UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission file number: 001-38639
111, Inc.
3-4/F, No.295 ZuChongZhi Road,
Pudong New Area
Shanghai, 201203
The 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 ☐
EXHIBIT INDEX
Signature
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.
| |
|
111, INC. |
| |
|
|
| Date: |
May 23, 2024 |
|
By: |
/s/ Junling Liu |
| |
|
|
|
Name: |
Junling Liu |
| |
|
|
|
Title: |
Chief Executive Officer |
Exhibit 99.1
111, Inc. Announces First Quarter 2024 Unaudited
Financial Results
| • | Turned to Quarterly Operational Profitability for the First Time |
| • | Operating Expenses as a Percentage of Revenues Decreased 120 Basis Points YoY to 5.8% |
| • | Achieved Positive Operating Cash Flow |
SHANGHAI, May 23, 2024 /PRNewswire/ – 111,
Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping
the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced its unaudited financial
results for the first quarter ended March 31, 2024.
First
Quarter 2024 Highlights
| • | Net revenues were RMB3.5 billion (US$488.7 million) and Gross segment profit
(1) was RMB 208.5 million (US$ 28.9 million). Due to the sudden surge in medicine demand during the peak of the Covid-19
pandemic in Q1 2023, net revenue and gross segment profit had a 4.6% and 11.7% decrease respectively. |
| • | Total operating expenses were RMB204.8 million (US$28.4 million), an improvement
of 20.6% compared to RMB257.9 million in the same quarter of last year. As a percentage of net revenues, total
operating expenses decreased by 120 basis points to 5.8% from 7.0% in the same quarter of last year, which reflected continuous
improvement in our operation efficiency. |
| • | Income from operations was RMB3.7 million (US$0.5 million), compared to loss from operations
was RMB21.7 million in the same quarter of last year. This marks 111’s inaugural operational income on a quarterly basis. |
| • | Non-GAAP income from operations (2) was RMB8.9 million (US$1.2 million), representing
an increase of 259.2% compared to RMB2.5 million in the same quarter of last year. As a percentage of net revenues, non-GAAP
income from operations accounted for 0.3% in the quarter, an increase of 20 basis points from 0.1% in the same quarter of last year. |
| (1) | Gross segment profit represents net revenues less cost
of goods sold. |
| (2) | Non-GAAP income from operations represents income from
operations excluding share-based compensation expenses. |
Mr. Junling Liu, Co-Founder, Chairman,
and Chief Executive Officer of 111, commented, “We are delighted to start the year with a major milestone in the first quarter
of 2024 as our continuous operational enhancements empowered us to turn to operational profitability for the first time. Notably, income
from operations reached RMB3.7 million during the period, a wonderfully positive shift from an operational loss of RMB21.7 million a year
ago. This was achieved despite a decrease in first-quarter revenue because of a higher baseline set in the corresponding period of 2023
during the peak of the pandemic. Non-GAAP income from operations even more than tripled year over year to a record high of RMB8.9 million.
Our performance in the quarter validates the effectiveness of our business model as a leading tech-enabled healthcare platform company
committed to digitally empower the entire healthcare value chain as well as our growth strategies.
Mr. Liu added, “We successfully
elevated our operational efficiency after disciplined expense optimization across the whole organization. Our operating expenses as a
percentage of net revenues decreased 120 basis points to 5.8%, while the ratio for non-GAAP operating expenses fell 60 basis points to
5.7%, reflecting our efforts for prudent resource management in the pursuit of sustainable growth. We anticipate the possibility of further
operating cost reductions and higher efficiency as we scale up our business and refine operations. Our ambition is to stand out as the
pinnacle of efficiency in the pharmaceutical e-commerce realm, and we strive to amplify our operational effectiveness to sharpen our competitive
edge.”
“Furthermore, our investments in technology empowerment effectively
drove up operational efficiency and customer engagement. We also made novel supply chain advancement that will unlock new growth opportunities,
highlighted by our launch of a new delivery and transit model for streamlining logistics and saving fulfilment costs. Our pioneering role
in digital commerce transformation and commitment to innovative excellence has also been recognized as we obtained significant accolades
and a new patent from government agencies and professional institutions.”
