ChinaCache International Holdings Ltd. (“ChinaCache” or the
“Company”) (NASDAQ:CCIH), a leading total solutions provider of
Internet content and application delivery services in China, today
announced its unaudited condensed consolidated financial results
for the first six months of 2017 ended June 30, 2017.
First Six Months of 2017 Financial
Overview
- Net revenues were RMB409.4 million (US$60.4
million), compared with RMB529.3 million for the first six months
of 2016.
- Gross profit was RMB31.8 million (US$4.7
million), compared with a gross loss of RMB17.5 million for the
first six months of 2016.
- Net loss was RMB125.9 million (US$18.6
million), compared with a net loss of RMB247.4 million for the
first six months of 2016.
- Adjusted EBITDA (non-GAAP) was a loss of
RMB113.1 million (US$16.7 million), compared with adjusted EBITDA
(non-GAAP) loss of RMB112.3 million for the first six months of
2016.
“In the first half of 2017, while our core CDN
business was impacted by on-going competitive headwinds from large
cloud operators, the tough environment did not slow us from
continuing to execute our strategic initiatives with a focus on
integrating our resources to provide a premium three-layer
structured network total solution offering. We took key steps to
respond to the slowing growth with reducing costs and further
optimizing our product mix,” stated Mr. Song Wang, Chairman and
Chief Executive Officer of ChinaCache. “During the first six
months of 2017, our efforts produced notable gross profit
improvement despite the significant topline pressure from
intensified pricing competition. We also saw significant
reduction in our SG&A and R&D expenses as we continued to
carry out prudent cost control methods. As a result, we recorded an
improved net loss attributable to ordinary shareholders of RMB125.6
million for the six months of 2017, compared with RMB247.2 million
for the same period of 2016.”
Mr. Wang continued, “We further aligned our
vision to provide customers with total solutions from our
three-layer structured offering portfolio consisting of content
delivery networks (CDN), data centers (IDCs) and Internet exchange
centers (CHN-IX), and achieved notable progress in this
regard.
“For our CDN business, we are pleased to report
that our High Performance Cloud Caching platform (HPCC) reached a
stable operating level in the first six months of 2017. HPCC now
hosts more than 70% of our CDN traffic and provides enhanced
service quality with higher flexibility, increased efficiency as
well as content encryption transmission and new protocol support.
We believe that the optimized platform will serve as our long-term
differentiator in this market.
“Our CHN-IX network provides a cloud ecosystem
with upstream and downstream partners offering advanced
interconnection and peering services. With footholds in
first-tier cities, these world-class, carrier-neutral internet
exchange centers improve connectivity through private backbone
lines with high-speed IP interconnection, cloud access and
high-level network security. In 2017, we expanded cooperation
agreements with cloud industry leaders like Microsoft Azure and
Tencent Cloud and, as a result, are seeing a growing number of
customers from the government, finance and Internet sectors
attracted to these exchange centers.
“Demand for data center services in China
remains strong. Our data center campus in Beijing has over
3,000 cabinets rented under contract and we have recently signed an
agreement with a financial service provider for about 1,000
cabinets with an estimated move-in date in the first quarter of
2018. We are also in tenancy discussion with a large Internet
company and will update the market accordingly.
“As we look to the remainder of 2017 and into
2018, we continue to see a very competitive landscape and industry
conditions. Price competition in the CDN space will likely
remain fierce. Accordingly, as we position our three-layered,
total solution services in the market, going forward we will place
greater sales emphasis on our data center and Internet exchange
center offerings and less on our CDN services. We remain
steadfast in our belief that offering customers a suite of
offerings that provides total solutions is the best strategy for
growth and will remain diligent in monitoring expenses with the
goal of returning to profitability and long-term sustainability,”
concluded Mr. Wang.
First Six Months of 2017 Financial
Results
Net revenues for the first six
months of 2017 were RMB409.4 million (US$60.4 million), a 22.6%
decrease from the first six months of 2016. The decrease in net
revenues was primarily attributable to increased industry
competition.
