Baozun Inc. (Nasdaq: BZUN) ("Baozun" or the "Company"), the leading
brand e-commerce service partner that helps brands execute their
e-commerce strategies in China, today announced its unaudited
financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial
Highlights
- Total net revenues were RMB1,503.1 million (US$1210.3 million),
an increase of 35.3% year-over-year. Services revenue was RMB840.8
million (US$117.6 million), an increase of 38.7%
year-over-year.
- Income from operations was RMB56.1 million (US$7.8 million), an
increase of 42.7% year-over-year. Operating margin was 3.7%,
compared with 3.5% in the same quarter of last year.
- Non-GAAP income from operations2 was RMB75.9 million (US$10.6
million), an increase of 24.1% year-over-year. Non-GAAP operating
margin was 5.1%, compared with 5.5% in the same quarter of last
year.
- Net income attributable to ordinary shareholders of Baozun Inc.
was RMB39.4 million (US$5.5 million), an increase of 32.1%
year-over-year.
- Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc.3 was RMB59.0 million (US$8.3 million), an increase of
14.6% year-over-year.
- Basic and diluted net income attributable to ordinary
shareholders of Baozun Inc. per American Depository Share (“ADS”)4
were RMB0.68 (US$0.10) and RMB0.66 (US$0.09), respectively,
compared with RMB0.52 and RMB0.50, respectively, for the same
period of 2018.
- Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS5 were RMB1.01 (US$0.14) and
RMB0.99 (US$0.14), respectively, compared with RMB0.90 and RMB0.86,
respectively, for the same period of 2018.
Third Quarter 2019 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)6 was RMB9,081.8 million,
an increase of 42.8% year-over-year.
- Distribution GMV7 was RMB739.8 million, an increase of 27.3%
year-over-year.
- Non-distribution GMV8 was RMB8,342.0 million, an increase of
44.3% year-over-year.
- Number of brand partners increased to 223 as of September 30,
2019, from 172 as of September 30, 2018.
- Number of GMV brand partners increased to 214 as of September
30, 2019, from 166 as of September 30, 2018.
“GMV during the quarter continued to grow
strongly, increasing 43% year-over-year despite the impact from
terminating our service agreement with one electronics brand and a
challenging macroeconomic environment,” commented Mr. Vincent Qiu,
Chairman and Chief Executive Officer of Baozun. “As e-commerce in
China continues to evolve and become more interactive and engaging,
we are seeing brands choose to pursue quality-conscious customers
by enhancing user engagement and offering a more refined and
customized shopping experience. We believe our core value in being
a strategic technology enabler for brand partners will continue to
create significant growth opportunities for us and build upon our
solid foundation for long-term sustainable growth.”
Mr. Robin Lu, Chief Financial Officer of Baozun
commented, “We are glad to see incremental contribution to GMV from
newly-acquired brands, and more encouragingly, we are capitalizing
on a number of emerging opportunities that will drive growth going
forward. We believe these solid results validate our strategic
decision to both optimize our brand portfolio towards
higher-quality growth and reinvest our profits to capture select
emerging opportunities. With our strategy opening up capacity and
expanding our addressable market, and strong results during Singles
Day, we currently expect GMV to grow by 45% to 50% year-over-year
for the fourth quarter of 2019. We look forward the eventual
conversion of incremental GMV growth into revenue growth over the
next few quarters as our service penetrates and new brand
partners gradually ramp up operations.”
Third Quarter 2019 Financial
Results
Total net revenues were
RMB1,503.1 million (US$210.3 million), an increase of 35.3% from
RMB1,110.8 million in the same quarter of last year.
Product sales revenue was
RMB662.3 million (US$92.7 million), an increase of 31.3% from
RMB504.5 million in the same quarter of last year. The increase was
primarily attributable to the acquisition of new brand partners,
the increased popularity of brand partners’ products, and Baozun’s
increasingly effective marketing and promotional campaigns.
