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Highlights for Fourth Quarter 2017:
- GMV1 reached
RMB1,943.4 million (US$298.7 million ) for Q4 2017, representing an increase of 43.9% from Q4 2016. - Total number of orders2 was 549.4 thousand for Q4 2017, representing an increase of 57.6% from 348.7 thousand for Q4 2016.
- Number of active customers3 increased by 66.3% to 0.2 million for the Q4 2017.
- Total net revenues reached
RMB1,411.6 million (US$217.0 million ), increasing by 60.5 % from Q4 2016. - Gross margin was 15.5% for Q4 2017, compared to 15.2% in Q4 2016.
- Net income increased by 74.1% to
RMB47.0 million (US$7.2 million ) for Q4 2017 fromRMB27.0 million for Q4 2016. - Non-GAAP net income4 increased by 224.1% to
RMB87.5 million (US$13.4 million ) for Q4 2017 fromRMB27.0 million in Q4 2016. - Basic and diluted net income per share was
RMB1.84 (US$0.28) andRMB1.76 (US$0.27) , respectively, for Q4 2017, compared to basic and diluted net loss per share ofRMB19.7 andRMB19.7 , respectively, for Q4 2016. Basic and diluted net income per American Depositary Share ("ADS") wasRMB0.92 (US$0.14) andRMB0.88 (US$0.14) , respectively, for Q4 2017, compared to basic and diluted net loss per ADS ofRMB9.85 andRMB9.85 , respectively, for Q4 2016. Two ADSs represent one ordinary share. - Basic and diluted non-GAAP net income per share5 was
RMB3.42 (US$0.53) andRMB3.28 (US$0.50) respectively for Q4 2017, compared to basic and diluted non-GAAP net income per share ofRMB3.60 andRMB1.29 , respectively, for Q4 2016. Basic and diluted non-GAAP net income per ADS wasRMB1.71 (US$0.26) andRMB1.64 (US$0.25) , respectively, for Q4 2017, compared to basic and diluted non-GAAP net income per ADS ofRMB1.80 andRMB0.64 , respectively, for Q4 2016.
Highlights for Full Year 2017:
- GMV1 reached
RMB5,262.4 million (US$808.8 million ) for full year 2017, representing an increase of 51.6% from 2016. - Total number of orders2 was 1,437.0 thousand for full year 2017, representing an increase of 50.7% from 953.7 thousand for 2016.
- Total registered customers reached18.7 million as of
December 31, 2017 from 13.1 million as ofDecember 31, 2016 . - Total net revenues reached
RMB3,740.5 million (US$574.9 million ) for the full year 2017, increasing by 44.2% from 2016. - Gross margin was 16.4% for full year 2017, compared to 15.4% for 2016.
- Net income was
RMB133.4 million (US$20.5 million ) for full year 2017 compared with a net loss ofRMB44.6 million for 2016. - Non-GAAP net income4 was
RMB179.5 million (US$27.6 million ) for full year 2017, compared with a non-GAAP net loss ofRMB44.3 million for 2016. - Basic and diluted net loss per share was
RMB5.55 (US$0.85) for full year 2017, compared to basic and diluted net loss per share ofRMB89.06 for 2016. Basic and diluted net loss per ADS wasRMB2.78 (US$0.43) for full year 2017, compared toRMB44.53 for 2016. - Basic and diluted non-GAAP net income per share5 was
RMB14.36 (US$2.21) andRMB13.42 (US$2.06) , respectively, for full year 2017, compared to basic and diluted non-GAAP net loss per share ofRMB6.16 andRMB6.16 , respectively, for 2016. Basic and diluted non-GAAP net income per ADS wasRMB7.18 (US$1.10) andRMB6.71 (US$1.03) , respectively, for full year 2017, compared to basic and diluted non-GAAP net loss per ADS ofRMB3.08 andRMB3.08 , respectively, for 2016.
_________________________
1 GMV is to the total value of all orders of products and services, excluding the value of whole car sales, placed on our online platform and in our offline experience centers, regardless of whether the products are delivered or returned or whether the services are cancelled during the quarter.
2 Total orders are to the total number of orders of products and services, excluding the number of whole car sales, placed on our online platform and in our offline experience centers, regardless of whether the products are delivered or returned or whether the services are cancelled during the quarter.
