- Total net revenue increased
25% year-over-year to RMB482.1
million
- Services revenue increased 154% year-over-year to RMB110.7 million
- Gross profit increased 18% year-over-year to RMB174.9 million
- Net income attributable to Ruhnn was RMB10.7 million compared to RMB15.5 million for the same quarter of last
fiscal year
- Adjusted net income attributable to Ruhnn[1] increased
35% year-over-year to RMB21.0
million
- Net cash provided by operating activities increased 9%
year-over-year to RMB89.9 million
HANGZHOU, China, March 3, 2020 /PRNewswire/ -- Ruhnn Holding
Limited ("Ruhnn" or the "Company") (NASDAQ: RUHN), the largest
internet key opinion leader ("KOL") facilitator in China as measured by revenue in 2018,
according to Frost & Sullivan, today announced its unaudited
financial results for the third quarter of fiscal
year 2020 ended December 31, 2019.
Third Quarter of Fiscal
Year 2020 Financial
Highlights:
- Total net revenue increased 25% year-over-year to
RMB482.1 million (US$69.2 million). Services revenue in the
platform model increased 154% year-over-year to RMB110.7 million (US$15.9
million).
- Total gross profit increased 18% year-over-year to
RMB174.9 million (US$25.1 million), with gross profit from services
revenue increased 150% year-over-year to RMB61.9 million. Gross margin slightly
decreased to 36% compared to 38% for the same quarter of last
fiscal year, with gross margin of services revenue remained
relatively stable at 56% compared to 57% for the same quarter of
last fiscal year.
- Net income attributable to Ruhnn was RMB10.7 million (US$1.5
million, inclusive of an aggregate of RMB9.2 million of noncash amortization expense of
intangible assets in relation to exclusive cooperation rights and
share-based compensation expense) compared to RMB15.5 million for the same quarter of last
fiscal year.
- Adjusted net income attributable to Ruhnn[1] was RMB21.0
million (US$3.0 million)
compared to an adjusted net income attributable to Ruhnn of
RMB15.5 million for the same quarter
of last fiscal year, representing an increase of 35%
year-over-year.
- Net cash provided by operating activities was
RMB89.9 million (US$12.9 million) compared to RMB82.8 million for the same quarter of last
fiscal year, representing an increase of 9% year-over-year.
Third Quarter of Fiscal
Year 2020 Operational
Highlights:
- GMV[2] increased 69% year-over-year to
RMB1,703.3 million (US$244.7 million).
- Number of signed KOLs increased to 159 as of
December 31, 2019 from 146 as of
September 30, 2019 and 113 as of
December 31, 2018.
- Total number of platform top-tier, established and emerging
KOLs[3] increased to 37 as of December 31, 2019 from 31 as of September 30, 2019 and 18 as of December 31, 2018.
- Number of brands that the Company cooperated
with increased to 961 as of December 31, 2019 from 845 as of September 30, 2019 and 501 as of December 31, 2018.
[1] Adjusted net income
attributable to Ruhnn is a non-GAAP measure, which excludes certain
noncash or nonrecurring expenses. See "Unaudited Reconciliation of
GAAP and Non-GAAP Financial Measures" at the end of this press
release.
|
[2] "GMV" refers to gross merchandize
value, which represents the aggregate value of merchandize ordered
in the Company's online stores and third-party online stores to
which the Company provides KOL sales services (but not includes
online stores to which the Company only provides KOL advertising
services), regardless of whether the merchandise is actually sold,
delivered or returned. The calculation of GMV includes shipping
charges paid by buyers. GMV of third-party online stores to which
the Company provides KOL sales services includes the GMV of all
products ordered in such stores because the Company generally
provides KOL sales services for all products sold in such stores.
Since January 2019, the Company has provided KOL sales services for
specified products in certain third-party online stores, and in
such cases, only the GMV of such products for which the Company
provided KOL sales services is included in the GMV for the relevant
periods.
|
[3] Platform top-tier, established
and emerging KOLs include KOLs that generated services revenue of
RMB1.2 million or more in the past twelve months under the platform
model.
