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 second
quarter of fiscal year 2021 ended September 30, 2020.
“During the second quarter of fiscal year 2021, following the
business transition, our services segment continued to achieve
significant organic growth and demonstrated good profitability, as
year-over-year services revenue increased 84%, amounting to a 48%
contribution to our total net revenue compared to 24% in the same
quarter of last fiscal year, and income from operations for
services segment reached RMB12.0 million,” stated Mr. Lei Sun,
founder, director and Chief Executive Officer of ruhnn. “Our signed
KOLs have been further diversified across major social media
platforms in China, such as Xiaohongshu, Kuaishou, Bilibili, Douyin
and Weibo. With the growing KOL pool we have built across such
social media platforms, along with the diverse KOL monetization
channels we have established under the platform model, services
revenue generated by our eight top-tier KOLs accounted for only 28%
of total services revenue, with no single KOL contributing more
than 10% of total services revenue.”
Second Fiscal
Quarter Financial Highlights:
- Services revenue
increased 84% year-over-year to RMB119.3 million (US$17.6
million).
- Total net revenue
decreased 9% year-over-year to RMB248.5 million (US$36.6
million).
- Gross margin was 41%
compared to 44% in the same quarter of last fiscal year.
- Net loss attributable to
ruhnn narrowed 38% year-over-year to RMB31.2 million
(US$4.6 million).
- Adjusted net
loss attributable to ruhnn1 was
RMB20.2 million (US$3.0 million) compared to adjusted net income
attributable to ruhnn of RMB2.5 million in the same quarter of last
fiscal year.
- Income
from operations of
services was RMB12.0 million. Adjusted income from
operations1 of services
was RMB14.9 million.
Second Fiscal
Quarter Operational
Highlights:
- Number of signed KOLs
increased to 180 as of September 30, 2020 from 146 as of September
30, 2019. Number of fans increased to 295.3
million as of September 30, 2020 from 188.8 million as of September
30, 2019.
- Number of
top-tier KOLs increased to 8 as
of September 30, 2020 from 5 as of September 30, 2019.
Number of established and
emerging KOLs increased to 45 as of
September 30, 2020 from 26 as of September 30, 2019.
- Accumulated
number of brands served increased
to 1,423 as of September 30, 2020 from 845 as of September 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 of
Operations
Data
Since the first quarter of fiscal year 2021, the Company has
classified 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 |
|
September 30, 2019 |
|
September 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) |
Top-tier KOLs(2) |
5 |
|
15.7 |
|
27.9 |
|
8 |
|
33.2 |
|
74.2 |
Established KOLs(3) |
14 |
|
22.1 |
|
27.9 |
|
24 |
|
39.8 |
|
66.1 |
Emerging KOLs(4) |
12 |
|
8.2 |
|
19.3 |
|
21 |
|
16.6 |
|
67.7 |
Micro KOLs(5) |
115 |
|
7.0 |
|
113.7 |
|
127 |
|
15.4 |
|
87.3 |
Total signed
KOLs |
146 |
|
53.0 |
|
188.8 |
|
180 |
|
105.0 |
|
295.3 |
Others(6) |
|
|
11.8 |
|
|
|
|
|
14.3 |
|
|
Total services
revenue |
|
|
64.8 |
|
|
|
|
|
119.3 |
|
|
(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 generated services revenue of RMB10.0 million or more
in the past twelve months under the platform model. |
(3) |
Established KOLs generated services revenue of RMB3.0 million to
RMB10.0 million in the past twelve months under the platform
model. |
(4) |
Emerging KOLs generated services revenue of RMB1.2 million to
RMB3.0 million in the past twelve months under the platform
model. |
(5) |
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 September
30, |
|
2019 |
|
2020 |
|
|
|
|
Platform
Model(1) |
|
|
|
Number of signed KOLs serving
such business model(3) |
146 |
|
180 |
Accumulated number of brands
the Company served(4) |
845 |
|
1,423 |
Number of brands the Company
served(4) during the period |
308 |
|
520 |
Services revenue under the
platform model (RMB in million) |
64.8 |
|
119.3 |
Full-Service
Model(2) |
|
|
|
Number of signed KOLs serving
such business model(3) |
7 |
|
3 |
Number of the Company’s online
stores |
23 |
|
17 |
Product sales revenue under
the full-service model (RMB in million) |
207.9 |
|
129.2 |
(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 September 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
