SHANGHAI, May 21, 2020 /PRNewswire/ --111, Inc. ("111" or
the "Company") (NASDAQ: YI), a Company dedicated to digitally
connecting patients with drugs and healthcare services in
China, today announced its
unaudited financial results for the first quarter ended
March 31, 2020.
First Quarter 2020 Highlights
(in comparison to the same period of last year)
- Net revenues were RMB1.58
billion (US$222.5 million),
representing an increase of 140.3% year-over-year.
- Operating expenses[1] were RMB201.3 million (US$28.4
million), representing an increase of 44.0% year-over-year.
Operating expenses accounted for 12.8% of net revenue this quarter
as compared to 21.5% in the same quarter of last year.
- Number of pharmacies served increased to more than
260,000 as of March 31, 2020,
compared to more than 170,000 pharmacies as of March 31, 2019.
- Quarterly pharmacy order numbers reached 419,000,
representing an increase of 196.4% year-over-year.
[1] Operating expense consists of
fulfillment expenses, selling and marketing expenses, general and
administrative expenses, technology expenses and other operating
(expenses) income.
"2020 was off to a very strong start as we sustained our
tremendous momentum from last year and delivered net revenue of
RMB1.58 billion in the first quarter,
or 140.3% growth year over year," said Mr. Junling Liu,
Co-Founder, Chairman, and Chief Executive Officer of 111. He
commented, "In spite of the challenges, uncertainties and
disruptions caused by an unprecedented global pandemic, we
continued to deliver robust performance, driven by exceptional
revenue growth across all of our business segments. The
year-over-year revenue growth of the B2B segment, which primarily
represents pharmacy orders, was 178.4%. Revenue from our B2C
segment increased 17.5% year over year, while revenues from the
E-Channel[2] segment grew by 229.7% in the first
quarter. In addition, the increasing operating leverage from our
expanding business scale and heightening cost management
contributed to the substantial increase of 163.3% in gross
profit[3], and further improvement of gross margin."
"As we entered 2020, we have laid down a growth strategy with
four facets to deliver long-term success: 1) Capitalize on the
enormous market opportunities from building the largest virtual
pharmacy network in China; 2)
build an omni-channel drug commercialization capability to
establish 111 as a partner of choice for pharmaceutical companies;
3) strengthen our healthcare ecosystem by enabling key stakeholders
via cloud-based solutions to increase stickiness, raise the
barriers to entry, and generate diversified revenue sources; 4)
enhance our smart technology and integrated online-offline
infrastructures to deliver best-in-class supply chain management
services to our customers."
"We have made significant progress in executing our growth
strategies and strengthening our market position. As of
March 31, 2020, our virtual pharmacy
network had expanded to cover more than 260,000 drugstores in
China, equivalent to over 50% of
the total market. We have established direct purchasing
relationships with over 200 pharmaceutical companies. With many
consumers having trouble finding popular items elsewhere, our
ability to source a large variety of healthcare products
contributed to an uptick in registered users of and traffic to our
B2C platform."
"Investment in leadership and top talent is pivotal to
accelerating the advancement of our drug commercialization
platform. I am pleased to announce that Mr. Anfeng Guo joined
111 on May 1, 2020 as Chief
Innovation Officer to oversee the operations and innovation of our
omni-channel drug commercialization platform. Anfeng is a veteran
of China's pharmaceutical industry
who brings us over 20 years of experience working in world-leading
pharmaceutical companies such as Pfizer, Bayer, AstraZeneca and
Bristol Myers Squibb. We are confident that he will further
strengthen our capabilities, particularly the development of an
efficient and effective omni-channel drug commercialization
platform as we usher in a new era in healthcare."
Mr. Liu concluded, "We are proud of our accomplishments, and the
consecutive quarterly growth demonstrates our commitment and
ability to build a sustainable and profitable long-term business.
We believe the large population base in the tier 3 to 6 cities as
well as the growing needs of the millions and millions of Chinese
people living with chronic diseases offer tremendous market
potential. And we are capturing this opportunity by executing our
mission to connect patients with drugs and healthcare services
through a technology-empowered and integrated online and offline
healthcare platform. The Company remains laser-focused on
maximizing value for our customers, partners and shareholders
through innovation, operational excellence, continued execution of
our growth strategies."
