ATRenew Inc 6-K, filed Aug 23, 2023
ATRenew Inc. (RERE)
About this 6-K
ATRenew Inc filed this 6-K on August 23, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-40486
ATRenew Inc.
(Registrant’s Name)
12th Floor, No. 6 Building
433 Songhu Road, Shanghai
People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
EXHIBIT INDEX
Exhibit No. |
|
Description |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ATRenew Inc.
By: |
/s/ Chen Chen |
Name: |
Chen Chen |
Title: |
Chief Financial Officer |
Date: August 23, 2023
Exhibit 99.1
ATRenew Inc. Reports Unaudited Second Quarter 2023 Financial Results
SHANGHAI, August 23, 2023 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2023.
Second Quarter 2023 Highlights
Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are pleased to announce a post-COVID performance that exceeded our guidance. During the second quarter of 2023, total net revenues increased by 38.1% year over year to RMB2,963.7 million, further demonstrating the circular economy business model’s capacity for resilient growth. We remain unwavering in our commitment to our strategic priorities centering the self-operated business and consumer electronics recycling and transaction services. At the same time, we retain our sharp focus on ensuring ample supply sources and a stable supply chain, while enhancing our competitive edges through improved customer experience and fulfillment capabilities of new categories. Furthermore, we will continue to strengthen our brand influence nationally and collaborate more closely with e-commerce platforms and electronics brands. These partnerships foster greater synergies among fast-moving consumer goods brands and provide users with a seamless circular consumption experience. By successfully executing these initiatives, we will generate higher levels of long-term value at a larger scale in the second-hand economy.”
1. See “Reconciliations of GAAP and Non-GAAP Results” for more information.
2. “Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.
1
Mr. Rex Chen, Chief Financial Officer of ATRenew, added, “During the quarter, we made another profitability breakthrough on the back of a strong recovery of revenue growth. Non-GAAP operating income reached a new high of RMB52.0 million and our non-GAAP operating profit margin was 1.8%, representing healthy upticks. Notably, our 1P business’ gross profit margin, calculated as product revenue net of merchandise costs as a percentage of product revenues, increased by 1 percentage point on a year-over-year basis, as we realized more value creation through refurbishing and retailing our device inventories. Thanks to the improvements to our automation technologies and big data algorithm that contributed to inspection and logistics efficiencies, the cost efficiency related to our fulfillment expenses continued to improve. Going forward, we will continue to maximize efficiency by leveraging cutting-edge technologies, maintain healthy revenue growth and enhance our overall efficiency to maximize profits and create greater value.”
Second Quarter 2023 Financial Results
REVENUE
Total net revenues increased by 38.1% to RMB2,963.7 million (US$408.7 million) from RMB2,145.7 million in the same period of 2022.
OPERATING COSTS AND EXPENSES
Operating costs and expenses were RMB3,032.5 million (US$418.2 million), compared to RMB2,327.4 million in the same period of 2022, representing an increase of 30.3%.
2
LOSS FROM OPERATIONS
Loss from operations was RMB61.0 million (US$8.4 million), compared to a loss from operations of RMB168.2 million in the same period of 2022.
Adjusted income from operations (non-GAAP)1 was RMB52.0 million (US$7.2 million), compared to an adjusted loss from operations of RMB42.3 million in the same period of 2022.
NET LOSS
Net loss was RMB64.8 million (US$8.9 million), compared to a net loss of RMB125.3 million in the same period of 2022. Adjusted net income (non-GAAP)1 was RMB36.4 million (US$5.0 million), compared to adjusted net loss of RMB13.2 million in the same period of 2022.
BASIC AND DILUTED NET LOSS PER ORDINARY SHARE
Basic and diluted net loss per ordinary share were RMB0.40 (US$0.05), compared to RMB0.78 in the same period of 2022.
Adjusted basic and diluted net income per ordinary share (non-GAAP)1 were RMB0.22 (US$0.03), compared to negative RMB0.08 in the same period of 2022.
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS
Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,543.1 million (US$350.7 million) as of June 30, 2023, as compared to RMB2,802.1 million as of December 31, 2022.