The Company started to review its results of operations
according to two operating segments when making decisions about
allocating resources and assessing performance starting from 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 September 30, 2020:
|
Three months ended September 30, 2020 |
|
|
Services |
|
Product sales |
|
Unallocated(1) |
|
Consolidated |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
Net revenue |
119,294 |
|
129,227 |
|
- |
|
248,521 |
|
36,603 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
64,265 |
|
83,415 |
|
- |
|
147,680 |
|
21,751 |
|
Fulfillment |
- |
|
16,875 |
|
- |
|
16,875 |
|
2,485 |
|
Sales and marketing |
34,966 |
|
47,349 |
|
- |
|
82,315 |
|
12,124 |
|
General and
administrative |
8,063 |
|
11,066 |
|
14,711 |
|
33,840 |
|
4,984 |
|
Amortization of exclusive
cooperation rights |
- |
|
1,521 |
|
- |
|
1,521 |
|
224 |
|
Income (loss) from
operations |
12,000 |
|
(30,999 |
) |
(14,711 |
) |
(33,710 |
) |
(4,965 |
) |
Add back: |
|
|
|
|
|
|
|
|
|
|
Amortization of exclusive
cooperation rights |
- |
|
1,521 |
|
- |
|
1,521 |
|
224 |
|
Share-based compensation
expense |
2,919 |
|
1,835 |
|
1,675 |
|
6,429 |
|
947 |
|
Litigation costs |
- |
|
- |
|
2,980 |
|
2,980 |
|
439 |
|
Adjusted income (loss)
from operations |
14,919 |
|
(27,643 |
) |
(10,056 |
) |
(22,780 |
) |
(3,355 |
) |
(1) |
Unallocated
items include expenses incurred by the headquarters that are not
allocated to services and product sales. |
Second Quarter of Fiscal Year
2021 Financial Results
Net revenue. Total net revenue was RMB248.5
million (US$36.6 million), a decrease of RMB24.2 million or 9% from
RMB272.7 million for the same quarter of last fiscal year. The
change was mainly due to the decline 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 RMB119.3 million (US$17.6 million), an increase
of RMB54.5 million or 84% from RMB64.8 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 180 as of September 30, 2020 from 146 as
of September 30, 2019; (ii) the improved performance of such KOLs
as evidenced by the increase in the aggregate number of the
top-tier, established and emerging KOLs to 53 as of September 30,
2020 from 31 as of September 30, 2019; and (iii) an increase in the
number of brands that the Company cooperated with in its
advertising business to 520 in the second quarter of fiscal year
2021 from 308 for the same quarter of last fiscal year.
- Product sales
revenue through the full-service
model was RMB129.2 million (US$19.0 million), a decrease
of RMB78.7 million or 38% from RMB207.9 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 17 as of September 30, 2020 from 23 as of September
30, 2019, while the number of the Company’s KOLs serving the
full-service model decreased to 3 as of September 30, 2020 from 7
as of September 30, 2019; and (ii) 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.
Cost of revenue. Cost of revenue was RMB147.7
million (US$21.8 million), a decrease of RMB6.0 million or 4% from
RMB153.7 million for the same quarter of last fiscal year, which
was primarily a result of the decline in total net revenue. Cost of
product sales decreased by RMB44.3 million or 35% year-over-year to
RMB83.4 million. Cost of revenue primarily included product costs,
inventory write-downs and KOL service
fees. Gross
profit. Gross profit was RMB100.8 million (US$14.9
million), a decrease of RMB18.2 million or 15% from RMB119.0
million for the same quarter of last fiscal year, primarily as a
result of the decline in product sales revenue. Gross
margin was 41% compared to 44% in the same quarter of last
fiscal year.
Total operating expenses. Total operating
expenses were RMB134.6 million (US$19.8 million), a decrease of
RMB49.4 million or 27% from RMB184.0 million for the same quarter
of last fiscal year. Included in total operating expenses was an
aggregate of RMB10.9 million of noncash amortization of intangible
assets in relation to exclusive cooperation rights, noncash
share-based compensation expense, and litigation costs in the
second quarter of fiscal year 2021 compared to a noncash
amortization of exclusive cooperation rights and noncash
share-based compensation expense of RMB52.6 million in the same
quarter of last fiscal year. Total operating expenses accounted for
54% and 67% of total net revenue for the second quarter of fiscal
year 2021 and 2020, respectively.
