BEIJING, May 23, 2023
/PRNewswire/ -- Zepp Health Corporation ("Zepp" or the "Company")
(NYSE: ZEPP) today reported revenues of RMB0.6 billion (US$93.9
million); a GAAP basic and diluted net loss per share of
RMB0.56 (US$0.08); and a GAAP basic and diluted net loss
per ADS of RMB2.23 (US$0.32) for the first quarter ended
March 31, 2023. Each ADS represents
four Class A ordinary shares.
"Our first quarter revenue came in within our guidance range at
RMB645.2 million, including 60% of
self-branded revenue. Total revenue down 14.8% year-over-year, the
decrease is mainly due to the macroeconomic uncertainties globally
that dampened discretionary consumption especially in the
electronic devices market in the first quarter." Said Wayne Wang Huang, Chairman and CEO of Zepp
Health. "We have successfully met our objective of reducing
quarterly operating expenses to RMB254
million (adjusted operating expenses to RMB230 million), and we remain dedicated to
implementing stringent cost control measures in the future. Our
commitment to investing in state-of-the-art technology and product
development remains steadfast. We will launch an advanced platform
that integrates Zepp OS and our unique RISC-V based chip. This
approach reduces the need for additional resources and ensures the
development of high-quality hardware and software. Therefore, it
allows us to develop new products quickly, inexpensively, and with
outstanding quality, ultimately leading to increased efficiency and
profitability in the future. By incorporating these latest
cutting-edge technologies into our smartwatch products, we have
successfully engaged with our users, grown alongside them,
cultivated a thriving community, and established a distinct brand
and market position."
"We are thrilled to introduce our highly anticipated new
products, including the Trex Ultra, and GTR mini. Moreover, as a
technology-driven smart wearable and healthcare solution provider
and industry pioneer, we recently applied large language model
(LLM) and Generative AI technology to our smart wearables. We are
empowering users to make informed decisions and achieve their
wellness and fitness goals intelligently. These AI empowered
functionalities such as Zepp Coach,
Zepp Aura, and Zepp AI Flex. Zepp Chatfacer will further enhance
our products' competency. In the meantime, we strive to enhance the
user experience in Zepp OS by integrating generative AI technology.
As we continue to develop Zepp OS, we will also incorporate the
latest GPT-4 technology to further advance the intelligence and
functionality of the platform to outperform our competitors.
Through these efforts, we hope to provide our users with a seamless
and intuitive experience that truly meets their evolving
needs."
Chief Financial Officer Leon Deng
added, "In the first quarter, we experienced a shift in
China's Covid-Zero Policy, which
interrupted some of our new product launch schedules. As a result,
we had to postpone some releases of our new product lines to
subsequent quarters, which had a negative impact on our Q1 sales.
The gross margin for Xiaomi products declined significantly because
of Xiaomi's pricing policy and the deliberate clearance of our
older version self-branded products to optimize inventory levels,
altogether driving our overall gross margin to 15.9% in the first
quarter. Nevertheless, our newly launched products achieved an
impressive margin of 34.6% during the quarter. With inventory
reaching a more reasonable level, we are confident that our overall
margin will improve in the future."
"Our cost control and productivity improvement measures
continued to drive year-over-year decreases in our operating
expenses in terms of both absolute amounts and as a percentage of
revenue. As a result, we narrowed our operating loss in the first
quarter by 2.9% year-over-year. Our inventory balance continued to
trend down, and we delivered a three-quarter consecutive positive
operating cash inflow thanks to our efficient working capital
management. For the remainder of 2023, we will continue to
strengthen our brands and products while cutting the running rate
of our expenses further as we target a turnaround in profitability
in the future."