Cost of revenues for the first
six months of 2017 decreased by 30.9% year-over-year to RMB377.7
million (US$55.7 million). Gross margin for the first six months of
2017 was 7.8%, compared with negative 3.3% for the same period in
2016. Non-GAAP gross margin, which excludes share-based
compensation, was 7.8% for the first six months of 2017, compared
with negative 2.4% for the first six months of 2016. The increase
in gross margin was mainly attributable to no depreciation and
amortization of long lived assets due to the full impairment
provided and cost control measures.
Sales and marketing expenses for the first six
months of 2017 were RMB34.0 million (US$5.0 million), or 8.3% of
net revenues, a 29.4% decrease from the first six months of 2016.
The decrease in sales and marketing expenses, was primarily
attributable to cost control measures.
General and administrative expenses for the
first six months of 2017 were RMB69.8 million (US$10.3 million), or
17.0% of net revenues, a 54.3% decrease from the first six months
of 2016. The decrease in general and administrative expenses in
first six months of 2017, compared with the first six months of
2016, was primarily attributable to a decrease in share-based
compensation expenses.
Research and development (R&D) expenses for
the first six months of 2017 were RMB41.3 million (US$6.1 million),
or 10.1% of net revenues, a 24.8% decrease from the first six
months of 2016 primarily due to cost control measures, decrease in
share-based compensation expenses and no depreciation of long lived
assets.
Operating loss was RMB130.4
million (US$19.2 million) for the first six months of 2017,
compared with an operating loss of RMB266.4 million for the same
period of 2016. Non-GAAP operating loss, which excludes share-based
compensation expenses, and impairment of long lived assets, was
RMB123.0 million (US$18.1 million) for the first six months of
2017, compared with a non-GAAP operating loss of RMB192.7 million
for the first six months of 2016.
Income tax benefit was RMB9.5
million (US$1.4 million) for the first six months of 2017, compared
with income tax benefit of RMB17.2 million for the first six months
of 2016.
Net loss was RMB125.9 million
(US$18.6 million) for the first six months of 2017, compared with a
net loss of RMB247.4 million for the first six months of 2016. Net
loss per basic and diluted American depositary share (“ADS”) for
the first six months of 2017 was RMB4.80 (US$0.64) each. Each ADS
represents 16 ordinary shares of the Company.
Adjusted EBITDA (non-GAAP),
defined as EBITDA excluding share-based compensation expenses,
foreign exchange gain (loss) and impairment of long lived assets,
was a loss of RMB113.1 million (US$16.7 million) for the first six
months of 2017. Adjusted EBITDA (non-GAAP) was a loss of RMB112.3
million for the first six months of 2016.
Adjusted net loss (non-GAAP),
defined as net loss before share-based compensation expenses,
foreign exchange gain (loss) and impairment of long lived assets,
was RMB111.5 million (US$16.5 million) for the first six months of
2017, compared with adjusted net loss (non-GAAP) of RMB178.9
million for the first six months of 2016. Non-GAAP net loss per
basic and diluted ADS for the first six months of 2017 was RMB4.16
(US$0.64) each.
Balance Sheet
As of June 30, 2017, the Company had cash and
cash equivalents of RMB132.4 million (US$19.5 million), compared
with RMB134.9 million as of December 31, 2016. As of June 30, 2017,
net current liability was RMB292.8 million (US$43.2 million),
compared with net current liability of RMB158.0 million as of
December 31, 2016. The net current liability of RMB292.8
million as of June 30, 2017, may raise substantial doubt about the
Company’s ability to continue as a going concern. The Company has
been implementing a comprehensive plan as described in Note 2 of
the consolidated financial statements included in the Company’s
annual report for 2016 on Form 20-F filed on November 14, 2017.
About ChinaCache International Holdings
Ltd.
ChinaCache International Holdings Ltd. (Nasdaq:
CCIH) is the leading total solutions provider of Internet content
and application delivery services in China. As a carrier-neutral
service provider, ChinaCache's network in China is interconnected
with networks operated by all telecom carriers, major non-carriers
and local Internet service providers. With more than a decade of
experience in developing solutions tailored to China's complex
Internet infrastructure, ChinaCache is a partner of choice for
businesses, government agencies and other enterprises to enhance
the reliability and scalability of online services and applications
and improve end-user experience. For more information on
ChinaCache, please visit ir.chinacache.com.