“Looking ahead, we will remain dedicated to delivering one-stop
shopping experiences supported by the most comprehensive and cost-effective product portfolio. With our internal 100% digital operating
system at our core, we've attained unmatched operational efficiency within the industry. We are well positioned to empower both upstream
and downstream customers to improve efficiency for the entire industry and reshape the traditional value chain. Our focus on strengthened
partnership with pharmaceutical companies, strategic investments in operational efficiency, as well as relentless commitment to digitalization
and AI innovation will enable us to capture greater market share and growth for higher revenue and profit levels. We are confident that
these initiatives will solidify our leadership in the market, and we look forward to continuously generating value to our shareholders,
customers, and stakeholders in the quarters ahead.”
First
Quarter 2024 Financial Results
Net
revenues were RMB3.5 billion (US$488.7 million), representing a decrease of 4.6% from RMB3.7 billion in the
same quarter of last year.
(In
thousands RMB) |
|
For the three months ended March 31,
|
| | |
2023 | |
2024 | |
YoY |
| B2B Net Revenue | |
| | | |
| | | |
| | |
| Product | |
| 3,562,682 | | |
| 3,431,172 | | |
| -3.7 | % |
| Service | |
| 21,141 | | |
| 20,837 | | |
| -1.4 | % |
| | |
| | | |
| | | |
| | |
| Sub-Total | |
| 3,583,823 | | |
| 3,452,009 | | |
| -3.7 | % |
| | |
| | | |
| | | |
| | |
| Cost of Products Sold(3) | |
| 3,372,828 | | |
| 3,261,103 | | |
| -3.3 | % |
| | |
| | | |
| | | |
| | |
| Segment Profit | |
| 210,995 | | |
| 190,906 | | |
| -9.5 | % |
| Segment Profit % | |
| 5.9 | % | |
| 5.5 | % | |
| | |
| | |
| | | |
| | | |
| | |
(In
thousands RMB) |
|
For the three months ended March 31,
|
| | |
2023 | |
2024 | |
YoY |
| B2C Net Revenue | |
| | | |
| | | |
| | |
| Product | |
| 106,608 | | |
| 72,206 | | |
| -32.3 | % |
| Service | |
| 6,330 | | |
| 4,214 | | |
| -33.4 | % |
| | |
| | | |
| | | |
| | |
| Sub-Total | |
| 112,938 | | |
| 76,420 | | |
| -32.3 | % |
| | |
| | | |
| | | |
| | |
| Cost of Products Sold | |
| 87,720 | | |
| 58,793 | | |
| -33.0 | % |
| | |
| | | |
| | | |
| | |
| Segment Profit | |
| 25,218 | | |
| 17,627 | | |
| -30.1 | % |
| Segment Profit % | |
| 22.3 | % | |
| 23.1 | % | |
| | |
| | |
| | | |
| | | |
| | |
(3)
For segment reporting purposes, purchase rebates are allocated to the B2B segment and B2C segments primarily based on the amount of cost
of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as
shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which
are recorded in the fulfillment expenses. Cost of service revenue is recorded in the operating expense.
Operating
costs and expenses were RMB3.5 billion (US$488.2 million), representing a decrease of 5.2% from RMB3.7
billion in the same quarter of last year.
| • | Cost
of products sold was RMB3.3
billion (US$459.8 million), representing a decrease of 4.1% from RMB3.5 billion in the
same quarter of last year.