First Quarter 2023 Financial Summary
|
|
For the Three Months
Ended
|
Number in millions,
except for percentages and
per- share/ADS amounts
|
|
Mar. 31, 2023
|
Mar. 31,
2022[1]
|
Revenue RMB
|
|
645.2
|
757.1
|
Revenue US$
|
|
93.9
|
119.4
|
Gross margin
|
|
15.9 %
|
20.1 %
|
Net (loss)/income
attributable to Zepp Health
Corporation RMB
|
|
(136.7)
|
(88.7)
|
Adjusted net
(loss)/income attributable to Zepp
Health Corporation RMB[2]
|
|
(112.7)
|
(75.7)
|
Diluted net
(loss)/income per share RMB
|
|
(0.56)
|
(0.36)
|
Diluted net
(loss)/income per ADS US$
|
|
(0.32)
|
(0.22)
|
Adjusted diluted
net (loss)/income per share RMB[3]
|
|
(0.46)
|
(0.30)
|
Adjusted diluted
net (loss)/income per ADS US$
|
|
(0.27)
|
(0.19)
|
Units shipped in
millions
|
|
3.5
|
3.7
|
|
[1] The US$
numbers in 2022 are referenced with the prior 6-K disclosures,
translations of which are made at a rate of RMB6.3393 to US$1.00,
the effective noon buying rate for March 31, 2022, as set
forth in the H.10 statistical release of the Federal Reserve
Board.
|
[2] Adjusted
net income/(loss) attributable to Zepp Health Corporation is a
non-GAAP measure, which excludes share-based compensation expenses.
See "Reconciliation of GAAP and Non-GAAP Results" at the end of
this press release.
|
[3] Adjusted
diluted net income/(loss) is the abbreviation of adjusted net
income/(loss) attributable to Zepp Health Corporation, which is a
non-GAAP measure and excludes share-based compensation expenses
attributable to Zepp Health Corporation and is used as the
numerator in the computation of adjusted basic and diluted net
income/(loss) per ADS attributable to Zepp Health
Corporation.
|
First Quarter 2023 Financial Results
Revenues
Revenues for the first quarter of 2023 reached RMB0.6 billion (US$93.9
million), a decrease of 14.8% from the first quarter of
2022. The decrease in total revenues was mainly due to a 21.2%
year-over-year decrease in our self-branded product sales. The
decrease was in line with the decline of consumer electronics
market at large and lower consumer discretionary spending.
Total units shipped in the first quarter of 2023 decreased by
5.4% year-over-year to 3.5 million, compared with 3.7 million in
the first quarter of 2022.
Gross Margin
Gross margin in the first quarter of 2023 was 15.9%, 4.2
percentage points lower than 20.1% in the same period of 2022. The
first quarter's lower margin was dragged down by price reduction of
Mi Band 7 and clearance and
write-down of old version of self-branded products.
Research and Development
Research and development expenses in the first quarter of 2023
were RMB117.9 million, a decrease of
19.5% year-over-year. This comprised 18.3% of revenues, versus
19.3% for the same period in 2022. The decrease was mainly driven
by the research project optimization and personnel cost
reduction.
Selling and Marketing
Selling and marketing expenses in the first quarter of 2023 were
RMB86.0 million, a decrease of 16.6%
year-over-year. We pruned our retail channels and applied a strict
ROI approach on marketing campaigns which in turn lowered our
overall selling and marketing expenses.
General and Administrative
General and administrative expenses were RMB49.9 million in the first quarter of 2023, a
decrease of 14.2% year-over-year. This comprised 7.7% of revenues,
compared with 7.7% in the same period in 2022, and was largely
attributable to ongoing personnel optimization and strict
administrative expense control.
Operating Expenses
Total operating expenses for the first quarter of 2023 were
RMB253.8 million, a decrease of 17.5%
year-over-year, which accounted for 39.3% of revenues for the
period, as compared with 40.6% in the first quarter of 2022. The
adjusted operating expenses, which excludes share-based
compensation, were RMB229.8 million,
the lowest level compared with the four quarters of last year. The
company will continue to adjust its cost base aim at returning to
profitability in this year.
Operating Income/(Loss)
Operating loss for the first quarter of 2023 was RMB150.9 million, compared with operating loss of
RMB155.4 million for the same period
in 2022. The loss was mainly caused by lower revenue scale. The
first quarter is typically the season with the lowest sales, which
resulted in an inability to fully cover operating expenses.
Adjusted operating loss, which excludes share-based compensation,
was RMB126.9 million.
