|
|
469,994
|
111,
Inc. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS (In thousands,
except for share, per share and per ADS data)
|
|
|
For the three
months ended March 31
|
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
Net
revenues
|
|
1,575,668
|
|
2,594,742
|
|
396,035
|
Operating costs
and expenses:
|
|
|
|
|
|
|
Cost of product
sold
|
|
(1,488,070)
|
|
(2,478,972)
|
|
(378,365)
|
Fulfillment
expenses
|
|
(55,603)
|
|
(66,255)
|
|
(10,112)
|
Selling and marketing
expenses
|
|
(95,751)
|
|
(122,428)
|
|
(18,686)
|
General and
administrative expenses
|
|
(29,656)
|
|
(52,137)
|
|
(7,958)
|
Technology
expenses
|
|
(21,037)
|
|
(49,698)
|
|
(7,585)
|
Other operating
(expenses) income, net
|
|
754
|
|
1,483
|
|
226
|
Total operating
costs and expenses
|
|
(1,689,363)
|
|
(2,768,007)
|
|
(422,480)
|
Loss from
operations
|
|
(113,695)
|
|
(173,265)
|
|
(26,445)
|
Interest
income
|
|
288
|
|
3,115
|
|
475
|
Interest
expense
|
|
(1,604)
|
|
(1,813)
|
|
(277)
|
Foreign exchange
loss
|
|
(10,996)
|
|
(511)
|
|
(78)
|
Other income,
net
|
|
548
|
|
2,991
|
|
457
|
Loss before income
taxes
|
|
(125,459)
|
|
(169,483)
|
|
(25,868)
|
Income tax
expense
|
|
-
|
|
-
|
|
-
|
Net
loss
|
|
(125,459)
|
|
(169,483)
|
|
(25,868)
|
Net loss attributable
to non-controlling interest and redeemable
non-controlling
interest
|
|
847
|
|
22,843
|
|
3,487
|
Net loss
attributable to ordinary shareholders
|
|
(124,612)
|
|
(146,640)
|
|
(22,381)
|
Other
comprehensive income (loss), net of tax of nil
|
|
|
|
|
|
|
Unrealized gains of
available-for-sale securities
|
|
-
|
|
2,358
|
|
360
|
Realized gains of
available-for-sale securities
|
|
-
|
|
(2,441)
|
|
(373)
|
Foreign currency
translation adjustments
|
|
14,278
|
|
1,705
|
|
260
|
Comprehensive
loss
|
|
(110,334)
|
|
(145,018)
|
|
(22,134)
|
Loss per
share:
|
|
|
|
|
|
|
Basic and
diluted
|
|
(0.76)
|
|
(0.89)
|
|
(0.14)
|
Loss per
ADS:
|
|
|
|
|
|
|
Basic and
diluted
|
|
(1.52)
|
|
(1.78)
|
|
(0.28)
|
Weighted average
number of shares used in computation of loss per
share
|
|
|
|
|
|
|
Basic and
diluted
|
|
164,339,875
|
|
165,587,950
|
|
165,587,950
|
111, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In
thousands)
|
|
|
For the three
months ended March 31
|
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
Net cash used in
operating activities
|
|
(111,947)
|
|
(259,430)
|
|
(39,598)
|
Net cash (used in)
provided by investing activities
|
|
(4,169)
|
|
85,498
|
|
13,050
|
Net cash used in
financing activities
|
|
(64,459)
|
|
(182,820)
|
|
(27,904)
|
Effect of exchange
rate changes on cash and cash equivalents, and
restricted cash
|
|
7,867
|
|
1,194
|
|
182
|
Net decrease in cash
and cash equivalents, and restricted cash
|
|
(172,708)
|
|
(355,558)
|
|
(54,270)
|
Cash and cash
equivalents, and restricted cash at the beginning of
the period
|
|
697,722
|
|
1,318,534
|
|
201,248
|
Cash and cash
equivalents, and restricted cash at the end of the
period
|
|
525,014
|
|
962,976
|
|
146,978
|
111,
Inc.
Unaudited
Reconciliation of GAAP and non-GAAP Results
(In thousands,
except for share, per share and per ADS data)
|
|
|
For the three
months ended March 31
|
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
Loss from
operations
|
|
(113,695)
|
|
(173,265)
|
|
(26,445)
|
Add: Share-based compensation
expenses
|
|
15,200
|
|
37,377
|
|
5,705
|
Non-GAAP loss from
operations
|
|
(98,495)
|
|
(135,888)
|
|
(20,740)
|
|
|
|
|
|
|
|
Net Loss
attributable to ordinary shareholders
|
|
(124,612)
|
|
(146,640)
|
|
(22,381)
|
Add: Share-based compensation expenses,
net of tax
|
|
15,200
|
|
37,377
|
|
5,705
|
Non-GAAP net Loss
attributable to ordinary shareholders
|
|
(109,412)
|
|
(109,263)
|
|
(16,676)
|
|
|
|
|
|
|
|
Loss per
ADS:
|
|
|
|
|
|
|
Basic and
diluted
|
|
(1.52)
|
|
(1.78)
|
|
(0.28)
|
Add: Share-based compensation expenses
per ADS, net of tax
|
|
0.18
|
|
0.45
|
|
0.07
|
Non-GAAP Loss per
ADS
|
|
(1.34)
|
|
(1.33)
|
|
(0.21)
|
View original
content:http://www.prnewswire.com/news-releases/111-inc-announces-first-quarter-2021-unaudited-financial-results-301294586.html
SOURCE 111, Inc.