BEIJING, March 10,
2023 /PRNewswire/ -- RLX Technology Inc. ("RLX
Technology" or the "Company") (NYSE: RLX), a leading branded
e-vapor company in China, today
announced its unaudited financial results for the fourth quarter
and the fiscal year ended December 31,
2022.
Fourth Quarter 2022 Financial Highlights
- Net revenues were RMB340.0
million (US$49.3 million),
compared with RMB1,904.4 million in the same period of
2021.
- Gross margin was 43.6%, compared with 40.2% in the
same period of 2021.
- U.S.
GAAP net loss was
RMB225.1 million (US$32.6 million), compared with U.S. GAAP net
income of RMB494.4 million in
the same period of 2021.
- Non-GAAP net income[1] was
RMB249.7 million (US$36.2 million), compared with RMB536.5 million in the same period of 2021.
Fiscal Year 2022 Financial Highlights
- Net revenues were RMB5,332.8
million (US$773.2 million) in
fiscal year 2022, compared with RMB8,521.0 million in the prior year.
- Gross margin was 43.2% in fiscal year 2022, compared
with 43.1% in the prior year.
- U.S. GAAP net income was RMB1,408.7 million (US$204.2 million) in fiscal year 2022, compared
with RMB2,028.1 million in the prior
year.
- Non-GAAP net income was RMB1,574.9 million (US$228.3 million) in fiscal year 2022, compared
with RMB2,251.5 million in the prior
year.
"2022 was a year full of unprecedented challenges. A combination
of COVID-related disruptions and the introduction of a substantial
package of industry regulations and policy updates throughout the
year impacted the e-vapor sector and our operations. We retained
our core strategy in this volatile operating environment while
proactively adapting our business to the new regulations. In the
fourth quarter, we continued to invest in R&D and product
innovation and development, offering superior products to adult
smokers. We believe our core competencies will enable us to attract
continued support from users," said Ms. Ying (Kate) Wang, Co-founder, Chairperson of the
Board of Directors, and CEO of RLX Technology. "Looking ahead,
given the benefits of the clearer regulatory framework and
China's reopening, we remain
confident in the long-term growth of our industry. We are
well-positioned to adapt to these shifting market forces and
capture new opportunities while further deepening our commitment to
honoring our social responsibilities."
"We concluded 2022 with a challenging fourth quarter, delivering
net revenues of RMB340.0 million. The
sequential decrease in sales was largely due to the major impact of
COVID-19 and the implementation of the new national standards.
Specifically, lockdowns and the vast wave of infections toward the
end of the fourth quarter disrupted our operations. Furthermore,
our gross margin in the fourth quarter decreased sequentially as a
result of the imposition of a 36% excise tax on e-cigarette
products, which took effect on November 1,
2022," said Mr. Chao Lu,
Chief Financial Officer of RLX Technology. "Despite the headwinds,
we strove to improve operational efficiency to mitigate the adverse
impact on our business. As a result, we maintained a healthy level
of profitability during 2022. We believe our Company's resilience
will enable us to overcome near-term obstacles, and we remain
dedicated to creating long-term sustainable value for our
stakeholders."
Fourth Quarter 2022 Financial Results
Net revenues were RMB340.0
million (US$49.3 million) in
the fourth quarter of 2022, compared with RMB1,904.4 million in the same period of 2021.
The decrease was primarily due to the impact of regulatory changes,
which were fully implemented in this quarter, and COVID-19, as
numerous regions in China were in
partial lockdown during the fourth quarter of 2022.
Gross profit was RMB148.3 million (US$21.5 million) in the fourth quarter of
2022, compared with RMB765.5 million
in the same period of 2021.
Gross margin was 43.6% in the fourth quarter of
2022, compared with 40.2% in the same period of 2021. The
increase was primarily due to the adjustment of effective
ex-factory prices, the improvement of supply chain efficiency, and
a favorable change in product mix, partially offset by the
imposition of a 36% excise tax which came into effect on
November 1, 2022.
Operating expenses were RMB620.4 million (US$90.0 million) in the fourth quarter of
2022, compared with RMB231.5 million
in the same period of 2021. The increase was primarily due to
the change in share-based compensation expenses, which were
RMB474.9 million (US$68.8 million) in the fourth quarter of 2022
compared with RMB42.1 million in the
same period of 2021. These consisted of share-based compensation
expenses of (i) RMB41.2 million
(US$6.0 million) recognized in
selling expenses, (ii) RMB369.4
million (US$53.6 million)
recognized in general and administrative expenses, and (iii)
RMB64.2 million (US$9.3 million) recognized in research and
development expenses. The change in share-based compensation
expenses was primarily due to the changes in the fair value of the
share incentive awards that the Company granted to its employees as
affected by the fluctuations of the Company's share price.