Net Income/(Loss)
Net loss attributable to Zepp Health Corporation for the first
quarter of 2023 was RMB136.7 million, compared with RMB88.7 million of net loss in the first quarter
of 2022. The adjusted net loss attributable to Zepp Health
Corporation was RMB112.7 million,
compared with RMB75.7 million for the
same period of 2022. In 2022, the Company recognized RMB51.7 million gain from fair value change of
long-term investment. The adjusted operation loss of the company
has narrowed this year.
Liquidity and Capital Resources
As of March 31, 2023, the Company
had cash and cash equivalents and restricted cash of RMB1,001.5 million (US$145.8 million), compared with RMB973.3 million as of December 31, 2022 and RMB1,052.9 million as of March 31, 2022.
The Company continued to manage its working capital and
inventory more efficiently and realized lower inventory levels at
RMB799.9 million as of March 31, 2023, lower than that at the end of
2022.
Share Repurchase Program Update
The Company previously announced in its third quarter 2021
earnings release that the board had authorized a share repurchase
program of up to US$20
million. As of March 31, 2023, the Company had
used US$11.1 million to repurchase
3,689,434 ADSs. On November 21,
2022, the board authorized the Company to extend its share
repurchase program over the next twelve months. Pursuant to the
extended share repurchase program, the Company may repurchase its
shares in the form of American depositary shares and/or the
ordinary shares through November 2023
with an aggregate value of the remaining balance under the share
repurchase program. The Company expects to fund the repurchases
under the extended share repurchase program out of its existing
cash balance.
Outlook
For the second quarter of 2023, the Company's management
currently expects net revenues to be between RMB650 million and RMB850
million, compared with RMB1.11
billion in the second quarter of 2022.
It is based on current market conditions and reflects the
Company's current and preliminary estimates of market and operating
conditions and customer demand, which are all subject to
change.
Conference Call
The Company's management team will hold a conference call at
8:00 a.m. Eastern Time on Tuesday,
May 23, 2023 (8:00 p.m. Beijing Time
on May 23, 2023) to discuss financial
results and answer questions from investors and analysts. Listeners
may access the call by dialling:
US (Toll
Free):
|
+1-888-346-8982
|
International:
|
+1-412-902-4272
|
Mainland China (Toll
Free):
|
400-120-1203
|
Hong Kong (Toll
Free):
|
800-905-945
|
Hong Kong:
|
+852-3018-4992
|
Participants should dial in at least 10 minutes before the
scheduled start time and ask to be connected to the call for "Zepp
Health Corporation".
Additionally, a live and archived webcast of the conference call
will be available at https://ir.zepp.com/investor.
A telephone replay will be available one hour after the call
until May 30, 2023 by dialing:
US Toll
Free:
|
|
+1-877-344-7529
|
International:
|
|
+1-412-317-0088
|
Replay
Passcode:
|
|
1479434
|
About Zepp Health Corporation (NYSE: ZEPP)
Zepp Health changed its name from Huami Corp. (HMI)
on February 25, 2021 to emphasize its health focus with a
name that resonates across languages and cultures globally. The
Company's mission continues to be connecting health with
technology. Since its inception in 2013, Zepp Health has developed
a platform of proprietary technology including AI chips, biometric
sensors, and data algorithms, which drive a broadening line of
smart health devices for consumers, and data analytics services for
population health. Zepp Health is one of the largest global
developers of smart wearable health and consumer fitness devices,
shipping 20 million units in 2022. Zepp Health Corp. is based
in Hefei, China, with U.S.
operations, Zepp Health USA, based in Cupertino,
California.
Use of Non-GAAP Measures
We use adjusted net income/(loss), a non-GAAP financial measure,
in evaluating our operating results and for financial and
operational decision-making purposes. Adjusted operating expenses
represent operating expenses excluding share-based compensation
expenses. Adjusted operating income/(loss) represents operating
income/(loss) excluding share-based compensation expenses. Adjusted
net income/(loss) represents net income/(loss) excluding
share-based compensation expenses, and such adjustment has no
impact on income tax. Adjusted net income/(loss) attributable
to Zepp Health Corporation is a non-GAAP measure, which excludes
share-based compensation expenses attributable to Zepp Health
Corporation, and is used as the numerator in computation of
adjusted net income/(loss) per share and per ADS attributable to
Zepp Health Corporation.