|
| • | Fulfillment expenses were RMB88.5
million (US$12.3 million), representing a decrease of 13.8% from RMB102.7 million in the same quarter of last year. Fulfillment
expenses accounted for 2.5% of net revenues this quarter as compared to 2.8% in the same quarter of last year. |
| • | Selling and marketing expenses were RMB80.4
million (US$11.1 million), representing a decrease of 10.0% from RMB89.2 million in
the same quarter of last year. Excluding the share-based compensation expenses of RMB1.9 million for the quarter and RMB1.1 million for
the same quarter last year, respectively, selling and marketing expenses as a percentage of net revenues, accounted for 2.2% in the quarter
as compared to 2.4% in the same quarter of last year. |
| • | General and administrative expenses were RMB19.1
million (US$2.6 million), representing a decrease of 53.8% from RMB41.3 million in the same quarter of last year. Excluding
the share-based compensation expenses of RMB2.1 million for the quarter and RMB19.0 million for the same quarter last year, respectively,
general and administrative expenses as a percentage of net revenues, accounted for 0.5% in the quarter as compared to 0.6% in the same
quarter of last year. |
| • | Technology expenses were RMB18.3
million (US$2.5 million), representing a decrease of 27.7% from RMB25.3 million in the
same quarter of last year. Excluding the share-based compensation expenses of RMB1.2 million for the quarter
and RMB4.1 million for the same quarter last year, respectively, Technology expenses as a percentage of net revenues, accounted for 0.5%
in the quarter as compared to 0.6% in the same quarter of last year. |
Income
from operations was RMB3.7 million (US$0.5
million), compared to loss from operations was RMB21.7 million in the same quarter of last year.
Non-GAAP
income from operations was RMB8.9 million (US$1.2 million), compared to RMB2.5
million in the same quarter of last year. As a percentage of net revenues, non-GAAP income from operations
accounted for 0.3% in the quarter as compared to 0.1% in the same quarter of last year.
Net
loss was RMB2.7 million (US$0.4 million), compared to RMB19.4 million in the same quarter of last year. As a percentage
of net revenues, net loss decreased to 0.1% in the quarter from 0.5% in same quarter of last year.
Non-GAAP
net income (4) was RMB2.5 million (US$0.3 million), compared to RMB4.9 million in the same quarter
of last year. As a percentage of net revenues, non-GAAP net income accounted for 0.1% in the quarter, which was same as last year.
Net
loss attributable to ordinary shareholders was RMB13.8 million (US$1.9 million), compared to RMB31.8 million in
the same quarter of last year. As a percentage of net revenues, net loss attributable to ordinary shareholders decreased to 0.4%
in the quarter from 0.9% in same quarter of last year.
Non-GAAP
net loss attributable to ordinary shareholders (5) was RMB8.6 million (US$1.2 million), compared to RMB7.6 million in the
same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders accounted for 0.2%
in the quarter, which was same as last year.
(4)
Non-GAAP net income represents net income excluding share-based compensation expenses, net of tax. Considering the impact of accretion
of redeemable non-controlling interest for the first quarter 2024, non-GAAP net income is used as a more meaningful measurement of the
operation performance of the Company.
(5)
Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based
compensation expenses, net of tax.
As of March 31, 2024,
the Company had cash and cash equivalents, restricted cash and short-term investments of RMB627.3 million (US$86.9 million), compared
to RMB673.7 million as of December 31, 2023. To this date, the Company has a total outstanding amount of RMB1.1 billion, which has been
included in the balances of redeemable non-controlling interests and accrued expenses and other current liabilities, owed to a group of
investors of 1 Pharmacy Technology pursuant to their equity investments made in 2020 as previously disclosed. 111 has received redemption
requests from certain of such investors for a total redemption amount of RMB0.2 billion in accordance with the terms of their initial
investments in 1 Pharmacy Technology. Furthermore, the Company has entered
into written agreements
and/or commitment letters with investors representing the majority of the total carrying amounts. For more information about the terms
of 111’s arrangements with these investors, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and
Capital Resources” in the Company’s annual report for the fiscal year ended December 31, 2023.
Conference Call
111's management team will host an earnings conference
call at 7:30 AM U.S. Eastern Time on Thursday, May 23, 2024 (7:30 PM Beijing Time on the same day).
Details for the conference call are as follows:
Event Title: 111, Inc. First Quarter 2024 Unaudited
Financial Results
Registration Link: https://s1.c-conf.com/diamondpass/10038645-oelc5s.html
All participants must use the link provided above
to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of
participant dial-in numbers, the Direct Event passcode, and a unique Registration ID, which can be used to join the conference call.
Please dial in 15 minutes before the call is scheduled
to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call.
