BlueCity Holdings Limited (“BlueCity” or the “Company”) (Nasdaq:
BLCT), a leading online LGBTQ platform, today announced its
unaudited financial results for the third quarter ended September
30, 2021.
Third Quarter 2021 Highlights
- Total revenues reached RMB270.0 million
(US$41.9 million), a decrease of 9.3% from the same period in
2020.
- Net loss was RMB73.8 million (US$11.5
million), compared with net loss of RMB137.8 million in the third
quarter of 2020.
- Adjusted Net Loss1
(Non-GAAP) was RMB62.2 million (US$9.7 million),
compared with adjusted net income (non-GAAP) of RMB7.3 million in
the third quarter of 2020.
- Monthly active users (“MAUs”) of BlueCity’s
apps2 reached 7.5 million, an increase of 19.3% from the same
period in 2020.
- Total paying users3 of
BlueCity’s apps reached 776 thousand, an increase of 57.1% compared
with 494 thousand in the third quarter of 2020.
Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive
Officer, commented: “As we continued to execute our growth
strategies and enrich our product offerings while improving user
experience, we made multiple stages of solid progress across our
strategic priorities in the third quarter. Total MAU reached 7.5
million, up 19.3% year over year, with 57.1% increase in our paying
users. Most excitingly, we continued to see strong performance for
our membership services and He Health, with a 93.1% and 136.8% year
over year revenue growth respectively. Furthermore, we decided to
terminate the operation of LESDO, which contributed less than 1% of
our total revenue in the past quarters. Going forward, we will
continue to focus on growing our core businesses to serve the
wellbeing of LGBTQ community. We believe we are on the right track
for our next phase of growth, and we are confident the trend will
continue long into the future as we further optimize our product
offerings and establish more experience touchpoints for the BLCT
community."
Mr. Ma added: “ In addition to the achievements mentioned above,
we are especially excited with our progress in developing He
Health. In the early of this month, we officially launched our
first male consumer health brand, Mr. heer, dedicated entirely to
male personal care and sexual health products and services. This is
a huge step forward for He Health as it complements He Health’s
original services by providing users with vital items alongside
online sexual health consultation, as well as HIV-related services.
Looking ahead, we will continue to leverage BlueCity’s resources in
exploring and understanding the multi-faceted needs of male users
and our community to provide the most optimal products, services,
and user experience."
Mr. Junchen Sun, BlueCity’s acting Chief Financial Officer
commented: “In the third quarter, we posted our total revenues of
RMB270.0 million, down 9.3% from the same period of last year. The
decrease in total revenues was due to a slow down in the domestic
talent show live streaming industry. However, our relentless
efforts to diversify our revenues structure powered robust growth
in our membership services and He Health. The revenue contribution
from our membership services increased to 13.0% in this quarter
versus 6.1% from the same period last year. Looking ahead, we
remain committed to our growth strategy of further developing
membership services and He Health, which we believe will solidify
our foundation for sustainable, long-term profitability.”
Third Quarter 2021 Financial Results
Total Revenues
Total revenues were RMB270.0 million (US$41.9 million),
representing a decrease of 9.3% year-over-year.
Live streaming services. Revenues from live streaming services
reached RMB194.2 million (US$30.1 million), representing a decrease
of 23.9% from the same period of 2020. The decrease was primarily
due to the decrease in the average spending per paying user for
live streaming services as a result of the headwinds in the talent
show live streaming industry in China.
Membership services. Revenues from membership services reached
RMB35.1million (US$5.4 million), representing an increase of 93.1%
from the same period of 2020. The increase was primarily due to the
significant increase in the number of paying users benefited from
diverse membership service offerings on the Company’s apps.
Advertising services. Revenues from advertising services reached
RMB13.6 million (US$2.1 million), representing an increase of 34.2%
from the same period of 2020, the increase was primarily due to the
Company’s enhanced efforts to attract more advertisers with diverse
advertising and marketing solutions as well as improved advertising
efficiency.