We believe that adjusted net income/(loss) and adjusted net
income/(loss) attributable to Zepp Health Corporation help identify
underlying trends in our business that could otherwise be distorted
by the effect of certain expenses that we include in net
income/(loss) and net income/(loss) attributable to Zepp Health
Corporation. We believe that adjusted net income/(loss) and
adjusted net income/(loss) attributable to Zepp Health Corporation
provides useful information about our operating results, enhances
the overall understanding of our past performance and future
prospects and allows for greater visibility with respect to key
metrics used by our management in its financial and operational
decision-making.
Adjusted net income/(loss) and adjusted net income/(loss)
attributable to Zepp Health Corporation, should not be considered
in isolation or construed as an alternative to net income/(loss),
basic and diluted net income/(loss) per share and per ADS
attributable to Zepp Health Corporation or any other measure of
performance or as an indicator of our operating performance.
Investors are encouraged to review the historical non-GAAP
financial measures to the most directly comparable GAAP measures.
Adjusted net income/(loss) and adjusted net income/(loss)
attributable to ordinary shareholders, presented here may not be
comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
our data. We encourage investors and others to review our financial
information in its entirety and not rely on a single financial
measure.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues
generated are denominated in RMB. This announcement contains
currency conversions of RMB amounts into US$ solely for the
convenience of the reader. Unless otherwise noted, all translations
from RMB to US$ are made at a rate of RMB6.8676 to US$1.00, the effective noon buying rate for
March 31, 2023 as set forth in the
H.10 statistical release of the Federal Reserve Board. No
representation is made that the RMB amounts could have been, or
could be, converted, realized or settled into US$ at that rate on
March 31, 2023, or at any other
rate.
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," "confident" and similar statements.
Statements that are not historical facts, including 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
cooperation with Xiaomi, the recognition of the Company's
self-branded products; the Company's growth strategies; trends and
competition in global wearable technology market; changes in the
Company's revenues and certain cost or expense accounting policies;
governmental policies relating to the Company's industry and
general economic conditions in China and the global. Further information
regarding these and other risks is included in the Company's
filings with the United States Securities and Exchange Commission.
All information provided in this press release and in the
attachments is as of the date of this press release, and the
Company undertakes no obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Zepp Health Corporation
Grace Yujia Zhang
Email: ir@zepp.com
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: zepp@tpg-ir.com
Zepp Health
Corporation
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number of
shares and per share data, or otherwise noted)
|
|
|
|
As of December
31,
|
|
As of March
31,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
886,632
|
|
956,478
|
|
139,274
|
Restricted
cash
|
|
86,708
|
|
44,988
|
|
6,551
|
Term deposit
|
|
-
|
|
5,000
|
|
728
|
Accounts receivable,
net
|
|
682,103
