GMV from Live Video Broadcast (“LVB”) for the
Fourth Quarter and Fiscal Year 2021 Accounted for 87.2% and 78.5%
of total GMV
MOGU Inc. (NYSE: MOGU) (“MOGU” or the "Company"), a leading
KOL-driven online fashion and lifestyle destination in China, today
announced its unaudited financial results for the fourth quarter
and the fiscal year 2021 ended March 31, 2021.
"Live eCommerce GMV grew by 42.0% year-over-year, and accounted
for 87.2% of our total GMV during the quarter." said Chen Qi,
Chairman and Chief Executive Officer of MOGU. " Looking forward, we
are confident on the growth of our overall user retention rate and
ARPU, as MOGU live continues to be a key growth driver and the main
revenue contributor."
"Our Net Loss and adjusted EBITDA of fiscal year 2021 improved
remarkably by 85.3% and 83.9% respectively. Net Loss decreased from
negative RMB2,223.6 million to negative RMB328.0 million, and
adjusted EBITDA decreased from negative RMB320.1 million to
negative RMB51.5 million. This showcases the positive effect from
our efforts to optimize customer acquisition and operating
efficiency. " added by Mr. Raymond Huang, Chief Strategy Officer. "
We will continue to execute on our disciplined strategy of
investing in our growth and bringing new innovations to our users’
live ecommerce experiences."
Fourth Quarter Fiscal Year 2021 Highlights
- Live Video Broadcast (LVB) business grew stronger, with
associated GMV for the fourth quarter of fiscal year 2021
increasing by 42.0% year-over-year to RMB2,245 million (US$342.7
million1). LVB associated GMV for the fourth quarter of fiscal year
2021 accounted for 87.2% of our total GMV.
- Gross Merchandise Value (GMV2) for the fourth quarter of
fiscal year 2021 was RMB2,576 million (US$393.2 million), an
increase of 6.5% year-over-year.
Fiscal Year 2021 Highlights
- Live Video Broadcast associated GMV for fiscal year 2021
increased by 38.1% to RMB10,878 million (US$1,660.3 million). LVB
associated GMV for fiscal year 2021 and fiscal year 2020 accounted
for 78.5% and 46.2% of our total GMV respectively.
- GMV for the fiscal year 2021 was RMB13,855 million
(US$2,114.7 million), a decrease of 18.8% year-over-year.
Fourth quarter Fiscal Year 2021 Financial Results
Total revenues decreased by 23.6% to RMB90.9 million
(US$13.9 million) from RMB119.0 million during the same quarter of
fiscal year 2020.
- Commission revenues decreased by 1.7% to RMB65.2 million
(US$10.0 million) from RMB66.3 million in the same period of fiscal
year 2020, primarily due to the restructuring of the Company’s
business towards an LVB-focused model.
- Marketing services revenuesdecreased by 34.5% to RMB11.9
million (US$1.8 million) from RMB18.2million in the same period of
fiscal year 2020. The decrease was primarily due to the
restructuring of the Company’s business towards an LVB-focused
model.
- Other revenues decreased by 60.2% to RMB13.7million
(US$2.1 million) from RMB34.4 million in the same period of fiscal
year 2020, primarily due to a decrease in online direct sales.
Cost of revenues decreased by 35.4% to RMB37.9 million (US$5.8
million) from RMB58.6 million in the same period of fiscal year
2020, which was primarily due to a decrease in the costs associated
with lower online direct sales.
Sales and marketing expenses decreased by 44.5% to RMB43.4
million (US$6.6 million) from RMB78.2 million in the same period of
fiscal year 2020, primarily due to optimized spending on branding
and user acquisition activities.
Research and development expenses decreased by 40.3% to RMB19.6
million (US$3.0 million) from RMB32.8 million in the same period of
fiscal year 2020, primarily a result of headcount optimization.
General and administrative expenses increased by 124.4% to
RMB25.7 million (US$3.9 million) from RMB11.5 million in the same
period of fiscal year 2020, primarily due to the reversal of
share-based compensation expenses in the fourth quarter of fiscal
year 2020.
Amortization of intangible assets decreased by 5.7% to RMB82.1
million (US$12.5 million) from RMB87.1 million in the same period
of fiscal year 2020.
Loss from operations was RMB110.3 million (US$16.8
million), compared to loss from operations of RMB149.1 million in
the same period of fiscal year 2020.
Net loss attributable to MOGU Inc.’s ordinary
shareholders was RMB108.6 million (US$16.6 million), compared
to a net loss attributable to MOGU Inc’s ordinary shareholders of
RMB141.9 million in the same period of fiscal year 2020.