- Fulfillment expenses were RMB16.9 million
(US$2.5 million), a decrease of RMB18.3 million or 52% from RMB35.2
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 13% and 17% of product sales revenue for the
second quarter of fiscal year 2021 and 2020, respectively.
- Sales and marketing expenses were RMB82.3
million (US$12.1 million), an increase of RMB7.3 million or 10%
from RMB75.0 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 146 signed KOLs as
of September 30, 2019 to 180 as of September 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. Sales and marketing expenses accounted
for 33% and 28% of total net revenue for the second quarter of
fiscal year 2021 and 2020, respectively, and the increase in the
current quarter was primarily attributable to the decline in
product sales revenue.
- General and administrative expenses were
RMB33.8 million (US$5.0 million), a decrease of RMB34.6 million or
51% from RMB68.4 million for the same quarter of last fiscal year.
General and administrative expenses accounted for 14% and 25% (or
11% and 11% exclusive of noncash share-based compensation expense
and litigation costs) of total net revenue for the second quarter
of fiscal year 2021 and 2020, respectively.
- Amortization of
exclusive cooperation rights was RMB1.5 million (US$0.2
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.
Interest income, net. Interest
income, net was RMB5.1 million (US$0.8 million) compared to RMB5.9
million for the same quarter of last fiscal year.
Other income, net. Other
income, net was RMB3.1 million (US$0.5 million), an increase of
RMB0.6 million from RMB2.5 million for the same quarter of last
fiscal year.
Loss before income taxes. Loss before income
taxes was RMB28.5 million (US$4.2 million) compared to RMB52.5
million for the same quarter of last fiscal year, as a result of
the foregoing.
Income taxes. Income tax expense was RMB3.7
million (US$0.5 million) compared to a negative RMB0.9 million for
the same quarter of last fiscal year.
Net loss attributable to
ruhnn. Net loss attributable to ruhnn was
RMB31.2 million (US$4.6 million) compared to RMB50.1 million for
the same quarter of last fiscal year.
Adjusted
net income
(loss)
attributable to
ruhnn. Adjusted net loss
attributable to ruhnn was RMB20.2 million (US$3.0 million) compared
to an income of RMB2.5 million for the same quarter of last fiscal
year. The loss in the current quarter was primarily attributable to
the loss incurred by product sales segment, with adjusted loss from
operations of product sales of RMB27.6 million.
Balance Sheet and Cash
Flow
As of September 30, 2020, the Company had cash and cash
equivalents, restricted cash and short-term investment of RMB714.5
million (US$105.2 million) compared to RMB800.6 million as of
March 31, 2020.
Net cash used in operating activities was RMB46.4 million
(US$6.8 million) for the second quarter of fiscal year 2021
compared to net cash provided by operating activities of RMB7.2
million for the same quarter of last fiscal year. Net cash used in
operating activities was primarily a result of (i) loss from
operations from our product sales segment of RMB31.0 million,
following the decline in product sales revenue in the current
quarter; and (ii) a net increase of RMB17.4 million in advances to
suppliers, primarily certain strategic social media platforms.
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.