A telephone replay of the call will be available
after the conclusion of the conference call until May 30, 2024 on:
China: 4001 209 216
United States: +1 855 883 1031
International: +61 7 3107 6325
Conference ID: 10038645
A live and archived webcast of the conference call will be available
on the website at https://edge.media-server.com/mmc/p/83ojreww.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers
and uses non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss
per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income from operations
as income (loss) from operations excluding share-based compensation expenses. The Company defines non-GAAP net income as net loss excluding
share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss
attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS
as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. 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.
The Company believes that non-GAAP income from
operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying
trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income (loss) from operations
and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes
the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses
provide investors with a reasonable basis to measure the company's core operating performance, in a more meaningful comparison with the
performance of other companies. The Company believes that non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable
to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding
of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their
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 income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders,
or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company's operations. Further, the
non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore
their comparability may be limited.
The Company compensates for these limitations by
reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating
the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial
measure.
Reconciliation of the non-GAAP financial measures
to the most comparable U.S. GAAP measures is included at the end of this press release.
Exchange Rate Information Statement
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 RMB7.2203 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 March 31, 2024.
Forward-Looking Statements
This press release contains forward-looking statements.
These statements constitute "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," "confident" and similar statements. Among
other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans,
contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities
and Exchange Commission, 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. 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, all of which
are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties
and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory
requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth
of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks
associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain
listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria.
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. All information provided
in this press release is as of the date of this press release, and 111 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 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the
"Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly
through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online
healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation,
electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop
shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables
offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization
platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing
monitoring.
For more information on 111, please visit: http://ir.111.com.cn/.
For
more information, please contact:
111,
Inc.
Investor