Selling expenses were RMB96.7
million (US$14.0 million) in
the fourth quarter of 2022, compared with RMB46.6 million in the same period of 2021,
primarily due to the fluctuation of share-based compensation
expenses.
General and administrative
expenses were RMB394.2 million (US$57.2 million) in the fourth quarter of 2022,
compared with RMB167.1 million in the
same period of 2021, mainly driven by the fluctuation of
share-based compensation expenses.
Research and development expenses were RMB129.6 million (US$18.8 million) in the fourth quarter of
2022, compared with RMB17.8 million
in the same period of 2021, mainly driven by the fluctuation
of share-based compensation expenses.
Loss from operations was RMB472.2 million (US$68.5 million) in the fourth quarter of
2022, compared with an income from operations of RMB534.0 million in the same period of 2021.
Income tax benefit was RMB16.2 million (US$2.4 million) in the fourth quarter of
2022, compared with income tax expense of RMB129.5 million in the same period of 2021.
U.S. GAAP net loss was
RMB225.1 million (US$32.6 million) in the fourth quarter
of 2022, compared with U.S. GAAP net income of RMB494.4 million in the same period of 2021.
Non-GAAP net income was RMB249.7 million (US$36.2 million) in the fourth quarter
of 2022, compared with RMB536.5
million in the same period of 2021.
U.S. GAAP basic and diluted net loss per American depositary
share ("ADS") were RMB0.174 (US$0.025) and RMB0.174 (US$0.025), respectively, in the
fourth quarter of 2022, compared with U.S. GAAP basic and diluted
net income per ADS of RMB0.367 and
RMB0.363, respectively, in the same
period of 2021.
Non-GAAP basic and diluted net income per
ADS[2] were RMB0.188 (US$0.027) and RMB0.186 (US$0.027), respectively, in the
fourth quarter of 2022, compared with non-GAAP basic and diluted
net income per ADS of RMB0.398 and
RMB0.394, respectively, in the same
period of 2021.
Balance Sheet and Cash Flow
As of December 31, 2022, the
Company had cash and cash equivalents, restricted cash, short-term
bank deposits, net, short-term investments, long-term bank
deposits, net and long-term investment securities of RMB15,733.7 million (US$2,281.2 million), compared with RMB14,857.8 million as of December 31, 2021. For the fourth quarter ended
December 31, 2022, net cash used in
operating activities was RMB248.9
million (US$36.1 million).
Fiscal Year 2022 Financial Results
Net revenues were RMB5,332.8 million (US$773.2 million) in fiscal year 2022, compared
with RMB8,521.0 million in the prior
year. The decrease was primarily due to the suspension of store
expansion, the discontinuation of older products during the
transition to the new national standards, and COVID-19.
Gross profit was RMB2,305.1
million (US$334.2 million) in
fiscal year 2022, compared with RMB3,672.1
million in the prior year.
Gross margin increased to 43.2% in fiscal year 2022 from
43.1% in the prior year, primarily due to the improvement of supply
chain efficiency and the adjustment of effective ex-factory prices,
partially offset by the increase in inventory provision and the
imposition of a 36% excise tax which came into effect on
November 1, 2022.
Operating expenses were RMB1,241.7
million (US$180.0 million) in
fiscal year 2022, representing a decrease of 9.6% from RMB1,373.4 million in the prior year. The
decrease in operating expenses was primarily due to the change in
share-based compensation expenses, which decreased by 25.6% to
RMB166.2 million (US$24.1 million) in fiscal year 2022 from
RMB223.3 million in the prior year.
The decrease in share-based compensation expenses was primarily due
to the changes in the fair value of the share incentive awards that
the Company granted to its employees as affected by the
fluctuations of the Company's share price.
Selling expenses decreased by 33.2% to RMB347.8 million (US$50.4
million) in fiscal year 2022 from RMB520.7 million in the prior year, mainly driven
by the decrease in (i) branding material expenses and (ii) shipping
expenses.
General and administrative expenses decreased by 14.3% to
RMB576.8 million (US$83.6 million) in fiscal year 2022 from
RMB672.7 million in the prior year,
primarily attributable to the decrease in share-based
compensation expenses.