Services revenue was RMB840.8
million (US$117.6 million), an increase of 38.7% from RMB606.2
million in the same quarter of last year. The increase was
primarily attributable to the rapid growth of the Company’s
consignment model and service fee model, and in particular, strong
growth in digital marketing services.
Total operating expenses were
RMB1,447.0 million (US$202.4 million), compared with RMB1,071.5
million in the same quarter of last year.
- Cost of products was RMB529.0
million (US$74.0 million), compared with RMB401.2 million in the
same quarter of last year. The increase was primarily due to higher
costs associated with an increase in product sales revenue.
- Fulfillment expenses were RMB333.4 million
(US$46.6 million), compared with RMB262.0 million in the same
quarter of last year. The increase was primarily due to an increase
in GMV contribution from the Company’s distribution and consignment
model and warehouse rental expenses, an increase in warehouse
capacity to address additional growth opportunities, which were
partially offset by efficiency improvements.
- Sales and marketing expenses were RMB443.1
million (US$62.0 million), compared with RMB301.1 million in the
same quarter of last year. The increase was in line with GMV growth
and an increase in digital marketing services, which were partially
offset by efficiency improvements.
- Technology and content expenses were RMB94.1
million (US$13.2 million), compared with RMB69.5 million in the
same quarter of last year. The increase was in line with GMV
growth, and the Company’s continuous efforts in investments in
innovation and productization.
- General and administrative expenses were
RMB51.7 million (US$7.2 million), compared with RMB41.0 million in
the same quarter of last year. The increase was primarily due to an
increase in administrative, corporate strategy, and business
planning staff.
Income from operations was
RMB56.1 million (US$7.8 million), compared with RMB39.3 million in
the same quarter of last year. Operating margin was 3.7%, compared
with 3.5% in the same quarter of last year.
Non-GAAP income from operations
was RMB75.9 million (US$10.6 million), compared with RMB61.2
million in the same quarter of last year. Non-GAAP operating margin
was 5.1%, compared with 5.5% in the same quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB39.4 million (US$5.5
million), an increase of 32.1% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB0.68 (US$0.10) and RMB0.66
(US$0.09), respectively, compared with RMB0.52 and RMB0.50,
respectively, in the same period of 2018.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB59.0
million (US$8.3 million), an increase of 14.6% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB1.01 (US$0.14) and RMB0.99 (US$0.14), respectively, compared
with RMB0.90 and RMB0.86, respectively, in the same period of
2018.
As of September 30, 2019, the Company had RMB2,154.0 million
(US$301.4 million) in cash, cash equivalents and short-term
investment, an increase from RMB513.9 million as of
December 31, 2018.
Business Outlook
The Company expects total net revenues to be
between RMB2,700 million and RMB2,750 million for the fourth
quarter of 2019, which represents a year-over-year growth rate of
23% to 25%. The Company anticipates that services revenue will grow
in-line with total net revenue on a year-over-year basis.
Conference Call
The Company will host a conference call to
discuss the earnings at 8:00 a.m. Eastern Time on Thursday,
November 21, 2019 (9:00 p.m. Beijing time on the same day).
Dial-in numbers for the live conference call are
as follows:
International |
+65-6713-5090 |
U.S. Toll Free |
+1-845-675-0437 |
Mainland China Toll Free |
400-620-8038 or 800-819-0121 |
Hong Kong |
+852-3018-6771 |
Passcode: |
9857438# |
|
|
A telephone replay of the call will be available
after the conclusion of the conference call through 08:59 p.m.
Beijing Time, November 28, 2019. |
|
|
Dial-in numbers for the replay are as follows: |
International Dial-in |
+61-2-8199-0299 |
U.S. Toll Free |
+1-855-452-5696 |
Passcode: |
9857438# |
A live and archived webcast of the conference
call will be available on the Investor Relations section of
Baozun’s website at http://ir.baozun.com/.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial
measures in evaluating its business. For example, the Company uses
non-GAAP income/(loss) from operations, non-GAAP operating margin,
non-GAAP net income/(loss), non-GAAP net margin, non-GAAP net
income (loss) attributable to ordinary shareholders of Baozun Inc.
and non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. per ADS, 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.