Relations
Email:
ir@111.com.cn
111,
Inc.
Media
Relations
Email:
press@111.com.cn
Phone:
+86-021-2053 6666 (China)
111, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) |
| | |
As of | |
As of |
| | |
December 31, 2023 | |
March 31, 2024 |
| | |
RMB | |
RMB | |
US$ |
| ASSETS | |
| |
| |
|
| Current Assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 603,523 | | |
| 584,391 | | |
| 80,937 | |
| Restricted cash | |
| 20,025 | | |
| 22,938 | | |
| 3,177 | |
| Short-term investments | |
| 50,143 | | |
| 20,000 | | |
| 2,770 | |
| Accounts receivable, net | |
| 536,823 | | |
| 468,962 | | |
| 64,950 | |
| Notes Receivable | |
| 77,598 | | |
| 66,056 | | |
| 9,149 | |
| Inventories | |
| 1,419,396 | | |
| 1,432,778 | | |
| 198,437 | |
| Prepayments and other current assets | |
| 225,823 | | |
| 190,385 | | |
| 26,368 | |
| Total current assets | |
| 2,933,331 | | |
| 2,785,510 | | |
| 385,788 | |
| Property and equipment, net | |
| 34,340 | | |
| 30,959 | | |
| 4,288 | |
| Intangible assets, net | |
| 2,256 | | |
| 2,052 | | |
| 284 | |
| Long-term investments | |
| 2,000 | | |
| 2,000 | | |
| 277 | |
| Other non-current assets | |
| 13,310 | | |
| 13,160 | | |
| 1,823 | |
| Operating lease right-of-use asset | |
| 103,799 | | |
| 90,892 | | |
| 12,588 | |
| Total Assets | |
| 3,089,036 | | |
| 2,924,573 | | |
| 405,048 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT | |
| | | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | | |
| | |
| Short-term borrowings | |
| 338,075 | | |
| 206,990 | | |
| 28,668 | |
| Accounts payable | |
| 1,588,693 | | |
| 1,641,885 | | |
| 227,398 | |
| Accrued expense and other current liabilities | |
| 818,295 | | |
| 735,523 | | |
| 101,869 | |
| Total Current liabilities | |
| 2,745,063 | | |
| 2,584,398 | | |
| 357,935 | |
| Long-term operating lease liabilities | |
| 62,624 | | |
| 54,671 | | |
| 7,572 | |
| Other non-current liabilities | |
| 5,245 | | |
| 6,147 | | |
| 850 | |
| Total Liabilities | |
| 2,812,932 | | |
| 2,645,216 | | |
| 366,357 | |
| | |
| | | |
| | | |
| | |
| MEZZANINE EQUITY | |
| | | |
| | | |
| | |
| Redeemable non-controlling interests | |
| 870,825 | | |
| 881,742 | | |
| 122,120 | |
| | |
| | | |
| | | |
| | |
| SHAREHOLDERS' DEFICIT | |
| | | |
| | | |
| | |
| Ordinary shares Class A | |
| 32 | | |
| 32 | | |
| 5 | |
| Ordinary shares Class B | |
| 25 | | |
| 25 | | |
| 3 | |
| Treasury shares | |
| (5,887 | ) | |
| (5,887 | ) | |
| (815 | ) |
| Additional paid-in capital | |
| 3,169,114 | | |
| 3,174,290 | | |
| 439,634 | |
| Accumulated deficit | |
| (3,819,249 | ) | |
| (3,833,024 | ) | |
| (530,868 | ) |
| Accumulated other comprehensive income | |
| 72,514 | | |
| 73,277 | | |
| 10,149 | |
| Total shareholders' deficit | |
| (583,451 | ) | |
| (591,287 | ) | |
| (81,892 | ) |
| Non-controlling interest | |
| (11,270 | ) | |
| (11,098 | ) | |
| (1,537 | ) |
| Total Deficit | |
| (594,721 | ) | |
| (602,385 | ) | |
| (83,429 | ) |
| Total liabilities, mezzanine equity and deficit | |
| 3,089,036 | | |
| 2,924,573 | | |
| 405,048 | |
111, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(In thousands, except for
share and per share data)
| | |
For
the three months ended March 31, |
| | |
2023 | |
2024 |
| | |
RMB | |
RMB | |
US$ |
| Net Revenues | |
| 3,696,761 | | |
| 3,528,429 | | |
| 488,682 | |
| Operating Costs and expenses: | |
| | | |
| | | |
| | |
| Cost of products sold | |
| (3,460,548 | ) | |
| (3,319,896 | ) | |
| (459,800 | ) |
| Fulfillment expenses | |
| (102,650 | ) | |
| (88,523 | ) | |
| (12,260 | ) |
| Selling and marketing expenses | |
| (89,240 | ) | |
| (80,360 | ) | |
| (11,130 | ) |
| General and administrative expenses | |
| (41,317 | ) | |
| (19,074 | ) | |
| (2,642 | ) |
| Technology expenses | |
| (25,316 | ) | |
| (18,309 | ) | |
| (2,536 | ) |
| Other operating income, net | |
| 578 | | |
| 1,457 | | |
| 202 | |
| Total Operating costs and expenses | |
| (3,718,493 | ) | |
| (3,524,705 | ) | |
| (488,166 | ) |
| (Loss) Income from operations | |
| (21,732 | ) | |
| 3,724 | | |
| 516 | |
| Interest income | |