|
|
487,549
|
|
70,993
|
Amounts due from
related parties
|
|
138,614
|
|
139,417
|
|
20,301
|
Inventories,
net
|
|
1,021,923
|
|
799,933
|
|
116,479
|
Short-term
investments
|
|
34,316
|
|
34,780
|
|
5,064
|
Prepaid expenses and
other current assets
|
|
108,252
|
|
126,873
|
|
18,474
|
Total current
assets
|
|
2,958,548
|
|
2,595,018
|
|
377,864
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
100,605
|
|
96,716
|
|
14,083
|
Intangible asset,
net
|
|
123,300
|
|
119,038
|
|
17,333
|
Goodwill
|
|
66,081
|
|
65,797
|
|
9,581
|
Long-term
investments
|
|
1,686,628
|
|
1,681,380
|
|
244,828
|
Deferred tax
assets
|
|
210,186
|
|
242,406
|
|
35,297
|
Amount due from a
related party, non-current
|
|
6,333
|
|
6,348
|
|
924
|
Other non-current
assets
|
|
50,389
|
|
46,799
|
|
6,814
|
Operating lease
right-of-use assets
|
|
65,573
|
|
45,426
|
|
6,615
|
Total
assets
|
|
5,267,643
|
|
4,898,928
|
|
713,339
|
Zepp Health
Corporation
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number of
shares and per share data, or otherwise noted)
|
|
|
|
As of December
31,
|
|
As of March
31,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
456,585
|
|
335,708
|
|
48,883
|
Advance from
customers
|
|
2,133
|
|
1,997
|
|
291
|
Amount due to related
parties
|
|
40,978
|
|
28,472
|
|
4,146
|
Accrued expenses and
other current liabilities
|
|
197,819
|
|
157,007
|
|
22,862
|
Income tax
payables
|
|
2,715
|
|
11,282
|
|
1,643
|
Notes
payable
|
|
456,438
|
|
493,542
|
|
71,865
|
Short-term bank
borrowings
|
|
512,000
|
|
176,000
|
|
25,628
|
Total current
liabilities
|
|
1,668,668
|
|
1,204,008
|
|
175,318
|
Deferred tax
liabilities
|
|
35,552
|
|
34,658
|
|
5,047
|
Long-term
borrowings
|
|
684,210
|
|
923,982
|
|
134,542
|
Other non-current
liabilities
|
|
162,602
|
|
163,166
|
|
23,759
|
Non-current operating
lease liabilities
|
|
31,690
|
|
16,292
|
|
2,372
|
Total
liabilities
|
|
2,582,722
|
|
2,342,106
|
|
341,038
|
Zepp Health
Corporation
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number of
shares and per share data, or otherwise noted)
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of March
31,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Ordinary
shares
|
|
162
|
|
163
|
|
24
|
Additional paid-in
capital
|
|
1,690,879
|
|
1,714,877
|
|
249,705
|
Treasury
stock
|
|
(67,163)
|
|
(72,803)
|
|
(10,601)
|
Accumulated retained
earnings
|
|
942,848
|
|
806,128
|
|
117,381
|
Accumulated other
comprehensive income
|
|
105,796
|
|
96,252
|
|
14,015
|
Total Zepp Health
Corporation shareholders' equity
|
|
2,672,522
|
|
2,544,617
|
|
370,524
|
Noncontrolling
interests
|
|
12,399
|
|
12,205
|
|
1,777
|
Total
equity
|
|
2,684,921
|
|
2,556,822
|
|
372,301
|
Total liabilities
and equity
|
|
5,267,643
|
|
4,898,928
|
|
713,339
|
Zepp Health
Corporation
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number of
shares and per share data, or otherwise noted)
|
|
|
|
For the Three Months
Ended March 31,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Revenues
|
|
757,050
|
|
645,183
|
|
93,946
|
Cost of
revenues
|
|
(604,810)
|
|
(542,338)
|
|
(78,971)
|
Gross
profit
|
|
152,240
|
|
102,845
|
|
14,975
|
Operating
expenses:
|
|
|
|
|
|
|
Selling and
marketing
|
|
(103,105)
|
|
(85,978)
|
|
(12,519)
|
General and
administrative
|
|
(58,161)
|
|
(49,901)
|
|
(7,266)
|
Research and
development
|
|
(146,408)
|
|
(117,874)
|
|
(17,164)
|
Total operating
expenses
|
|
(307,674)
|
|
(253,753)
|
|
(36,949)
|
Operating
loss
|
|
(155,434)
|
|
(150,908)
|
|
(21,974)
|
Other income and
expenses:
|
|
|
|
|
|
|
Interest