Merchandise sales. Revenues from merchandise sales of “He
Health” reached RMB22.8 million (US$3.5 million), representing an
increase of 136.8% from the same period of 2020. The increase was
primarily due to the continuous expansion of the Company’s
health-related services.
Others. Revenues from other services were RMB4.3 million (US$0.8
million), representing a decrease of 3.4% from RMB4.5 million in
2020. The decrease was primarily due to the decreased revenue from
family planning services as the Company no longer provides these
services since March 2021.
Cost and expenses
- Cost of revenues. The cost of revenues was RMB184.9 million
(US$28.7 million), representing a decrease of 8.3% year-over-year.
The decrease was primarily due to the decrease of revenue-sharing
costs in line with the decreased revenue from live streaming
services, and the decrease of share-based compensation expenses, of
which has been partially offset by the increased cost of products
in connection with the growth of “He Health” merchandise sales and
the increased staff cost.
- Selling and marketing expenses. Selling and marketing expenses
were RMB56.9 million (US$8.8 million), representing a decrease of
1.9% year-over-year. The decrease was mainly due to the decrease of
share-based compensation expenses, of which has been partially
offset by the increased advertising and promotion expenses and
staff cost.
- Technology and development expenses. Technology and development
expenses were RMB66.2 million (US$10.3 million), representing an
increase of 31.6% year-over-year. The increase was mainly due to
the increased staff cost in technology related department and the
content, server and bandwidth cost, of which has been partially
offset by the decrease of share-based compensation expenses.
- General and administration expenses. General and administrative
expenses were RMB31.6 million (US$4.9 million), representing a
decrease of 76.1% year-over-year. The decrease was mainly due to
the decrease of share-based compensation expenses, of which has
been partially offset by the increased staff cost.
- Impairment of goodwill and intangible assets. Impairment of
goodwill and intangible assets were RMB6.0 million (US$0.9
million), including RMB2.9 million of intangible assets impairment
and RMB3.1 million of goodwill impairment, which was due to the
termination of Lesdo related business.
Operating loss
Operating loss was RMB75.6 million (US$11.7 million), compared
with a loss of RMB144.7 million in the third quarter of 2020.
Income tax benefit/(expense)
Income tax benefit were RMB1.3 million (US$0.2 million),
compared with income tax expense amounted to RMB1.0 million in the
third quarter of 2020.
Net loss
Net loss was RMB73.8 million (US$11.5 million), compared with
net loss of RMB137.8 million in the third quarter of 2020.
Adjusted net (loss)/income (Non-GAAP)
4
Adjusted net loss was RMB62.2 million (US$9.7 million) compared
with adjusted net income of RMB7.3 million in the third quarter of
2020.
Cash and cash equivalents and term deposits
As of September 30, 2021, the Company had cash and cash
equivalents and term deposits of RMB370.9 million (US$57.6
million), compared to RMB611.8 million as of December 31, 2020.
Conference Call
BlueCity's management team will host an earnings conference call
at 8:00 AM on Friday, November 26, 2021, U.S. Eastern Time (9:00 PM
on November 26, 2021, Beijing/Hong Kong Time).
Please register in advance of the conference using the link
provided below. Conference access information will be provided upon
registration.
Participant Online Registration:
http://apac.directeventreg.com/registration/event/3785318
A replay of the conference call may be accessed by phone at the
following numbers until December 4, 2021. To access the replay,
please reference the conference ID 3785318.
|
Phone Number |
International |
+61 2 8199-0299 |
United States |
+1 (855) 452-5696 |
Hong Kong |
+852 800963117 |
Mainland China |
+86 4006322162+86 8008700205 |
A live and archived webcast of the conference call will be
available on the company’s investors relations website at
https://ir.blue-city.com/.