Use of Non-GAAP Financial
Measures
In evaluating its business, ChinaCache considers
and uses the following non-GAAP measures defined as non-GAAP
financial measures by the SEC as supplemental measures to review
and assess its operating performance: non-GAAP gross profit,
non-GAAP sales and marketing expenses, non-GAAP general and
administrative expenses, non-GAAP research and development
expenses, non-GAAP operating income (loss), adjusted net income
(loss) (non-GAAP), EBITDA and adjusted EBITDA (non-GAAP). 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.
For more information on these non-GAAP financial measures, please
see the table captioned “Reconciliations of Non-GAAP to GAAP
Financial Measures" set forth at the end of this press release.
To present non-GAAP sales and marketing
expenses, non-GAAP general and administrative expenses and non-GAAP
research and development expenses, the Company excludes share-based
compensation expense.
To present non-GAAP gross profit (loss), the
Company excludes share-based compensation expense.
To present non-GAAP operating income (loss), the
Company excludes share-based compensation expense.
The Company defines adjusted net income (loss)
as net income (loss) before share-based compensation expense and
foreign exchange gain (loss).
The Company uses EBITDA to assist in
reconciliation to adjusted EBITDA. The Company defines EBITDA as
net income (loss) before interest expense, interest income, income
tax expense and depreciation and amortization. The Company defines
adjusted EBITDA as EBITDA before share-based compensation expense,
foreign exchange gain (loss) and impairment of long lived assets
that the Company does not consider reflective of its ongoing
operations. The Company believes that the use of adjusted EBITDA
facilitates investors' use of operating performance comparisons
from period to period and company to company by backing out
potential differences caused by variations in items such as capital
structure (affecting relative interest expense and share-based
compensation expense), the book amortization of intangibles
(affecting relative amortization expense), the age and book value
of facilities and equipment (affecting relative depreciation
expense) and other non-cash expenses. The Company also presents
adjusted EBITDA because it believes it is frequently used by
securities analysts, investors and other interested parties as a
measure of the financial performance of companies in its
industry.
Those non-GAAP financial measures are not
defined under U.S. GAAP and are not measures presented in
accordance with U.S. GAAP. Those non-GAAP financial measures have
limitations as analytical tools, and when assessing the Company's
operating performance, investors should not consider them in
isolation, or as a substitute for net income or other consolidated
income statement data prepared in accordance with U.S. GAAP. Some
of these limitations include, but are not limited to:
- Adjusted net income, EBITDA and adjusted EBITDA do not reflect
the Company's cash expenditures or future requirements for capital
expenditures or contractual commitments;
- They do not reflect changes in, or cash requirements for, the
Company's working capital needs;
- They do not reflect the interest expense, or the cash
requirements necessary to service interest or principal payments,
on the Company's debt;
- They do not reflect income taxes or the cash requirements for
any tax payments;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized often will have to be
replaced in the future, and adjusted net income, EBITDA and
adjusted EBITDA do not reflect any cash requirements for such
replacements;
- While share-based compensation is a component of cost of
revenues and operating expenses, the impact on the Company's
financial statements compared to other companies can vary
significantly due to such factors as assumed life of the options
and assumed volatility of the Company's ordinary shares;
and
- Other companies may calculate adjusted net income, EBITDA and
adjusted EBITDA differently than the Company does, limiting their
usefulness as comparative measures.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars at a specified rate solely
for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at the noon buying
rate on June 30, 2017, as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System, which was
RMB6.7793 to US$1.00.
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,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the business outlook of the Company and
quotations from management in this announcement, as well as
ChinaCache’s strategic and operational plans, contain
forward-looking statements. ChinaCache may also make written or
oral forward-looking statements in its reports filed or furnished
to the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. 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 statements, including but not limited to the
following: the Company’s goals and strategies, expansion plans, the
expected growth of the content and application delivery services
market, the Company’s expectations regarding keeping and
strengthening its relationships with its customers, and the general
economic and business conditions in the regions where the Company
provides its solutions and services. Further information regarding
these and other risks 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
ChinaCache undertakes no duty to update such information, except as
required under applicable law.