|
Summary Operation Data
The following table presents the Company's classification of its
KOLs based on GMV facilitated during the past twelve months:
|
|
As of and for the
three months ended
|
|
|
|
December 31,
2018
|
|
|
September 30,
2019
|
|
|
December 31,
2019
|
|
|
|
Number of
KOLs
|
|
|
Number of
Fans(1)
(In
millions)
|
|
|
GMV
(RMB in
millions)
|
|
|
Number of
KOLs
|
|
|
Number of
Fans(1)
(In
millions)
|
|
|
GMV
(RMB in
millions)
|
|
|
Number of
KOLs
|
|
|
Number of
Fans(1)
(In
millions)
|
|
|
GMV
(RMB in
millions)
|
|
Top-tier
KOLs(2)
|
|
|
3
|
|
|
|
32.5
|
|
|
|
638.0
|
|
|
|
3
|
|
|
|
37.3
|
|
|
|
495.9
|
|
|
|
3
|
|
|
|
37.7
|
|
|
|
1,045.6
|
|
Established
KOLs(3)
|
|
|
7
|
|
|
|
28.9
|
|
|
|
102.4
|
|
|
|
8
|
|
|
|
27.9
|
|
|
|
119.1
|
|
|
|
12
|
|
|
|
38.7
|
|
|
|
237.6
|
|
Emerging
KOLs(4)
|
|
|
103
|
|
|
|
87.0
|
|
|
|
269.1
|
|
|
|
135
|
|
|
|
123.6
|
|
|
|
309.4
|
|
|
|
144
|
|
|
|
125.1
|
|
|
|
420.1
|
|
Total
|
|
|
113
|
|
|
|
148.4
|
|
|
|
1,009.5
|
|
|
|
146
|
|
|
|
188.8
|
|
|
|
924.4
|
|
|
|
159
|
|
|
|
201.5
|
|
|
|
1,703.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
number of fans presented may include a single fan who was included
multiple times if the fan follows more than one KOL, follows the
same KOL across
multiple platforms, or both.
|
(2)
Top-tier KOLs facilitated GMV of above RMB100.0 million in the past
twelve months.
|
(3)
Established KOLs facilitated GMV of RMB30.0 million to RMB100.0
million in the past twelve months.
|
(4)
Emerging KOLs facilitated GMV of less than RMB30.0 million in the
past twelve months.
|
The following table presents operation data by full-service
model and platform model:
|
|
As of and for the
three months ended
|
|
|
|
December 31,
2018
|
|
September 30,
2019
|
|
|
December 31,
2019
|
|
Full-Service
Model(1)
|
|
|
|
|
|
|
|
|
|
|
Number of the
Company's KOLs serving such business model(2)
|
|
25
|
|
7
|
|
|
6
|
|
Number of the
Company's online stores
|
|
91
|
|
23
|
|
|
22
|
|
Number of orders
placed through the Company's online stores
(in
million)
|
|
2.4
|
|
1.6
|
|
|
2.8
|
|
GMV of the Company's
online stores (RMB in million)
|
|
801.3
|
|
460.4
|
|
|
976.3
|
|
Platform
Model(3)
|
|
|
|
|
|
|
|
|
|
|
Number of the
Company's KOLs serving such business model(2)
|
|
101
|
|
129
|
|
|
145
|
|
Accumulated number of
brands that the Company cooperated with
|
|
501
|
|
845
|
|
|
961
|
|
Number of brands that
the Company cooperated with during the
period
|
|
238
|
|
308
|
|
|
332
|
|
GMV of third-party
online stores(4) (RMB in million)
|
|
208.1
|
|
464.0
|
|
|
727.0
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Under
the full-service model, the Company owns and operates online stores
on third-party e-commerce platforms, a majority of which are opened
in the name
of the Company's KOLs, and generate revenue through online sales of
the Company's self-designed products to consumers, especially the
fans of the
Company's KOLs' social media accounts that the Company
manages.
|
(2)
Certain KOLs under the Company's full-service model overlap with
those under the platform model. On the other hand, the Company's
KOLs that were
undergoing training and had not started generating GMV or revenue
under either of the business models as of the relevant date, were
not included in these
numbers.
|
(3) Under
the platform model, the Company connects KOLs with third-party
online stores and merchants to promote products sold in third-party
online stores or
provides advertising services on KOLs' social media spaces to
third-party merchants.
|
(4)
Includes GMV from third-party online stores to which the Company
only provides KOL sales services.
|
As a result of the significant expansion of the Company's
business under the platform model, the Company generated an
increasing amount of advertising service revenue provided through
its KOLs that does not have associated GMV. As an additional
measure to assess its KOLs' performance, the Company classifies its
KOLs based on the total services revenue generated by the KOLs
under the platform model during the previous twelve months.
The following table presents the Company's classification of its
KOLs who generated services revenue of RMB1.2 million or more in the previous twelve
months under the platform model:
|
|
As of and for the
three months ended
|
|
|
December 31,
2018
|
|
September 30,
2019
|
|
December 31,
2019
|
|
|
Number of
KOLs
|
|
Service
Revenue
(RMB in
millions)
|
|
Number of
KOLs
|
|
Service
Revenue
(RMB in
millions)
|
|
Number of
KOLs
|
|
Service
Revenue
(RMB in
millions)
|
Platform Top-tier
KOLs(1)
|
|
1
|
|
4.6
|
|
5
|
|
15.7
|
|
6
|
|
46.0
|
Platform Established
KOLs(2)
|
|
8
|
|
16.8
|
|
14
|
|
22.1
|
|
18
|
|
34.9
|
Platform Emerging
KOLs(3)
|
|
9
|
|
10.0
|
|
12
|
|
8.2
|
|
13
|
|
9.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Platform top-tier KOLs generated services revenue of RMB10.0
million or more in the past twelve months under the platform
model.