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 November 20, 2020,
2,342,061 ADSs were repurchased for an aggregate consideration of
approximately US$6.8 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 7:00 AM U.S. Eastern Time on November 23, 2020 (8:00 PM
Beijing/Hong Kong time on November 23, 2020). Details for the
conference call are as follows:
Event
Title: |
Ruhnn Holding
Limited Second Quarter of Fiscal Year 2021 Earnings Conference
Call |
Conference ID: |
6475106 |
Registration Link: |
http://apac.directeventreg.com/registration/event/6475106 |
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
September 30, 2020, the Company had 180 signed KOLs with an
aggregate of 295.3 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 income (loss) 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
RMB6.7896 to US$1.00, the rate in effect as of September 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
LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except
for share and per
share data)
|
March 31, 2020 |
|
September 30, 2020 |
|
RMB |
|
RMB |
|
US$ |
ASSETS: |
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
Cash and cash equivalents |
718,478 |
|
663,358 |
|
97,702 |
Restricted cash |
5,673 |
|
2,756 |
|
406 |
Short-term investment |
76,450 |
|
48,352 |
|
7,121 |
Accounts receivable, net |
60,370 |
|
93,731 |
|
13,805 |
Inventories |
145,553 |
|
118,687 |
|
17,481 |
Advances to suppliers |
32,628 |
|
46,443 |
|
6,840 |
Prepaid expenses and other
current assets |
37,312 |
|
31,895 |
|
4,698 |
Total current
assets |
1,076,464 |
|
1,005,222 |
|
148,053 |
Property and equipment,
net |
183,404 |
|
170,976 |
|
25,182 |
Intangible assets, net |
82,567 |
|
41,380 |
|
6,095 |
Goodwill |
1,002 |
|
1,002 |
|
148 |
Long-term investments |
87,636 |
|
88,473 |
|
13,031 |
Operating lease right of use
assets, net |
- |
|
62,315 |
|
9,178 |
Other non-current assets |
2,978 |
|
2,378 |
|
350 |
TOTAL
ASSETS |
1,434,051 |
|
1,371,746 |
|
202,037 |
LIABILITIES AND
SHAREHOLERS' (DEFICIT) EQUITY: |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
104,822 |
|
110,542 |
|
16,281 |
Notes payable |
10,698 |
|
- |
|
- |
Accrued salary and
benefits |
68,601 |
|
57,138 |
|
8,416 |
Accrued expenses and other
current liabilities |
30,042 |
|
40,550 |
|
5,972 |
Amounts due to related
parties |
18,097 |
|
15,640 |
|
2,304 |
Current operating lease
liabilities |
- |
|
17,838 |
|
2,627 |
Income tax payable |
1,662 |
|
5,662 |
|
834 |
Total current
liabilities |
233,922 |
|
247,370 |
|
36,434 |
Deferred income |
10,033 |
|
8,438 |
|
1,243 |
Non-current operating lease
liabilities |
- |
|
40,788 |
|
6,007 |
Other non-current
liabilities |
12,334 |
|
1,350 |
|
199 |
Total
liabilities |
256,289 |
|
297,946 |
|
43,883 |
Shareholders'
(deficit) equity: |
|
|
|
|
|
Class A ordinary shares
(US$0.000000001 par value; 822,665,750 shares authorized,
246,122,394 and 244,598,624 shares issued and outstanding as of
March 31, 2020 and September 30, 2020) |
- |
|
- |
|
- |
Class B ordinary shares
(US$0.000000001 par value; 177,334,250 shares authorized,
174,834,250 and 170,184,250 shares issued and outstanding, as of
March 31, 2020 and September 30, 2020) |
- |
|
- |
|
- |
Treasury stock |
- |
|
(28,463 |
) |
(4,192 |
Additional paid in
capital |
1,504,848 |
|
1,510,093 |
|
222,413 |
Accumulated deficit |
(325,126 |
) |
(412,875 |
) |
(60,810 |
Other comprehensive
income |
4,598 |
|
5,045 |
|
743 |
Total ruhnn
shareholders' equity |
1,184,320 |
|
1,073,800 |
|
158,154 |
