- GMV from Live Video Broadcast (“LVB”) for the
First Quarter Accounted for 90.8% 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 first quarter of
fiscal year 2022 ended June 30, 2021.
Mr. Chen Qi, Chairman and Chief Executive Officer of MOGU,
commented, “As we continue to make progress on the strategic
transformation of Mogu’s Live Video Broadcasting business, the GMV
from our Live eCommerce business continues to grow, rising by 14.7%
year-over-year and accounting for 90.8% of our total GMV during the
quarter. Younger consumers are shaping many new consumption trends
in China, one of which is their strong influence on smaller Chinese
domestic products and brands. As we look forward, we will focus on
establishing new partnerships with more suppliers that closely meet
the needs of these new consumption trends, while also empowering
more KOLs on our platform through our short video format. By
providing more fashionable and high-quality product offerings and
services to our users, we will maintain a high user retention rate
and ARPU. Simultaneously, we will further develop and utilize the
service capabilities for commercial partners that we have built
over the years to create a more abundant live video broadcasting
eCommerce ecosystem.”
"During the first fiscal quarter of 2022, our total revenues
were RMB92.0 million and the loss from operations were RMB98.0
million, compared with RMB132.5 million and negative RMB94.9
million, respectively, for the same period of fiscal year 2021. The
overall market environment is increasingly competitive, as we see
more aggressive measures being used to acquire new users, driving
the user acquisition costs up. Despite this, we continue to stay
disciplined and execute on our strategy of investing in and serving
our brands and merchants, while diversifying our revenue structure
to gain incremental growth. We will also continue to put further
effort on optimizing customer acquisition costs and our overall
operating efficiency." added Ms. Qi Feng, Financial Controller.
First Quarter Fiscal Year 2022 Highlights
- Live Video Broadcast (LVB) business grew stronger, with
associated GMV for the first quarter of fiscal year 2022 increasing
by 14.7% year-over-year to RMB2,600 million (US$402.7 million1).
LVB associated GMV for the first quarter of fiscal year 2022
accounted for 90.8% of our total GMV.
- Gross Merchandise Value (GMV2) for the first quarter of
fiscal year 2022 was RMB2,864 million (US$443.6 million), a
decrease of 8.2% year-over-year.
First quarter Fiscal Year 2022 Financial Results
Total revenues decreased by 30.6% to RMB92.0 million
(US$14.2 million) from RMB132.5 million during the same quarter of
fiscal year 2021.
- Commission revenues decreased by 23.7% to RMB65.1
million (US$10.1 million) from RMB85.3 million in the same period
of fiscal year 2021. The decrease was primarily attributable to the
lower GMV due to the heightened competitive environment.
- Marketing services revenuesdecreased by 64.0% to RMB8.6
million (US$1.3million) from RMB24.0 million in the same period of
fiscal year 2021. The decrease was primarily due to the
restructuring of the Company’s business towards an LVB-focused
model, which involves more business partners, including LVB hosts
and their agencies, who take on a portion of our marketing and
promotion functions.
- Financing solutions revenuesdecreased by 5.1% to RMB11.3
million (US$1.8million) from RMB12.0 million in the same period of
fiscal year 2021. The decrease was primarily due to the decrease in
the service fee of the loan to user.
- Other revenuesdecreased by 38.6% to RMB6.9 million
(US$1.1million) from RMB11.2 million in the same period of fiscal
year 2021, primarily due to a decrease in technology service.
Cost of revenues decreased by 10.9% to RMB43.5 million (US$6.7
million) from RMB48.8 million in the same period of fiscal year
2021, which was primarily due to a decrease in the IT related
expenses.
Sales and marketing expenses decreased by 28.9% to RMB44.0
million (US$6.8 million) from RMB61.9 million in the same period of
fiscal year 2021, primarily due to optimized spending on branding
activities.
Research and development expenses decreased by 24.8% to RMB21.8
million (US$3.4 million) from RMB29.0 million in the same period of
fiscal year 2021, primarily as a result of headcount optimization
in the same quarter of fiscal year 2021.
General and administrative expenses decreased by 1.4% to RMB23.2
million (US$3.6 million) from RMB23.5 million in the same period of
fiscal year 2021, primarily due to the decrease in the allowance
for doubtful receivables.
Amortization of intangible assets decreased by 8.2% to RMB64.7
million (US$10.0 million) from RMB70.5 million in the same period
of fiscal year 2021.