About BlueCity
BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ
community providing a comprehensive suite of services to foster
connections and enhance the wellbeing of the LGBTQ community. The
company fulfills both the daily and lifelong needs of its members
through a wide range of targeted and tailored services, including
social networking, livestreaming and health-related services. With
commitment to providing high-quality user experience, ensuring
privacy protection, and promoting community health and well-being,
BlueCity has captured the hearts and minds of LGBTQ people across
the globe. Available in 13 languages, BlueCity's mobile app Blued
has connected more than 60 million registered users in about 170
countries and regions.
Use of Non-GAAP Financial
Measures
The Company uses non-GAAP measures, such as Adjusted net
(loss)/income, in evaluating its operating results and for
financial and operational decision-making purposes. The Company
defines Adjusted net (loss)/income as net (loss)/income before
share-based compensation expenses, amortization related to
intangible assets resulting from acquisitions, income tax related
to intangible assets resulting from acquisitions, impairment of
goodwill and intangible assets and changes in fair value of
financial instruments. The Company believes that the non-GAAP
financial measures help identify underlying financial and business
trends relating to its results of operations that could otherwise
be distorted by the effect of certain expenses that the Company
includes in net loss. The Company believes that the non-GAAP
financial measures provide useful information about the Company’s
results of operations, enhance the overall understanding of the
Company’s past performance and future prospects and allow for
greater visibility with respect to key metrics used by the
Company’s management in its financial and operational
decision-making.
Each of the non-GAAP financial measures should not be considered
in isolation or construed as an alternative to its comparable GAAP
measure or any other measure of performance or as an indicator of
the Company’s operating performance. Investors are encouraged to
review the Company’s most directly comparable GAAP measures in
conjunction with the non-GAAP financial measures. The non-GAAP
financial measures presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to the Company’s
data. The Company encourages investors and others to review its
financial information in its entirety and not rely on a single
financial measure.
The Company mitigates these limitations by reconciling the
non-GAAP financial measures to the most comparable U.S. GAAP
performance measures, all of which should be considered when
evaluating the Company’s performance.
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.
Exchange Rate
This press release contains translations of certain RMB amounts
into U.S. dollars (“USD”) at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB6.4434 to
US$1.00, the noon buying rate in effect on September 30, 2021 in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred to could be converted into USD or RMB, as the case may be,
at any particular rate or at all.
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
“may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “is/are likely to,” “potential,” “continue” and
similar statements. Among other things, business outlook and
quotations from management in this announcement, as well as
BlueCity’s strategic and operational plans, contain forward-looking
statements. BlueCity 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. Statements
that are not historical facts, including but not limited to
statements about BlueCity’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: the Company’s goals and strategies; the Company’s
ability to retain and increase the number of users, paying members
and advertisers, and expand its product and service offerings; the
Company’s future business development, financial condition and
results of operations; the expected changes in the Company’s
revenues, costs or expenditures; the Company’s expectation
regarding the use of proceeds from its IPO; competition in the
Company’s industry and its popularity within the LGBTQ population;
and relevant government policies and regulations relating to the
Company’s industry; and the development and impacts of COVID-19.
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 and in the attachments is current as of the date
of the press release, and the Company does not undertake any
obligation to update such information, except as required under
applicable law.