Adjusted EBITDA3 was negative RMB20.1 million (US$3.1
million), compared to negative RMB83.6 million in the same period
of fiscal year 2020.
Adjusted net loss4 was RMB16.4 million (US$2.5million),
compared to adjusted net loss of RMB79.3 million in the same period
of fiscal year 2020.
Basic and diluted loss per ADS were RMB1.07 (US$0.25) and
RMB1.07 (US$0.25), respectively, compared with RMB1.30 and RMB1.30,
respectively, in the same period of fiscal year 2020. One ADS
represents 25 Class A ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term
investments were RMB803.1 million (US$122.6 million) as of
March 31, 2021, compared with RMB1,095.4 million as of March 31,
2020.
Fiscal Year 2021 Financial Results
Total revenues decreased by 42.3% to RMB482.4 million
(US$73.6 million) from RMB835.3 million in fiscal year 2020.
- Commission revenues decreased by 27.3% to
RMB318.6million (US$48.6 million) from RMB438.3 million in fiscal
year 2020, primarily due to the restructuring of the Company’s
business towards a LVB-focused model.
- Marketing services revenuesdecreased by 70.6% to RMB71.3
million (US$10.9 million) from RMB243.1million in fiscal year 2020.
The decrease was primarily due to the restructuring of the
Company’s business towards an LVB-focused model.
- Other revenuesdecreased by 40.0% to RMB92.4 million
(US$14.1million) from RMB154.0 million in fiscal year 2020,
primarily due to a decrease in online direct sales.
Cost of revenues decreased by 37.7% to RMB183.1 million (US$27.9
million) from RMB293.8 million in fiscal year 2020, which was
primarily due to a decrease in the costs associated with lower
online direct sales and IT related expenses.
Sales and marketing expenses decreased by 62.5% to RMB229.8
million (US$35.1 million) from RMB613.2 million in fiscal year
2020, primarily due to optimized spending on branding and user
acquisition activities.
Research and development expenses decreased by 39.5% to RMB103.5
million (US$15.8 million) from RMB171.1 million in fiscal year
2020, primarily as a result of headcount optimization.
General and administrative expenses decreased by 19.6% to
RMB103.0 million (US$15.7 million) from RMB128.2 million in fiscal
year 2020, primarily due to the decrease in the allowance for
doubtful loan receivables.
Amortization of intangible assets slightly increased by 3.2% to
RMB341.8 million (US$52.2 million) from RMB331.3 million in fiscal
year 2020.
Loss from operations was RMB428.9 million (US$65.5
million), compared to loss from operations of RMB2,072.9 million in
fiscal year 2020, primarily attributable to a goodwill impairment
incurred in the third quarter of fiscal year 2020.
Net loss attributable to MOGU Inc.’s ordinary
shareholders was RMB328.0 million (US$50.1 million), compared
to a net loss attributable to MOGU Inc’s ordinary shareholders of
RMB2,223.6 million in fiscal year 2020.
Adjusted EBITDA5 was negative RMB51.5 million (US$7.9
million), compared to negative RMB320.1 million in fiscal year
2020.
Adjusted net loss6 was RMB51.0 million (US$7.8 million),
compared to adjusted net loss of RMB414.2 million in fiscal year
2020.
Basic and diluted loss per ADS were RMB3.12 (US$ 0.48)
and RMB 3.12(US$ 0.48) respectively, compared with RMB20.45 and
RMB20.45, respectively, in fiscal year 2020. One ADS represents 25
Class A ordinary shares.
Conference Call
MOGU's management will host an earnings conference call at 7:30
AM U.S. Eastern Time on Friday, May 28, 2021 (7:30 PM Beijing/Hong
Kong Time on the same day).
Dial-in numbers for the live conference call are as follows:
International:
+1 647 689 5649
Mainland China, North:
+86 108 007 141 191
Mainland China, South:
+86 108 001 401 195
United States:
+1 877 824 0239
Hong Kong:
+852 800 901 563
Passcode:
Mogu
A telephone replay of the call will be available after the
conclusion of the conference call until 11:59 PM ET on June 4,
2021.
Dial-in numbers for the replay are as follows:
International:
+1 416 621 4642
United States:
+1 800 585 8367
Passcode:
7965847
A live and archived webcast of the conference call will be
available on the Investor Relations section of MOGU’s website at
http://ir.mogu-inc.com.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
nonGAAP measures, such as Adjusted EBITDA and Adjusted net loss as
supplemental measures to review and assess operating performance.