3 Active customer is customer through whose account that made at least one purchase during the period.
4 Non-GAAP net income is a non-GAAP financial measure, which is defined as net income, excluding share-based compensation expenses. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.
5 Basic and diluted non-GAAP net income per share is a non-GAAP financial measure, which is defined as non-GAAP net income, divided by weighted average number of basic and diluted outstanding, including the dilutive effect of share-based awards as determined under the treasury stock method. Basic and diluted Non-GAAP net income per ADS is equal to basic and diluted non-GAAP net income per share divided by two as two ADSs represent one ordinary share.
Commentary
Mr. Richard Rixue Li, Chairman and Chief Executive Officer of
“The impressive growth in our GMV and transaction volume base in the fourth quarter was primarily driven by the strong performance across bags, watches, apparel, footwear, sports and beauty products, while our number of active customers increased by 66.3% from the fourth quarter of 2016,” continued Mr. Li. “China’s transformation to a consumption driven economy has created enormous and increasing consumer demand for high-quality products and services. As a leader in the luxury consumer market with a firm commitment to serve high-end customers with extensive and superior merchandise and lifestyle portfolios,
Mr. Li concluded, “Looking ahead to 2018,
“We are delighted to continue to achieve strong financial performance in the fourth quarter and full year 2017 with solid growth trend and sustained profitability,” said Mr.
Recent Developments
- In the fourth quarter of 2017,
Secoo successfully hosted large-scale marketing campaigns including Double 11, Black Friday and 1217 Global Luxury Festival devised bySecoo . These marketing activities not only supported the sales growth during the period but also significantly enhanced Secoo’s brand awareness.
- In the fourth quarter of 2017,
Secoo expanded collaborations with approximately 80 brands, including 10 international brands, 33 apparel and accessories brands, 11 home lifestyle brands and 6 liquor brands. Armani, Corto Moltedo andHouse of Fraser have launched onto Secoo’s platform. In addition,Secoo added Versace Casa, Rosenthal and British classic porcelain brand Dunoon to its home lifestyle product selection.
- In the fourth quarter of 2017,
Secoo expanded and upgraded “Secoo Lifestyle” business, currently covering high-end travel, boutique lifestyle, education, and health. So far, Secoo Lifestyle has signed collaboration agreements with 22 high-end tourist and travel partners, 12 health and education service providers and 21 boutique lifestyle partners.
- In the fourth quarter of 2017,
Secoo opened four offline experience centers inQingdao ,Hangzhou ,Changsha andTianjin , respectively.Secoo officially openedXiamen experience center officially onJanuary 28, 2018 . OnFebruary 9, 2018 ,Secoo launched a flash store in Beijing Wangfujing Central. As ofMarch 22 , the Company has opened 10 offline experience centers or theme experience stores inChina and overseas.
- In
December 2017 ,Secoo further cooperated withTencent for the second year and also allied withDeloitte Consulting to jointly published “2017 China Luxury E-commerce Whitebook,” providing high-value data insights to the industry and enhancing Secoo’s influence among industry and consumers.
- In
January 2018 ,Secoo formed a strategic alliance with the department store brand Parkson Group to integrate both parties’ respective resources, build an online and offline omni-channel sales service network, connect both companies’ membership programs and big data, aiming to build an integrated “New Retail” Model. In the earlyMarch 2018 ,Secoo andParkson teamed up to launch “Goddess Day” promotion events in order to help drive business expansion of Secoo’s beauty and cosmetics category.
- In
March 2018 ,Secoo entered into strategic collaboration with the distilled beverage groupPernod Ricard and officially entered into the field of liquor and bars business.Secoo launched its self-branded “24|7 by SECOO” ready-to-drink cocktails.Secoo plans to open high-end bars acrossChina with the goal to enrich offline lifestyle and experience offerings, as well as attract more target customers.
- In
March 2018 ,Secoo entered a strategic cooperation with Shanghai Fashion Week and its organizer,Shanghai Textile Group . Starting from the opening of Shanghai Fashion Week onMarch 27, 2018 , they will collaborate and build an original designer platform.
Fourth quarter 2017 Financial Results
GMV increased by 43.9% to
Total number of orders increased by 57.6% to 549.4 thousand for the fourth quarter of 2017 from 348.7 thousand for the fourth quarter of 2016.
