SHANGHAI, Aug. 20, 2021 /PRNewswire/ -- Boqii Holding
Limited ("Boqii" or the "Company") (NYSE: BQ), a leading
pet-focused platform in China,
today announced its unaudited financial results for the first
quarter of fiscal year 2022 (the quarter ended June 30, 2021).
Fiscal Q1 2022 Operational and Financial Highlights
- Total revenues were RMB321.8
million (US$49.8 million), an
increase of 35.0% from RMB238.4
million in the same quarter of fiscal year 2021.
- Net loss was RMB37.4
million (US$5.8 million),
compared to net loss of RMB42.3
million in the same quarter of fiscal year 2021.
- Adjusted net loss was RMB31.5 million (US$4.9
million), compared to adjusted net loss of RMB44.4 million in the same quarter of fiscal
year 2021.
- EBITDA[1] was a loss of RMB35.6 million (US$5.5
million), compared to a loss of RMB35.4 million in the same quarter of fiscal
year 2021.
- Total GMV[2] was RMB792.1 million (US$122.7
million), an increase of 42.9% from RMB554.5 million in the same quarter of fiscal
year 2021.
- Active buyers were 1.6 million, an increase of 27.9%
from 1.3 million in the same quarter of fiscal year 2021.
[1] EBITDA
refers to net loss excluding income tax expenses, interest expense,
interest income, depreciation and amortization expenses, but
including all the professional expenses in relation to initial
public offering in the fiscal year of 2021. EBITDA is a Non-GAAP
financial measurement. Please refer to "Non-GAAP financial
measurement".
|
[2] GMV
refers to gross merchandise volume, which is the total value of
confirmed orders placed with us and sold through distribution model
or drop shipping model where we act as a principal in the
transaction regardless of whether the products are delivered or
returned, calculated based on the listed prices of the ordered
products without taking into consideration any discounts. The total
GMV amount (i) includes GMV of products sold by Xingmu, (ii)
excludes products sold through consignment model and (iii) excludes
the value of services offered by us. GMV is subject to future
adjustments (such as refunds) and represents only one measure of
the Company's performance and should not be relied on as an
indicator of our financial results, which depend on a variety of
factors.
|
CEO & CFO Quote
Mr. Hao Liang, Boqii's Founder, Chairman and Chief Executive
Officer commented, "We delivered another strong quarter of solid
financial and operational results. Our relentless focus to expand
and optimize our portfolio offerings powered solid topline growth
and user engagement. GMV continued to see strong growth, with 42.9%
year over year increase to RMB792.1
million. Total active buyers increased by 27.9% to 1.6
million, with 11.7% year-over-year growth in average spending per
user. We are excited to see this continuous momentum of user
development and remain committed to bringing in more buyers and
retaining existing ones while growing their average spending over
time."
Ms. Yingzhi (Lisa) Tang, Boqii's
Co-Founder, Co-CEO and CFO commented: "Our strong user growth
continued to fuel topline expansion. In this quarter, total
revenues grew 35.0% year over year to RMB321.8 million, with an exceptional revenue
growth of nearly 20 times year over year from online marketing and
information services and other revenue. Meanwhile, in addition
to our topline growth, this quarter, our adjusted net loss narrowed
down to RMB31.5 million, compared to
adjusted net loss of RMB44.4 million
in the same period last year, showing improving operational
efficiency. Looking ahead, we are committed to execute on our
growth strategies with a focus on quality and improved monetization
capability, which we believe will bring long-term value to both our
users and shareholders."
Fiscal Q1 2022 Financial Results
Total revenues were RMB321.8
million (US$49.8 million),
representing an increase of 35.0% from RMB238.4 million in the same quarter of
fiscal year 2021. The increase was primarily due to the continued
organic growth of our business.