[2] E-Channel segment consists of revenue
from product sales to e-commerce companies, such as Ali Health, JD
Health, Ping An Good Doctor and etc.
Historically, revenue from these sources had been included in the
B2C segment and generally accounted for between 15-20% of the
revenue in the B2C segment. In the first quarter 2020, this segment
grew by an unprecedented 229.7% over same period last year. The
growth in the E-Channel segment attributed to the overall increase
in e-commerce traffic during the nationwide lockdown. And
previous period has been restated to conform to the current period
reportable segments presentation.
[3] Gross Profit represents net revenue
minus cost of products sold. 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.
Share Repurchase Program
Underscoring the confidence in the Company's prospects, the
Board approved a share repurchase program of up to US$10 million on August
14, 2019. As of March 31,
2020, the Company had repurchased 998,810 ADSs for a total
consideration of US$4.9 million.
Lead in COVID-19 Relief Efforts
- Free online consultation service to Chinese nationals
living and working abroad through 111's Internet hospital since
March 17, 2020.
- Overseas Direct Delivery ("ODD") service to address the
critical global shortage of personal protective equipment since
March 27, 2020. The service provides
direct delivery of masks, disposable gloves, protective gowns and
other equipment that are in high demand. This service covers over
200 countries across five continents, including hardest hit
countries such as the United
States, Italy, Spain and Japan.
First Quarter 2020 Financial Results
Net revenues were RMB1.58
billion (US$222.5 million),
representing an increase of 140.3% from RMB655.6
million in the same quarter of last year. Our revenues
breakdown was as follows:
|
For the three months
ended March 31,
|
2019
|
2020
|
YoY
|
Product
Revenues
|
|
|
|
B2B
|
459,520
|
1,279,422
|
178.4%
|
B2C
|
162,243
|
190,684
|
17.5%
|
E-Channel
|
30,041
|
99,028
|
229.7%
|
|
|
|
|
Sub-Total
|
651,804
|
1,569,134
|
140.7%
|
|
|
|
|
Service
Revenue
|
3,797
|
6,534
|
72.1%
|
|
|
|
|
Total.
|
655,601
|
1,575,668
|
140.3%
|
Operating costs and expenses were RMB1.69
billion (US$238.8 million),
representing an increase of 121.7% from RMB762.1
million in the same quarter of last year.
- Cost of products sold was RMB1.49
billion (US$210.2 million),
representing an increase of 139.1% from RMB622.3
million in the same quarter of last year. The increase was
primarily due to our rapid revenue growth in B2B business, which
increased by 178.4% as compared to same quarter last year.
- Fulfillment expenses were RMB55.6
million (US$7.9 million),
representing an increase of 161.6% from RMB21.3
million in the same quarter of last year. Fulfillment expenses
accounted for 3.5% of net revenues this quarter as compared to 3.2%
in the same quarter of last year.
- Selling and marketing expenses were RMB95.8
million (US$13.5 million),
representing an increase of 26.9% from RMB75.5 million in
the same quarter of last year, mainly due to increase in the number
of sales staffs and expenses associated with the expansion of the
B2B business. As a percentage of net revenues, selling and
marketing expense further reduced to 6.1% in the quarter from 11.5%
in the same quarter of last year.
- General and administrative
expenses were RMB29.7 million (US$4.2 million), representing an increase of 7.7%
from RMB27.5 million in the same quarter of last year. As
a percentage of net revenues, general and administrative expense
further reduced to 1.9% in the quarter from 4.2% in the same
quarter of last year
- Technology expenses were RMB21.0
million (US$3.0 million),
representing an increase of 40.0% from RMB15.0 million in
the same quarter of last year, mainly due to our increased
investment in technology. Technology expenses accounted for 1.3% of
net revenues this quarter as compared to 2.3% in the same quarter
of last year.
The Company will continue to make infrastructure investments to
support its rapid revenue growth and expects operational efficiency
and effectiveness to continue to improve.
Loss from operations was RMB113.7
million (US$16.1 million),
compared to RMB106.5 million in the same quarter of last
year. As a percentage of net revenues, loss from operations further
decreased to 7.2% in the quarter from 16.2% in same quarter of last
year.