|
(2)
Platform established KOLs generated services revenue of RMB3.0
million to RMB10.0 million in the past twelve months under the
platform model.
|
(3)
Platform emerging KOLs generated services revenue of RMB1.2 million
to RMB3.0 million in the past twelve months under the platform
model. KOLs that g
enerated services revenue of less than RMB1.2 million in the past
twelve months were not included in this table.
|
Management Comments
"We are excited to report strong operational and financial
performance for the third quarter of fiscal year 2020, continuing
the robust growth momentum from the prior quarter. In the third
fiscal quarter, we remained focused on improving operational
efficiency and profitability to create a solid foundation for the
Company's long-term sustainable business development, while
maintaining a rapid growth in total net revenue, especially
achieving a 154% year-over-year growth in services revenue. We are
keeping our innovating spirit in exploring new business models and
KOL monetization channels," Mr. Min
Feng, founder and Chairman of Ruhnn, commented.
"We are the No.1 KOL incubation and cultivation platform in
China's KOL e-commerce sector,
built on our core exceptional capabilities in KOL incubation. As we
move forward, we will continue to expand and enhance our KOL pool,
and to explore initiatives that allow us to partner with an even
greater number of new and emerging brands. The online sharing store
business on Taobao platform continues to be one of our strongest
growth drivers in the current quarter. The e-commerce
live-streaming business has also become one of our new initiatives.
By empowering KOLs with lower transaction costs in order to fully
exert precise matching capabilities between KOLs and SKUs, we are
strengthening our leading KOL transaction platform in China to serve more KOLs and brands," Mr. Feng
concluded.
Mr. Jacky Wang, Chief Financial
Officer of Ruhnn, commented, "We are delighted to see that Ruhnn
continued its rapid and healthy growth momentum during this
quarter. We achieved adjusted net income attributable to Ruhnn of
RMB21.0 million, representing an
increase of 35% year-over-year and the second consecutive
profitable quarter on a non-GAAP basis. Net cash provided by
operating activities was RMB89.9
million and RMB98.1 million
for the three and nine months ended December
31, 2019, representing an increase of 9% and 114%
year-over-year, respectively. We will continue optimizing
connections between brands and KOLs, enhancing monetization
channels as well as improving overall operational
efficiencies."
Third Quarter of Fiscal Year 2020 Financial
Results
Net revenue. Total net revenue was
RMB482.1 million (US$69.2 million), an increase of
RMB96.8 million or 25% from
RMB385.3 million for the same quarter
of last fiscal year. The increase was primarily attributable to an
increase in services revenue through the platform model and, to a
lesser extent, due to an increase in product sales through the
full-service model.
- Revenue from product sales through the full-service
model was RMB371.4 million
(US$53.3 million), an increase of
RMB29.6 million or 9% from
RMB341.8 million for the same quarter
of last fiscal year. The increase was primarily attributable to the
sales growth of the online stores opened in the name of the
Company's top-tier KOLs and was partially offset by the transition
of the business model of some online stores opened in the name of
the Company's emerging and established KOLs from the full-service
model to the platform model. As a result of such transition, the
number of the Company's online stores decreased to 22 as of
December 31, 2019 from 91 as of
December 31, 2018, and the number of
the Company's KOLs serving the full-service model decreased to 6 as
of December 31, 2019 from 25 as of
December 31, 2018. On the other hand,
product sales revenue from the Company's online stores opened under
top-tier KOLs that were in operation in both periods increased by
31% in the third quarter of fiscal year 2020 as compared to the
same quarter of fiscal year 2019.
- Revenue from services through the platform model was
RMB110.7 million (US$15.9 million), an increase of RMB67.2 million or 154% from RMB43.5 million for the same quarter of last
fiscal year. This increase was mainly attributable to (i) the
increase in the number of KOLs serving the Company's platform
model, which increased 44% to 145 as of December 31, 2019 from 101 as of December 31, 2018; (ii) the improved performance
of such KOLs as evidenced by the increase in the aggregate number
of the platform top-tier, established and emerging KOLs to 37 as of
December 31, 2019 from 18 as of
December 31, 2018; and (iii) an
increase in the number of brands, with which the Company cooperated
in its advertising and marketing business, to 332 in the third
quarter of fiscal year 2020 from 238 for the same quarter of last
fiscal year.
Cost of revenue. Cost of revenue was RMB307.2 million (US$44.1
million), an increase of RMB69.6
million or 29% from RMB237.6
million for the same quarter of last fiscal year, which was
largely in line with the increase in total net revenue.