Non-GAAP income/(loss) from operations is income/(loss) from
operations excluding the impact of share-based compensation
expenses and amortization of intangible assets resulting from
business acquisition. Non-GAAP operating margin is non-GAAP income
from operations as a percentage of total net revenues. Non-GAAP net
income/(loss) is net income/(loss) excluding the impact of
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition. Non-GAAP net margin is
non-GAAP net income as a percentage of total net revenues.
Non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. is net income (loss) attributable to ordinary
shareholders of Baozun Inc. excluding the impact of share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition. Non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS is
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. divided by weighted average number of shares used in
calculating net income (loss) per ordinary share multiplied by
three.
The Company presents the 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. Non-GAAP income/(loss) from operations
and non-GAAP net income/(loss) enable the Company’s management to
assess the Company’s financial and operating results without
considering the impact of share-based compensation expenses and
amortization of intangible assets resulting from business
acquisition. The Company also believes that the use of the non-GAAP
measures facilitates investors’ assessment of the Company’s
financial and operating performance.
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 income/(loss)
from operations, non-GAAP net income/(loss), non-GAAP net income
(loss) attributable to ordinary shareholders of Baozun Inc., and
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. per ADS is that they do not reflect all items of income
and expense that affect the Company’s operations. Share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition have been and may continue to
be incurred in the Company’s business and is not reflected in the
presentation of non-GAAP income/(loss) from operations and non-GAAP
net income/(loss). 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 income/(loss) from operations, non-GAAP
operating margin, non-GAAP net income/(loss), non-GAAP net margin,
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. and non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. per ADS for the period should not be
considered in isolation from or as an alternative to income/(loss)
from operations, operating margin, net income/(loss), net margin,
net income (loss) attributable to ordinary shareholders of Baozun
Inc. and net income (loss) attributable to ordinary shareholders of
Baozun Inc. per ADS, 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.”
Safe Harbor Statements
This news release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in 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," "target," "going forward," "outlook" and
similar statements. For example, the Company’s statement about its
expectations for Company performance in the fourth quarter of 2019
is a forward-looking statement and is inherently uncertain. Such
statements are based upon management's current expectations and
current market and operating conditions, and relate to events that
involve known or unknown risks, uncertainties and other factors,
such as the Company’s expected growth of the online retail industry
in China, the Company’s expectations regarding demand for and
market acceptance of its products and services, the Company’s
expectations regarding its relationships with its brand partners
and e-commerce channels, and the level of consumer economic
activity in China, all of which are difficult to predict and many
of which are beyond the Company's control, which may cause the
Company's actual results, performance or achievements to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under applicable law.
About Baozun Inc.
Baozun is the leading brand e-commerce service
partner that helps brands execute their e-commerce strategies in
China by selling their goods directly to customers online or by
providing services to assist with their e-commerce operations. The
Company's integrated end-to-end brand e-commerce capabilities
encompass all aspects of the e-commerce value chain, covering IT
solutions, store operations, digital marketing, customer services,
warehousing and fulfillment.
For more information, please visit
http://ir.baozun.com
For investor and media inquiries, please
contact:
Baozun Inc.Ms. Wendy SunEmail:
ir@baozun.com
ChristensenIn ChinaMr.
Christian ArnellPhone: +86-10-5900-1548E-mail:
carnell@christensenir.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@ChristensenIR.com
1 This announcement contains translations of certain Renminbi
(RMB) amounts into U.S. dollars (US$) at a specified rate solely
for the convenience of the reader. Unless otherwise noted, the
translation of RMB into US$ has been made at RMB7.1477 to US$1.00,
the noon buying rate in effect on September 30, 2019 as set forth
in the H.10 Statistical Release of the Federal Reserve Board.
