Ruhnn Holding Limited (“ruhnn” or the “Company”) (NASDAQ: RUHN), a
leading internet key opinion leader (“KOL”) facilitator in China,
today announced its unaudited financial results for the first
quarter of fiscal year 2021 ended June 30, 2020.
“We executed and delivered a strong start to our new fiscal year
driven by the successful transition of our business focus to
services segment under the platform model, under which, we are well
positioned to capture the increasing demand from third-party
merchants and brands for our KOLs to provide sales and advertising
services. Services segment demonstrated excellent profitability in
the first fiscal quarter with related income from operations of
RMB22.2 million and operating margin reaching 20%. We continue to
explore and further develop KOL monetization channels under the
platform model, with services revenue generated from e-commerce
live-streaming increasing multiple times year-over-year,” Mr. Lei
Sun, founder, director and Chief Executive Officer of ruhnn,
commented.
“We are building a leading technology-driven platform, including
KOL Platform and key opinion consumer (“KOC”) Community, in order
to intelligently connect and empower our KOLs, KOCs and third-party
merchants and brands, further improving our operational efficiency
and profitability,” Mr. Sun concluded.
Mr. Jacky Wang, Chief Financial Officer of ruhnn, said, “We
achieved excellent results for the first fiscal quarter. Services
revenue through platform model increased 74% year-over-year,
amounting to 41% of total net revenue. Net loss attributable to
ruhnn was RMB56.6 million, inclusive of noncash impairment of
exclusive cooperation rights under the full-service model of
RMB53.2 million. Adjusted net income attributable to ruhnn was
RMB10.7 million as compared to a loss of RMB21.6 million in the
same period of last fiscal year. Furthermore, net cash provided by
operating activities increased 11 times year-over-year to RMB11.6
million.”
First Fiscal Quarter
Financial Highlights:
- Services revenue increased 74% year-over-year
to RMB113.7 million (US$16.1 million).
- Total net revenue decreased 10% year-over-year
to RMB280.4 million (US$39.7 million).
- Gross margin increased to 38% from 36% in the
same quarter of last fiscal year.
- Net loss attributable to ruhnn was RMB56.6
million (US$8.0 million), inclusive of noncash impairment of
exclusive cooperation rights of RMB53.2 million, compared to
RMB26.7 million in the same quarter of last fiscal year.
- Adjusted net income attributable to ruhnn1 was
RMB10.7 million (US$1.5 million) compared to a loss of RMB21.6
million in the same quarter of last fiscal year.
- Income from operations of services was RMB22.2
million. Adjusted income from operations1 of
services was RMB25.1 million.
- Net cash provided by operating activities
increased 11 times year-over-year to RMB11.6 million (US$1.6
million).
First Fiscal Quarter Operational
Highlights:
- Number of signed KOLs increased to 174 as of
June 30, 2020 from 133 as of June 30, 2019. Number of
fans increased to 263.1 million as of June 30, 2020 from
172.0 million as of June 30, 2019.
- Number of platform top-tier KOLs increased to
8 as of June 30, 2020 from 2 as of June 30, 2019. Number of
platform established KOLs increased to 19 as of June 30,
2020 from 12 as of June 30, 2019.
- Accumulated number of brands
served increased to 1,186 as of June 30, 2020 from 701 as
of June 30, 2019.
___________________________________________
1 Adjusted net income (loss) attributable to ruhnn, and adjusted
income from operations are non-GAAP measures, which exclude certain
noncash or nonrecurring expenses. See “Unaudited Reconciliation of
GAAP and Non-GAAP Financial Measures” at the end of this press
release.
Summary Operation Data
Following the significant expansion of the Company’s business
under the platform model and the transition of some online stores
from the full-service model to the platform model, the Company has
primarily switched its focus to services through the platform model
and all of the Company’s signed KOLs were involved in the platform
model as of June 30, 2020. As an updated measure to assess its
KOLs’ performance, the Company classifies all of its signed KOLs
based on the total services revenue generated by KOLs under the
platform model during the previous twelve months.