Gross profit. Gross profit was RMB174.9 million (US$25.1
million), an increase of RMB27.3
million or 18% from RMB147.6
million for the same quarter of last fiscal year. Gross
margin slightly decreased to 36% from 38% for the same quarter
of last fiscal year, with gross margin of services revenue remained
relatively stable at 56% compared to 57% for the same quarter of
last fiscal year.
Total operating expenses. Total operating
expenses were RMB166.0 million (US$23.8 million), an increase of
RMB33.0 million or 25% from
RMB133.0 million for the same quarter
of last fiscal year. Included in the total operating expenses was
an aggregate of RMB10.3 million of
noncash amortization expense of intangible assets in relation to
exclusive cooperation rights and share-based compensation expense,
and litigation costs, in the third quarter of fiscal year 2020
compared to nil in the same quarter of last fiscal year. Total
operating expenses accounted for 34% and 35% (32% and 35%,
exclusive of the above-mentioned noncash charges and litigation
costs) of the total net revenue for the three months ended
December 31, 2019 and 2018,
respectively.
- Fulfillment expenses were RMB43.0
million (US$6.2 million), an
increase of RMB5.0 million or 13%
from RMB38.0 million for the same
quarter of last fiscal year. The increase was primarily due to the
increase in product sales during the three months ended
December 31, 2019 compared to the
same quarter of last fiscal year. Fulfillment expenses accounted
for 12% and 11% of product sales revenue during the three months
ended December 31, 2019 and 2018,
respectively.
- Sales and marketing
expenses were RMB87.6
million (US$12.6 million), an
increase of RMB16.8 million or 24%
from RMB70.8 million for the same
quarter of last fiscal year. Sales and marketing expenses consist
primarily of expenses for KOL incubation, cultivation, content
production and training, and personnel costs of related support
teams, for the Company's platform KOLs, and expenses incurred for
the Company's advertising, marketing and brand promotion activities
and personnel costs of related operation team under the
full-service model. The increase was primarily due to (i) the
noncash amortization expense of intangible assets in relation to
exclusive cooperation rights of RMB5.2
million; (ii) the noncash amortization of share-based
compensation expense of RMB1.4
million; and (iii) the increased expenses for KOL
incubation, cultivation, content production and training and the
increased personnel costs of related support teams to support
increased activities for the Company's KOL sales and advertising
business following the expansion of KOL pool from 113 signed KOLs
as of December 31, 2018 to 159 as of
December 31, 2019. Sales and
marketing expenses accounted for 18% and 18% (17% and 18%,
exclusive of the aggregate of RMB6.6
million noncash charges as mentioned above) of total net
revenue during the three months ended December 31, 2019 and 2018, respectively.
- General and administrative
expenses were RMB35.3 million
(US$5.1 million), an increase of
RMB10.7 million or 43% from
RMB24.6 million for the same quarter
of last fiscal year. The increase was primarily driven by the
increased share-based compensation expense of RMB2.5 million, professional fees of RMB5.8 million and rental costs of RMB1.1 million. General and administrative
expenses accounted for 7% and 6% of total net revenue during the
three months ended December 31, 2019
and 2018, respectively.
Income before income taxes. Income before income
taxes was RMB14.4 million
(US$2.1 million) compared to
RMB14.8 million for the same quarter
of last fiscal year, as a result of the foregoing.
Income taxes. Income tax expense was RMB3.9 million (US$0.6 million) compared to RMB4.2 million for the same quarter of last
fiscal year.
Net income attributable to Ruhnn. Net income
attributable to Ruhnn was RMB10.7 million (US$1.5 million, inclusive of an aggregate of
RMB9.2 million of noncash
amortization expense of intangible assets in relation to exclusive
cooperation rights and share-based compensation expense) compared
to RMB15.5 million for the same
quarter of last fiscal year.
Adjusted net income attributable to Ruhnn. Adjusted net
income attributable to Ruhnn was RMB21.0
million (US$3.0 million)
compared to RMB15.5 million for the
same quarter of last fiscal year, representing an increase of 35%
year-over-year.
Balance Sheet and Cash Flow
As of December 31, 2019, the Company had cash and cash
equivalents, restricted cash and short-term investment of
RMB853.5 million (US$122.6 million) compared to RMB103.8 million as of March 31, 2019.
Net cash provided by operating activities was RMB89.9 million (US$12.9
million) compared to RMB82.8
million for the same quarter of last fiscal year.
Outlook
Despite the fact that, as of today, the coronavirus disease 2019
(COVID-19) outbreak in China has a
short-term impact on the Company's business during the fourth
quarter of fiscal year 2020, based on the Company's current
expectation and estimate, the Company reiterates its outlook for
the full fiscal year 2020. The Company currently expects, for the
full fiscal year 2020, net revenue from product sales through the
full-service model to be between RMB980.0
million and RMB1,130.0
million, and net revenue from services through the platform
model to be between RMB280.0 million
and RMB380.0 million, representing a
year-over-year growth between 4% and 20%, and between 86% and 152%,
respectively.