Total net revenues for the fourth quarter of 2017 increased by 60.5% to
Cost of revenues increased by 59.9% to
Operating expenses increased by 111.7% to
Fulfillment expenses increased by 83.8% to
Marketing expenses increased by 110.9% to
Technology and content development expenses increased by 79.0% to
General and administrative expenses increased by 157.1% to
Operating income for the fourth quarter of 2017 was
Income tax benefit was
Net income was
Non-GAAP net income, which excludes share-based compensation expenses, increased by 224.1% to
Net income attributable to ordinary shareholders of
Basic and diluted net income per share was
Basic and diluted non-GAAP net income per share was
Cash, Cash Equivalents, and Restricted Cash
As of
Full Year 2017 Financial Results
GMV increased by 51.6% to
Total number of orders increased by 50.7% to 1,437.0 thousand for full year 2017, from 953.7 thousand for 2016.
Total net revenues for full year 2017 increased by 44.2% to
Cost of revenues increased by 42.6% to
Operating expenses increased by 20.4% to
Fulfillment expenses increased by 20.9% to
Marketing expenses increased by 12.4% to
Technology and content development expenses increased by 14.4% to
General and administrative expenses increased by 48.2% to
Operating income for full year 2017 was
Income tax benefit was
Net income was
Non-GAAP net income, which excludes share-based compensation expenses, was
Net loss attributable to ordinary shareholders of
Basic and diluted net loss per share was
Basic and diluted non-GAAP net income per share was
First Quarter 2018 Guidance
For the first quarter of 2018, the Company currently expects total net revenues to be between
The above outlook is based on the 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.
The Company’s ability to achieve these projections is subject to risks and uncertainties. See “Safe Harbor Statement” at the end of this press release.
Conference Call Information
The Company’s management will host an earnings conference call at
Dial-in details for the earnings conference call are as follows:
United States: | +1-845-675-0437 |
International: | +65-6713-5090 |
Hong Kong: | +852-3018-6771 |
China: | 400-620-8038 |
Conference ID: | 8963899 |
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.secoo.com.
A replay of the conference call will be accessible approximately two hour after the conclusion of the live call until
United States: | +1-646-254-3697 |
International: | +65-2-8199-0299 |
Hong Kong: | +852-3051-2780 |
China: | 400-632-2162 |
Replay Access Code: | 8963899 |
About
For more information, please visit http://ir.secoo.com
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements which are presented in accordance with U.S. GAAP, we also use non-GAAP net income and basic and dilutive non-GAAP net income per share and ADS as additional non-GAAP financial measures. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net income per share as non-GAAP net income dividing by weighted average number of basic and diluted share outstanding, including the dilutive effect of share-based awards as determined under the treasury stock method. We define basic and diluted non-GAAP net income per ADS as basic and diluted non-GAAP net income per share divided by two as two ADSs represent one ordinary share. We also believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting periods and to those of our peer companies.
The use of non-GAAP financial measures has certain limitations. These non-GAAP measures exclude certain items that have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, and should not be considered a substitute for or superior to U.S. GAAP results. In addition, these non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as
Reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is set forth at the end of this release.
Exchange Rate Information
This press release contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to
For investor and media inquiries, please contact:
In
Tel: +86 (10) 6588-0135
E-mail: ir@secoo.com
Tel: +86 (10) 5730-6200
E-mail: Secoo@tpg-ir.com
In
The Piacente Group, Inc.