2 Non-GAAP income from operations is a non-GAAP financial
measure, which is defined as income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition.
3 Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc. is a non-GAAP financial measure, which is defined as
net income attributable to ordinary shareholders of Baozun Inc.
excluding share-based compensation expenses and amortization of
intangible assets resulting from business acquisition.
4 Each ADS represents three Class A ordinary shares.
5 Basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS are non-GAAP financial
measures, which are defined as non-GAAP net income attributable to
ordinary shareholders of Baozun Inc. divided by weighted average
number of shares used in calculating basic and diluted net income
per ordinary share multiplied by three, respectively.
6 GMV includes value added tax and excludes (i) shipping
charges, (ii) surcharges and other taxes, (iii) value of the goods
that are returned and (iv) deposits for purchases that have not
been settled.
7 Distribution GMV refers to the GMV under the distribution
business model.
8 Non-distribution GMV refers to the GMV under the service fee
business model and the consignment business model.
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands) |
|
|
|
|
|
|
|
As of |
|
December
31,2018 |
|
September 30,
2019 |
|
September 30,
2019 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
457,340 |
|
1,085,691 |
|
151,894 |
Restricted cash |
56,074 |
|
198,326 |
|
27,747 |
Short-term investment |
56,535 |
|
1,068,321 |
|
149,464 |
Accounts receivable, net |
1,547,631 |
|
1,269,283 |
|
177,579 |
Inventories |
650,348 |
|
853,805 |
|
119,452 |
Advances to suppliers |
166,076 |
|
405,632 |
|
56,750 |
Prepayments and other current assets |
286,149 |
|
264,935 |
|
37,066 |
Amounts due from related parties |
32,270 |
|
19,522 |
|
2,731 |
Total current assets |
3,252,423 |
|
5,165,515 |
|
722,683 |
Non-current assets |
|
|
|
|
|
Restricted cash |
69,441 |
|
- |
|
- |
Investments in equity investees |
33,974 |
|
40,119 |
|
5,613 |
Property and equipment, net |
402,740 |
|
412,234 |
|
57,674 |
Intangible assets, net |
132,393 |
|
147,980 |
|
20,703 |
Land use right, net |
43,593 |
|
42,823 |
|
5,991 |
Right-of-use assets1 |
- |
|
455,182 |
|
63,682 |
Goodwill |
13,158 |
|
13,158 |
|
1,841 |
Other non-current assets |
30,021 |
|
31,014 |
|
4,339 |
Deferred tax assets |
38,081 |
|
38,517 |
|
5,389 |
Total non-current
assets |
763,401 |
|
1,181,027 |
|
165,232 |
|
|
|
|
|
|
Total assets |
4,015,824 |
|
6,346,542 |
|
887,915 |
|
1 In February 2016, the FASB issued ASU 2016-02, Leases
(Topic 842), which requires lessees to recognize a right-of-use
asset and lease liability on their balance sheet for all leases.
The Company adopted this ASU on January 1, 2019 using the modified
retrospective approach and will not restate comparative
periods.