Non-controlling interest |
(6,558 |
) |
- |
|
- |
Total shareholders'
equity |
1,177,762 |
|
1,073,800 |
|
158,154 |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
1,434,051 |
|
1,371,746 |
|
202,037 |
RUHNN HOLDING
LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE
LOSS(Amounts
in thousands, except for share and
per share data)
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Net
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Services |
64,795 |
|
119,294 |
|
17,570 |
|
130,276 |
|
232,962 |
|
34,312 |
|
Product sales |
207,940 |
|
129,227 |
|
19,033 |
|
455,235 |
|
295,979 |
|
43,593 |
|
Total net
revenue |
272,735 |
|
248,521 |
|
36,603 |
|
585,511 |
|
528,941 |
|
77,905 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
26,011 |
|
64,265 |
|
9,465 |
|
53,371 |
|
118,685 |
|
17,480 |
|
Cost of product sales |
127,675 |
|
83,415 |
|
12,286 |
|
301,571 |
|
202,021 |
|
29,754 |
|
Total cost of
revenue |
153,686 |
|
147,680 |
|
21,751 |
|
354,942 |
|
320,706 |
|
47,234 |
|
Gross
profit |
119,049 |
|
100,841 |
|
14,852 |
|
230,569 |
|
208,235 |
|
30,671 |
|
Operating
expenses(1): |
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment |
35,246 |
|
16,875 |
|
2,485 |
|
70,221 |
|
35,703 |
|
5,258 |
|
Sales and marketing |
75,020 |
|
82,315 |
|
12,124 |
|
144,010 |
|
151,771 |
|
22,353 |
|
General and
administrative |
68,436 |
|
33,840 |
|
4,984 |
|
98,946 |
|
59,046 |
|
8,697 |
|
Amortization of exclusive
cooperation rights |
5,150 |
|
1,521 |
|
224 |
|
10,300 |
|
6,671 |
|
983 |
|
Impairment of exclusive
cooperation rights |
- |
|
- |
|
- |
|
- |
|
53,230 |
|
7,840 |
|
Other operating loss (income),
net |
158 |
|
- |
|
- |
|
(627 |
) |
- |
|
- |
|
Total operating
expenses |
184,010 |
|
134,551 |
|
19,817 |
|
322,850 |
|
306,421 |
|
45,131 |
|
Loss from
operations |
(64,961 |
) |
(33,710 |
) |
(4,965 |
) |
(92,281 |
) |
(98,186 |
) |
(14,460 |
) |
Other income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
5,890 |
|
5,126 |
|
755 |
|
7,298 |
|
11,385 |
|
1,677 |
|
Other income, net |
2,530 |
|
3,140 |
|
462 |
|
3,128 |
|
7,155 |
|
1,054 |
|
Foreign exchange gain
(loss) |
3,996 |
|
(3,036 |
) |
(447 |
) |
4,393 |
|
(3,127 |
) |
(461 |
) |
Loss before income
taxes |
(52,545 |
) |
(28,480 |
) |
(4,195 |
) |
(77,462 |
) |
(82,773 |
) |
(12,190 |
) |
Income taxes |
(879 |
) |
3,695 |
|
544 |
|
2,541 |
|
7,076 |
|
1,042 |
|
Net loss |
(51,666 |
) |
(32,175 |
) |
(4,739 |
) |
(80,003 |
) |
(89,849 |
) |
(13,232 |
) |
Less: Net loss attributable to
non-controlling interest |
(1,562 |
) |
(1,010 |
) |
(149 |
) |
(3,186 |
) |
(2,100 |
) |
(309 |
) |
Net loss attributable
to ruhnn |
(50,104 |
) |
(31,165 |
) |
(4,590 |
) |
(76,817 |
) |
(87,749 |
) |
(12,923 |
) |
Net loss per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(0.12 |
) |
(0.07 |
) |
(0.01 |
) |
(0.19 |
) |
(0.21 |
) |
(0.03 |
) |
Net loss per
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(0.61 |
) |
(0.37 |
) |
(0.05 |
) |
(0.93 |
) |
(1.04 |
) |
(0.15 |
) |
Weighted average
shares and shares equivalents used in
calculating net loss per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
413,572,659 |
|
421,146,076 |
|
421,146,076 |
|
413,026,211 |
|
420,733,796 |
|
420,733,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(51,666 |
) |
(32,175 |
) |
(4,739 |
) |
(80,003 |
) |
(89,849 |
) |
(13,232 |
) |
Other comprehensive
loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
221 |
|
368 |
|
54 |
|
4,919 |
|
448 |
|
66 |
|
Comprehensive
loss |
(51,445 |
) |