The presentation of these nonGAAP financial measures is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
accounting principles generally accepted in the United States of
America (“U.S. GAAP”). The Company defines Adjusted EBITDA as net
loss before interest income, loss/(gain) from investments, net,
income tax (benefits)/expenses, share of results of equity
investee, 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 loss/(gain) from investments, net, goodwill impairment,
share-based compensation expenses, amortization of intangible
assets, and adjustments for tax effects. Beginning from the second
quarter of fiscal year 2020, we combined each of (i) investment
loss/(gain), (ii) gain on deconsolidation of a subsidiary and (iii)
gain from investment disposals, into loss/(gain) from investments.
The related financial statements prior to July 1, 2019 have been
recast to reflect this change. 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 leading KOL-driven online fashion
and lifestyle destination in China. MOGU provides people with a
more accessible and enjoyable shopping experience for everyday
fashion, particularly as they increasingly live their lives online.
By connecting merchants, KOLs and users together, MOGU’s platform
serves as a valuable marketing channel for merchants, a powerful
incubator for KOLs, and a vibrant and dynamic community for people
to discover and share the latest fashion trends with others, where
users can enjoy a truly comprehensive online shopping
experience.
MOGU INC.
Unaudited Interim Condensed
Consolidated Balance Sheets
(All amounts in thousands,
except for share and per share data)
As of March 31,
As of March 31,
2020
2021
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
856,567
542,076
82,737
Restricted cash
807
808
123
Short-term investments
238,000
260,245
39,721
Inventories, net
2,926
240
37
Loan receivables, net
113,111
99,965
15,258
Prepayments and other current assets
99,108
77,679
11,855
Amounts due from related parties
57
6,061
925
Total current assets
1,310,576
987,074
150,656
Non-current assets:
Property, equipment and software, net
14,109
10,780
1,645
Intangible assets, net
813,011
426,005
65,021
Goodwill
186,504
186,504
28,466
Investments
102,373
66,382
10,132
Other non-current assets
14,183
163,111
24,896
Total non-current assets
1,130,180
852,782
130,160
Total assets
2,440,756
1,839,856
280,816
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
17,080
19,938
3,044
Salaries and welfare payable
6,032
4,349
664
Advances from customers
103
77
12
Taxes payable
6,342
1,558
238
Amounts due to related parties
12,018
6,234
951
Accruals and other current liabilities
393,536
333,127
50,845
Total current liabilities
435,111
365,283
55,754
Non-current liabilities:
Deferred tax liabilities
21,529
17,526
2,675
Other non-current liabilities
3,644
2,151
328
Total non-current liabilities
25,173
19,677
3,003
Total liabilities
460,284
384,960
58,757
Shareholders’ equity
Ordinary shares
180
181
27
Treasury stock
(6,566
)
(126,424
)
(19,296
)
Statutory reserves
2,630
3,331
508
Additional paid-in capital
9,431,740
9,458,643
1,443,671
Accumulated other comprehensive income
201,796
97,145
14,827
Accumulated deficit
(7,649,308
)
(7,977,980
)
(1,217,678
)
Total MOGU Inc. shareholders’ equity
1,980,472
1,454,896
222,059
Total shareholders’ equity
1,980,472
1,454,896
222,059
Total liabilities and shareholders’
equity
2,440,756
1,839,856
280,816
MOGU INC.