Business Outlook
For the third quarter of 2023, the Company currently expects its total revenues to be between RMB3,150.0 million and RMB3,250.0 million. This forecast only reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Recent Development
On December 9, 2022, ATRenew announced an extension of the Company's existing share repurchase program under which the Company may repurchase up to US$100 million of its shares for another twelve-month period starting from December 28, 2022, with all other terms unchanged. During the second quarter of 2023, the Company repurchased 2,289,309 American depositary shares (“ADSs”) in the open market at an average price of US$2.81 per ADS, with a total cash consideration of US$6.4 million. As of June 30, 2023, the Company had repurchased a total of 12,264,772 ADSs for approximately US$44.4 million under this share repurchase program.
3
On June 20, 2023, ATRenew released its third annual environmental, social, and governance (“ESG”) report, highlighting its key achievements in these three areas.
On the environmental front, greenhouse gas emission intensity associated with the purchase of electricity (scope 2) has continued to decrease, following the downward trend from when the Company first disclosed this metric in its 2020 ESG report. In 2022, ATRenew oversaw the responsible recycling and green disposal of approximately 270,000 units of electronic devices, reducing e-wastes by 43.2 tons. The Company also reused 18 tons of packaging fillers for B2B businesses and 36,000 cardboard boxes for B2C businesses. In terms of social responsibility, the Company obtained ISO 9001 quality management system certification and donated a cumulative amount of RMB1 million to charity programs during the reporting period. Furthermore, it remained committed to recruiting and training talents, and provided themed training sessions to over 8,000 of PJT Marketplace’s merchants. In the corporate governance sphere, ATRenew made significant strides in bolstering its risk and incident management capabilities. ATRenew has also taken steps to enhance the diversity of its board of directors, achieving a composition of 37.5% independent directors and 25% female directors as of June 2023.
On June 30, 2023, AHS Recycle, ATRenew’s C2B recycling brand, debuted as a trade-in service provider on Apple's official website and in its flagship stores in mainland China, opening up the back-end supply chain to Apple. By offering attractive recycling prices for more brand partners’ trade-in programs, AHS Recycle helps them meet consumer demand for a seamless smartphone upgrade experience.
Conference Call Information
The Company’s management will hold a conference call on Wednesday, August 23, 2023 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:
International: |
|
1-412-317-6061 |
United States Toll Free: |
|
1-888-317-6003 |
Mainland China Toll Free: |
|
4001-206115 |
Hong Kong Toll Free: |
|
800-963976 |
Access Code: |
|
9633225 |
The replay will be accessible through August 30, 2023 by dialing the following numbers:
International: |
|
1-412-317-0088 |
United States Toll Free: |
|
1-877-344-7529 |
Access Code: |
|
4883084 |
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at ir.atrenew.com.
About ATRenew Inc.
Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry.
4
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2513 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2023.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net (loss) income and adjusted net (loss) income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the impact of share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net (loss) income is net loss excluding the impact of share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net (loss) income per ordinary share is adjusted net (loss) income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share.