Revenues
(in million)
|
|
Three Months Ended
June 30
|
|
%
|
|
2021
|
|
2020
|
|
change
|
|
RMB
|
|
RMB
|
|
YoY
|
Product
sales
|
|
311.5
|
|
237.9
|
|
30.9
|
• Boqii
Mall
|
|
108.3
|
|
89.8
|
|
20.5
|
• Third party
e-commerce platforms
|
|
203.2
|
|
148.1
|
|
37.2
|
Online marketing and
information services and other revenue
|
|
10.3
|
|
0.5
|
|
1,944.2
|
Total
|
|
321.8
|
|
238.4
|
|
35.0
|
Gross profit was RMB56.4
million (US$8.7 million), an
increase of 30.3% from RMB43.3
million in the same quarter of fiscal year 2021.
Gross margin was 17.5%, compared with 18.1% in the
same quarter of fiscal year 2021. The decrease was mainly due to
the increased e-commerce promotions during the 618 Shopping
Festival resulting in lower price points.
Operating expenses were RMB97.9
million, an increase of 14.6% from RMB85.4 million in the same quarter of fiscal
year 2021. Operating expenses as a percentage of total revenues was
30.4%, down from 35.8% in the same quarter of fiscal year 2021.
- Fulfillment Expenses were RMB32.9
million, a decrease of 2.2% from RMB33.6 million in the same quarter of fiscal
year 2021. Fulfillment expenses as a percentage of total revenues
were 10.2%, down from 14.1% in the same quarter of fiscal year
2021. The decrease was mainly due to: (i) the improved utilization
of warehouses by adjusting inventory mix; (ii) more cost-efficient
China warehouse relocations; and
(iii) lower delivery service prices through renegotiation with
third-party delivery service providers.
- Sales and marketing expenses were RMB45.5 million, an increase of 30.2% from
RMB34.9 million in the same quarter
of fiscal year 2021. The increase was primarily due to: (i) the
increased personnel expense of RMB3.2
million and increased advertising fee of RMB4.1 million which was in line with our revenue
growth, and (ii) the increased share-based compensation expense of
RMB1.3 million. Sales and marketing
expenses as a percentage of total revenue were 14.1%, down from
14.7% in the same quarter of fiscal year 2021.
- General and administrative expenses were RMB19.6 million, an increase of 16.0% from
RMB16.9 million in the same quarter
of fiscal year 2021. The increase was primarily due to the
increased share-based compensation expense of RMB4.7 million, partially offset by the reduced
professional expense of RMB2.2
million with the Company's initial public offering in the
same quarter of fiscal year 2021. General and administrative
expenses as a percentage of total revenue were 6.1%, down from 7.1%
in the same quarter of fiscal year 2021.
Operating loss was RMB41.5
million (US$6.4 million),
compared to RMB42.1 million in the
same quarter of fiscal year 2021.
EBITDA was a loss of RMB35.6
million (US$5.5 million),
compared to a loss of RMB35.4 million
in the same quarter of fiscal year 2021.
Net loss was RMB37.4
million (US$5.8 million),
compared to net loss of RMB42.3
million in the same quarter of fiscal year 2021.
Adjusted net loss was RMB31.5 million (US$4.9 million), compared to adjusted net loss of
RMB44.4 million in the same quarter
of fiscal year 2021.
Diluted net loss per share was RMB0.52 (US$0.08),
compared to diluted net loss per share of RMB4.06 in the same quarter of fiscal year
2021.
Total cash and cash equivalents and short-term
investments were RMB415.7
million (US$64.4 million),
compared to RMB460.8 million as of
March 31, 2021.
Conference Call
Boqii's management will hold a conference call to discuss the
financial results at 8:00 AM on Friday,
August 20, 2021, U.S. Eastern Time (8:00 PM on Friday, August 20, 2021, Beijing/Hong Kong Time).
To join the conference, please dial in 15 minutes before the
conference is scheduled to begin using below numbers.
|
Phone
Number
|
International
|
1-412-317-6061
|
United
States
|
1-888-317-6003
|
Hong Kong
|
852 800
963-976
|
Mainland
China
|
86
4001-206115
|
Passcode
|
7711990
|
A replay of the conference call may be accessed by phone at the
following numbers until August 27,
2021.
|
Phone
Number
|
International
|
1-412-317-0088
|
United
States
|
1-877-344-7529
|
Replay Access
Code
|
10159611
|
A live and archived webcast of the conference call will be
available on the Company's investor relations website at
http://ir.boqii.com/.