Unaudited Interim Condensed
Consolidated Statements of Operations and Comprehensive
Loss
(All amounts in thousands,
except for share and per share data)
For the three months
ended
For the year ended
March 31,
March 31,
2020
2021
2020
2021
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Commission revenues
66,346
65,213
9,953
438,274
318,602
48,628
Marketing services revenues
18,248
11,945
1,823
243,081
71,345
10,889
Other revenues
34,395
13,706
2,092
153,959
92,445
14,110
Total revenues
118,989
90,864
13,868
835,314
482,392
73,627
Cost of revenues
(exclusive of amortization of intangible assets shown separately
below)
(58,590
)
(37,868
)
(5,780
)
(293,757
)
(183,112
)
(27,948
)
Sales and marketing expenses
(78,190
)
(43,390
)
(6,623
)
(613,183
)
(229,775
)
(35,071
)
Research and development expenses
(32,813
)
(19,577
)
(2,988
)
(171,137
)
(103,474
)
(15,793
)
General and administrative expenses
(11,454
)
(25,701
)
(3,923
)
(128,152
)
(103,038
)
(15,727
)
Amortization of intangible assets
(87,112
)
(82,105
)
(12,532
)
(331,294
)
(341,802
)
(52,169
)
Goodwill impairment
-
-
-
(1,382,149
)
-
-
Other income, net
68
7,505
1,145
11,472
49,885
7,614
Loss from operations
(149,102
)
(110,272
)
(16,833
)
(2,072,886
)
(428,924
)
(65,467
)
Interest income
6,094
4,388
670
29,312
19,601
2,992
(Loss)/Gain from investments, net
-
(4,687
)
(715
)
(66,550
)
86,497
13,202
Loss before income tax and share of
results of equity investees
(143,008
)
(110,571
)
(16,878
)
(2,110,124
)
(322,826
)
(49,273
)
Income tax benefits/(expenses)
1,118
1,906
291
590
(5,181
)
(791
)
Share of results of equity investee
-
36
5
(114,104
)
36
5
Net loss
(141,890
)
(108,629
)
(16,582
)
(2,223,638
)
(327,971
)
(50,059
)
Net loss attributable to MOGU
Inc.
(141,890
)
(108,629
)
(16,582
)
(2,223,638
)
(327,971
)
(50,059
)
Net loss attributable to MOGU Inc's
ordinary shareholders
(141,890
)
(108,629
)
(16,582
)
(2,223,638
)
(327,971
)
(50,059
)
Net loss
(141,890
)
(108,629
)
(16,582
)
(2,223,638
)
(327,971
)
(50,059
)
Other comprehensive
income/(loss):
Foreign currency translation adjustments,
net of nil tax
18,622
5,080
775
105,433
(72,993
)
(11,141
)
Share of other comprehensive loss of
equity method investee
-
-
-
(145
)
-
-
Unrealized securities holding
gains/(losses), net of tax
25,472
5,636
860
18,713
(31,658
)
(4,832
)
Total comprehensive loss
(97,796
)
(97,913
)
(14,947
)
(2,099,637
)
(432,622
)
(66,032
)
Total comprehensive loss attributable
to MOGU Inc.
(97,796
)
(97,913
)
(14,947
)
(2,099,637
)
(432,622
)
(66,032
)
Net loss attributable to MOGU Inc's
ordinary shareholders
(141,890
)
(108,629
)
(16,582
)
(2,223,638
)
(327,971
)
(50,059
)
Net loss per share attributable to
ordinary shareholders
Basic
(0.05
)
(0.04
)
(0.01
)
(0.82
)
(0.12
)
(0.02
)
Diluted
(0.05
)
(0.04
)
(0.01
)
(0.82
)
(0.12
)
(0.02
)
Net loss per ADS
Basic
(1.30
)
(1.07
)
(0.25
)
(20.45
)
(3.12
)
(0.48
)
Diluted
(1.30
)
(1.07
)
(0.25
)
(20.45
)
(3.12
)
(0.48
)
Weighted average number of shares used
in computing net loss per share
Basic
2,730,786,951
2,542,978,418
2,542,978,418
2,718,827,977
2,630,425,361
2,630,425,361
Diluted
2,730,786,951
2,542,978,418
2,542,978,418
2,718,827,977
2,630,425,361
2,630,425,361
Share-based compensation expenses
included in:
Cost of revenues
(3,205
)
556
85
(2,747
)
2,464
376
General and administrative expenses
(16,071
)
3,647
557
17,740
14,475
2,209
Sales and marketing expenses
(631
)
1,375
210
7,927
5,416
827
Research and development expenses
(3,491
)
1,024
156
9,265
3,940
601
MOGU INC.
Unaudited Interim Condensed
Consolidated Statements of Cash Flows
(All amounts in thousands,
except for share and per share data)
For the three months
ended
For the year ended
March 31,
March 31,
2020
2021
2020
2021
RMB
RMB
US$
RMB
RMB
US$
Net cash used in operating
activities
(154,827
)
(50,002
)
(7,632
)
(311,789
)
(77,931
)
(11,895
)
Net cash provided by/(used in)
investing activities
141,860
(60,079
)
(9,170
)
(113,150
)
(96,663
)
(14,754
)
Net cash used in financing
activities
(1,510
)
(9,095
)
(1,388
)
(29,332
)
(119,249
)
(18,201
)
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
5,515
1,927
294
33,929
(20,647
)
(3,151
)
Net decrease in cash and cash equivalents
and restricted cash
(8,962
)
(117,249
)
(17,896
)
(420,342
)
(314,490
)
(48,001
)
Cash and cash equivalents and restricted
cash at beginning of period
866,336
660,133
100,756
1,277,716
857,374
130,861
Cash and cash equivalents and restricted
cash at end of period
857,374
542,884
82,860
857,374
542,884
82,860
MOGU INC.