For more information, please contact:
In China:
BlueCity Holdings Limited Investor Relations Phone: +86
10-5876-9662Email: ir@bluecity.com
The Blueshirt GroupMs. Susie WangPhone: +86 138-1081-7475Email:
susie@blueshirtgroup.com
In the United States:
The Blueshirt GroupMs. Julia QianPhone: +1 973-619-3227Email:
Julia@blueshirtgroup.com
BlueCity Holdings Limited |
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UNAUDITED
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
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|
|
As of December 31, 2020 |
|
|
As of September 30, 2021 |
|
|
RMB |
|
|
RMB |
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|
US$ |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
439,492,788 |
|
|
370,855,461 |
|
|
57,555,865 |
|
Term deposits |
172,257,360 |
|
|
- |
|
|
- |
|
Accounts receivable, net |
5,588,023 |
|
|
19,832,980 |
|
|
3,078,030 |
|
Inventories |
6,853,202 |
|
|
4,111,343 |
|
|
638,070 |
|
Prepayments and other current
assets |
58,629,416 |
|
|
165,162,994 |
|
|
25,632,895 |
|
Total current
assets |
682,820,789 |
|
|
559,962,778 |
|
|
86,904,860 |
|
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
Investment securities |
50,000 |
|
|
- |
|
|
- |
|
Property and equipment,
net |
11,445,548 |
|
|
13,092,247 |
|
|
2,031,885 |
|
Intangible assets, net |
52,084,512 |
|
|
46,135,917 |
|
|
7,160,182 |
|
Goodwill |
196,002,568 |
|
|
189,362,619 |
|
|
29,388,618 |
|
Other non-current assets |
2,426,128 |
|
|
4,235,571 |
|
|
657,350 |
|
Total non-current
assets |
262,008,756 |
|
|
252,826,354 |
|
|
39,238,035 |
|
TOTAL
ASSETS |
944,829,545 |
|
|
812,789,132 |
|
|
126,142,895 |
|
|
|
|
|
|
|
|
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|
LIABILITIES |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
20,372,680 |
|
|
36,336,582 |
|
|
5,639,349 |
|
Deferred revenue |
35,226,237 |
|
|
32,668,643 |
|
|
5,070,094 |
|
Income tax payable |
2,122,765 |
|
|
2,111,679 |
|
|
327,727 |
|
Accrued expenses and other
current liabilities |
118,958,796 |
|
|
141,411,697 |
|
|
21,946,752 |
|
Total current
liabilities |
176,680,478 |
|
|
212,528,601 |
|
|
32,983,922 |
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Deferred income tax
liabilities |
10,954,883 |
|
|
9,598,327 |
|
|
1,489,637 |
|
Total non-current
liabilities |
10,954,883 |
|
|
9,598,327 |
|
|
1,489,637 |
|
Total
liabilities |
187,635,361 |
|
|
222,126,928 |
|
|
34,473,559 |
|
|
|
|
|
|
|
|
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|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
Ordinary shares5 |
12,018 |
|
|
12,527 |
|
|
1,944 |
|
Additional paid-in
capital |
2,188,870,625 |
|
|
2,196,010,001 |
|
|
340,815,408 |
|
Accumulated other
comprehensive loss |
(107,514,737 |
) |
|
(120,260,691 |
) |
|
(18,664,167 |
) |
Accumulated deficit |
(1,324,173,722 |
) |
|
(1,485,099,633 |
) |
|
(230,483,849 |
) |
Total shareholders'
equity |
757,194,184 |
|
|
590,662,204 |
|
|
91,669,336 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
944,829,545 |
|
|
812,789,132 |
|
|
126,142,895 |
|
BlueCity Holdings Limited |
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UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
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For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
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|
2020 |
|
|
2021 |
|
2020 |
|
|
2021 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Revenues |
297,616,104 |
|
|