About Boqii Holding Limited
Boqii Holding Limited (NYSE: BQ) is a leading pet-focused
platform in China. We are the
leading online destination for pet products and supplies in
China with our broad selection of
high-quality products including global leading brands, local
emerging brands, and our own private label, Yoken and Mocare,
offered at competitive prices. Our online sales platforms,
including Boqii Mall and our flagship stores on third-party
e-commerce platforms, provide customers with convenient access to a
wide selection of high-quality pet products and an engaging and
personalized shopping experience. Our Boqii Community provides an
informative and interactive content platform for users to share
their knowledge and love for pets.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. The Company may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding such risks, uncertainties or factors is
included in the Company's filings with the SEC. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any duty to update such
information, except as required under applicable law.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, namely adjusted
net loss, adjusted net loss margin, EBITDA and EBITDA margin, in
evaluating its operating results and for financial and operational
decision-making purposes. The Company defines (i) adjusted net loss
as net loss excluding fair value change of derivative liabilities
and share-based compensation expenses, (ii) adjusted net loss
margin as adjusted net loss as a percentage of total revenues,
(iii) EBITDA as net loss excluding income tax expenses, interest
expense, interest income, depreciation and amortization expenses,
(iv) EBITDA margin as EBITDA as a percentage of total revenues. The
Company believes adjusted net loss, adjusted net loss margin,
EBITDA and EBITDA margin enhance investors' overall understanding
of its financial performance and allow for greater visibility with
respect to key metrics used by its management in its financial and
operational decision-making.
These non-GAAP financial measures are not defined under U.S.
GAAP and are not presented in accordance with U.S. GAAP. As these
non-GAAP financial measures have limitations as analytical tools
and may not be calculated in the same manner by all companies, they
may not be comparable to other similarly titled measures used by
other companies. 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 reconciliation of these
non-GAAP financial measures to the most directly comparable GAAP
financial measures, please see the section of the accompanying
tables titled, "Reconciliation of GAAP and Non-GAAP Results." The
Company encourages investors and others to review its financial
information in its entirety and not rely on any single financial
measure.
Exchange Rate
This press release contains translations of certain RMB amounts
into U.S. dollars ("USD") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on
June 30, 2021 in the H.10 statistical
release of the Federal Reserve Board. The Company makes no
representation that the RMB or USD amounts referred to could be
converted into USD or RMB, as the case may be, at any particular
rate or at all.
For investor and media inquiries, please contact:
In China:
Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com
The Blueshirt Group
Ms. Susie Wang
Email: susie@blueshirtgroup.com
In the United States:
The Blueshirt Group
Ms. Julia Qian
Email: julia@blueshirtgroup.com
BOQII HOLDING
LIMITED