Research and development expenses increased by 76.3% to
RMB317.1 million (US$46.0 million) in fiscal year 2022 from
RMB179.9 million in the prior year,
mainly driven by the increase in (i) share-based compensation
expenses and (ii) salaries and welfare benefits.
Income from operations was RMB1,063.4 million (US$154.2 million) in fiscal year 2022, compared
with RMB2,298.7 million in the prior
year.
Income tax expense was RMB371.6
million (US$53.9 million) in
fiscal year 2022, representing a decrease of 41.2% from
RMB631.4 million in the prior
year.
U.S. GAAP net income was RMB1,408.7 million (US$204.2 million) in fiscal year 2022, compared
with RMB2,028.1 million in the prior
year.
Non-GAAP net income was RMB1,574.9
million (US$228.3 million) in
fiscal year 2022, compared with RMB2,251.5
million in the prior year.
U.S. GAAP basic and diluted net income per ADS
were RMB1.092 (US$0.158) and RMB1.085 (US$0.157), respectively, in fiscal year 2022,
compared with U.S. GAAP basic and diluted net income per ADS of
RMB1.445 and RMB1.436 respectively, in the prior year.
Non-GAAP basic and diluted net income per ADS were
RMB1.218 (US$0.177) and RMB1.210 (US$0.175), respectively, in fiscal year 2022,
compared with non-GAAP basic and diluted net income per ADS of
RMB1.604 and RMB1.595 respectively, in the prior year.
[1] Non-GAAP
net income is a non-GAAP financial measure. For more information on
the Company's non-GAAP financial measures, please see the section
"Non-GAAP Financial Measures" and the table captioned "Unaudited
Reconciliation of GAAP and Non-GAAP Results" set forth at the end
of this press release.
|
[2] Non-GAAP
basic and diluted net income per ADS is a non-GAAP financial
measure. For more information on the Company's non-GAAP financial
measures, please see the section "Non-GAAP Financial Measures" and
the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP
Results" set forth at the end of this press release.
|
Conference Call
The Company's management will host an earnings conference call
at 7:00 A.M. U.S. Eastern Time on
March 10, 2023 (8:00 P.M. Beijing/Hong Kong Time on March 10, 2023).
Dial-in details for the earnings conference call are as
follows:
United States
(toll-free):
|
+1-888-317-6003
|
International:
|
+1-412-317-6061
|
Hong Kong, China
(toll-free):
|
+800-963-976
|
Hong Kong,
China:
|
+852-5808-1995
|
Mainland
China:
|
400-120-6115
|
Participant
Code:
|
9162095
|
Participants should dial in 10 minutes before the scheduled
start time and ask to be connected to the call for "RLX Technology
Inc." with the Participant Code as set forth above.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
https://ir.relxtech.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the call until March 17, 2023, by dialing the following
telephone numbers:
United States:
|
|
|
+1-877-344-7529
|
International:
|
|
|
+1-412-317-0088
|
Replay Access
Code:
|
|
|
4638951
|
About RLX Technology Inc.
RLX Technology Inc. (NYSE: RLX) is a leading branded e-vapor
company in China. The Company
leverages its strong in-house technology, product development
capabilities, and in-depth insights into adult smokers' needs to
develop superior e-vapor products.
For more information, please visit: http://ir.relxtech.com.
Non-GAAP Financial Measures
The Company uses non-GAAP net income and non-GAAP basic and
diluted net income per ADS, each a non-GAAP financial measure, in
evaluating its operating results and for financial and operational
decision-making purposes. Non-GAAP net income represents net income
excluding share-based compensation expenses. Non-GAAP basic and
diluted net income per ADS is computed using Non-GAAP net income
attributable to RLX Technology Inc. and the same number of ADSs
used in U.S. GAAP basic and diluted net income per ADS
calculation.
The Company presents these non-GAAP financial measures because
they are used by the management to evaluate its operating
performance and formulate business plans. The Company believes that
they help identify underlying trends in its business that could
otherwise be distorted by the effect of certain expenses that are
included in net income. The Company also believes that the use of
the non-GAAP measures facilitates investors' assessment of its
operating performance, as they could provide useful information
about its operating results, enhances the overall understanding of
its past performance and future prospects and allows for greater
visibility with respect to key metrics used by the 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. They
should not be considered in isolation or construed as an
alternative to net income, basic and diluted net income per ADS or
any other measure of performance or as an indicator of its
operating performance. Investors are encouraged to review its
historical non-GAAP financial measures to the most directly
comparable U.S. GAAP measures. The non-GAAP financial measures 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 our data. The Company encourages investors and others
to review its financial information in its entirety and not rely on
any single financial measure.