Loss from operations was RMB98.0 million (US$15.2
million), compared to loss from operations of RMB94.9 million in
the same period of fiscal year 2021.
Net loss attributable to MOGU Inc.’s ordinary
shareholders was RMB95.5 million (US$14.8 million), compared to
a net loss attributable to MOGU Inc’s ordinary shareholders of
RMB88.9 million in the same period of fiscal year 2021.
Adjusted EBITDA3 was negative RMB25.2 million (US$3.9
million), compared to negative RMB17.4 million in the same period
of fiscal year 2021.
Adjusted net loss4 was RMB24.3 million (US$3.8 million),
compared to adjusted net loss of RMB14.4 million in the same period
of fiscal year 2021.
Basic and diluted loss per ADS were RMB1.00 (US$0.15) and
RMB1.00 (US$0.15), compared with RMB0.81 and RMB0.81, respectively,
in the same period of fiscal year 2021. One ADS represents 25 Class
A ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term
investments were RMB776.3 million (US$120.2 million) as of June
30, 2021, compared with RMB803.1 million as of March 31, 2021.
Subsequent event
In July 2021, Hangzhou Juangua Network Co., Ltd. (“Hangzhou
Juangua”), a consolidated affiliated entity of the Company
purchased equity interests in Hangzhou Ruisha Technology Co., Ltd.
(“Hangzhou Ruisha”) with a consideration of RMB50 million in cash.
MOGU beneficially owns 59.62% equity interests in Hangzhou Ruisha
upon the closing of the transactions.
Conference Call
MOGU's management will host an earnings conference call at 7:30
AM U.S. Eastern Time on Friday, August 27, 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 September 3,
2021.
Dial-in numbers for the replay are as follows:
International:
+1 416 621 4642
United States:
+1 800 585 8367
Passcode:
5687055
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
non-GAAP measures, such as Adjusted EBITDA and Adjusted net loss as
supplemental measures to review and assess operating performance.
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
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-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, 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
Non-GAAP Results” at the end of this press release.
The Company presents these non-GAAP financial measures because
they are used by management to evaluate operating performance and
formulate business plans. The Company believes that the non-GAAP
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 non-GAAP 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 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. The
Company’s non-GAAP 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 non-GAAP 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 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 non-GAAP financial measures, please
see the table captioned “Unaudited Reconciliations of GAAP and
Non-GAAP 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 June 30,
2021
2021
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
542,076
602,347
93,292
Restricted cash
808
808
125
Short-term investments
260,245
173,184
26,823
Inventories, net
240
230
36
Loan receivables, net
99,965
97,566
15,111
Prepayments and other current assets
77,679
65,093
10,082
Amounts due from related parties
6,061
681
105
Total current assets
987,074
939,909
145,574
Non-current assets:
Property, equipment and software, net
10,780
10,375
1,607
Intangible assets, net
426,005
355,150
55,006
Goodwill
186,504
186,504
28,886
Investments
66,382
73,284
11,350
Other non-current assets
163,111
163,618
25,341
Total non-current assets
852,782
788,931
122,190
Total assets
1,839,856
1,728,840
267,764
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
19,938
18,574
2,877
Salaries and welfare payable
4,349
9,375
1,452
Advances from customers
77
90
14
Taxes payable
1,558
1,425
221
Amounts due to related parties
6,234
5,704
883
Accruals and other current liabilities
333,127
329,239
50,992
Total current liabilities
365,283
364,407
56,439
Non-current liabilities:
Deferred tax liabilities
17,526
16,366
2,535
Other non-current liabilities
2,151
1,812
281
Total non-current liabilities
19,677
18,178
2,816
Total liabilities
384,960
382,585
59,255
Shareholders’ equity
Ordinary shares
181
181
28
Treasury stock
(126,424
)
(134,009
)
(20,755
)
Statutory reserves
3,331
3,331
516
Additional paid-in capital
9,458,643