Reconciliations of GAAP and
Non-GAAP Results
(All amounts in thousands,
except for share and per share data)
For the three months
ended
For the year ended
March 31
March 31,
2020
2021
2020
2021
RMB
RMB
US$
RMB
RMB
US$
Net loss
(141,890
)
(108,629
)
(16,582
)
(2,223,638
)
(327,971
)
(50,059
)
Add:
Share of result of equity investee
-
(36
)
(5
)
114,104
(36
)
(5
)
Add:
Loss/(gain) from investments, net
-
4,687
715
66,550
(86,497
)
(13,202
)
Add:
Goodwill impairment
-
-
-
1,382,149
-
-
Add:
Income tax (benefits)/expenses
(1,118
)
(1,906
)
(291
)
(590
)
5,181
791
Less:
Interest income
(6,094
)
(4,388
)
(670
)
(29,312
)
(19,601
)
(2,992
)
Loss from operations
(149,102
)
(110,272
)
(16,833
)
(690,737
)
(428,924
)
(65,467
)
Add:
Share-based compensation expenses
(23,398
)
6,602
1,008
32,185
26,295
4,013
Add:
Amortization of intangible assets
87,112
82,105
12,532
331,294
341,802
52,169
Add:
Depreciation of property and equipment
1,832
1,446
221
7,174
9,327
1,424
Adjusted EBITDA
(83,556
)
(20,119
)
(3,072
)
(320,084
)
(51,500
)
(7,861
)
Net loss
(141,890
)
(108,629
)
(16,582
)
(2,223,638
)
(327,971
)
(50,059
)
Add:
Loss/(gain) from investments, net
-
4,687
715
66,550
(86,497
)
(13,202
)
Add:
Share-based compensation expenses
(23,398
)
6,602
1,008
32,185
26,295
4,013
Add:
Goodwill impairment
-
-
-
1,382,149
-
-
Add:
Amortization of intangible assets
87,112
82,105
12,532
331,294
341,802
52,169
Less:
Adjusted for tax effects
(1,161
)
(1,161
)
(177
)
(2,709
)
(4,644
)
(709
)
Adjusted net loss
(79,337
)
(16,396
)
(2,504
)
(414,169
)
(51,015
)
(7,788
)
1 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, 2021, which was RMB6.5518 to
US$1.00. The percentages stated in this press release are
calculated based on the RMB amounts.
2 GMV refers to the total value of orders placed on the MOGU
platform regardless of whether the products are sold, delivered or
returned, calculated based on the listed prices of the ordered
products without taking into consideration any discounts on the
listed prices. Buyers on the MOGU platform are not charged for
separate shipping fees over the listed price of a product. If
merchants include certain shipping fees in the listed price of a
product, such shipping fees will be included in GMV. As a prudent
matter aiming at eliminating any influence on MOGU’s GMV of
irregular transactions, the Company excludes from its calculation
of GMV transactions over a certain amount (RMB100,000) and
transactions by users over a certain amount (RMB1,000,000) per
day.
3 Adjusted EBITDA represents net loss before (i) interest
income, loss from investments, net, income tax benefits and share
of results of equity investee 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) loss from
investments, net, (ii) share-based compensation expenses, (iii)
amortization of intangible assets, (iv) adjustments for tax
effects. See “Unaudited Reconciliations of GAAP and NonGAAP
Results” at the end of this press release.
5 Adjusted EBITDA represents net loss before (i) interest
income, loss/(gain) from investments, net, income tax
(benefits)/expenses and share of results of equity investee,
goodwill impairment 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.
6 Adjusted net loss represents net loss excluding (i)
loss/(gain) from investments, net, (ii) share-based compensation
expenses, (iii) goodwill impairment, (iv) amortization of
intangible assets, (v) adjustments for tax effects. See “Unaudited
Reconciliations of GAAP and NonGAAP Results” at the end of this
press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210528005129/en/
For investor and media inquiries:
MOGU Inc.
Raymond Huang Phone: +86-571-8530-8201 E-mail: ir@mogu.com
Christensen
In China Mr. Eric Yuan Phone: +86-10-5900-1548 E-mail:
eyuan@christensenir.com
In the United States Ms. Linda Bergkamp Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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