The following table presents the Company’s classification of its
signed KOLs under the platform model:
|
As of and for the three months ended |
|
June 30, 2019 |
|
June 30, 2020 |
|
Number ofKOLs |
|
Services Revenue(RMB in
millions) |
|
Number of Fans(1)(In
millions) |
|
Number ofKOLs |
|
Services Revenue(RMB in
millions) |
|
Number of Fans(1)(In
millions) |
Platform top-tier KOLs(2) |
2 |
|
6.1 |
|
10.6 |
|
8 |
|
40.3 |
|
73.0 |
Platform established
KOLs(3) |
12 |
|
29.9 |
|
33.7 |
|
19 |
|
31.1 |
|
44.8 |
Platform emerging KOLs(4) |
14 |
|
10.6 |
|
25.2 |
|
18 |
|
15.5 |
|
40.0 |
Platform micro KOLs(5) |
105 |
|
7.0 |
|
102.5 |
|
129 |
|
12.9 |
|
105.3 |
Total signed
KOLs |
133 |
|
53.6 |
|
172.0 |
|
174 |
|
99.8 |
|
263.1 |
Others(6) |
|
|
11.9 |
|
|
|
|
|
13.9 |
|
|
Total services
revenue |
|
|
65.5 |
|
|
|
|
|
113.7 |
|
|
(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) Platform top-tier KOLs generated services revenue of RMB10.0
million or more in the past twelve months under the platform
model.
(3) Platform established KOLs generated services revenue of
RMB3.0 million to RMB10.0 million in the past twelve months under
the platform model.
(4) Platform emerging KOLs generated services revenue of RMB1.2
million to RMB3.0 million in the past twelve months under the
platform model.
(5) Platform micro KOLs generated services revenue of less than
RMB1.2 million in the past twelve months under the platform
model.
(6) Others represent primarily services revenue that was
generated through cooperation with third-party KOLs.
The following table presents operation data by platform model
and full-service model:
|
As of and for the three months ended June 30, |
|
2019 |
|
2020 |
Platform
Model(1) |
|
|
|
Number of signed KOLs serving
such business model(3) |
133 |
|
174 |
Accumulated number of brands
served(4) |
701 |
|
1,186 |
Number of brands served during
the period(4) |
278 |
|
431 |
Services revenue under the
platform model (RMB in million) |
65.5 |
|
113.7 |
Full-Service
Model(2) |
|
|
|
Number of signed KOLs serving
such business model(3) |
11 |
|
3 |
Number of the Company’s online
stores |
40 |
|
19 |
Product sales revenue under
the full-service model (RMB in million) |
247.3 |
|
166.8 |
(1) 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.
(2) Under the full-service model, the Company owns and operates
online stores on third-party e-commerce platforms, 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.
(3) Certain KOLs under the Company’s full-service model overlap
with those under the platform model. As of June 30, 2020, the
Company’s signed KOLs were all involved in the platform model. In
addition, the Company’s KOLs that were undergoing training or have
not started generating services revenue under the platform model as
of the relevant date, were also included in these numbers.
(4) Number of brands served here represents the number of brands
to which the Company provided advertising services.