For investor and media inquiries please
contact:
Investor Relations DepartmentChinaCache
International HoldingsTel: +86 (10) 6408-5307Email:
ir@chinacache.com
Mr. Ross WarnerThe Piacente Group | Investor
RelationsTel: +86 10 5730-6200Email:
chinacache@tpg-ir.com
Ms. Brandi PiacenteThe Piacente Group | Investor
RelationsTel: +1 212-481 2050Email: chinacache@tpg-ir.com
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets |
|
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of Dec 31 |
|
As of Jun 30 |
|
As of Jun 30 |
|
|
|
|
|
2016 |
|
2017 |
|
2017 |
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
(Audited) |
|
(Unaudited) |
|
(Unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
134,924 |
|
|
132,418 |
|
|
19,533 |
|
|
|
Accounts receivable, net |
190,587 |
|
|
179,837 |
|
|
26,527 |
|
|
|
Prepaid expenses and other current assets |
|
56,976 |
|
|
58,461 |
|
|
8,623 |
|
|
|
Amount due from a subsidiary held for sale |
|
53,169 |
|
|
47,708 |
|
|
7,038 |
|
|
|
Assets held for sale |
|
1,270,483 |
|
|
1,385,936 |
|
|
204,436 |
|
|
|
|
Total current
assets |
|
1,706,139 |
|
|
1,804,360 |
|
|
266,157 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
- |
|
|
- |
|
|
- |
|
|
|
Intangible assets, net |
|
- |
|
|
- |
|
|
- |
|
|
|
Long
term investments |
|
34,159 |
|
|
34,517 |
|
|
5,092 |
|
|
|
Deferred tax assets, net |
|
- |
|
|
- |
|
|
- |
|
|
|
Long
term deposits and other non-current assets |
|
36,525 |
|
|
21,108 |
|
|
3,114 |
|
|
|
|
Total non-current
assets |
|
70,684 |
|
|
55,625 |
|
|
8,206 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
1,776,823 |
|
|
1,859,985 |
|
|
274,363 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
DEFICIT |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Short-term loan |
|
29,311 |
|
|
29,311 |
|
|
4,324 |
|
|
|
Accounts payable |
|
301,569 |
|
|
336,219 |
|
|
49,595 |
|
|
|
Accrued employee benefits |
|
46,233 |
|
|
41,933 |
|
|
6,185 |
|
|
|
Accrued expenses and other payables |
|
52,697 |
|
|
56,122 |
|
|
8,278 |
|
|
|
Income tax payable |
|
13,924 |
|
|
14,735 |
|
|
2,174 |
|
|
|
Liabilities for uncertain tax positions |
|
10,020 |
|
|
10,020 |
|
|
1,478 |
|
|
|
Amounts due to related parties |
|
18 |
|
|
19 |
|
|
3 |
|
|
|
Current portion of long term loan |
|
3,840 |
|
|
500 |
|
|
74 |
|
|
|
Current portion of capital lease obligations |
|
72,851 |
|
|
60,339 |
|
|
8,900 |
|
|
|
Deferred government grant |
|
13,000 |
|
|
13,000 |
|
|
1,918 |
|
|
|
Amount due
to a subsidiary held for sale |
|
18,063 |
|
|
84,762 |
|
|
12,503 |
|
|
|
Liabilities held for sale |
|
1,302,658 |
|
|
1,450,171 |
|
|
213,912 |
|
|
|
|
Total current
liabilities |
|
1,864,184 |
|
|
2,097,131 |
|
|
309,344 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current portion of
capital lease obligations |
|
43,951 |
|
|
16,931 |
|
|
2,497 |
|
|
|
|
Deferred government
grant |
|
11,208 |
|
|
9,189 |
|
|
1,355 |
|
|
|
|
Total non-current
liabilities |
|
55,159 |
|
|
26,120 |
|
|
3,852 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
1,919,343 |
|
|
2,123,251 |
|
|
313,196 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
Shareholders' deficit |
|
(142,520 |
) |
|
(263,266 |
) |
|
(38,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' DEFICIT |
1,776,823 |
|
|
1,859,985 |
|
|
274,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Comprehensive Income |
|
(amounts in thousands, except for number of shares,
per share and per ADS data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
Jun 30, 2016 |
|
Jun 30, 2017 |
|
Jun 30, 2017 |
|
|
|
|
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