For more information on the non-GAAP financial measures, please
see the table captioned "Unaudited Reconciliation of GAAP and
non-GAAP Results" set forth at the end of this press release.
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 and from U.S. dollars to RMB are made at a rate of
RMB6.8972 to US$1.00, the exchange rate on December 30, 2022, set forth in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or U.S. dollar amounts referred
could be converted into U.S. dollars 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, quotations from management
in this announcement, as well as the Company's strategic and
operational plans, contain forward- looking statements. The Company
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 the
Company'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 growth strategies; its future business development,
results of operations and financial condition; trends and
competition in China's e-vapor
market; changes in its revenues and certain cost or expense items;
PRC governmental policies, laws and regulations relating to the
Company'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 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 this 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:
RLX Technology Inc.
Head of Investor Relations
Sam Tsang
Email: ir@relxtech.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com
RLX TECHNOLOGY
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands)
|
|
|
|
|
|
As of
|
|
December
31,
|
December
31,
|
December
31,
|
|
2021
|
2022
|
2022
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
5,208,967
|
1,268,512
|
183,917
|
Restricted
cash
|
500
|
20,574
|
2,983
|
Short-term bank
deposits, net
|
4,022,119
|
7,084,879
|
1,027,211
|
Receivables from online
payment platforms
|
10,006
|
3,000
|
435
|
Short-term
investments
|
3,621,637
|
2,434,864
|
353,022
|
Accounts and notes
receivable, net
|
14,024
|
51,381
|
7,450
|
Inventories,
net
|
589,088
|
130,901
|
18,979
|
Amounts due from
related parties
|
1,936
|
5,112
|
741
|
Prepayments and other
current assets, net
|
482,659
|
198,932
|
28,842
|
Total current
assets
|
13,950,936
|
11,198,155
|
1,623,580
|
Non-current
assets:
|
|
|
|
Property, equipment and
leasehold improvement, net
|
143,155
|
87,871
|
12,740
|
Intangible assets,
net
|
8,366
|
7,552
|
1,095
|
Long-term investments,
net
|
12,000
|
8,000
|
1,160
|
Deferred tax assets,
net
|
20,856
|
63,894
|
9,264
|
Right-of-use assets,
net
|
176,258
|
75,008
|
10,875
|
Long-term bank
deposits, net
|
2,004,593
|
1,515,428
|
219,716
|
Long-term investment
securities, net
|
-
|
3,409,458
|
494,325
|
Other non-current
assets
|
48,961
|
13,458
|
1,951
|
Total non-current
assets
|
2,414,189
|
5,180,669
|
751,126
|
Total
assets
|
16,365,125
|
16,378,824
|
2,374,706
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts and notes
payable
|
1,288,845
|
269,346
|
39,052
|
Contract
liabilities
|
286,651
|
75,226
|
10,907
|
Salary and welfare
benefits payable
|
170,393
|
127,749
|
18,522
|
Taxes
payable
|
597,761
|
109,676
|
15,902
|
Amounts due to related
parties
|
-
|
423
|
61
|
Accrued expenses and
other current liabilities
|
313,396
|
161,455
|
23,409
|
Lease liabilities -
current portion
|
80,582
|
45,955
|
6,663
|
Total current
liabilities
|
2,737,628
|
789,830
|
114,516
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Deferred tax
liabilities
|
4,513
|
8,653
|
1,255
|
Lease liabilities -
non-current portion
|
104,232
|
39,968
|
5,795
|
Total non-current
liabilities
|
108,745
|
48,621
|
7,050
|
Total
liabilities
|
2,846,373
|
838,451
|
121,566
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
Total RLX Technology
Inc. shareholders' equity
|
13,514,952
|
15,569,060
|
2,257,301
|
Noncontrolling
interests
|
3,800
|
(28,687)
|
(4,161)
|