Information by Segments
As discussed above, following the significant expansion of the
Company’s business under the platform model and the transition of
some online stores from the full-service model to platform model,
the Company started to review its results of operations according
to two operating segments when making decisions about allocating
resources and assessing performance in the first quarter of fiscal
year 2021. The two segments are (i) services through platform
model, and (ii) product sales under full-service model. The table
below sets forth the selected segment financial information of the
two segments for the three months ended June 30, 2020:
|
Three months ended June 30, 2020 |
|
|
Services |
|
Product sales |
|
|
Unallocated(1) |
|
|
Consolidated |
|
|
RMB |
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
(Amounts in thousands) |
|
Net revenue |
113,668 |
|
166,752 |
|
|
- |
|
|
280,420 |
|
|
39,691 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
54,420 |
|
118,606 |
|
|
- |
|
|
173,026 |
|
|
24,491 |
|
Fulfillment |
1,015 |
|
17,813 |
|
|
- |
|
|
18,828 |
|
|
2,665 |
|
Sales and marketing |
29,013 |
|
40,443 |
|
|
- |
|
|
69,456 |
|
|
9,831 |
|
General and
administrative |
7,054 |
|
4,111 |
|
|
14,041 |
|
|
25,206 |
|
|
3,568 |
|
Amortization of exclusive
cooperation rights |
- |
|
5,150 |
|
|
- |
|
|
5,150 |
|
|
729 |
|
Impairment of exclusive
cooperation rights |
- |
|
53,230 |
|
|
- |
|
|
53,230 |
|
|
7,534 |
|
Income (loss) from
operations |
22,166 |
|
(72,601 |
) |
|
(14,041 |
) |
|
(64,476 |
) |
|
(9,127 |
) |
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of exclusive
cooperation rights |
- |
|
5,150 |
|
|
- |
|
|
5,150 |
|
|
729 |
|
Impairment of exclusive
cooperation rights |
- |
|
53,230 |
|
|
- |
|
|
53,230 |
|
|
7,534 |
|
Share-based compensation
expense |
2,967 |
|
2,602 |
|
|
1,905 |
|
|
7,474 |
|
|
1,058 |
|
Litigation costs |
- |
|
- |
|
|
1,461 |
|
|
1,461 |
|
|
207 |
|
Adjusted income (loss)
from operations |
25,133 |
|
(11,619 |
) |
|
(10,675 |
) |
|
2,839 |
|
|
401 |
|
(1) Unallocated items include expenses incurred by the
headquarters that are not allocated to services and product
sales.
First Quarter of Fiscal Year 2021
Financial Results
Net revenue. Total net revenue was RMB280.4
million (US$39.7 million), a decrease of RMB32.4 million or 10%
from RMB312.8 million for the same quarter of last fiscal year,
which was mainly due to the decrease in product sales revenue
through the full-service model, partially offset by the significant
increase in services revenue through the platform model.
- Services revenue through the platform model
was RMB113.7 million (US$16.1 million), an increase of RMB48.2
million or 74% from RMB65.5 million for the same quarter of last
fiscal year. The increase was mainly attributable to (i) the
increase in the number of KOLs serving the Company’s platform
model, which increased to 174 as of June 30, 2020 from 133 as of
June 30, 2019; (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 45 as of June 30, 2020
from 28 as of June 30, 2019; and (iii) an increase in the number of
brands that the Company cooperated with in its advertising business
to 431 in the first quarter of fiscal year 2021 from 278 for the
same quarter of last fiscal year.
- Product sales revenue through the full-service
model was RMB166.8 million (US$23.6 million), a decrease
of RMB80.5 million or 33% from RMB247.3 million for the same
quarter of last fiscal year. The decrease was primarily
attributable to (i) the transition of the business model of some
online stores from the full-service model to the platform model, as
a result of which, the number of the Company’s online stores
decreased to 19 as of June 30, 2020 from 40 as of June 30, 2019,
while the number of the Company’s KOLs serving the full-service
model decreased to 3 as of June 30, 2020 from 11 as of June 30,
2019. This factor accounted for the majority of the decrease; (ii)
the Company experienced a significant decrease in product sales
generated from the online stores under the name of a top KOL who
suffered from negative publicity since April 2020; and (iii) the
ongoing impact of the Covid-19 pandemic in China during the first
fiscal quarter, although to a lesser extent as compared to the
previous quarter.
Cost of revenue. Cost of revenue was RMB173.0
million (US$24.5 million), a decrease of RMB28.3 million or 14%
from RMB201.3 million for the same quarter of last fiscal year,
which was primarily in line with the decrease in total net revenue.