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands, except for share and
per share data) |
|
|
|
|
|
|
|
As of |
|
December
31,2018 |
|
September 30,
2019 |
|
September 30,
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term loan |
436,200 |
|
292,000 |
|
40,852 |
Accounts payable |
886,340 |
|
401,517 |
|
56,173 |
Notes payable |
26,770 |
|
503,190 |
|
70,399 |
Income tax payables |
62,764 |
|
33,499 |
|
4,687 |
Accrued expenses and other current liabilities |
322,668 |
|
336,569 |
|
47,088 |
Amounts due to related parties |
13,994 |
|
3,537 |
|
495 |
Operating lease liabilities1 |
- |
|
139,565 |
|
19,526 |
Total current liabilities |
1,748,736 |
|
1,709,877 |
|
239,220 |
|
|
|
|
|
|
Long-term loan |
68,753 |
|
1,890,559 |
|
264,499 |
Deferred tax liability |
3,319 |
|
3,026 |
|
423 |
Operating lease liabilities1 |
- |
|
322,801 |
|
45,162 |
Total non-current liabilities |
72,072 |
|
2,216,386 |
|
310,084 |
|
|
|
|
|
|
Total liabilities |
1,820,808 |
|
3,926,263 |
|
549,304 |
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares
authorized, 159,247,873 and 173,966,961 shares issued and
outstanding as of December 31, 2018 and September 30, 2019,
respectively) |
98 |
|
107 |
|
15 |
Class B ordinary shares (US$0.0001 par value; 30,000,000 shares
authorized, 13,300,738 shares issued and outstanding as of December
31, 2018 and September 30, 2019, respectively) |
8 |
|
8 |
|
1 |
Additional paid-in capital |
1,903,503 |
|
1,993,940 |
|
278,962 |
Retained earnings |
244,712 |
|
385,135 |
|
53,884 |
Accumulated other comprehensive income |
29,222 |
|
19,947 |
|
2,791 |
|
|
|
|
|
|
Total Baozun Inc. shareholders' equity |
2,177,543 |
|
2,399,137 |
|
335,653 |
|
|
|
|
|
|
Noncontrolling interests |
17,473 |
|
21,142 |
|
2,958 |
Total equity |
2,195,016 |
|
2,420,279 |
|
338,611 |
|
|
|
|
|
|
Total liabilities
and shareholders'
equity |
4,015,824 |
|
6,346,542 |
|
887,915 |
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
(In thousands, except for share and per share data and per
ADS data) |
|
|
|
For the three months ended September
30, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
Product sales |
504,534 |
|
|
662,334 |
|
|
92,664 |
|
Services |
606,227 |
|
|
840,760 |
|
|
117,627 |
|
Total net revenues |
1,110,761 |
|
|
1,503,094 |
|
|
210,291 |
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
Cost of products |
(401,222 |
) |
|
(528,975 |
) |
|
(74,006 |
) |
Fulfillment |
(262,014 |
) |
|
(333,350 |
) |
|
(46,637 |
) |
Sales and marketing (2) |
(301,082 |
) |
|
(443,097 |
) |
|
(61,992 |
) |
Technology and content |
(69,514 |
) |
|
(94,101 |
) |
|
(13,165 |
) |
General and administrative |
(41,034 |
) |
|
(51,732 |
) |
|
(7,238 |
) |
Other operating income, net |
3,399 |
|
|
4,243 |
|
|
594 |
|
Total operating expenses |
(1,071,467 |
) |
|
(1,447,012 |
) |
|
(202,444 |
) |
Income from operations |
39,294 |
|
|
56,082 |
|
|
7,847 |
|
Other income (expenses) |
|
|
|
|
|
Interest income |
2,203 |
|
|
14,444 |
|
|
2,021 |
|
Interest expense |
(1,733 |
) |
|
(16,886 |
) |
|
(2,362 |
) |
Exchange loss |
(2,133 |
) |
|
(1,257 |
) |
|
(176 |
) |
Income before income tax and share of
income (loss) in equity method investment |
37,631 |
|
|
52,383 |
|
|
7,330 |
|
Income tax expense (3) |
(7,994 |
) |
|
(13,561 |
) |
|
(1,897 |
) |
Share of income (loss) in equity method investment, net of tax of
nil |
(243 |
) |
|
146 |
|
|
20 |
|
Net income |
29,394 |
|
|
38,968 |
|
|
5,453 |