income
|
|
2,547
|
|
4,133
|
|
602
|
Interest
expense
|
|
(11,670)
|
|
(13,318)
|
|
(1,939)
|
Other income/(expense),
net
|
|
3,745
|
|
(1,985)
|
|
(289)
|
Gain
from fair value change of long-term
investment
|
|
51,698
|
|
3,127
|
|
455
|
Investment
income
|
|
-
|
|
234
|
|
34
|
Loss before income
tax and income from equity method investment
|
|
(109,114)
|
|
(158,717)
|
|
(23,111)
|
Income tax
benefits
|
|
16,747
|
|
24,734
|
|
3,602
|
Loss before income
from equity method investments
|
|
(92,367)
|
|
(133,983)
|
|
(19,509)
|
Net income/(Loss) from
equity method investments
|
|
3,508
|
|
(2,931)
|
|
(427)
|
Net
loss
|
|
(88,859)
|
|
(136,914)
|
|
(19,936)
|
Less: Net loss
attributable to noncontrolling interest
|
|
(134)
|
|
(194)
|
|
(28)
|
Net loss
attributable to Zepp Health Corporation
|
|
(88,725)
|
|
(136,720)
|
|
(19,908)
|
Net loss per share
attributable to Zepp Health Corporation
|
|
|
|
|
|
|
Basic loss per ordinary
share
|
|
(0.36)
|
|
(0.56)
|
|
(0.08)
|
Diluted loss per
ordinary share
|
|
(0.36)
|
|
(0.56)
|
|
(0.08)
|
|
|
|
|
|
|
|
Net loss per
ADS (4 ordinary shares equal to 1 ADS)
|
|
|
|
|
|
|
ADS – basic
|
|
(1.42)
|
|
(2.23)
|
|
(0.32)
|
ADS –
diluted
|
|
(1.42)
|
|
(2.23)
|
|
(0.32)
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing net
loss per
share
|
|
|
|
|
|
|
Ordinary share –
basic
|
|
249,515,734
|
|
245,133,616
|
|
245,133,616
|
Ordinary share –
diluted
|
|
249,515,734
|
|
245,133,616
|
|
245,133,616
|
Zepp Health
Corporation
|
Reconciliation of
GAAP and Non-GAAP Results
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars
("US$")
|
except for number of
shares and per share data, or otherwise noted)
|
|
|
|
For the Three Months
Ended March 31,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(307,674)
|
|
(253,753)
|
|
(36,949)
|
Share-based
compensation expenses
|
|
13,056
|
|
23,992
|
|
3,494
|
Total adjusted
operating expenses
|
|
(294,618)
|
|
(229,761)
|
|
(33,455)
|
|
|
|
|
|
|
|
Operating
loss
|
|
(155,434)
|
|
(150,908)
|
|
(21,974)
|
Share-based
compensation expenses
|
|
13,056
|
|
23,992
|
|
3,494
|
Adjusted operating
loss
|
|
(142,378)
|
|
(126,916)
|
|
(18,480)
|
|
|
|
|
|
|
|
Net loss
attributable to Zepp Health Corporation
|
|
(88,725)
|
|
(136,720)
|
|
(19,908)
|
Share-based
compensation expenses
|
|
13,056
|
|
23,992
|
|
3,494
|
Adjusted net loss
attributable to Zepp Health
Corporation[2]
|
|
(75,669)
|
|
(112,728)
|
|
(16,414)
|
|
Adjusted net loss
per share attributable to
Zepp Health Corporation
|
|
|
|
|
|
|
Adjusted basic loss per
ordinary share
|
|
(0.30)
|
|
(0.46)
|
|
(0.07)
|
Adjusted diluted loss
per ordinary share
|
|
(0.30)
|
|
(0.46)
|
|
(0.07)
|
|
|
|
|
|
|
|
Adjusted net
loss per ADS (4 ordinary shares equal to 1
ADS)
|
|
|
|
|
|
|
ADS – basic
|
|
(1.21)
|
|
(1.84)
|
|
(0.27)
|
ADS –
diluted
|
|
(1.21)
|
|
(1.84)
|
|
(0.27)
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
computing adjusted net loss per share
|
|
|
|
|
|
|
Ordinary share –
basic
|
|
249,515,734
|
|
245,133,616
|
|
245,133,616
|
Ordinary share –
diluted
|
|
249,515,734
|
|
245,133,616
|
|
245,133,616
|
|
|
|
|
|
|
|
Share-based
compensation expenses included
are follows:
|
|
|
|
|
|
|
Selling and
marketing
|
|
917
|
|
1,155
|
|
168
|
General and
administrative
|
|
6,226
|
|
10,783
|
|
1,570
|
Research and
development
|
|
5,913
|
|
12,054
|
|
1,756
|
Total
|
|
13,056
|
|
23,992
|
|
3,494
|
View original
content:https://www.prnewswire.com/news-releases/zepp-health-corporation-reports-first-quarter-2023-unaudited-financial-results-301831926.html
SOURCE Zepp Health Corp.