Cost of product sales decreased by RMB55.3 million or 32%
year-over-year to RMB118.6 million. Cost of revenue primarily
included product costs, inventory write-downs and KOL service
fees.Gross profit. Gross profit was RMB107.4
million (US$15.2 million), a decrease of RMB4.1 million or 4% from
RMB111.5 million for the same quarter of last fiscal year,
primarily as a result of the decrease in product sales revenue.
Gross margin increased to 38% from 36% for the
same quarter of last fiscal year, primarily attributable to the
increase in services revenue as a percentage of total net revenue
to 41% from 21% for the same quarter of last fiscal year. Services
revenue has a higher gross margin as compared to product sales
revenue.
Total operating expenses. Total operating
expenses were RMB171.9 million (US$24.3 million), an increase of
RMB33.1 million or 24% from RMB138.8 million for the same quarter
of last fiscal year. Included in the total operating expenses was
an aggregate of RMB67.3 million of noncash impairment and
amortization of intangible assets in relation to exclusive
cooperation rights, noncash share-based compensation expense, and
litigation costs (inclusive of noncash impairment of exclusive
cooperation rights of RMB53.2 million) in the first quarter of
fiscal year 2021 compared to a noncash amortization of exclusive
cooperation rights of RMB5.2 million in the same quarter of last
fiscal year. Total operating expenses accounted for 61% and 44% (or
37% and 43%, exclusive of noncash charges and litigation costs as
mentioned above) of the total net revenue for the first quarter of
fiscal year 2021 and 2020, respectively.
- Fulfillment expenses were RMB18.8 million
(US$2.7 million), a decrease of RMB16.2 million or 46% from RMB35.0
million for the same quarter of last fiscal year. The decrease was
largely in line with the decrease in product sales. Fulfillment
expenses accounted for 11% and 14% of product sales revenue for the
first quarter of fiscal year 2021 and 2020,
respectively.
- Sales and marketing expenses were RMB69.5
million (US$9.8 million), an increase of RMB0.5 million or 1% from
RMB69.0 million for the same quarter of last fiscal year. Sales and
marketing expenses consist primarily of expenses for KOL
incubation, cultivation and training for the Company’s platform
KOLs, as well as expenses incurred for the Company’s advertising,
marketing and brand promotion activities under the full-service
model. Following the expansion of KOL pool from 133 signed KOLs as
of June 30, 2019 to 174 as of June 30, 2020, related expenses
incurred for KOL incubation, cultivation and training in order to
support increased activities for the Company’s KOL sales and
advertising business increased accordingly. Sales and marketing
expenses accounted for 25% and 22% (or 23% and 22%, exclusive of
noncash share-based compensation expense) of total net revenue for
the first quarter of fiscal year 2021 and 2020,
respectively.
- General and administrative expenses were
RMB25.2 million (US$3.6 million), a decrease of RMB5.3 million or
17% from RMB30.5 million for the same quarter of last fiscal year.
General and administrative expenses accounted for 9% and 10% (or 7%
and 10%, exclusive of noncash share-based compensation expense and
litigation costs) of total net revenue for the first quarter of
fiscal year 2021 and 2020, respectively.
- Amortization of exclusive cooperation rights
was RMB5.2 million (US$0.7 million) compared to RMB5.2 million for
the same quarter of last fiscal year, which represented the
amortization of intangible assets in relation to exclusive
cooperation rights granted by a top KOL.
- Impairment of exclusive cooperation rights was
RMB53.2 million (US$7.5 million) in the first quarter of fiscal
year 2021 compared to nil in the same quarter of last fiscal year.
The Company experienced a significant decrease in the product sales
revenue generated from the online stores served by a top KOL who
suffered from negative publicity since April 2020. The Company
assessed the continuing impacts to its operations and recognized an
impairment on the intangible assets relating to the exclusive
cooperation rights granted by this KOL as of June 30, 2020.
Interest income, net. Interest income, net was
RMB6.3 million (US$0.9 million), an increase of RMB4.9 million from
RMB1.4 million for the same quarter of last fiscal year.