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interests |
393 |
|
|
384 |
|
|
54 |
|
Net income attributable to ordinary
shareholders of Baozun Inc. |
29,787 |
|
|
39,352 |
|
|
5,507 |
|
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
Basic |
0.17 |
|
|
0.23 |
|
|
0.03 |
|
Diluted |
0.17 |
|
|
0.22 |
|
|
0.03 |
|
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
Basic |
0.52 |
|
|
0.68 |
|
|
0.10 |
|
Diluted |
0.50 |
|
|
0.66 |
|
|
0.09 |
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
Basic |
170,940,612 |
|
|
174,343,867 |
|
|
174,343,867 |
|
Diluted |
178,862,592 |
|
|
179,098,979 |
|
|
179,098,979 |
|
|
|
|
|
|
|
Net income |
29,394 |
|
|
38,968 |
|
|
5,453 |
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
Foreign currency translation adjustment |
11,484 |
|
|
(3,081 |
) |
|
(431 |
) |
Comprehensive income |
40,878 |
|
|
35,887 |
|
|
5,022 |
|
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
|
|
For the three months ended September
30, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
Fulfillment |
1,610 |
|
2,382 |
|
333 |
Sales and marketing |
7,707 |
|
5,840 |
|
817 |
Technology and content |
3,690 |
|
2,861 |
|
400 |
General and administrative |
8,497 |
|
8,378 |
|
1,172 |
|
21,504 |
|
19,461 |
|
2,722 |
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB0.4 million for both the
three months period ended September 30, 2018 and 2019.
(3) Including income tax benefits of RMB0.1 million related to
the reversal of deferred tax liabilities, which was recognized on
business acquisition for both the three months period ended
September 30, 2018 and 2019.
|
|
Baozun Inc. |
Reconciliations of GAAP and Non-GAAP Results |
(in thousands, except for
share and per ADS data) |
|
|
|
For the three months ended September
30, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
39,294 |
|
|
56,082 |
|
|
7,847 |
|
Add: Share-based
compensation expenses |
21,504 |
|
|
19,461 |
|
|
2,722 |
|
Amortization of intangible assets resulting from business
acquisition |
391 |
|
|
391 |
|
|
55 |
|
Non-GAAP income from
operations |
61,189 |
|
|
75,934 |
|
|
10,624 |
|
|
|
|
|
|
|
Net Income |
29,394 |
|
|
38,968 |
|
|
5,453 |
|
Add: Share-based
compensation expenses |
21,504 |
|
|
19,461 |
|
|
2,722 |
|
Amortization of intangible assets resulting from business
acquisition |
391 |
|
|
391 |
|
|
55 |
|
Less: Tax effect
of amortization of intangible assets resulting from business
acquisition |
(98 |
) |
|
(98 |
) |
|
(14 |
) |
Non-GAAP net
income |
51,191 |
|
|
58,722 |
|
|
8,216 |
|
|
|
|
|
|
|
Net income attributable to
ordinary shareholders of Baozun Inc. |
29,787 |
|
|
39,352 |
|
|
5,507 |
|
Add: Share-based
compensation expenses |
21,504 |
|
|
19,461 |
|
|
2,722 |
|
Amortization of intangible assets resulting from business
acquisition |
199 |
|
|
199 |
|
|
28 |
|
Less: Tax effect
of amortization of intangible assets resulting from business
acquisition |
(50 |
) |
|
(50 |
) |
|
(7 |
) |
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. |
51,440 |
|
|
58,962 |
|
|
8,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income attributable to
ordinary shareholders of Baozun Inc. per
ADS: |
|
|
|
|
|
Basic |
0.90 |
|
|
1.01 |
|
|
0.14 |
|
Diluted |
0.86 |
|
|
0.99 |
|
|
0.14 |
|
Weighted average shares
used in calculating net income per ordinary share |
|
|
|
|
|
Basic |
170,940,612 |
|
|
174,343,867 |
|
|
174,343,867 |
|
Diluted |
178,862,592 |
|
|
179,098,979 |
|
|
179,098,979 |
|
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