The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net (loss) income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net (loss) income provide useful information about the Company’s operating results, 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. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to loss from operations, net loss, and net loss attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”
5
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to 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," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), 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 ATRenew's beliefs, plans 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: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com
In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461
6
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share and otherwise noted)
|
|
As of December 31, |
|
|
As of June 30, |
|
||||||
|
|
2022 |
|
|
2023 |
|
||||||
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|||
ASSETS |
|
|
|
|
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents |
|
|
1,703,626 |
|
|
|
1,492,949 |
|
|
|
205,887 |
|
Restricted cash |
|
|
— |
|
|
|
210,000 |
|
|
|
28,960 |
|
Short-term investments |
|
|
782,230 |
|
|
|
599,009 |
|
|
|
82,607 |
|
Amount due from related parties, net |
|
|
115,501 |
|
|
|
168,008 |
|
|
|
23,169 |
|
Inventories |
|
|
433,467 |
|
|
|
735,407 |
|
|
|
101,417 |
|
Funds receivable from third party payment service providers |
|
|
316,277 |
|
|
|
241,178 |
|
|
|
33,260 |
|
Prepayments and other receivables, net |
|
|
539,077 |
|
|
|
468,035 |
|
|
|
64,545 |
|
Total current assets |
|
|
3,890,178 |
|
|
|
3,914,586 |
|
|
|
539,845 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
|||
Amount due from related parties, net, non-current |
|
|
180,000 |
|
|
|
— |
|
|
|
— |
|
Long-term investments |
|
|
219,583 |
|
|
|
485,372 |
|
|
|
66,936 |
|
Property and equipment, net |
|
|
118,600 |
|
|
|
121,039 |
|
|
|
16,692 |
|
Intangible assets, net |
|
|
544,650 |
|
|
|
404,420 |
|
|
|
55,772 |
|
Other non-current assets |
|
|
95,744 |
|
|
|
82,496 |
|
|
|
11,377 |
|
Total non-current assets |
|
|
1,158,577 |
|
|
|
1,093,327 |
|
|
|
150,777 |
|
TOTAL ASSETS |
|
|
5,048,755 |
|
|
|
5,007,913 |
|
|
|
690,622 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|
|
|
|
|||
Short-term borrowings |
|
|
123,983 |
|
|
|
278,983 |
|
|
|
38,474 |
|
Accounts payable |
|
|
73,335 |
|
|
|
70,364 |
|
|
|
9,704 |
|
Contract liabilities |
|
|
195,369 |
|
|
|
257,670 |
|
|
|
35,534 |
|
Accrued expenses and other current liabilities |
|
|
449,489 |
|
|
|
320,933 |
|
|
|
44,259 |
|
Accrued payroll and welfare |
|
|
132,468 |
|
|
|
119,171 |
|
|
|
16,434 |
|
Amount due to related parties |
|
|
47,604 |
|
|
|
73,647 |
|
|
|
10,156 |
|
Total current liabilities |
|
|
1,022,248 |
|
|
|
1,120,768 |
|
|
|
154,561 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|||
Operating lease liabilities, non-current |
|
|
33,523 |
|
|
|
17,857 |
|
|
|
2,463 |
|
Deferred tax liabilities |
|
|
111,312 |
|
|
|
87,753 |
|
|
|
12,102 |
|
Total non-current liabilities |
|
|
144,835 |
|
|
|
105,610 |
|
|
|
14,565 |
|
TOTAL LIABILITIES |
|
|
1,167,083 |
|
|
|
1,226,378 |
|
|
|
169,126 |
|
TOTAL SHAREHOLDERS' EQUITY |
|
|
3,881,672 |
|
|
|
3,781,535 |
|
|
|
521,496 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
5,048,755 |
|
|
|
5,007,913 |