529,280 |
|
|
409,428 |
|
|
60,394 |
|
|
Cost of revenues |
|
|
(546,750 |
) |
|
(377,652 |
) |
|
(55,707 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit |
|
|
(17,470 |
) |
|
31,776 |
|
|
4,687 |
|
|
|
Other
operating income (loss) |
|
|
6,591 |
|
|
(9,877 |
) |
|
(1,457 |
) |
|
|
Sales &
marketing expenses |
|
|
(48,127 |
) |
|
(33,961 |
) |
|
(5,010 |
) |
|
|
General
& administrative expenses |
|
|
(152,551 |
) |
|
(69,781 |
) |
|
(10,293 |
) |
|
|
Research
& development expenses |
|
|
(54,879 |
) |
|
(41,269 |
) |
|
(6,088 |
) |
|
|
Impairment
of long lived assets |
|
|
- |
|
|
(7,276 |
) |
|
(1,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(266,436 |
) |
|
(130,388 |
) |
|
(19,234 |
) |
|
|
Interest
income |
|
|
2,781 |
|
|
1,268 |
|
|
187 |
|
|
|
Interest
expense |
|
|
(6,624 |
) |
|
(9,197 |
) |
|
(1,357 |
) |
|
|
Other
income |
|
|
428 |
|
|
9,876 |
|
|
1,457 |
|
|
|
Foreign
exchange gain (loss), net |
|
|
5,279 |
|
|
(6,950 |
) |
|
(1,025 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(264,572 |
) |
|
(135,391 |
) |
|
(19,972 |
) |
|
|
Income tax benefit |
|
|
17,192 |
|
|
9,516 |
|
|
1,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
|
(247,380 |
) |
|
(125,875 |
) |
|
(18,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to the noncontrolling interest |
|
|
(161 |
) |
|
(311 |
) |
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to the Company's shareholders |
|
(247,219 |
) |
|
(125,564 |
) |
|
(18,522 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation |
|
|
378 |
|
|
3,679 |
|
|
543 |
|
|
Unrealized
holding gain on available-for-sale investments |
|
619 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income, net of tax |
|
|
997 |
|
|
3,679 |
|
|
543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss |
|
|
(246,383 |
) |
|
(122,196 |
) |
|
(18,025 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to the noncontrolling interest |
|
(161 |
) |
|
(311 |
) |
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to the Company's
shareholders |
(246,222 |
) |
|
(121,885 |
) |
|
(17,979 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ordinary share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
(0.62 |
) |
|
(0.30 |
) |
|
(0.04 |
) |
|
|
Diluted |
|
|
(0.62 |
) |
|
(0.30 |
) |
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS*: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
(9.92 |
) |
|
(4.80 |
) |
|
(0.64 |
) |
|
|
Diluted |
|
|
(9.92 |
) |
|
(4.80 |
) |
|
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in earnings
per share computation: |
|
|
|
|
Basic |
|
|
|
399,391,881 |
|
|
422,048,996 |
|
|
422,048,996 |
|
|
|
Diluted |
|
|
399,391,881 |
|
|
422,048,996 |
|
|
422,048,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Note1:1 ADS
= 16 shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary Metrics - Reconciliations of
Non-GAAP to GAAP Financial Measures |
|
|
|
|
|
|
|
|
(amounts in thousands, except for percentages, number
of shares, per share and per ADS data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
Jun 30, 2016 |
|
Jun 30, 2017 |
|
Jun 30, 2017 |
|
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
Adjusted EBITDA — defined as EBITDA before share-based
compensation expense, foreign exchange gain (loss), transaction tax
on assets transfer, impairment of long lived assets and impairment
of long term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
(247,380 |
) |
|
(125,875 |
) |
|
(18,568 |
) |
|
Depreciation |
|
78,482 |
|
|
- |
|
|
- |
|
|
Amortization |
|
1,514 |
|
|
- |
|
|
- |
|
|
Interest expense |
|
6,624 |
|
|
9,197 |
|
|
1,357 |
|
|
