MOGU Inc. (NYSE: MOGU) (“MOGU” or the “Company”), a KOL-driven
online fashion and lifestyle destination in China, today announced
its unaudited financial results for the six months ended March 31,
2024 and fiscal year 2024.
Mr. Fan Yiming, Chief Executive Officer of MOGU, commented, “In
the second half of 2024, competition in China’s online retail
industry continued to intensify. Having entered its seventh year,
the live streaming e-commerce industry is experiencing a new
lifecycle of key opinion leaders (KOLs). Major platforms are
overseeing the rise and cultivation of new KOLs, while veteran KOLs
are cycling out of mainstream prominence. With evolving dynamics
and challenges spanning the online retail industry, MOGU has also
been impacted. In the second half of fiscal year 2024, MOGU’s gross
merchandise value (GMV) decreased by 6% to RMB3.04 billion.
“To mitigate these challenges, we have been implementing a new
operational strategy that was proposed during this fiscal year to
restructure into a professional services platform. MOGU now
provides KOLs with more comprehensive services including merchant
sourcing, product promotion, and streaming assistance in an attempt
to further reduce operational costs for merchants and KOLs.
Alongside this, we are leveraging the sales expertise and service
capabilities we have accrued over the years to conduct live
streaming operations for merchants and KOL agency businesses. These
live streaming operations run across a diverse array of channels,
notably including Douyin, Kuaishou and Xiaohongshu. We believe this
segment offers great potential and will be beneficial to
diversifying our revenue structure.”
“During the second half of fiscal year of 2024, our total
revenues decreased by 34.3% to RMB77.0 million. The loss from
operations was RMB27.1 million, compared to RMB139.4 million for
the same period of fiscal year 2023. Over the past six months, we
have diligently optimized our cost structure and improved
operational efficiency, yielding positive outcomes. However,
despite these efforts, the increasing cost of acquiring new
customers and a decline in revenue prevented us from achieving our
targeted operational results. Looking ahead, we will continue to
focus on cost reduction and efficiency enhancements and continue
looking for new revenue growth opportunities. We are confident that
these measures will contribute to our overall financial resilience
and sustainable growth,” added Ms. Qi Feng, Financial
Controller.
Highlights For the Six Months Ended March 31, 2024
- Total revenues for the six months ended March 31, 2024
decreased by 34.3% to RMB77.0 million (US$10.7 million) from
RMB117.2 million during the same period of fiscal year 2023.
- Live video broadcast (“LVB”) associated GMV for
the six months ended March 31, 2024 decreased by 6.8%
period-over-period to RMB2,950 million (US$408.6 million2).
- GMV for the six months ended March 31, 2024 was RMB3,036
million (US$420.5 million), a decrease of 6.3%
period-over-period.
Financial Results For the Six Months Ended March 31,
2024
Total revenues for the six months ended March 31, 2024
decreased by 34.3% to RMB77.0 million (US$10.7 million) from
RMB117.2 million during the same period of fiscal year 2023.
- Commission revenues for the six months ended March 31,
2024 decreased by 28.6% to RMB54.1 million (US$7.5 million) from
RMB75.8 million in the same period of fiscal year 2023, primarily
attributable to the lower GMV due to the heightened competitive
environment.
- Marketing services revenues for the six months ended
March 31, 2024 decreased by 85.0% to RMB0.2 million (US$0.03
million) from RMB1.4 million in the same period of fiscal year
2023, primarily due to the challenging competitive
environment.
- Financing solutions revenues for the six months ended
March 31, 2024 decreased by 19.2% to RMB4.9 million (US$0.7
million) from RMB6.0 million in the same period of fiscal year
2023. The decrease was primarily due to the decrease in the service
fee of loans to users in line with the lower GMV.
- Technology service revenues for the six months ended
March 31, 2024 decreased by 51.6% to RMB14.9 million (US$2.1
million) from RMB30.8 million in the same period of fiscal year
2023, primarily attributable to the decrease of insurance
technology service revenue.
- Other revenues for the six months ended March 31, 2024
decreased by 7.4% to RMB2.9 million (US$0.4 million) from RMB3.2
million in the same period of fiscal year 2023.
Cost of revenues for the six months ended March 31, 2024
decreased by 23.3% to RMB41.6 million (US$5.8 million) from RMB54.2
million in the same period of fiscal year 2023, which was primarily
due to a decrease in IT-related expenses of RMB7.3 million and
decrease in payroll costs of RMB5.4 million, in line with the
overall reduction in revenue.