Tel: +1-212-481-2050
E-mail: Secoo@tpg-ir.com
SECOO HOLDING LIMITED | |||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(All amounts in thousands, except for share data) | |||||||||||||||||||
For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||||||
2016 |
2017 |
2016 |
2017 |
||||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
Net revenues: | |||||||||||||||||||
Merchandise sales | 869,444 | 1,384,230 | 212,752 | 2,566,872 | 3,676,804 | 565,114 | |||||||||||||
Marketplace and other services | 9,915 | 27,364 | 4,206 | 26,950 | 63,651 | 9,783 | |||||||||||||
Total net revenues | 879,359 | 1,411,594 | 216,958 | 2,593,822 | 3,740,455 | 574,897 | |||||||||||||
Cost of revenues | (746,041 | ) | (1,192,808 | ) | (183,331 | ) | (2,193,676 | ) | (3,128,441 | ) | (480,833 | ) | |||||||
Gross profit | 133,318 | 218,786 | 33,627 | 400,146 | 612,014 | 94,064 | |||||||||||||
Operating expenses: | |||||||||||||||||||
Fulfillment expenses | (20,385 | ) | (37,505 | ) | (5,764 | ) | (82,047 | ) | (99,064 | ) | (15,226 | ) | |||||||
Marketing expenses | (46,607 | ) | (98,256 | ) | (15,102 | ) | (218,759 | ) | (245,989 | ) | (37,808 | ) | |||||||
Technology and content development expenses | (10,501 | ) | (18,791 | ) | (2,888 | ) | (54,262 | ) | (62,081 | ) | (9,542 | ) | |||||||
General and administrative expenses | (20,251 | ) | (52,248 | ) | (8,030 | ) | (74,310 | ) | (110,059 | ) | (16,917 | ) | |||||||
Total operating expenses | (97,744 | ) | (206,800 | ) | (31,784 | ) | (429,378 | ) | (517,193 | ) | (79,493 | ) | |||||||
Income from operations | 35,574 | 11,986 | 1,843 | (29,232 | ) | 94,821 | 14,571 | ||||||||||||
Other income/(expenses): | |||||||||||||||||||
Interest expense, net | (1,308 | ) | (1,706 | ) | (262 | ) | (3,923 | ) | (6,562 | ) | (1,009 | ) | |||||||
Foreign currency exchange (losses)/gains | (7,294 | ) | 1,982 | 305 | (11,418 | ) | 9,477 | 1,458 | |||||||||||
Others | - | 2,397 | 368 | - | 4,148 | 637 | |||||||||||||
Income/(Loss) before tax | 26,972 | 14,659 | 2,254 | (44,573 | ) | 101,884 | 15,657 | ||||||||||||
Income tax benefit | - | 32,302 | 4,965 | - | 31,525 | 4,846 | |||||||||||||
Net income/(loss) | 26,972 | 46,961 | 7,219 | (44,573 | ) | 133,409 | 20,503 | ||||||||||||
Loss attributable to redeemable non-controlling interest | 82 | 125 | 19 | 82 | 298 | 46 | |||||||||||||
Loss attributable to non-redeemable non-controlling interest | 38 | 143 | 22 | 38 | 349 | 54 | |||||||||||||
Net income/(loss) attributable to Secoo Holding Limited | 27,092 | 47,229 | 7,260 | (44,453 | ) | 134,056 | 20,603 | ||||||||||||
Accretion to redeemable non-controlling interest redemption value | (164 | ) | (251 | ) | (39 | ) | (164 | ) | (798 | ) | (124 | ) | |||||||
Accretion to preferred share redemption value | (174,672 | ) | - | - | (595,742 | ) | (202,679 | ) | (31,148 | ) | |||||||||
Net (loss)/income attributable to ordinary shareholders of Secoo Holding Limited | (147,744 | ) | 46,978 | 7,221 | (640,359 | ) | (69,421 | ) | (10,669 | ) | |||||||||
Net (loss)/income per share | |||||||||||||||||||
— Basic | (19.70 | ) | 1.84 | 0.28 | (89.06 | ) | (5.55 | ) | (0.85 | ) | |||||||||
— Diluted | (19.70 | ) | 1.76 | 0.27 | (89.06 | ) | (5.55 | ) | (0.85 | ) | |||||||||
Net (loss)/income per ADS | |||||||||||||||||||
— Basic | (9.85 | ) | 0.92 | 0.14 | (44.53 | ) | (2.78 | ) | (0.43 | ) | |||||||||
— Diluted | (9.85 | ) | 0.88 | 0.14 | (44.53 | ) | (2.78 | ) | (0.43 | ) | |||||||||
Non-GAAP net income/(loss) per ADS | |||||||||||||||||||
— Basic | 1.80 | 1.71 | 0.26 | (3.08 | ) | 7.18 | 1.10 | ||||||||||||
— Diluted | 0.64 | 1.64 | 0.25 | (3.08 | ) | 6.71 | 1.03 | ||||||||||||
Weighted average number of shares outstanding used in computing net loss per share | |||||||||||||||||||
— Basic | 7,500,000 | 25,565,681 | 25,565,681 | 7,189,933 | 12,500,821 | 12,500,821 | |||||||||||||