269,995,853 |
|
|
41,902,699 |
|
|
752,528,635 |
|
|
833,010,203 |
|
|
129,281,156 |
|
Cost and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(201,577,758 |
) |
|
(184,879,425 |
) |
|
(28,692,837 |
) |
|
(511,047,177 |
) |
|
(562,115,247 |
) |
|
(87,238,918 |
) |
Selling and marketing
expenses |
(58,027,853 |
) |
|
(56,938,519 |
) |
|
(8,836,720 |
) |
|
(137,602,728 |
) |
|
(191,194,941 |
) |
|
(29,672,990 |
) |
Technology and development
expenses |
(50,289,302 |
) |
|
(66,164,083 |
) |
|
(10,268,505 |
) |
|
(111,908,073 |
) |
|
(165,911,074 |
) |
|
(25,748,995 |
) |
General and administrative
expenses |
(132,425,888 |
) |
|
(31,645,475 |
) |
|
(4,911,301 |
) |
|
(152,550,169 |
) |
|
(72,291,415 |
) |
|
(11,219,452 |
) |
Impairment of goodwill and
intangible assets |
- |
|
|
(5,969,923 |
) |
|
(926,518 |
) |
|
- |
|
|
(5,969,923 |
) |
|
(926,518 |
) |
Total cost and
expenses |
(442,320,801 |
) |
|
(345,597,425 |
) |
|
(53,635,881 |
) |
|
(913,108,147 |
) |
|
(997,482,600 |
) |
|
(154,806,873 |
) |
Operating
loss |
(144,704,697 |
) |
|
(75,601,572 |
) |
|
(11,733,182 |
) |
|
(160,579,512 |
) |
|
(164,472,397 |
) |
|
(25,525,717 |
) |
Change in fair value of
financial instruments |
4,863,256 |
|
|
- |
|
|
- |
|
|
4,857,986 |
|
|
- |
|
|
- |
|
Interest income, net |
3,010,731 |
|
|
427,541 |
|
|
66,353 |
|
|
7,387,333 |
|
|
1,374,618 |
|
|
213,337 |
|
Loss before income
taxes |
(136,830,710 |
) |
|
(75,174,031 |
) |
|
(11,666,829 |
) |
|
(148,334,193 |
) |
|
(163,097,779 |
) |
|
(25,312,380 |
) |
Income tax
(expenses)/benefit |
(982,516 |
) |
|
1,343,562 |
|
|
208,518 |
|
|
(441,874 |
) |
|
2,171,868 |
|
|
337,069 |
|
Net loss |
(137,813,226 |
) |
|
(73,830,469 |
) |
|
(11,458,311 |
) |
|
(148,776,067 |
) |
|
(160,925,911 |
) |
|
(24,975,311 |
) |
Reversal of accretion and
modification of Redeemable Convertible Preferred Shares to
redemption value |
- |
|
|
- |
|
|
- |
|
|
244,080,678 |
|
|
- |
|
|
- |
|
Net (loss)/income
available for distribution |
(137,813,226 |
) |
|
(73,830,469 |
) |
|
(11,458,311 |
) |
|
95,304,611 |
|
|
(160,925,911 |
) |
|
(24,975,311 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(137,813,226 |
) |
|
(73,830,469 |
) |
|
(11,458,311 |
) |
|
(148,776,067 |
) |
|
(160,925,911 |
) |
|
(24,975,311 |
) |
Other comprehensive
loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on an
available-for-sale investment, net of nil income taxes |
(4,179,811 |
) |
|
- |
|
|
- |
|
|
(3,406,863 |
) |
|
- |
|
|
- |
|
Foreign currency translation
adjustment, net of nil income taxes |
(15,402,283 |
) |
|
(2,080,567 |
) |
|
(322,899 |
) |
|
(35,304,971 |
) |
|
(12,745,954 |
) |
|
(1,978,141 |
) |
Comprehensive
loss |
(157,395,320 |
) |
|
(75,911,036 |
) |
|
(11,781,210 |
) |
|
(187,487,901 |
) |
|
(173,671,865 |
) |
|
(26,953,452 |
) |
BlueCity Holdings Limited |
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|
|
|
|
|
|
|
|
|
|
|
NOTES TO
UNAUDITED FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2020 |
|
|
2021 |
|
2020 |
|
|
2021 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Share-based
compensation expenses included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Cost of revenues |
10,725,841 |
|
|
570,971 |
|
|
88,613 |
|
|
10,725,841 |
|
|
1,593,977 |
|
|
247,381 |
|
—Selling and marketing
expenses |
16,032,195 |
|
|
1,423,111 |
|
|
220,863 |
|
|
16,032,195 |
|
|
5,219,623 |
|
|
810,073 |
|
—Technology and development
expenses |
16,551,521 |
|
|
1,260,803 |
|
|
195,674 |
|
|
16,551,521 |
|
|