This forecast reflects the Company's current and preliminary
view on the current business situation and market conditions, which
is subject to change, as well as the Company's current estimate of
the impact from the COVID-19 outbreak, which is also subject to
change.
Conference Call
The Company's management will host an earnings conference call
at 7:00 AM U.S. Eastern Time on
March 3, 2020 (8:00 PM Beijing/Hong
Kong time on March 3,
2020).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
+1-866-519-4004
|
International:
|
+65-6713-5090
|
Hong Kong:
|
800-906-601
|
Mainland
China:
|
400-620-8038
|
Conference
ID:
|
1393275
|
Participants should dial-in at least 10 minutes before the
scheduled start time to be connected to the call.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.ruhnn.com.
About Ruhnn Holding Limited
Ruhnn Holding Limited is the largest internet key opinion leader
("KOL") facilitator in China as
measured by revenue in 2018, according to Frost & Sullivan. The
Company connects influential KOLs who engage and impact their fans
on the internet to its vast commercial network to build the brands
of fashion products. Ruhnn pioneered the commercialization of the
KOL ecosystem in China, and
operates under both full-service and platform models. The Company's
full-service model integrates key steps of the e-commerce value
chain from product design and sourcing and online store operations
to logistics and after-sale services. The platform model promotes
products sold in third-party online stores and provides advertising
services on KOL's social media spaces to third-party merchants. As
of December 31, 2019, the Company had
159 signed KOLs with an aggregate of 201.5 million fans across
major social media platforms in China.
For more information, please visit: ir.ruhnn.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as adjusted net income
attributable to Ruhnn and adjusted basic and diluted net income per
ADS, in evaluating its operating results and for financial and
operational decision-making purposes. The Company believes that the
non-GAAP financial measures help identify underlying trends in its
business by excluding the impact of noncash charges of amortization
expense of intangible assets in relation to exclusive cooperation
rights and share-based compensation expense, and litigation costs
incurred in relation to the class action. 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.
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, and when
assessing the Company's performance, investors should not consider
them in isolation, or as a substitute for financial information
prepared in accordance with U.S. GAAP.
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 Financial Measures" set forth at the end of this press
release.
Exchange Rate Information
This announcement contains translations of certain Renminbi
("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 a rate of
RMB6.9618 to US$1.00, the rate in effect as of December 31, 2019 published by the Federal
Reserve Board.
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 and quotations from Ruhnn's management in this
announcement as well as Ruhnn's strategic and operational plans
contain forward-looking statements. Ruhnn may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,
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 statements about Ruhnn'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 future business development, financial condition and
results of operations; trends in the internet KOL facilitator
industry in the PRC and globally; competition in the Company's
industry; fluctuations in general economic and business conditions
in China; and the regulatory
environment in which the Company operates. Further information