(31,807 |
) |
(4,685 |
) |
(75,084 |
) |
(89,401 |
) |
(13,166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation expense in each category: |
|
|
|
|
|
|
|
|
|
|
|
Fulfillment |
1,522 |
|
121 |
|
18 |
|
1,522 |
|
263 |
|
39 |
|
Sales and marketing |
7,513 |
|
2,871 |
|
423 |
|
7,513 |
|
6,608 |
|
973 |
|
General and
administrative |
38,394 |
|
3,437 |
|
506 |
|
38,394 |
|
7,032 |
|
1,036 |
|
Total |
47,429 |
|
6,429 |
|
947 |
|
47,429 |
|
13,903 |
|
2,048 |
|
RUHNN HOLDING
LIMITEDUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH
FLOWS(Amounts in
thousands)
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Net cash provided by (used in)
operating activities |
7,175 |
|
(46,396 |
) |
(6,833 |
) |
8,140 |
|
(34,747 |
) |
(5,118 |
) |
Net cash (used in) provided by
investing activities |
(19,824 |
) |
(56,769 |
) |
(8,361 |
) |
(125,011 |
) |
8,606 |
|
1,268 |
|
Net cash provided by (used in)
financing activities |
42,293 |
|
(17,860 |
) |
(2,630 |
) |
760,791 |
|
(28,895 |
) |
(4,256 |
) |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
3,596 |
|
(2,753 |
) |
(405 |
) |
4,372 |
|
(3,001 |
) |
(442 |
) |
Increase (decrease) in
cash, cash equivalents and restricted
cash |
33,240 |
|
(123,778 |
) |
(18,229 |
) |
648,292 |
|
(58,037 |
) |
(8,548 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
718,873 |
|
789,892 |
|
116,337 |
|
103,821 |
|
724,151 |
|
106,656 |
|
Cash, cash equivalents
and restricted cash at end of
period |
752,113 |
|
666,114 |
|
98,108 |
|
752,113 |
|
666,114 |
|
98,108 |
|
RUHNN HOLDING
LIMITEDUNAUDITED
RECONCILIATION OF GAAP AND
NON-GAAP FINANCIAL
MEASURES(Amounts
in thousands,
except for share
and per share data)
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Net loss attributable
to ruhnn |
(50,104 |
) |
(31,165 |
) |
(4,590 |
) |
(76,817 |
) |
(87,749 |
) |
(12,924 |
) |
Amortization of exclusive
cooperation rights |
5,150 |
|
1,521 |
|
224 |
|
10,300 |
|
6,671 |
|
983 |
|
Impairment of exclusive
cooperation rights |
- |
|
- |
|
- |
|
- |
|
53,230 |
|
7,840 |
|
Share-based compensation
expense |
47,429 |
|
6,429 |
|
947 |
|
47,429 |
|
13,903 |
|
2,048 |
|
Litigation costs |
- |
|
2,980 |
|
439 |
|
- |
|
4,441 |
|
654 |
|
Adjusted net income
(loss) attributable to ruhnn |
2,475 |
|
(20,235 |
) |
(2,980 |
) |
(19,088 |
) |
(9,504 |
) |
(1,399 |
) |
Adjusted net income
(loss) per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.03 |
|
(0.24 |
) |
(0.04 |
) |
(0.23 |
) |
(0.11 |
) |
(0.02 |
) |
Diluted |
0.03 |
|
(0.24 |
) |
(0.04 |
) |
(0.23 |
) |
(0.11 |
) |
(0.02 |
) |
Weighted average
shares and shares equivalents used in
calculating net loss per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
413,572,659 |
|
421,146,076 |
|
421,146,076 |
|
413,026,211 |
|
420,733,796 |
|
420,733,796 |
|
Diluted |
431,909,852 |
|
421,146,076 |
|
421,146,076 |
|
413,026,211 |
|
420,733,796 |
|
420,733,796 |
|
|
Three Months Ended September 30, 2020 |
|
Six Months Ended September 30, 2020 |
|
|
RMB |
|
US$ |
|
RMB |
|
US$ |
|
Loss
from operations |
(33,710 |
) |
(4,965 |
) |
(98,186 |
) |
(14,461 |
) |
Amortization of exclusive
cooperation rights |
1,521 |
|
224 |
|
6,671 |
|
983 |
|
Impairment of exclusive
cooperation rights |
- |
|
- |
|
53,230 |
|
7,840 |
|
Share-based compensation
expense |
6,429 |
|
947 |
|
13,903 |
|
2,048 |
|
Litigation costs |
2,980 |
|
439 |
|
4,441 |
|
654 |
|
Adjusted loss from
operations |
(22,780 |
) |
(3,355 |
) |
(19,941 |
) |
(2,936 |
) |
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