3,875,444 |
|
|
601,459 |
|
—General and administrative
expenses |
106,482,538 |
|
|
782,002 |
|
|
121,365 |
|
|
106,482,538 |
|
|
(3,604,056 |
) |
|
(559,341 |
) |
Total |
149,792,095 |
|
|
4,036,887 |
|
|
626,515 |
|
|
149,792,095 |
|
|
7,084,988 |
|
|
1,099,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization related
to intangible assets resulting from acquisitions included
in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Cost of revenues |
205,543 |
|
|
1,640,975 |
|
|
254,675 |
|
|
616,629 |
|
|
4,738,326 |
|
|
735,377 |
|
—Selling and marketing
expenses |
- |
|
|
518,840 |
|
|
80,523 |
|
|
- |
|
|
1,556,520 |
|
|
241,568 |
|
Total |
205,543 |
|
|
2,159,815 |
|
|
335,198 |
|
|
616,629 |
|
|
6,294,846 |
|
|
976,945 |
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2020 |
|
|
2021 |
|
2020 |
|
|
2021 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net loss |
(137,813,226 |
) |
|
(73,830,469 |
) |
|
(11,458,311 |
) |
|
(148,776,067 |
) |
|
(160,925,911 |
) |
|
(24,975,311 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
expenses |
149,792,095 |
|
|
4,036,887 |
|
|
626,515 |
|
|
149,792,095 |
|
|
7,084,988 |
|
|
1,099,572 |
|
Amortization related to
intangible assets resulting from acquisitions |
205,543 |
|
|
2,159,815 |
|
|
335,198 |
|
|
616,629 |
|
|
6,294,846 |
|
|
976,945 |
|
Income tax related to
intangible assets resulting from acquisitions |
(51,386 |
) |
|
(539,954 |
) |
|
(83,800 |
) |
|
(154,157 |
) |
|
(1,573,712 |
) |
|
(244,236 |
) |
Impairment of goodwill and
intangible assets |
- |
|
|
5,969,923 |
|
|
926,518 |
|
|
- |
|
|
5,969,923 |
|
|
926,518 |
|
Changes in fair value of
financial instruments |
(4,863,256 |
) |
|
- |
|
|
- |
|
|
(4,857,986 |
) |
|
- |
|
|
- |
|
Adjusted net
income/(loss) |
7,269,770 |
|
|
(62,203,798 |
) |
|
(9,653,880 |
) |
|
(3,379,486 |
) |
|
(143,149,866 |
) |
|
(22,216,512 |
) |
1 Adjusted Net (Loss)/Income, a non-GAAP financial measure,
represents net (loss)/income excluding share-based compensation
expenses, amortization related to intangible assets resulting from
acquisitions, income tax related to intangible assets resulting
from acquisitions, impairment of goodwill and intangible assets,
and changes in fair value of financial instruments. For further
information, please see “Use of Non-GAAP Financial Measures” and
“Unaudited Reconciliations of GAAP and non-GAAP results” at the
bottom of this release.2 BlueCity’s apps include Blued and Finka.
We count MAUs of Finka into our MAUs, starting from December 2020,
without eliminating duplicates among our portfolio apps.3 “Total
paying users” is the total number of users who paid for virtual
currency (which can be used to purchase and send virtual gifts in
live streaming) and membership services. A user who makes payments
for different services offered on the Company’s platform using the
same registered account is counted as one paying user.4 Adjusted
net (loss)/income is a non-GAAP financial measure. For more
information on non-GAAP financial measures, please see the section
of “Use of Non-GAAP Financial Measures” and the table captioned
“Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth
at the end of this press release.5 As of September 30, 2021, there
were 13,495,065 Class A Ordinary Shares and 5,114,840 Class B
ordinary shares issued and outstanding.
BlueCity (NASDAQ:BLCT)
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BlueCity (NASDAQ:BLCT)
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