Interest income |
|
(2,781 |
) |
|
(1,268 |
) |
|
(187 |
) |
|
Income tax benefit |
|
(17,192 |
) |
|
(9,516 |
) |
|
(1,404 |
) |
|
Share-based compensation |
|
73,739 |
|
|
103 |
|
|
16 |
|
|
Foreign exchange (gain) loss |
|
(5,279 |
) |
|
6,950 |
|
|
1,025 |
|
|
Impairment of long lived assets |
|
- |
|
|
7,276 |
|
|
1,073 |
|
|
Adjusted EBITDA |
|
(112,273 |
) |
|
(113,133 |
) |
|
(16,688 |
) |
|
|
Margin% |
|
(21.2% |
) |
|
(27.6% |
) |
|
(27.6% |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss— defined as net loss before share-based
compensation, foreign exchange gain (loss), penalties on uncertain
tax positions, transaction tax on assets transfer, impairment of
long-lived assets and impairment of long term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
(247,380 |
) |
|
(125,875 |
) |
|
(18,568 |
) |
|
Share-based
compensation |
|
73,739 |
|
|
103 |
|
|
16 |
|
|
Foreign exchange (gain) loss |
|
(5,279 |
) |
|
6,950 |
|
|
1,025 |
|
|
Impairment of long lived assets |
|
- |
|
|
7,276 |
|
|
1,073 |
|
|
Adjusted net loss |
|
(178,920 |
) |
|
(111,546 |
) |
|
(16,454 |
) |
|
|
Margin% |
|
(33.8% |
) |
|
(27.2% |
) |
|
(27.2% |
) |
|
Loss per ordinary share: |
|
|
|
|
|
|
|
|
Basic |
|
(0.45 |
) |
|
(0.26 |
) |
|
(0.04 |
) |
|
|
Diluted |
|
(0.45 |
) |
|
(0.26 |
) |
|
(0.04 |
) |
|
Loss per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
(7.20 |
) |
|
(4.16 |
) |
|
(0.64 |
) |
|
|
Diluted |
|
(7.20 |
) |
|
(4.16 |
) |
|
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit (loss) – defined as gross profit (loss)
before share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit |
|
(17,470 |
) |
|
31,776 |
|
|
4,687 |
|
|
Plus: Share-based compensation |
|
4,960 |
|
|
217 |
|
|
32 |
|
|
Non-GAAP gross (loss) profit |
|
(12,510 |
) |
|
31,993 |
|
|
4,719 |
|
|
|
Margin% |
|
(2.4% |
) |
|
7.8% |
|
|
7.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating expense – defined as operating expense
before share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales & marketing expenses |
|
48,127 |
|
|
33,961 |
|
|
5,010 |
|
|
Minus: Share-based compensation |
|
(2,877 |
) |
|
627 |
|
|
92 |
|
|
Non-GAAP sales & marketing expenses |
|
45,250 |
|
|
34,588 |
|
|
5,102 |
|
|
|
% of net
revenues |
|
8.5% |
|
|
8.4% |
|
|
8.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
General & administrative expenses |
|
152,551 |
|
|
69,781 |
|
|
10,293 |
|
|
Minus: Share-based compensation |
|
(62,537 |
) |
|
(475 |
) |
|
(70 |
) |
|
Non-GAAP general & administrative
expenses |
|
90,014 |
|
|
69,306 |
|
|
10,223 |
|
|
|
% of net
revenues |
|
17.0% |
|
|
16.9% |
|
|
16.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & development expenses |
|
54,879 |
|
|
41,269 |
|
|
6,088 |
|
|
Minus: Share-based compensation |
|
(3,365 |
) |
|
(38 |
) |
|
(6 |
) |
|
Non-GAAP research & development expenses |
|
51,514 |
|
|
41,231 |
|
|
6,082 |
|
|
|
% of net
revenues |
|
9.7% |
|
|
10.1% |
|
|
10.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating loss — defined as GAAP operating loss before
share-based compensation expense, transaction tax on assets
transfer, impairment of long-lived assets and impairment of long
term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(266,436 |
) |
|
(130,388 |
) |
|
(19,234 |
) |
|
Share-based compensation |
|
73,739 |
|
|
103 |
|
|
16 |
|
|
Impairment of long lived assets |
|
- |
|
|
7,276 |
|
|
1,073 |
|
|
Non-GAAP operating loss |
|
(192,697 |
) |
|
(123,009 |
) |
|
(18,145 |
) |
|
|
Margin% |
|
(36.4% |
) |
|
(30.0% |
) |
|
(30.0% |
) |
|
|
|
|
|
|
|
|
|
|
|
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