regarding these and other risks is included in the Company's
filings with the SEC, including its registration statement on Form
F-1, as amended, and its annual reports on Form 20-F. All
information provided in this press release is as of the date of
this press release, and Ruhnn does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Ruhnn Holding Limited
Sterling Song
Senior Director of Investor Relations
Tel: +86-571-2825-6700
E-mail: ir@ruhnn.com
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: ruhnn@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ruhnn@thepiacentegroup.com
RUHNN HOLDING
LIMITED
|
UNAUDITED
CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
89,960
|
|
|
|
824,303
|
|
|
|
118,404
|
|
Restricted
cash
|
|
|
13,861
|
|
|
|
7,221
|
|
|
|
1,037
|
|
Short-term
investment
|
|
|
-
|
|
|
|
21,950
|
|
|
|
3,153
|
|
Accounts receivable,
net
|
|
|
29,372
|
|
|
|
69,710
|
|
|
|
10,013
|
|
Inventories
|
|
|
220,151
|
|
|
|
199,274
|
|
|
|
28,624
|
|
Advances to
suppliers
|
|
|
42,145
|
|
|
|
29,611
|
|
|
|
4,253
|
|
Prepaid expenses and
other current assets
|
|
|
32,969
|
|
|
|
40,323
|
|
|
|
5,792
|
|
Total current
assets
|
|
|
428,458
|
|
|
|
1,192,392
|
|
|
|
171,276
|
|
Property and
equipment, net
|
|
|
146,071
|
|
|
|
185,018
|
|
|
|
26,576
|
|
Intangible assets,
net
|
|
|
104,457
|
|
|
|
87,995
|
|
|
|
12,640
|
|
Goodwill
|
|
|
1,002
|
|
|
|
1,002
|
|
|
|
144
|
|
Long-term
investments
|
|
|
7,600
|
|
|
|
87,636
|
|
|
|
12,588
|
|
Other non-current
assets
|
|
|
1,702
|
|
|
|
2,866
|
|
|
|
412
|
|
TOTAL
ASSETS
|
|
|
689,290
|
|
|
|
1,556,909
|
|
|
|
223,636
|
|
LIABILITIES AND
SHAREHOLERS' (DEFICIT) EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
78,061
|
|
|
|
193,012
|
|
|
|
27,724
|
|
Notes
payable
|
|
|
30,645
|
|
|
|
5,905
|
|
|
|
848
|
|
Accrued salary and
benefits
|
|
|
58,917
|
|
|
|
61,438
|
|
|
|
8,825
|
|
Accrued expenses and
other current liabilities
|
|
|
24,039
|
|
|
|
39,020
|
|
|
|
5,605
|
|
Amounts due to
related parties
|
|
|
574,859
|
|
|
|
32,012
|
|
|
|
4,598
|
|
Dividends
payable
|
|
|
115
|
|
|
|
-
|
|
|
|
-
|
|
Income tax
payable
|
|
|
1,674
|
|
|
|
1,910
|
|
|
|
274
|
|
Total current
liabilities
|
|
|
768,310
|
|
|
|
333,297
|
|
|
|
47,874
|
|
Long-term
deposits
|
|
|
1,750
|
|
|
|
2,250
|
|
|
|
323
|
|
Deferred
income
|
|
|
-
|
|
|
|
10,496
|
|
|
|
1,508
|
|
Other non-current
liabilities
|
|
|
11,076
|
|
|
|
10,337
|
|
|
|
1,485
|
|
Total
liabilities
|
|
|
781,136
|
|
|
|
356,380
|
|
|
|
51,190
|
|
Shareholders'
(deficit) equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.000000001 par value; 1,000,000,000 shares
authorized,
363,572,659 and 420,407,364 shares issued and
outstanding as
of March 31 and December 31, 2019, respectively)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
701,041
|
|
|
|
1,499,404
|
|
|
|
215,376
|
|
Subscription
receivable
|
|
|
(558,996)
|
|
|
|
-
|
|
|
|
-
|
|
Accumulated
deficit
|
|
|
(232,635)
|
|
|
|
(298,746)
|
|
|
|
(42,912)
|
|
Other comprehensive
income
|
|
|
-
|
|
|
|
4,489
|
|
|
|
645
|
|
Total Ruhnn
shareholders' (deficit) equity
|
|
|
(90,590)
|
|
|
|
1,205,147
|
|
|
|
173,109
|
|
Non-controlling
interest
|
|
|
(1,256)
|
|
|
|
(4,618)
|
|
|
|
(663)
|
|
Total
shareholders' (deficit) equity
|
|
|
(91,846)
|
|
|
|
1,200,529
|
|
|
|
172,446
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
689,290
|
|
|
|
1,556,909
|
|
|
|
223,636
|
|
RUHNN HOLDING
LIMITED
|
UNAUDITED
CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
(Amount in
thousands, except share data)
|
|
|
|
Three Months Ended
December 31,
|
|
|
Nine Months Ended
December 31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales
|
|
|
341,755
|
|
|
|
371,366
|
|
|
|
53,343
|
|
|
|
755,862
|
|
|
|
826,601
|
|
|
|
118,734
|
|