Non-GAAP Loss from
operations[4] was RMB98.5
million (US$13.9 million),
compared to RMB95.3 million in the same quarter of last
year. As a percentage of net revenues, Non-GAAP loss from
operations decreased to 6.3% in the quarter from 14.5% in same
quarter of last year.
Net loss attributable to ordinary
shareholders was RMB124.6 million (US$17.6 million), compared to RMB118.5
million in the same quarter of last year. As a percentage of
net revenues, net loss attributable to ordinary shareholders
decreased to 7.9% in the quarter from 18.1% in same quarter of last
year.
Non-GAAP net loss attributable to ordinary
shareholders[5] was RMB109.4
million (US$15.5 million),
compared to RMB96.3 million in the same quarter of last
year. As a percentage of net revenues, Non-GAAP net loss
attributable to ordinary shareholders decreased to 6.9% in the
quarter from 14.7% in same quarter of last year.
Loss per ADS was RMB1.52 (US$0.22), compared to RMB1.46 for the
same period of last year.
Non-GAAP Loss per
ADS[6] was RMB1.34 (US$0.19), compared to RMB1.19 for the
same period of last year.
As of March 31, 2020, the Company had cash and cash
equivalents, and restricted cash of RMB525.0
million (US$74.1 million),
compared to RMB697.7 million as of December 31,
2019.
[4] Non-GAAP loss from operations
represents loss from operations excluding share-based
compensation.
[5] Non-GAAP net loss attributable to
ordinary shareholders represents net loss attributable to ordinary
shareholders excluding share-based compensation and impairment loss
of long-term investment.
[6] Non-GAAP loss per ADS represents loss
per ADS excluding share-based compensation and impairment loss of
long-term investment per ADS.
Business Outlook
For the second quarter of 2020, the Company expects its total
net revenues to be between RMB1.55
billion and RMB1.68 billion,
representing a year-over-year growth of approximately 85% to
100%.
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 changes.
Conference Call
111's management team will host an earnings conference call at
7:30 AM U.S. Eastern Time on
Thursday, May 21, 2020 (7:30 PM Beijing Time on May 21, 2020).
Details for the conference call are as follows:
Event
Title: 111,
Inc. First Quarter 2020 Earnings Conference Call
Registration
Link:
http://apac.directeventreg.com/registration/event/1829069
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
29, 2020, 09:59 P.M. ET
on:
United
States:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
1829069
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of 111's website at
http://ir.111.com.cn/.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP loss from operations, non-GAAP net loss attributable to
ordinary shareholders, and non-GAAP loss per ADS, non-GAAP
measures, as supplemental measures to review and assess its
operating performance. The Company defines non-GAAP loss from
operations as loss from operations excluding share-based
compensation expenses. The Company defines non-GAAP net loss
attributable to ordinary shareholders as net loss attributable to
ordinary shareholders excluding share-based compensation expenses
and impairment loss of long-term investment. The Company defines
non-GAAP loss per ADS as loss per ADS excluding share-based
compensation expenses and impairment loss of long-term investment
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 loss from operations,
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 loss from operations and net loss.
Share-based compensation is a non-cash expense that varies from
period to period. Impairment loss of long-term investment is a
non-cash, non-recurring expense that occurred in this period. As a
result, management excludes these two items from its internal
operating forecasts and models. Management believes that this
adjustment for share-based compensation expenses and impairment
loss of long-term investment provides investors with a basis to
measure the company's core performance, including compared with the
performance of other companies, without the period-to-period
variability created by share-based compensation expenses and
impairment loss of long-term investment. The Company believes that
non-GAAP loss from operations, 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 loss from operations, 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 nearest 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 RMB7.0808 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,
2020.
Safe Harbor Statement
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 Company
dedicated to digitally connecting patients with drugs and
healthcare services in China. The
Company provides hundreds of millions of consumers with better
access to pharmaceutical products and medical services directly
through its online retail pharmacy and indirectly through its
offline pharmacy network. 111 also offers online medical services
through its internet hospital, 1 Clinic, which provides consumers
with cost-effective and convenient online consultation and
electronic prescription services. In addition to providing direct
services to consumers through its online retail pharmacy, 111 also
enables offline pharmacies to better serve their customers.