|
|
|
690,622 |
|
7
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands, except share and per share and otherwise noted)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||||||||||
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
||||||||||||
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
||||||
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net product revenues |
|
|
1,854,133 |
|
|
|
2,636,676 |
|
|
|
363,614 |
|
|
|
3,763,065 |
|
|
|
5,211,854 |
|
|
|
718,748 |
|
Net service revenues |
|
|
291,586 |
|
|
|
326,983 |
|
|
|
45,093 |
|
|
|
589,158 |
|
|
|
623,599 |
|
|
|
85,998 |
|
Operating (expenses) income (1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Merchandise costs |
|
|
(1,653,834 |
) |
|
|
(2,325,763 |
) |
|
|
(320,737 |
) |
|
|
(3,293,856 |
) |
|
|
(4,577,884 |
) |
|
|
(631,319 |
) |
Fulfillment expenses |
|
|
(275,201 |
) |
|
|
(268,823 |
) |
|
|
(37,072 |
) |
|
|
(571,421 |
) |
|
|
(535,209 |
) |
|
|
(73,809 |
) |
Selling and marketing expenses |
|
|
(293,405 |
) |
|
|
(335,303 |
) |
|
|
(46,240 |
) |
|
|
(601,199 |
) |
|
|
(634,344 |
) |
|
|
(87,480 |
) |
General and administrative expenses |
|
|
(45,227 |
) |
|
|
(57,528 |
) |
|
|
(7,933 |
) |
|
|
(90,185 |
) |
|
|
(133,968 |
) |
|
|
(18,475 |
) |
Technology and content expenses |
|
|
(59,726 |
) |
|
|
(45,042 |
) |
|
|
(6,212 |
) |
|
|
(123,265 |
) |
|
|
(92,475 |
) |
|
|
(12,753 |
) |
Other operating income, net |
|
|
13,447 |
|
|
|
7,836 |
|
|
|
1,081 |
|
|
|
24,688 |
|
|
|
9,872 |
|
|
|
1,361 |
|
Loss from operations |
|
|
(168,227 |
) |
|
|
(60,964 |
) |
|
|
(8,406 |
) |
|
|
(303,015 |
) |
|
|
(128,555 |
) |
|
|
(17,729 |
) |
Interest expense |
|
|
(2,516 |
) |
|
|
(2,501 |
) |
|
|
(345 |
) |
|
|
(3,519 |
) |
|
|
(3,312 |
) |
|
|
(457 |
) |
Interest income |
|
|
2,053 |
|
|
|
5,623 |
|
|
|
775 |
|
|
|
3,777 |
|
|
|
13,575 |
|
|
|
1,872 |
|
Other income (loss), net |
|
|
32,739 |
|
|
|
(1,721 |
) |
|
|
(237 |
) |
|
|
(5,884 |
) |
|
|
(2,291 |
) |
|
|
(316 |
) |
Loss before income taxes and share of loss in equity method investments |
|
|
(135,951 |
) |
|
|
(59,563 |
) |
|
|
(8,213 |
) |
|
|
(308,641 |
) |
|
|
(120,583 |
) |
|
|
(16,630 |
) |
Income tax benefits |
|
|
13,876 |
|
|
|
11,700 |
|
|
|
1,614 |
|
|
|
26,989 |
|
|
|
23,560 |
|
|
|
3,249 |
|
Share of loss in equity method investments |
|
|
(3,175 |
) |
|
|
(16,978 |
) |
|
|
(2,341 |
) |
|
|
(4,950 |
) |
|
|
(17,817 |
) |
|
|
(2,457 |
) |
Net loss |
|
|
(125,250 |
) |
|
|
(64,841 |
) |
|
|
(8,940 |
) |
|
|
(286,602 |
) |
|
|
(114,840 |
) |
|
|
(15,838 |
) |
Net loss per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
(0.78 |
) |
|
|
(0.40 |
) |
|
|
(0.05 |
) |
|
|
(1.78 |
) |
|
|
(0.71 |
) |
|
|
(0.10 |
) |
Diluted |
|
|
(0.78 |
) |
|
|
(0.40 |
) |
|
|
(0.05 |
) |
|
|
(1.78 |
) |
|
|
(0.71 |
) |
|
|
(0.10 |
) |
Weighted average number of shares used in calculating net loss per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
161,498,812 |
|
|
|
162,923,637 |
|
|
|
162,923,637 |
|
|
|
161,374,917 |
|
|
|
162,541,334 |
|
|
|
162,541,334 |
|
Diluted |
|
|
161,498,812 |
|
|
|
162,923,637 |
|
|
|
162,923,637 |
|
|
|
161,374,917 |
|
|
|
162,541,334 |
|
|
|
162,541,334 |
|
Net loss |
|
|
(125,250 |
) |
|
|
(64,841 |
) |
|
|
(8,940 |
) |
|
|
(286,602 |
) |
|
|
(114,840 |
) |
|
|
(15,838 |
) |
Foreign currency translation adjustments |
|
|
(10,885 |
) |
|
|
32,103 |
|
|
|
4,427 |
|
|
|
(10,386 |
) |
|
|
21,573 |
|
|
|
2,975 |
|
Total comprehensive loss |
|
|
(136,135 |
) |
|
|
(32,738 |
) |
|
|
(4,513 |
) |
|
|
(296,988 |
) |
|
|
(93,267 |
) |
|
|
(12,863 |
) |
8
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (CONTINUED)