Services
|
|
|
43,534
|
|
|
|
110,724
|
|
|
|
15,905
|
|
|
|
100,319
|
|
|
|
241,000
|
|
|
|
34,617
|
|
Total net
revenue
|
|
|
385,289
|
|
|
|
482,090
|
|
|
|
69,248
|
|
|
|
856,181
|
|
|
|
1,067,601
|
|
|
|
153,351
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
sales
|
|
|
218,906
|
|
|
|
258,407
|
|
|
|
37,118
|
|
|
|
523,433
|
|
|
|
559,978
|
|
|
|
80,436
|
|
Cost of
services
|
|
|
18,742
|
|
|
|
48,806
|
|
|
|
7,011
|
|
|
|
46,450
|
|
|
|
102,177
|
|
|
|
14,677
|
|
Total cost of
revenue
|
|
|
237,648
|
|
|
|
307,213
|
|
|
|
44,129
|
|
|
|
569,883
|
|
|
|
662,155
|
|
|
|
95,113
|
|
Gross
profit
|
|
|
147,641
|
|
|
|
174,877
|
|
|
|
25,119
|
|
|
|
286,298
|
|
|
|
405,446
|
|
|
|
58,238
|
|
Operating
expenses(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
|
|
|
38,012
|
|
|
|
43,038
|
|
|
|
6,182
|
|
|
|
99,517
|
|
|
|
113,259
|
|
|
|
16,269
|
|
Sales and
marketing
|
|
|
70,837
|
|
|
|
87,598
|
|
|
|
12,583
|
|
|
|
158,393
|
|
|
|
241,908
|
|
|
|
34,748
|
|
General and
administrative
|
|
|
24,624
|
|
|
|
35,322
|
|
|
|
5,074
|
|
|
|
76,377
|
|
|
|
134,268
|
|
|
|
19,286
|
|
Other operating
income, net
|
|
|
(431)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(530)
|
|
|
|
(627)
|
|
|
|
(90)
|
|
Total operating
expenses
|
|
|
133,042
|
|
|
|
165,958
|
|
|
|
23,839
|
|
|
|
333,757
|
|
|
|
488,808
|
|
|
|
70,213
|
|
Income (loss) from
operations
|
|
|
14,599
|
|
|
|
8,919
|
|
|
|
1,280
|
|
|
|
(47,459)
|
|
|
|
(83,362)
|
|
|
|
(11,975)
|
|
Other income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
172
|
|
|
|
7,056
|
|
|
|
1,014
|
|
|
|
291
|
|
|
|
14,354
|
|
|
|
2,062
|
|
Other income,
net
|
|
|
-
|
|
|
|
249
|
|
|
|
36
|
|
|
|
-
|
|
|
|
3,377
|
|
|
|
485
|
|
Foreign exchange gain
(loss)
|
|
|
24
|
|
|
|
(1,827)
|
|
|
|
(262)
|
|
|
|
71
|
|
|
|
2,566
|
|
|
|
369
|
|
Income (loss)
before income taxes
|
|
|
14,795
|
|
|
|
14,397
|
|
|
|
2,068
|
|
|
|
(47,097)
|
|
|
|
(63,065)
|
|
|
|
(9,059)
|
|
Income
taxes
|
|
|
4,236
|
|
|
|
3,867
|
|
|
|
555
|
|
|
|
9,479
|
|
|
|
6,408
|
|
|
|
920
|
|
Share of loss in
equity method
investments
|
|
|
532
|
|
|
|
-
|
|
|
|
-
|
|
|
|
927
|
|
|
|
-
|
|
|
|
-
|
|
Net income
(loss)
|
|
|
10,027
|
|
|
|
10,530
|
|
|
|
1,513
|
|
|
|
(57,503)
|
|
|
|
(69,473)
|
|
|
|
(9,979)
|
|
Less: Net loss
attributable to
non-controlling interest
|
|
|
(5,504)
|
|
|
|
(176)
|
|
|
|
(25)
|
|
|
|
(12,353)
|
|
|
|
(3,362)
|
|
|
|
(483)
|
|
Net income (loss)
attributable to
Ruhnn
|
|
|
15,531
|
|
|
|
10,706
|
|
|
|
1,538
|
|
|
|
(45,150)
|
|
|
|
(66,111)
|
|
|
|
(9,496)
|
|
Net income (loss)
per ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.05
|
|
|
|
0.03
|
|
|
|
0.00
|
|
|
|
(0.14)
|
|
|
|
(0.16)
|
|
|
|
(0.02)
|
|
Diluted
|
|
|
0.05
|
|
|
|
0.03
|
|
|
|
0.00
|
|
|
|
(0.14)
|
|
|
|
(0.16)
|
|
|
|
(0.02)
|
|
Net income (loss)
per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.24
|
|
|
|
0.13
|
|
|
|
0.02
|
|
|
|
(0.71)
|
|
|
|
(0.80)
|
|
|
|
(0.11)
|
|
Diluted
|
|
|
0.24
|
|
|
|
0.13
|
|
|
|
0.02
|
|
|
|
(0.71)
|
|
|
|
(0.80)
|
|
|
|
(0.11)
|
|
Weighted average
shares used in
in
calculating net income (loss) per
ordinary
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
319,406,760
|
|
|
|
415,510,388
|
|
|
|
415,510,388
|
|
|
|
319,406,760
|
|
|
|
413,857,281
|
|
|
|
413,857,281
|
|
Diluted
|
|
|
319,406,760
|
|
|
|
422,602,179
|
|
|
|
422,602,179
|
|
|
|
319,406,760
|
|
|
|
413,857,281
|
|
|
|
413,857,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
10,027
|
|
|
|
10,530
|
|
|
|
1,513
|
|
|
|
(57,503)
|
|
|
|
(69,473)
|
|
|
|
(9,979)
|
|
Other
comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
|
|
-
|
|
|
|
(429)
|
|
|
|
(62)
|
|
|
|
-
|
|
|
|
4,489
|
|
|
|
645
|
|
Comprehensive
income (loss)
|
|
|
10,027
|
|
|
|
10,101
|
|
|
|
1,451
|
|
|