| 1,949 | | |
| 1,966 | | |
| 272 | |
| Interest expense | |
| (4,272 | ) | |
| (7,982 | ) | |
| (1,106 | ) |
| Foreign exchange loss (gain) | |
| 1,634 | | |
| (219 | ) | |
| (30 | ) |
| Other Income (loss), net | |
| 3,064 | | |
| (123 | ) | |
| (17 | ) |
| Loss before income taxes | |
| (19,357 | ) | |
| (2,634 | ) | |
| (365 | ) |
| Income tax expense | |
| - | | |
| (51 | ) | |
| (7 | ) |
| Net Loss | |
| (19,357 | ) | |
| (2,685 | ) | |
| (372 | ) |
| Net Loss attributable to non-controlling interest | |
| 1,400 | | |
| (173 | ) | |
| (24 | ) |
| Net Loss attributable to redeemable non-controlling interest | |
| 1,548 | | |
| 289 | | |
| 40 | |
| Adjustment attributable to redeemable non-controlling interest | |
| (15,378 | ) | |
| (11,206 | ) | |
| (1,552 | ) |
| Net Loss attributable to ordinary shareholders | |
| (31,787 | ) | |
| (13,775 | ) | |
| (1,908 | ) |
| Other comprehensive loss | |
| | | |
| | | |
| | |
| Unrealized gains of available-for-sale securities, | |
| 2,135 | | |
| (34 | ) | |
| (5 | ) |
| Realized gains of available-for-sale debt securities | |
| (1,902 | ) | |
| 177 | | |
| 25 | |
| Foreign currency translation adjustments | |
| (3,113 | ) | |
| 620 | | |
| 86 | |
| Comprehensive loss | |
| (34,667 | ) | |
| (13,012 | ) | |
| (1,802 | ) |
| Loss per ADS: | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.38 | ) | |
| (0.16 | ) | |
| (0.02 | ) |
| Weighted average number of shares used in computation of loss per share | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 167,329,609 | | |
| 171,220,973 | | |
| 171,220,973 | |
111, Inc.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
| | |
For
the three months ended March 31, |
| | |
2023 | |
2024 |
| | |
RMB | |
RMB | |
US$ |
| | |
| |
| |
|
| Net cash (used in) provided by operating activities | |
| (121,328 | ) | |
| 108,438 | | |
| 15,019 | |
| Net cash (used in) provided by investing activities | |
| (53,188 | ) | |
| 29,742 | | |
| 4,119 | |
| Net cash provided by (used in) financing activities | |
| 78,497 | | |
| (155,471 | ) | |
| (21,532 | ) |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | |
| (1,491 | ) | |
| 1,072 | | |
| 148 | |
| Net decrease in cash and cash equivalents, and restricted cash | |
| (97,510 | ) | |
| (16,219 | ) | |
| (2,246 | ) |
| Cash and cash equivalents, and restricted cash at the beginning of the period | |
| 716,791 | | |
| 623,548 | | |
| 86,360 | |
| Cash and cash equivalents, and restricted cash at the end of the period | |
| 619,281 | | |
| 607,329 | | |
| 84,114 | |
111, Inc.
Unaudited Reconciliation
of GAAP and Non-GAAP Results
(In thousands,
except for share and per share data)
| | |
For
the three months ended March 31, |
| | |
2023 | |
2024 |
| | |
RMB | |
RMB | |
US$ |
| | |
| |
| |
|
| (Loss) Income from operations | |
| (21,732 | ) | |
| 3,724 | | |
| 516 | |
| Add: Share-based compensation expenses | |
| 24,208 | | |
| 5,171 | | |
| 716 | |
| Non-GAAP income from operations | |
| 2,476 | | |
| 8,895 | | |
| 1,232 | |
| | |
| | | |
| | | |
| | |
| Net Loss | |
| (19,357 | ) | |
| (2,685 | ) | |
| (372 | ) |
| Add: Share-based compensation expenses, net of tax | |
| 24,208 | | |
| 5,171 | | |
| 716 | |
| Non-GAAP net Income | |
| 4,851 | | |
| 2,486 | | |
| 344 | |
| | |
| | | |
| | | |
| | |
| Net Loss attributable to ordinary shareholders | |
| (31,787 | ) | |
| (13,775 | ) | |
| (1,908 | ) |
| Add: Share-based compensation expenses, net of tax | |
| 24,208 | | |
| 5,171 | | |
| 716 | |
| Non-GAAP net Loss attributable to ordinary shareholders | |
| (7,579 | ) | |
| (8,604 | ) | |
| (1,192 | ) |
| | |
| | | |
| | | |
| | |
| Loss per ADS(6): Basic and diluted | |
| (0.38 | ) | |
| (0.16 | ) | |
| (0.02 | ) |
| Add: Share-based compensation expenses per ADS(6), net of tax | |
| 0.28 | | |
| 0.06 | | |
| 0.00 | |
| Non-GAAP Loss per ADS(6) | |
| (0.10 | ) | |
| (0.10 | ) | |
| (0.02 | ) |
(6) Every one ADSs represent two Class A ordinary
shares.
10
111 (NASDAQ:YI)
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111 (NASDAQ:YI)
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