Other income, net. Other income, net was RMB4.0
million (US$0.6 million), an increase of RMB3.4 million from RMB0.6
million for the same quarter of last fiscal year.
Loss before income taxes. Loss before income
taxes was RMB54.3 million (US$7.7 million) compared to RMB24.9
million for the same quarter of last fiscal year, as a result of
the foregoing.
Income taxes. Income tax expense was RMB3.4
million (US$0.5 million) compared to RMB3.4 million for the same
quarter of last fiscal year.
Net loss attributable to
ruhnn. Net loss attributable to ruhnn was RMB56.6 million
(US$8.0 million), inclusive of an aggregate of RMB67.3 million of
noncash amortization expense and impairment loss of exclusive
cooperation rights, noncash share-based compensation expense, and
litigation costs, compared to RMB26.7 million, inclusive
amortization of exclusive cooperation rights of RMB5.2 million, for
the same quarter of last fiscal year. Adjusted net income
(loss) attributable to ruhnn. Adjusted net income
attributable to ruhnn was RMB10.7 million (US$1.5 million) compared
to a loss of RMB21.6 million for the same quarter of last fiscal
year.
Balance Sheet and Cash Flow
As of June 30, 2020, the Company had cash and cash equivalents,
restricted cash and short-term investment of RMB795.4 million
(US$112.6 million) compared to RMB800.6 million as of March
31, 2020.
Net cash provided by operating activities was RMB11.6 million
(US$1.6 million) for the first quarter of fiscal year 2021 compared
to RMB1.0 million for the same quarter of last fiscal year.
Outlook
The Company reiterates that, for the full fiscal year 2021, it
currently expects its net revenue from services through the
platform model to be between RMB520.0 million and RMB610.0 million,
representing year-over-year growth of between 72% and 101%.
This forecast reflects the Company’s current and preliminary
view on the current business situation and market conditions, which
are all subject to change.
The Company does not provide outlook for its product sales
revenue for the full fiscal year 2021, primarily because of the
uncertainty of the continuing impacts of the following factor: The
Company has experienced a significant decrease in the product sales
revenue generated from the online stores served by a top KOL who
suffered from negative publicity since April 2020.
Share Repurchase Program
On June 2, 2020, the Company announced that its board of
directors had approved a share repurchase program of up to US$15
million of the Company’s outstanding American Depositary Shares
(“ADSs”) for a period not to exceed 12 months beginning on June 2,
2020. The Company commenced this share repurchase program on June
9, 2020 and between that day and the end of September 11, 2020,
891,004 ADSs were repurchased for an aggregate consideration of
approximately US$3.1 million. The Company expects to continue to
implement its share repurchase program in a manner consistent with
market conditions and the interest of its shareholders, subject to
the restrictions relating to volume, price and timing under
applicable law.
Conference Call
The Company’s management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on September 14, 2020 (8:00 PM
Beijing/Hong Kong time on September 14, 2020). Details for the
conference call are as follows:
Event
Title: |
Ruhnn Holding
Limited First Quarter of Fiscal Year 2021 Earnings Conference
Call |
Conference ID: |
1279756 |
Registration Link: |
http://apac.directeventreg.com/registration/event/1279756 |
All participants must use the link provided above to complete
the online registration process in advance of the conference call.
Upon registering, each participant will receive a set of
participant dial-in numbers, the Direct Event passcode, and a
unique access PIN, which can be used to join the conference
call.
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 a leading internet key opinion leader
(“KOL”) facilitator in China. 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 platform and full-service models. The Company’s
platform model promotes products sold in third-party online stores
and provides advertising services on KOL’s social media spaces to
third-party merchants. The 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. As of
June 30, 2020, the Company had 174 signed KOLs with an aggregate of
263.1 million fans across major social media platforms in
China.