The Company's online wholesale pharmacy, 1 Drug Mall, serves as a
one-stop shop for pharmacies to source a vast selection of
pharmaceutical products. The Company's New Retail platform, by
integrating the front and back ends of the pharmaceutical supply
chain, has formed a smart supply chain, which transforms the flow
of pharmaceutical products to pharmacies and modernizes how they
serve their customers.
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)
GCM Strategic Communications
IR Counsel
Email: 111.ir@gcm.international
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
As
of
|
|
December 31,
2019
|
March 31,
2020
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
581,281
|
490,093
|
69,214
|
Restricted
Cash
|
116,441
|
34,921
|
4,932
|
Accounts receivable,
net
|
65,247
|
76,774
|
10,843
|
Note
Receivable
|
23,587
|
18,715
|
2,643
|
Inventories
|
486,271
|
646,024
|
91,236
|
Prepayments and
other current assets
|
208,604
|
242,780
|
34,288
|
Total current
assets
|
1,481,431
|
1,509,307
|
213,156
|
Property and
equipment
|
29,836
|
28,882
|
4,079
|
Intangible
assets
|
8,022
|
8,144
|
1,150
|
Long-term
investments
|
140
|
140
|
20
|
Operating lease
right-of-use Assets
|
87,855
|
97,965
|
13,835
|
Other Non-Current
Assets
|
3,009
|
4,332
|
612
|
Total
Assets
|
1,610,293
|
1,648,770
|
232,852
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities including amounts of the consolidated VIE without
recourse to the Company
|
|
|
|
Short-term
borrowings
|
95,081
|
39,666
|
5,602
|
Accounts
payable
|
444,334
|
637,369
|
90,014
|
Accrued expense and
other current liabilities
|
234,008
|
235,786
|
33,299
|
Total Current
liabilities
|
773,423
|
912,821
|
128,915
|
Operating Lease
Liabilities
|
57,011
|
60,849
|
8,594
|
Other Non-Current
Liabilities
|
5,936
|
5,388
|
761
|
Total
Liabilities
|
836,370
|
979,058
|
138,270
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
Ordinary shares Class
A ($0.00005 par value per share; 800,000,000 and
800,000,000 shares authorized, 96,588,106 and 96,588,106 shares
issued and
92,120,024 and 92,718,782 outstanding as of December 31, 2019 and
March
31, 2020, respectively)
|
30
|
30
|
4
|
Ordinary shares Class
B ($0.00005 par value per share; 72,000,000 shares
authorized, issued and outstanding as of December 31, 2019 and
March 31,
2020
|
25
|
25
|
4
|
Treasury shares
(1,485,862 and 1,997,620 shares as of December 31, 2019
and March 31, 2020, respectively)
|
(22,991)
|
(34,972)
|
(4,939)
|
Additional paid in
capital
|
2,606,486
|
2,625,437
|
370,783
|
Accumulated
deficit
|
(1,883,335)
|
(2,007,947)
|
(283,576)
|
Accumulated other
Comprehensive Income
|
76,441
|
90,719
|
12,812
|
Total
shareholders' equity
|
776,656
|
673,292
|
95,088
|
Non-controlling
interest
|
(2,733)
|
(3,580)
|
(506)
|
Total
equity
|
773,923
|
669,712
|
94,582
|
Total liabilities
and equity
|
1,610,293
|
1,648,770
|
232,852
|
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
For the three
months ended March 31,
|
|
2019
|
2020
|
|
RMB
|
RMB
|
US$
|
Net
Revenues
|
655,601
|
1,575,668
|
222,527
|
Operating Costs
and expenses:
|
|
|
|
Cost of products
sold
|
(622,334)
|
(1,488,070)
|
(210,156)
|
Fulfillment
expenses
|
(21,253)
|
(55,603)
|
(7,853)
|
Selling and marketing
expenses
|
(75,461)
|
(95,751)
|
(13,523)
|
General and
administrative expenses