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands, except for share and per share data, unless otherwise
noted)
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
As
of
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
292,237
|
|
287,060
|
|
44,460
|
Short-term
investments
|
168,546
|
|
128,678
|
|
19,930
|
Accounts receivable,
net
|
45,732
|
|
74,277
|
|
11,504
|
Inventories,
net
|
91,551
|
|
105,809
|
|
16,388
|
Prepayments and other
current assets
|
85,261
|
|
74,613
|
|
11,556
|
Amounts due from
related parties
|
11,465
|
|
34,294
|
|
5,311
|
Total current
assets
|
694,792
|
|
704,731
|
|
109,149
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
8,386
|
|
8,338
|
|
1,291
|
Intangible
assets
|
29,537
|
|
28,540
|
|
4,420
|
Operating lease
right-of-use assets
|
29,234
|
|
32,805
|
|
5,081
|
Long-term
investments
|
74,330
|
|
79,232
|
|
12,271
|
Goodwill
|
40,184
|
|
40,684
|
|
6,301
|
Other non-current
asset
|
4,111
|
|
4,024
|
|
624
|
Total non-current
assets
|
185,782
|
|
193,623
|
|
29,988
|
Total
assets
|
880,574
|
|
898,354
|
|
139,137
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term
borrowings
|
85,566
|
|
103,332
|
|
16,004
|
Accounts
payable
|
71,848
|
|
114,384
|
|
17,716
|
Salary and welfare
payable
|
6,309
|
|
4,860
|
|
753
|
Accrued liabilities
and other current liabilities
|
30,055
|
|
30,096
|
|
4,661
|
Amounts due to related
parties, current
|
910
|
|
10,178
|
|
1,577
|
Contract
liabilities
|
3,866
|
|
3,474
|
|
538
|
Operating lease
liabilities, current
|
8,063
|
|
9,639
|
|
1,493
|
Derivative
liabilities
|
9,996
|
|
10,125
|
|
1,568
|
Total current
liabilities
|
216,613
|
|
286,088
|
|
44,310
|
Non-current
liabilities
|
|
|
|
|
|
Deferred tax
liabilities
|
8,958
|
|
8,711
|
|
1,349
|
Operating lease
liabilities, non-current
|
19,997
|
|
21,891
|
|
3,390
|
Long-term
borrowings
|
68,075
|
|
49,674
|
|
7,693
|
Other debts,
non-current
|
433,292
|
|
365,256
|
|
56,571
|
Total non-current
liabilities
|
530,322
|
|
445,532
|
|
69,003
|
Total
liabilities
|
746,935
|
|
731,620
|
|
113,313
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Redeemable
non-controlling interests
|
5,946
|
|
6,086
|
|
943
|
Total mezzanine
equity
|
5,946
|
|
6,086
|
|
943
|
Stockholders'
equity:
|
|
|
|
|
|
Class A ordinary
shares (US$0.001 par value; 129,500,000 shares authorized,
54,505,108 and 54,556,503 shares issued and
outstanding as of March 31
and June 30, 2021, respectively)
|
364
|
|
365
|
|
56
|
Class B ordinary
shares (US$0.001 par value; 15,000,000 shares authorized,
13,037,729 shares issued and outstanding as of March
31 and June 30,
2021, respectively)
|
82
|
|
82
|
|
13
|
Additional paid-in
capital
|
3,272,612
|
|
3,279,409
|
|
507,916
|
Statutory
reserves
|
3,047
|
|
3,117
|
|
483
|
Accumulated other
comprehensive loss
|
(20,172)
|
|
(28,884)
|
|
(4,474)
|
Accumulated
deficit
|
(2,759,882)
|
|
(2,794,987)
|
|
(432,888)
|
Receivable for
issuance of ordinary shares
|
(413,377)
|
|
(343,068)
|
|
(53,135)
|
Total Boqii
Holding Limited shareholders' equity
|
82,674
|
|
116,034
|
|
17,971
|
Non-controlling
interests
|
45,019
|
|
44,614
|
|
6,910
|
Total
shareholders' equity
|
127,693
|
|
160,648
|
|
24,881
|
Total liabilities,
mezzanine equity and shareholders' equity
|
880,574
|
|
898,354
|
|
139,137
|
|
Notes for all the
condensed consolidated financial schedules presented:
|
Note 1: The
conversion of Renminbi (RMB) into U.S. dollars (USD) is based on
the certified exchange rate of USD1.00=RMB6.4566
on June 30, 2021 published by the Federal Reserve Board.