For more information, please visit http://ir.ruhnn.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as adjusted net (loss)
income attributable to ruhnn, adjusted basic and diluted net (loss)
income per ADS and adjusted (loss) income from operations 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 impairment and
amortization 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
RMB7.0651 to US$1.00, the rate in effect as of June 30, 2020
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 LimitedSterling SongSenior
Director of Investor RelationsTel: +86-571-2825-6700E-mail:
ir@ruhnn.com
The Piacente Group, Inc.Emilie WuTel:
+86-21-6039-8363E-mail: ruhnn@thepiacentegroup.com
In the United States:
The Piacente Group, Inc. Brandi
PiacenteTel: +1-212-481-2050E-mail: ruhnn@thepiacentegroup.com
|
|
RUHNN HOLDING LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(Amounts in thousands, except for share and per share
data) |
|
|
March 31, 2020 |
|
|
June 30, 2020 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS: |
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
718,478 |
|
|
784,093 |
|
|
110,981 |
|
Restricted cash |
5,673 |
|
|
5,799 |
|
|
821 |
|
Short-term investment |
76,450 |
|
|
5,550 |
|
|
786 |
|
Accounts receivable, net |
60,370 |
|
|
83,553 |
|
|
11,826 |
|
Inventories |
145,553 |
|
|
121,104 |
|
|
17,141 |
|
Advances to suppliers |
32,628 |
|
|
36,071 |
|
|
5,106 |
|
Prepaid expenses and other
current assets |
37,312 |
|
|
33,467 |
|
|
4,737 |
|
Total current
assets |
1,076,464 |
|
|
1,069,637 |
|
|
151,398 |
|
Property and equipment,
net |
183,404 |
|
|
171,225 |
|
|
24,235 |
|
Intangible assets, net |
82,567 |
|
|
38,001 |
|
|
5,379 |
|
Goodwill |
1,002 |
|
|
1,002 |
|
|
142 |
|
Long-term investments |
87,636 |
|
|
88,473 |
|
|
12,523 |
|
Operating lease right-of-use
assets |
- |
|
|
47,748 |
|
|
6,758 |
|
Other non-current assets |
2,978 |
|
|
2,394 |
|
|
339 |
|
TOTAL
ASSETS |
1,434,051 |
|
|
1,418,480 |
|
|
200,774 |
|
LIABILITIES AND
SHAREHOLDERS' (DEFICIT) EQUITY: |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
104,822 |
|
|
124,765 |
|
|
17,659 |
|
Notes payable |
10,698 |
|
|
8,594 |
|
|
1,216 |
|
Accrued salary and
benefits |
68,601 |
|
|
59,831 |
|
|
8,469 |
|
Accrued expenses and other
current liabilities |
30,042 |
|
|
32,561 |
|
|
4,609 |
|
Amounts due to related
parties |
- |
|
|
17,131 |
|
|
2,425 |
|
Dividends payable |
18,097 |
|
|
- |
|
|
- |
|
Current operating lease
liabilities |
- |
|
|
11,904 |
|
|
1,685 |
|
Income tax payable |
1,662 |
|
|
3,340 |
|
|
473 |
|
Total current
liabilities |
233,922 |
|
|
258,126 |
|
|
36,536 |
|
Deferred income |
10,033 |
|
|
9,398 |
|
|
1,330 |
|
Non-current operating lease
liabilities |
- |
|
|
31,968 |
|
|
4,525 |
|
Other non-current
liabilities |
12,334 |
|
|
1,950 |
|
|
276 |
|
Total
liabilities |
256,289 |
|
|
301,442 |
|
|
42,667 |
|
Shareholders'
(deficit) equity: |
|
|
|
|
|
|
|
|
Class A ordinary shares
(US$0.000000001 par value; 822,665,750 shares authorized,
246,122,394 and 243,823,804 shares issued and outstanding as