— Diluted | 20,970,594 | 26,696,230 | 26,696,230 | 7,189,933 | 13,375,992 | 13,375,992 | |||||||||||||
SECOO HOLDING LIMITED | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(All amounts in thousands, except for share data) | |||||||||||
As of December 31, |
As of December 31, |
||||||||||
2016 | 2017 | ||||||||||
RMB | RMB | US$ | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | 55,555 | 745,743 | 114,619 | ||||||||
Restricted cash | 155,792 | 179,014 | 27,514 | ||||||||
Amount due from related party | - | 38 | 6 | ||||||||
Accounts receivable | 20,992 | 54,210 | 8,332 | ||||||||
Inventories, net | 752,103 | 1,189,885 | 182,882 | ||||||||
Advances to suppliers | 4,108 | 53,016 | 8,148 | ||||||||
Prepayments and other current assets | 19,887 | 22,943 | 3,526 | ||||||||
Total current assets | 1,008,437 | 2,244,849 | 345,027 | ||||||||
Non-current assets | |||||||||||
Property and equipment, net | 35,196 | 40,793 | 6,270 | ||||||||
Other non-current assets | 2,183 | 8,085 | 1,242 | ||||||||
Deferred tax assets | - | 43,981 | 6,760 | ||||||||
Total non-current assets | 37,379 | 92,859 | 14,272 | ||||||||
Total assets | 1,045,816 | 2,337,708 | 359,299 | ||||||||
LIABILITIES | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings (including short-term borrowings of consolidated VIEs without recourse to the Company of RMB200,000 and RMB142,065 as of December 31, 2016 and 2017, respectively) | 200,000 | 142,065 | 21,835 | ||||||||
Accounts payable (including accounts payable of consolidated VIEs without recourse to the Company of RMB254,537 and RMB262,576 as of December 31, 2016 and 2017, respectively.) | 274,629 | 318,414 | 48,939 | ||||||||
Amount due to related parties (including amount due to related parties of consolidated VIEs without recourse to the Company of RMB2,319 and RMB2,451 as of December 31, 2016 and 2017, respectively.) | 2,319 | 2,467 | 379 | ||||||||
Advances from customers (including advances from customers of consolidated VIEs without recourse to the Company of RMB40,891 and RMB67,604 as of December 31, 2016 and 2017, respectively. ) | 42,013 | 68,848 | 10,582 | ||||||||
Accrued expenses and other current liabilities (including accrued expenses and other liabilities of consolidated VIEs without recourse to the Company of RMB194,266 and RMB348,783 as of December 31, 2016 and 2017, respectively.) | 214,966 | 379,143 | 58,273 | ||||||||
Deferred revenue (including deferred revenue of consolidated VIEs without recourse to the Company of RMB5,254 and RMB12,051 as of December 31, 2016 and 2017, respectively.) | 5,508 | 12,051 | 1,852 | ||||||||
Total current liabilities | 739,435 | 922,988 | 141,860 | ||||||||
Non-current liabilities | |||||||||||
Long-term borrowing (including long-term borrowing of consolidated VIEs without recourse to the Company of nil and RMB124,324 as of December 31, 2016 and 2017, respectively.) | - | 124,324 | 19,108 | ||||||||
Total non-current liabilities | - | 124,324 | 19,108 | ||||||||
Total liabilities | 739,435 | 1,047,312 | 160,968 | ||||||||
Mezzanine Equity | |||||||||||
Series A-1 Redeemable Convertible Preferred Shares (US$0.001 par value, 1,250,000 shares authorized, issued and outstanding as of December 31, 2016 and nil as of December 31, 2017, Redemption value of RMB180,216 and nil as of December 31, 2016 and 2017; Liquidation value of RMB125,060 and nil as of December 31, 2016 and 2017) | 134,719 | - | - | ||||||||
Series A-2 Redeemable Convertible Preferred Shares (US$0.001 par value, 1,428,572 shares authorized, issued and outstanding as of December 31, 2016 and nil as of December 31, 2017, Redemption value of RMB205,966 and nil as of December 31, 2016 and 2017; Liquidation value of RMB142,923 and nil as of December 31, 2016 and 2017) | 152,097 | - | - | ||||||||