(Amounts in thousands, except share and per share and otherwise noted)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||||||||||
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
||||||||||||
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
||||||
(1) Includes share-based compensation expenses as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fulfillment expenses |
|
|
(7,518 |
) |
|
|
(7,041 |
) |
|
|
(971 |
) |
|
|
(22,281 |
) |
|
|
(12,548 |
) |
|
|
(1,730 |
) |
Selling and marketing expenses |
|
|
(4,147 |
) |
|
|
(4,297 |
) |
|
|
(593 |
) |
|
|
(19,553 |
) |
|
|
(8,101 |
) |
|
|
(1,117 |
) |
General and administrative expenses |
|
|
(16,401 |
) |
|
|
(17,944 |
) |
|
|
(2,475 |
) |
|
|
(32,984 |
) |
|
|
(36,943 |
) |
|
|
(5,095 |
) |
Technology and content expenses |
|
|
(5,170 |
) |
|
|
(5,745 |
) |
|
|
(792 |
) |
|
|
(9,729 |
) |
|
|
(10,431 |
) |
|
|
(1,439 |
) |
(2) Includes amortization of intangible assets and deferred cost resulting from assets and business acquisitions as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Selling and marketing expenses |
|
|
(91,126 |
) |
|
|
(77,430 |
) |
|
|
(10,678 |
) |
|
|
(176,881 |
) |
|
|
(155,925 |
) |
|
|
(21,503 |
) |
Technology and content expenses |
|
|
(1,580 |
) |
|
|
(482 |
) |
|
|
(66 |
) |
|
|
(3,160 |
) |
|
|
(964 |
) |
|
|
(133 |
) |
9
Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except share and per share and otherwise noted)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||||||||||
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
||||||||||||
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
||||||
Loss from operations |
|
|
(168,227 |
) |
|
|
(60,964 |
) |
|
|
(8,406 |
) |
|
|
(303,015 |
) |
|
|
(128,555 |
) |
|
|
(17,729 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Share-based compensation expenses |
|
|
33,236 |
|
|
|
35,027 |
|
|
|
4,831 |
|
|
|
84,547 |
|
|
|
68,023 |
|
|
|
9,381 |
|
Amortization of intangible assets and deferred cost resulting from assets and business acquisitions |
|
|
92,706 |
|
|
|
77,912 |
|
|
|
10,744 |
|
|
|
180,041 |
|
|
|
156,889 |
|
|
|
21,636 |
|
Adjusted (loss) income from operations (non-GAAP) |
|
|
(42,285 |
) |
|
|
51,975 |
|
|
|
7,169 |
|
|
|
(38,427 |
) |
|
|
96,357 |
|
|
|
13,288 |
|
Net loss |
|
|
(125,250 |
) |
|
|
(64,841 |
) |
|
|
(8,940 |
) |
|
|
(286,602 |
) |
|
|
(114,840 |
) |
|
|
(15,838 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Share-based compensation expenses |
|
|
33,236 |
|
|
|
35,027 |
|
|
|
4,831 |
|
|
|
84,547 |
|
|
|
68,023 |
|
|
|
9,381 |
|
Amortization of intangible assets and deferred cost resulting from assets and business acquisitions |
|
|
92,706 |
|
|
|
77,912 |
|
|
|
10,744 |
|
|
|
180,041 |
|
|
|
156,889 |
|
|
|
21,636 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions |
|
|
(13,876 |
) |
|
|
(11,700 |
) |
|
|
(1,614 |
) |
|
|
(26,989 |
) |
|
|
(23,560 |
) |
|
|
(3,249 |
) |
Adjusted net (loss) income (non-GAAP) |
|
|
(13,184 |
) |
|
|
36,398 |
|
|
|
5,021 |
|
|
|
(49,003 |
) |
|
|
86,512 |
|
|
|
11,930 |
|
Adjusted net (loss) income per ordinary share (non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
(0.08 |
) |
|
|
0.22 |
|
|
|
0.03 |
|
|
|
(0.30 |
) |
|
|
0.53 |
|
|
|
0.07 |
|
Diluted |
|
|
(0.08 |
) |
|
|
0.22 |
|
|
|
0.03 |
|
|
|
(0.30 |
) |
|
|
0.51 |
|
|
|
0.07 |
|
Weighted average number of shares used in calculating net loss per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
161,498,812 |
|
|
|
162,923,637 |
|
|
|
162,923,637 |
|
|
|
161,374,917 |
|
|
|
162,541,334 |
|
|
|
162,541,334 |
|
Diluted |
|
|
161,498,812 |
|
|
|
168,037,389 |
|
|
|
168,037,389 |
|
|
|
161,374,917 |
|
|
|
168,910,942 |
|
|
|
168,910,942 |
|
10