of March 31, 2020 and June 30, 2020, respectively) |
- |
|
|
- |
|
|
- |
|
Class B ordinary shares
(US$0.000000001 par value; 177,334,250 shares authorized,
174,834,250 shares issued and outstanding as of March 31,
2020 and June 30, 2020) |
- |
|
|
- |
|
|
- |
|
Treasury stock |
- |
|
|
(10,603 |
) |
|
(1,501 |
) |
Additional paid in
capital |
1,504,848 |
|
|
1,512,321 |
|
|
214,057 |
|
Accumulated deficit |
(325,126 |
) |
|
(381,710 |
) |
|
(54,028 |
) |
Other comprehensive
income |
4,598 |
|
|
4,678 |
|
|
662 |
|
Total ruhnn
shareholders' (deficit) equity |
1,184,320 |
|
|
1,124,686 |
|
|
159,190 |
|
Non-controlling interest |
(6,558 |
) |
|
(7,648 |
) |
|
(1,083 |
) |
Total shareholders'
(deficit) equity |
1,177,762 |
|
|
1,117,038 |
|
|
158,107 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
1,434,051 |
|
|
1,418,480 |
|
|
200,774 |
|
|
|
RUHNN HOLDING LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
(Amounts in thousands, except for share and per share
data) |
|
|
Three Months Ended June 30, |
|
|
2019 |
|
|
2020 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net
revenue: |
|
|
|
|
|
|
|
|
Services |
65,481 |
|
|
113,668 |
|
|
16,089 |
|
Product sales |
247,295 |
|
|
166,752 |
|
|
23,602 |
|
Total net
revenue |
312,776 |
|
|
280,420 |
|
|
39,691 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
Cost of services |
27,360 |
|
|
54,420 |
|
|
7,703 |
|
Cost of product sales |
173,896 |
|
|
118,606 |
|
|
16,788 |
|
Total cost of
revenue |
201,256 |
|
|
173,026 |
|
|
24,491 |
|
Gross
profit |
111,520 |
|
|
107,394 |
|
|
15,200 |
|
Operating
expenses(1): |
|
|
|
|
|
|
|
|
Fulfillment |
34,975 |
|
|
18,828 |
|
|
2,665 |
|
Sales and marketing |
68,990 |
|
|
69,456 |
|
|
9,831 |
|
General and
administrative |
30,510 |
|
|
25,206 |
|
|
3,568 |
|
Amortization of exclusive
cooperation rights |
5,150 |
|
|
5,150 |
|
|
729 |
|
Impairment of exclusive
cooperation rights |
- |
|
|
53,230 |
|
|
7,534 |
|
Other operating income,
net |
(785 |
) |
|
- |
|
|
- |
|
Total operating
expenses |
138,840 |
|
|
171,870 |
|
|
24,327 |
|
Loss from
operations |
(27,320 |
) |
|
(64,476 |
) |
|
(9,127 |
) |
Other income
(loss): |
|
|
|
|
|
|
|
|
Interest income |
1,408 |
|
|
6,259 |
|
|
886 |
|
Other income, net |
598 |
|
|
4,015 |
|
|
568 |
|
Foreign exchange gain
(loss) |
397 |
|
|
(91 |
) |
|
(13 |
) |
Loss before income
taxes |
(24,917 |
) |
|
(54,293 |
) |
|
(7,686 |
) |
Income taxes |
3,420 |
|
|
3,381 |
|
|
479 |
|
Net loss |
(28,337 |
) |
|
(57,674 |
) |
|
(8,165 |
) |
Less: Net loss attributable to
non-controlling interest |
(1,624 |
) |
|
(1,090 |
) |
|
(154 |
) |
Net loss attributable
to ruhnn |
(26,713 |
) |
|
(56,584 |
) |
|
(8,011 |
) |
Net loss per ordinary
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
(0.06 |
) |
|
(0.14 |
) |
|
(0.02 |
) |
Net loss per ADS (each
ADS represents five ordinary shares): |
|
|
|
|
|
|
|
|
Basic and diluted |
(0.32 |
) |
|
(0.68 |
) |
|
(0.10 |
) |
Weighted average
shares used in calculating net loss per
ordinary share: |
|
|
|
|
|
|
|
|
Basic and diluted |