|
(27,534)
|
(29,656)
|
(4,188)
|
Technology
expenses
|
(15,030)
|
(21,037)
|
(2,971)
|
Other operating
(expenses) income, net
|
(496)
|
754
|
106
|
Total Operating
costs and expenses
|
(762,108)
|
(1,689,363)
|
(238,585)
|
Loss from
operations
|
(106,507)
|
(113,695)
|
(16,058)
|
Interest
income
|
1,941
|
288
|
41
|
Interest
expense
|
(279)
|
(1,604)
|
(227)
|
Foreign exchange
loss
|
(2,845)
|
(10,996)
|
(1,553)
|
Impairment loss of
long-term investment
|
(11,000)
|
-
|
-
|
Other (loss) Income,
net
|
(213)
|
548
|
77
|
Loss before income
taxes
|
(118,903)
|
(125,459)
|
(17,720)
|
Income tax
expense
|
-
|
-
|
-
|
Net
Loss
|
(118,903)
|
(125,459)
|
(17,720)
|
Net Loss attributable
to non-controlling interest
|
413
|
847
|
120
|
Net Loss
attributable to ordinary shareholders
|
(118,490)
|
(124,612)
|
(17,600)
|
Other
comprehensive loss
|
|
|
|
Unrealized gains of
available -for-sale securities, net
of tax of nil for the period end
|
1,755
|
-
|
-
|
Realized gain of
available-for-sale debt securities,
net of tax
|
(87)
|
-
|
-
|
Foreign currency
translation adjustments
|
(22,573)
|
14,278
|
2,016
|
Comprehensive
loss
|
(139,395)
|
(110,334)
|
(15,584)
|
Loss per
share:
|
|
|
|
Basic and
diluted
|
(0.73)
|
(0.76)
|
(0.11)
|
Loss per
ADS:
|
|
|
|
Basic and
diluted
|
(1.46)
|
(1.52)
|
(0.22)
|
Weighted average
number of shares used in
computation of loss per share
|
|
|
|
Basic and
diluted
|
163,317,328
|
164,339,875
|
164,339,875
|
111,
Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
For the three
months ended March 31,
|
|
|
2019
|
|
|
2020
|
|
|
RMB
|
|
|
RMB
|
US$
|
Net cash used in
operating activities
|
|
(59,320)
|
|
|
(111,947)
|
(15,810)
|
Net cash used in
investing activities
|
|
(6,429)
|
|
|
(4,169)
|
(589)
|
Net cash provided
by (used in) financing
activities
|
|
20,799
|
|
|
(64,459)
|
(9,103)
|
Effect of exchange
rate changes on cash
and cash equivalents, and restricted cash
|
|
(17,337)
|
|
|
7,867
|
1,111
|
Net decrease in
cash and cash
equivalents, and restricted cash
|
|
(62,287)
|
|
|
(172,708)
|
(24,391)
|
Cash and cash
equivalents, and restricted
cash at the beginning of the period
|
|
853,740
|
|
|
697,722
|
98,537
|
Cash and cash
equivalents, and restricted
cash at the end of the period
|
|
791,453
|
|
|
525,014
|
74,146
|
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,
|
|
|
2019
|
2020
|
|
|
RMB
|
RMB
|
US$
|
Loss from
operations
|
|
(106,507)
|
(113,695)
|
(16,058)
|
Add: Share-based compensation
expenses
|
|
11,228
|
15,200
|
2,147
|
Non-GAAP loss from
operations
|
|
(95,279)
|
(98,495)
|
(13,911)
|
|
|
|
|
|
Net Loss attributable
to ordinary
shareholders
|
|
(118,490)
|
(124,612)
|
(17,600)
|
Add: Share-based compensation
expenses
|
|
11,228
|
15,200
|
2,147
|
Impairment loss of
long-term investment
|
|
11,000
|
-
|
-
|
Non-GAAP net Loss
attributable to ordinary
shareholders
|
|
(96,262)
|
(109,412)
|
(15,453)
|
|
|
|
|
|
Loss per
ADS:
|
|
|
|
|
Basic and
diluted
|
|
(1.46)
|
(1.52)
|
(0.22)
|
Add: Share-based compensation
expenses
and impairment loss of long-term
investment per ADS
|
|
0.27
|
0.18
|
0.03
|
Non-GAAP Loss per
ADS
|
|
(1.19)
|
(1.34)
|
(0.19)
|
View original
content:http://www.prnewswire.com/news-releases/111-inc-announces-first-quarter-2020-unaudited-financial-results-301063431.html
SOURCE 111, Inc.