|
(57,503)
|
|
|
|
(64,984)
|
|
|
|
(9,334)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation expense
in each category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
|
|
|
-
|
|
|
|
60
|
|
|
|
9
|
|
|
|
-
|
|
|
|
1,582
|
|
|
|
227
|
|
Sales and
marketing
|
|
|
-
|
|
|
|
1,417
|
|
|
|
204
|
|
|
|
-
|
|
|
|
8,930
|
|
|
|
1,283
|
|
General and
administrative
|
|
|
-
|
|
|
|
2,540
|
|
|
|
365
|
|
|
|
-
|
|
|
|
40,934
|
|
|
|
5,880
|
|
Total
|
|
|
-
|
|
|
|
4,017
|
|
|
|
578
|
|
|
|
-
|
|
|
|
51,446
|
|
|
|
7,390
|
|
RUHNN HOLDING
LIMITED
|
UNAUDITED
CONDENSED COMBINED AND CONSOLIDATED STATEMENTS CASH
FLOWS
|
(Amount in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Nine Months Ended
December 31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Net cash provided by
operating activities
|
|
|
82,830
|
|
|
|
89,925
|
|
|
|
12,917
|
|
|
|
45,739
|
|
|
|
98,065
|
|
|
|
14,086
|
|
Net cash used in
investing activities
|
|
|
(1,202)
|
|
|
|
(8,633)
|
|
|
|
(1,240)
|
|
|
|
(3,074)
|
|
|
|
(133,644)
|
|
|
|
(19,197)
|
|
Net cash (used in)
provided by financing
activities
|
|
|
(24,126)
|
|
|
|
(368)
|
|
|
|
(53)
|
|
|
|
97,798
|
|
|
|
760,423
|
|
|
|
109,228
|
|
Effect of exchange
rate changes on cash,
cash
equivalents and restricted cash
|
|
|
-
|
|
|
|
(1,513)
|
|
|
|
(217)
|
|
|
|
-
|
|
|
|
2,859
|
|
|
|
411
|
|
Increase in cash,
cash equivalents and
restricted
cash
|
|
|
57,502
|
|
|
|
79,411
|
|
|
|
11,407
|
|
|
|
140,463
|
|
|
|
727,703
|
|
|
|
104,528
|
|
Cash, cash
equivalents and restricted cash
at beginning of
period
|
|
|
113,882
|
|
|
|
752,113
|
|
|
|
108,034
|
|
|
|
30,921
|
|
|
|
103,821
|
|
|
|
14,913
|
|
Cash, cash
equivalents and restricted
cash at end
of period
|
|
|
171,384
|
|
|
|
831,524
|
|
|
|
119,441
|
|
|
|
171,384
|
|
|
|
831,524
|
|
|
|
119,441
|
|
RUHNN HOLDING
LIMITEDS
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
MEASURES
|
(Amounts in
thousands, except share data)
|
|
|
|
Three months ended
December 31,
|
|
|
Nine months ended
December 31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Net income (loss)
attributable to Ruhnn
|
|
|
15,531
|
|
|
|
10,706
|
|
|
|
1,538
|
|
|
|
(45,150)
|
|
|
|
(66,111)
|
|
|
|
(9,496)
|
|
Amortization expense
of intangible assets
in relation to
exclusive cooperation rights
|
|
|
-
|
|
|
|
5,150
|
|
|
|
740
|
|
|
|
-
|
|
|
|
15,450
|
|
|
|
2,219
|
|
Share-based
compensation expense
|
|
|
-
|
|
|
|
4,017
|
|
|
|
577
|
|
|
|
-
|
|
|
|
51,446
|
|
|
|
7,390
|
|
Litigation
costs
|
|
|
-
|
|
|
|
1,107
|
|
|
|
159
|
|
|
|
-
|
|
|
|
1,107
|
|
|
|
159
|
|
Adjusted net
income (loss) attributable to
Ruhnn
|
|
|
15,531
|
|
|
|
20,980
|
|
|
|
3,014
|
|
|
|
(45,150)
|
|
|
|
1,892
|
|
|
|
272
|
|
Adjusted net
income (loss) per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.24
|
|
|
|
0.25
|
|
|
|
0.04
|
|
|
|
(0.71)
|
|
|
|
0.02
|
|
|
|
0.00
|
|
Diluted
|
|
|
0.24
|
|
|
|
0.25
|
|
|
|
0.04
|
|
|
|
(0.71)
|
|
|
|
0.02
|
|
|
|
0.00
|
|
Weighted average
shares used in
calculating
adjusted net income (loss)
per
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
319,406,760
|
|
|
|
415,510,388
|
|
|
|
415,510,388
|
|
|
|
319,406,760
|
|
|
|
413,857,281
|
|
|
|
413,857,281
|
|
Diluted(1)
|
|
|
319,406,760
|
|
|
|
422,602,179
|
|
|
|
422,602,179
|
|
|
|
319,406,760
|
|
|
|
416,827,801
|
|
|
|
416,827,801
|
|
|
(1) The
diluted weighted average shares outstanding for the three and nine
months ended December 31, 2019 is computed based on the basic
weighted average
shares outstanding plus the dilutive impact of outstanding stock
options as of December 31, 2019.
|
View original
content:http://www.prnewswire.com/news-releases/ruhnn-announces-third-quarter-of-fiscal-year-2020-unaudited-financial-results-301015065.html
SOURCE Ruhnn Holding Limited