412,473,758 |
|
|
415,377,951 |
|
|
415,377,951 |
|
|
|
|
|
|
|
|
|
|
Net loss |
(28,337 |
) |
|
(57,674 |
) |
|
(8,165 |
) |
Other comprehensive
loss: |
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
4,697 |
|
|
80 |
|
|
11 |
|
Comprehensive
loss |
(23,640 |
) |
|
(57,594 |
) |
|
(8,154 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation expense in each category: |
|
|
|
|
|
|
|
Fulfillment |
- |
|
|
142 |
|
|
20 |
|
Sales and marketing |
- |
|
|
3,737 |
|
|
529 |
|
General and
administrative |
- |
|
|
3,595 |
|
|
509 |
|
Total |
- |
|
|
7,474 |
|
|
1,058 |
|
|
|
RUHNN HOLDING LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Amounts in thousands) |
|
|
Three Months Ended June 30, |
|
|
2019 |
|
|
2020 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net cash provided by operating activities |
965 |
|
|
11,649 |
|
|
1,649 |
|
Net cash (used in) provided by
investing activities |
(105,187 |
) |
|
65,375 |
|
|
9,253 |
|
Net cash provided by (used in)
financing activities |
718,498 |
|
|
(11,035 |
) |
|
(1,562 |
) |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
776 |
|
|
(248 |
) |
|
(35 |
) |
Increase in cash, cash
equivalents and restricted cash |
615,052 |
|
|
65,741 |
|
|
9,305 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
103,821 |
|
|
724,151 |
|
|
102,497 |
|
Cash, cash equivalents
and restricted cash at end of period |
718,873 |
|
|
789,892 |
|
|
111,802 |
|
|
|
RUHNN HOLDING LIMITED |
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
MEASURES |
(Amounts in thousands, except for share and per share
data) |
|
|
Three Months Ended June 30, |
|
|
2019 |
|
|
2020 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net loss attributable
to ruhnn |
(26,713 |
) |
|
(56,584 |
) |
|
(8,009 |
) |
Amortization of exclusive
cooperation rights |
5,150 |
|
|
5,150 |
|
|
729 |
|
Impairment of exclusive
cooperation rights |
- |
|
|
53,230 |
|
|
7,534 |
|
Share-based compensation
expense |
- |
|
|
7,474 |
|
|
1,058 |
|
Litigation costs |
- |
|
|
1,461 |
|
|
207 |
|
Adjusted net (loss)
income attributable to ruhnn |
(21,563 |
) |
|
10,731 |
|
|
1,519 |
|
Adjusted net (loss)
income per ADS (each ADS represents five
ordinary shares): |
|
|
|
|
|
|
|
|
Basic |
(0.26 |
) |
|
0.13 |
|
|
0.02 |
|
Diluted |
(0.26 |
) |
|
0.13 |
|
|
0.02 |
|
Weighted average
shares used in calculating adjusted net
(loss) income per ordinary share: |
|
|
|
|
|
|
|
|
Basic |
412,473,758 |
|
|
415,377,951 |
|
|
415,377,951 |
|
Diluted |
412,473,758 |
|
|
428,519,977 |
|
|
428,519,977 |
|
|
Three Months Ended June 30, 2020 |
|
|
RMB |
|
|
US$ |
|
Loss from
operations |
(64,476 |
) |
|
(9,127 |
) |
Amortization of exclusive
cooperation rights |
5,150 |
|
|
729 |
|
Impairment of exclusive
cooperation rights |
53,230 |
|
|
7,534 |
|
Share-based compensation
expense |
7,474 |
|
|
1,058 |
|
Litigation costs |
1,461 |
|
|
207 |
|
Adjusted income from
operations |
2,839 |
|
|
401 |
|
Ruhnn (NASDAQ:RUHN)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Ruhnn (NASDAQ:RUHN)
Historical Stock Chart
Von Jun 2023 bis Jun 2024