9,465,348
1,465,996
Accumulated other comprehensive income
97,145
84,881
13,146
Accumulated deficit
(7,977,980
)
(8,073,477
)
(1,250,422
)
Total MOGU Inc. shareholders’ equity
1,454,896
1,346,255
208,509
Total shareholders’ equity
1,454,896
1,346,255
208,509
Total liabilities and shareholders’
equity
1,839,856
1,728,840
267,764
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
June 30,
2020
2021
RMB
RMB
US$
Net revenues
Commission revenues
85,309
65,107
10,084
Marketing services revenues
23,992
8,647
1,339
Financing solutions revenues
11,950
11,340
1,756
Other revenues
11,204
6,874
1,065
Total revenues
132,455
91,968
14,244
Cost of revenues (exclusive of
amortization of intangible assets shown separately below)
(48,797
)
(43,457
)
(6,731
)
Sales and marketing expenses
(61,904
)
(44,018
)
(6,818
)
Research and development expenses
(28,998
)
(21,801
)
(3,377
)
General and administrative expenses
(23,527
)
(23,208
)
(3,594
)
Amortization of intangible assets
(70,478
)
(64,680
)
(10,018
)
Other income, net
6,327
7,187
1,113
Loss from operations
(94,922
)
(98,009
)
(15,181
)
Interest income
4,764
3,304
512
Loss from investments, net
-
(1,003
)
(155
)
Loss before income tax
(90,158
)
(95,708
)
(14,824
)
Income tax benefits
1,247
211
33
Net loss
(88,911
)
(95,497
)
(14,791
)
Net loss attributable to MOGU Inc’s
ordinary shareholders
(88,911
)
(95,497
)
(14,791
)
Net loss
(88,911
)
(95,497
)
(14,791
)
Other comprehensive loss:
Foreign currency translation adjustments,
net of nil tax
(859
)
(12,264
)
(1,899
)
Total comprehensive loss
(89,770
)
(107,761
)
(16,690
)
Net loss attributable to MOGU Inc's
ordinary shareholders
(88,911
)
(95,497
)
(14,791
)
Net loss per share attributable to
ordinary shareholders
Basic
(0.03
)
(0.04
)
(0.01
)
Diluted
(0.03
)
(0.04
)
(0.01
)
Net loss per ADS
Basic
(0.81
)
(1.00
)
(0.15
)
Diluted
(0.81
)
(1.00
)
(0.15
)
Weighted average number of shares used
in computing net loss per share
Basic
2,728,564,089
2,528,531,290
2,528,531,290
Diluted
2,728,564,089
2,528,531,290
2,528,531,290
Share-based compensation expenses
included in:
Cost of revenues
520
621
96
General and administrative expenses
2,925
3,694
572
Sales and marketing expenses
1,330
1,379
214
Research and development expenses
428
1,011
157
5,203
6,705
1,039
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
June 30,
2020
2021
RMB
RMB
US$
Net cash used in operating
activities
(8,599
)
(11,391
)
(1,764
)
Net cash (used in)/provided by
investing activities
(14,214
)
82,118
12,718
Net cash used in financing
activities
(5,536
)
(7,585
)
(1,175
)
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
(275
)
(2,871
)
(444
)
Net (decrease)/increase in cash and cash
equivalents and restricted cash
(28,624
)
60,271
9,335
Cash and cash equivalents and restricted
cash at beginning of period
857,374
542,884
84,082
Cash and cash equivalents and restricted
cash at end of period
828,750
603,155
93,417
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 June 30,
2020
2021
RMB
RMB
US$
Net loss
(88,911
)
(95,497
)
(14,791
)
Add:
Loss from investments, net
-
1,003
155
Less:
Income tax benefits
(1,247
)
(211
)
(33
)
Less:
Interest income
(4,764
)
(3,304
)
(512
)
Loss from operations
(94,922
)
(98,009
)
(15,181
)
Add:
Share-based compensation expenses
5,203
6,705
1,039
Add:
Amortization of intangible assets
70,478
64,680
10,018
Add:
Depreciation of property and equipment
1,815
1,470
228
Adjusted EBITDA
(17,426
)
(25,154
)
(3,896
)
Net loss
(88,911
)
(95,497
)
(14,791
)
Add:
Loss from investments, net
-
1,003
155
Add:
Share-based compensation
5,203
6,705
1,039
Add:
Amortization of intangible assets
70,478
64,680
10,018
Less:
Adjusted for tax effects
(1,161
)
(1,161
)
(180
)
Adjusted net loss
(14,391
)
(24,270
)
(3,759
)
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 June 30, 2021, which was RMB6.4566 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 (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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210827005084/en/
For investor and media inquiries:
MOGU Inc.
Ms. Qi Feng Phone: +86-571-8530-8201 E-mail: ir@mogu.com
Christensen
In China Mr. Eric Yuan Phone: +86-10-5900-1548 E-mail:
eyuan@christensenir.com
In the United States Ms. Linda Bergkamp Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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