|
BOQII HOLDING
LIMITED
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
(All amounts in
thousands, except for share and per share data, unless otherwise
noted)
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
Product
sales
|
237,932
|
|
311,493
|
|
48,244
|
Online marketing and
information services and other revenue
|
506
|
|
10,353
|
|
1,604
|
Total
revenues
|
238,438
|
|
321,846
|
|
49,848
|
Total cost of
revenue
|
(195,168)
|
|
(265,465)
|
|
(41,115)
|
Gross
profit
|
43,270
|
|
56,381
|
|
8,733
|
Operating
expenses:
|
|
|
|
|
|
Fulfillment
expenses
|
(33,632)
|
|
(32,887)
|
|
(5,094)
|
Sales and marketing
expenses
|
(34,944)
|
|
(45,485)
|
|
(7,045)
|
General and
administrative expenses
|
(16,868)
|
|
(19,571)
|
|
(3,031)
|
Other income,
net
|
47
|
|
12
|
|
2
|
Loss from
operations
|
(42,127)
|
|
(41,550)
|
|
(6,435)
|
Interest
income
|
1,716
|
|
5,187
|
|
803
|
Interest
expense
|
(7,143)
|
|
(6,062)
|
|
(939)
|
Other gain,
net
|
2,897
|
|
3,128
|
|
484
|
Fair value change of
derivative liabilities
|
2,106
|
|
162
|
|
25
|
Loss before income
tax expenses
|
(42,551)
|
|
(39,135)
|
|
(6,062)
|
Income taxes
expenses
|
309
|
|
1,009
|
|
156
|
Share of results of
equity investees
|
(57)
|
|
766
|
|
119
|
Net
loss
|
(42,299)
|
|
(37,360)
|
|
(5,787)
|
Less: Net
income/(loss) attributable to the non-controlling
interest shareholders
|
279
|
|
(2,467)
|
|
(382)
|
Net loss
attributable to Boqii Holding Limited
|
(42,578)
|
|
(34,893)
|
|
(5,405)
|
Less: Accretion on
convertible redeemable preferred shares to
redemption value
|
(35,137)
|
|
-
|
|
-
|
Less: Accretion on
redeemable non-controlling interests to
redemption value
|
-
|
|
(140)
|
|
(22)
|
Less: Deemed dividend
to preferred shareholders
|
(12,547)
|
|
-
|
|
-
|
Net
loss attributable to Boqii Holding
Limited's ordinary
shareholders
|
(90,262)
|
|
(35,033)
|
|
(5,427)
|
Net loss
|
(42,299)
|
|
(37,360)
|
|
(5,787)
|
Other comprehensive
loss:
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil tax
|
(801)
|
|
(8,712)
|
|
(1,349)
|
Unrealized securities
holding gains
|
1,195
|
|
-
|
|
-
|
Total
comprehensive loss
|
(41,905)
|
|
(46,072)
|
|
(7,136)
|
Less: Total
comprehensive income/(loss) attributable to non-
controlling interests shareholders
|
279
|
|
(2,467)
|
|
(382)
|
Total
comprehensive loss attributable to Boqii Holding
Limited
|
(42,184)
|
|
(43,605)
|
|
(6,754)
|
Net loss per share
attributable to Boqii Holding Limited's
ordinary shareholders
|
|
|
|
|
|
— basic
|
(4.06)
|
|
(0.52)
|
|
(0.08)
|
— diluted
|
(4.06)
|
|
(0.52)
|
|
(0.08)
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
— basic
|
22,238,454
|
|
67,640,952
|
|
67,640,952
|
— diluted
|
22,238,454
|
|
67,640,952
|
|
67,640,952
|
|
Notes for all the
condensed consolidated financial schedules presented:
|
Note 1: The
conversion of Renminbi (RMB) into U.S. dollars (USD) is based on
the certified exchange rate of
USD1.00=RMB6.4566 on June 30, 2021 published by the Federal Reserve
Board.
|
Boqii Holding
Limited
|
Reconciliation of GAAP and
Non-GAAP Results
|
(In
thousands)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
|
|
|
Net loss
|
(42,299)
|
|
(37,360)
|
Fair value change of
derivative liabilities
|
(2,106)
|
|
(162)
|
Share-based
compensation
|
-
|
|
5,986
|
Adjusted Net
Loss
|
(44,405)
|
|
(31,536)
|
Adjusted Net Loss
Margin
|
(18.6%)
|
|
(9.8%)
|
|
|
Three Months Ended
June 30,
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
|
|
|
Net loss
|
(42,299)
|
|
(37,360)
|
Income tax
expenses
|
(309)
|
|
(1,009)
|
Interest
expenses
|
7,143
|
|
6,062
|
Interest
income
|
(1,716)
|
|
(5,187)
|
Depreciation and
amortization
|
1,750
|
|
1,928
|
EBITDA
|
(35,431)
|
|
(35,566)
|
EBITDA
Margin
|
(14.9%)
|
|
(11.1%)
|
View original
content:https://www.prnewswire.com/news-releases/boqii-announces-fiscal-2022-first-quarter-unaudited-financial-results-301359625.html
SOURCE Boqii Holding Limited