Total shareholders'
equity
|
13,518,752
|
15,540,373
|
2,253,140
|
|
|
|
|
Total liabilities
and shareholders' equity
|
16,365,125
|
16,378,824
|
2,374,706
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
|
(All amounts in
thousands, except for share and per share data, or otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
For the year
ended
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
December
31,
|
|
2021
|
2022
|
2022
|
2022
|
|
2021
|
2022
|
2022
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
1,904,355
|
1,044,424
|
340,012
|
49,297
|
|
8,520,978
|
5,332,779
|
773,180
|
Cost of
revenues
|
(1,138,826)
|
(522,451)
|
(139,073)
|
(20,164)
|
|
(4,848,918)
|
(2,974,981)
|
(431,332)
|
Excise tax on
products
|
-
|
-
|
(52,668)
|
(7,636)
|
|
-
|
(52,668)
|
(7,636)
|
Gross
profit
|
765,529
|
521,973
|
148,271
|
21,497
|
|
3,672,060
|
2,305,130
|
334,212
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
(46,628)
|
(52,544)
|
(96,673)
|
(14,016)
|
|
(520,694)
|
(347,798)
|
(50,426)
|
General and
administrative expenses
|
(167,108)
|
41,746
|
(394,207)
|
(57,155)
|
|
(672,748)
|
(576,811)
|
(83,630)
|
Research and
development expenses
|
(17,797)
|
(45,978)
|
(129,558)
|
(18,784)
|
|
(179,913)
|
(317,110)
|
(45,977)
|
Total operating
expenses
|
(231,533)
|
(56,776)
|
(620,438)
|
(89,955)
|
|
(1,373,355)
|
(1,241,719)
|
(180,033)
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
533,996
|
465,197
|
(472,167)
|
(68,458)
|
|
2,298,705
|
1,063,411
|
154,179
|
|
|
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
|
|
|
Interest income,
net
|
24,297
|
56,237
|
54,617
|
7,919
|
|
72,414
|
180,729
|
26,203
|
Investment
income
|
27,964
|
38,104
|
25,557
|
3,705
|
|
94,222
|
136,531
|
19,795
|
Others, net
|
37,694
|
16,573
|
150,625
|
21,839
|
|
194,209
|
399,641
|
57,942
|
Income/(loss)
before income tax
|
623,951
|
576,111
|
(241,368)
|
(34,995)
|
|
2,659,550
|
1,780,312
|
258,119
|
Income tax
(expense)/benefit
|
(129,536)
|
(70,871)
|
16,243
|
2,355
|
|
(631,426)
|
(371,580)
|
(53,874)
|
Net
income/(loss)
|
494,415
|
505,240
|
(225,125)
|
(32,640)
|
|
2,028,124
|
1,408,732
|
204,245
|
Less: net
income/(loss) attributable to
noncontrolling interests
|
891
|
1,883
|
3,355
|
486
|
|
3,411
|
(32,487)
|
(4,710)
|
Net income/(loss)
attributable to RLX
Technology Inc.
|
493,524
|
503,357
|
(228,480)
|
(33,126)
|
|
2,024,713
|
1,441,219
|
208,955
|
Other
comprehensive(loss)/income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(181,851)
|
618,060
|
(215,246)
|
(31,208)
|
|
(149,188)
|
937,428
|
135,914
|
Unrealized loss on
long-term investment
securities
|
-
|
-
|
(5,425)
|
(787)
|
|
-
|
(5,425)
|
(787)
|
Total other
comprehensive (loss)/income
|
(181,851)
|
618,060
|
(220,671)
|
(31,995)
|
|
(149,188)
|
932,003
|
135,127
|
Total comprehensive
income/(loss)
|
312,564
|
1,123,300
|
(445,796)
|
(64,635)
|
|
1,878,936
|
2,340,735
|
339,372
|
Less: total
comprehensive income/(loss)
attributable to noncontrolling
interests
|
891
|
1,883
|
3,355
|
486
|
|
3,411
|
(32,487)
|
(4,710)
|
Total comprehensive
income/(loss) attributable
to RLX Technology Inc.
|
311,673
|
1,121,417
|
(449,151)
|
(65,121)
|
|
1,875,525
|
2,373,222
|
344,082
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per ordinary share/ADS
|
|
|
|
|
|
|
|
|
Basic
|
0.367
|
0.381
|
(0.174)
|
(0.025)
|
|
1.445
|
1.092
|
0.158
|
Diluted
|
0.363
|
0.379
|
(0.174)
|
(0.025)
|
|
1.436
|
1.085
|
0.157
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares/ADSs
|
|
|
|
|
|
|
|
|
Basic
|
1,346,184,770
|
1,322,824,853
|
1,310,229,331
|
1,310,229,331
|
|
1,401,371,494
|
1,319,732,802
|
1,319,732,802
|
Diluted
|
1,358,494,650
|
1,329,164,753
|
1,310,229,331
|
1,310,229,331
|
|
1,409,690,879
|
1,328,144,092
|
1,328,144,092
|
|
|
|
|
|
|
|
|
|
|
RLX TECHNOLOGY
INC.