Series B Redeemable Convertible Preferred Shares (US$0.001 par value, 2,380,952 shares authorized, issued and outstanding as of December 31, 2016 and nil as December 31, 2017, Redemption value of RMB343,409 and nil as of December 31, 2016 and 2017; Liquidation value of RMB323,077 and nil as of December 31, 2016 and 2017) | 293,455 | - | - | ||||||||
Series C Redeemable Convertible Preferred Shares (US$0.001 par value, 1,571,973 shares authorized, issued and outstanding as of December 31, 2016 and nil as of December 31, 2017, Redemption value of RMB227,596 and nil as of December 31, 2016 and 2017; Liquidation value of RMB263,065 and nil as of December 31, 2016 and 2017) | 197,987 | - | - | ||||||||
Series D Redeemable Convertible Preferred Shares (US$0.001 par value, 3,178,652 shares authorized, issued and outstanding as of December 31, 2016 and nil as of December 31, 2017, Redemption value of RMB495,579 and nil as of December 31, 2016 and 2017; Liquidation value of RMB655,720 and nil as of December 31, 2016 and 2017) | 438,683 | - | - | ||||||||
Series E Redeemable Convertible Preferred Shares (US$0.001 par value, 2,925,658 shares authorized, issued and outstanding as of December 31, 2016 and nil as of December 31, 2017, Redemption value of RMB598,531 and nil as of December 31, 2016 and 2017; Liquidation value of RMB839,363 and nil as of December 31, 2016 and 2017) | 532,511 | - | - | ||||||||
Redeemable non-controlling interest | 5,082 | 5,584 | 858 | ||||||||
Total mezzanine equity | 1,754,534 | 5,584 | 858 | ||||||||
Deficit: | |||||||||||
Ordinary shares (US$0.001 par value, 150,000,000 shares authorized; 7,500,000 Class A ordinary shares issued and outstanding as of December 31, 2016; nil Class B ordinary shares issed and outstanding as of December 31, 2016; 19,068,224 Class A ordinary shares issued and 18,708,629 shares outstanding as of December 31, 2017; 6,571,429 Class B ordinary shares issued and outstanding as of December 31, 2017) | 47 | 167 | 25 | ||||||||
Treasury Stock | - | (42,606 | ) | (6,548 | ) | ||||||
Accumulated losses | (1,363,165 | ) | (1,432,586 | ) | (220,184 | ) | |||||
Additional paid-in capital | - | 2,763,387 | 424,725 | ||||||||
Accumulated other comprehensive loss | (87,072 | ) | (5,304 | ) | (815 | ) | |||||
Total deficit attributable to ordinary shareholders | (1,450,190 | ) | 1,283,058 | 197,203 | |||||||
Non-redeemable non-controlling interest | 2,037 | 1,754 | 270 | ||||||||
Total deficit | (1,448,153 | ) | 1,284,812 | 197,473 | |||||||
Total liabilities, mezzanine equity and deficit | 1,045,816 | 2,337,708 | 359,299 |
SECOO HOLDING LIMITED | ||||||||||||||||
Reconciliations of GAAP and Non-GAAP Results | ||||||||||||||||
(All amounts in thousands, except for share and per share data) | ||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
Net income/(loss) | 26,972 | 46,961 | 7,219 | (44,573 | ) | 133,409 | 20,503 | |||||||||
Add: | ||||||||||||||||
Share-based compensation expense | - | 40,528 | 6,229 | 249 | 46,077 | 7,082 | ||||||||||
Adjusted net income/(loss) | 26,972 | 87,489 | 13,448 | (44,324 | ) | 179,486 | 27,585 | |||||||||
Adjusted net income/(loss) per weighted average shares: | ||||||||||||||||
Basic | 3.60 | 3.42 | 0.53 | (6.16 | ) | 14.36 | 2.21 | |||||||||
Diluted | 1.29 | 3.28 | 0.50 | (6.16 | ) | 13.42 | 2.06 | |||||||||
Adjusted net income/(loss) per ADS: | ||||||||||||||||
Basic | 1.80 | 1.71 | 0.26 | (3.08 | ) | 7.18 | 1.10 | |||||||||
Diluted | 0.64 | 1.64 | 0.25 | (3.08 | ) | 6.71 | 1.03 | |||||||||
Weighted average number of shares outstanding used in computing the adjusted net income/(loss) per share | ||||||||||||||||
— Basic | 7,500,000 | 25,565,681 | 25,565,681 | 7,189,933 | 12,500,821 | 12,500,821 | ||||||||||
— Diluted | 20,970,594 | 26,696,230 | 26,696,230 | 7,189,933 | 13,375,992 | 13,375,992 | ||||||||||