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|
(All amounts in
thousands, except for share and per share data, or otherwise
noted)
|
|
|
|
|
|
|
For the three months
ended
|
|
For the year
ended
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
December
31,
|
|
2021
|
2022
|
2022
|
2022
|
|
2021
|
2022
|
2022
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
Net
income/(loss)
|
494,415
|
505,240
|
(225,125)
|
(32,640)
|
|
2,028,124
|
1,408,732
|
204,245
|
Add: share-based
compensation expenses
|
|
|
|
|
|
|
|
|
Selling expenses
|
1,885
|
(24,189)
|
41,239
|
5,979
|
|
(19,653)
|
(6,993)
|
(1,014)
|
General and administrative expenses
|
45,107
|
(128,200)
|
369,447
|
53,565
|
|
302,070
|
162,229
|
23,521
|
Research and development expenses
|
(4,872)
|
(24,242)
|
64,165
|
9,303
|
|
(59,072)
|
10,925
|
1,584
|
Non-GAAP net
income
|
536,535
|
328,609
|
249,726
|
36,207
|
|
2,251,469
|
1,574,893
|
228,336
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to RLX
Technology Inc.
|
493,524
|
503,357
|
(228,480)
|
(33,126)
|
|
2,024,713
|
1,441,219
|
208,955
|
Add: share-based
compensation expenses
|
42,120
|
(176,631)
|
474,851
|
68,847
|
|
223,345
|
166,161
|
24,091
|
Non-GAAP net income
attributable to RLX
Technology Inc.
|
535,644
|
326,726
|
246,371
|
35,721
|
|
2,248,058
|
1,607,380
|
233,046
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ordinary share/ADS
|
|
|
|
|
|
|
|
|
- Basic
|
0.398
|
0.247
|
0.188
|
0.027
|
|
1.604
|
1.218
|
0.177
|
- Diluted
|
0.394
|
0.246
|
0.186
|
0.027
|
|
1.595
|
1.210
|
0.175
|
Weighted average
number of ordinary
shares/ADSs
|
|
|
|
|
|
|
|
|
- Basic
|
1,346,184,770
|
1,322,824,853
|
1,310,229,331
|
1,310,229,331
|
|
1,401,371,494
|
1,319,732,802
|
1,319,732,802
|
- Diluted
|
1,358,494,650
|
1,329,164,753
|
1,324,475,455
|
1,324,475,455
|
|
1,409,690,879
|
1,328,144,092
|
1,328,144,092
|
RLX TECHNOLOGY
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(All amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
For the year
ended
|
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
December
31,
|
|
|
2021
|
2022
|
2022
|
2022
|
|
2021
|
2022
|
2022
|
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
Net cash generated
from/(used in) operating
activities
|
465,738
|
(1,016,862)
|
(248,866)
|
(36,082)
|
|
1,799,892
|
486,829
|
70,584
|
|
Net cash (used
in)/generated from investing
activities
|
(1,397,519)
|
211,064
|
752,545
|
109,109
|
|
(7,870,660)
|
(4,133,040)
|
(599,234)
|
|
Net cash (used
in)/generated from financing
activities
|
(127,516)
|
(19,822)
|
(150,647)
|
(21,842)
|
|
9,904,121
|
(477,270)
|
(69,198)
|
|
Effect of foreign
exchange rate changes on cash,
cash equivalents and restricted cash
|
(99,770)
|
22,772
|
29,287
|
4,246
|
|
(78,687)
|
203,100
|
29,446
|
|
Net
(decrease)/increase in cash and cash
equivalents and restricted cash
|
(1,159,067)
|
(802,848)
|
382,319
|
55,431
|
|
3,754,666
|
(3,920,381)
|
(568,402)
|
|
Cash, cash
equivalents and restricted cash at
the beginning of the period
|
6,368,534
|
1,709,615
|
906,767
|
131,469
|
|
1,454,801
|
5,209,467
|
755,302
|
|
Cash, cash
equivalents and restricted cash at
the end of the period
|
5,209,467
|
906,767
|
1,289,086
|
186,900
|
|
5,209,467
|
1,289,086
|
186,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-fourth-quarter-and-fiscal-year-2022-financial-results-301768748.html
SOURCE RLX Technology Inc.