Sales and marketing expenses for the six months ended March 31,
2024 decreased by 14.1% to RMB30.1 million (US$4.2 million) from
RMB35.1 million in the same period of fiscal year 2023, primarily
due to a decrease in performance-related year-end bonus.
Research and development expenses for the six months ended March
31, 2024 decreased by 20.4% to RMB12.8 million (US$1.8 million)
from RMB16.1 million in the same period of fiscal year 2023,
primarily due to a decrease in performance-related year-end
bonus.
General and administrative expenses for the six months ended
March 31, 2024 decreased by 11.3% to RMB27.2 million (US$3.8
million) from RMB30.7 million in the same period of fiscal year
2023, primarily due to a decrease in performance-related year-end
bonus.
Amortization of intangible assets for the six months ended March
31, 2024 decreased by 99.8% to RMB0.08 million (US$0.01 million)
from RMB40.0 million in the same period of the fiscal year 2023,
primarily because the intangible assets recorded as a result of the
business cooperation agreement MOGU entered into with Tencent in
July 2018 had been fully amortized as of December 31, 2022.
Impairment of goodwill and intangible assets for the six months
ended March 31, 2024 decreased by 100.0% to nil from RMB84.7
million in the same period of fiscal year 2023, primarily due to
the Company’s recognition of a full impairment charge of RMB63.5
million against its remaining goodwill balance and impairments
totaling of RMB21.2 million for intangible assets which had been
recorded in connection with the acquisition of Hangzhou Ruisha
Technology Co., Ltd. (“Ruisha Technology”) in the same period of
fiscal year 2023.
Loss from operations for the six months ended March 31,
2024 was RMB27.1 million (US$3.8 million), compared to the loss
from operations of RMB139.4 million in the same period of fiscal
year 2023.
Net loss attributable to MOGU Inc. for the six months
ended March 31, 2024 was RMB23.9 million (US$3.3 million), compared
to the net loss attributable to MOGU Inc. of RMB120.5 million in
the same period of fiscal year 2023.
Adjusted EBITDA3 for the six months ended March 31, 2024
was negative RMB20.7 million (US$2.9 million), compared to negative
RMB6.8 million in the same period of fiscal year 2023.
Adjusted net loss4 for the six months ended March 31,
2024 was RMB22.3 million (US$3.1 million), compared to the adjusted
net loss of RMB46.7 million in the same period of fiscal year
2023.
Basic and diluted loss per ADS for the six months ended
March 31, 2024 were RMB2.74 (US$0.38) and RMB2.74 (US$0.38),
respectively, compared with RMB14.07 and RMB14.07, respectively, in
the same period of fiscal year 2023. One ADS represents 300 Class A
ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term
investments were RMB420.6 million (US$58.3 million) as of March
31, 2024, compared with RMB562.8 million as of March 31, 2023.
Fiscal Year 2024 Financial Results
Total revenues decreased by 30.9% to RMB160.3 million
(US$22.2 million) from RMB232.1 million in fiscal year 2023.
- Commission revenues decreased by 25.6% to RMB109.7
million (US$15.2 million) from RMB147.5 million in fiscal year
2023, primarily attributable to the lower GMV due to the heightened
competitive environment.
- Marketing services revenues decreased by 78.2% to RMB1.0
million (US$0.1 million) from RMB4.4 million in fiscal year 2023.
The decrease was primarily due to the challenging competitive
environment.
- Financing solutions revenues decreased by 20.7% to
RMB10.3 million (US$1.4 million) from RMB12.9 million in the same
period of fiscal year 2023. The decrease was primarily due to the
decrease in service fees of loans to users in line with the lower
GMV.
- Technology service revenues increased by 43.5% to
RMB33.3 million (US$4.6 million) from RMB58.9 million in the fiscal
year 2023, primarily attributable to a decrease in insurance
technology services and software services revenue due to the
challenging competitive environment.
- Other revenues decreased by 27.0% to RMB6.1 million
(US$0.8 million) from RMB8.3 million in fiscal year 2023, primarily
due to the decrease in branding services revenue.
Cost of revenues decreased by 19.9% to RMB91.2 million (US$12.6
million) from RMB113.9 million in fiscal year 2023, which was
primarily due to a decrease in IT-related expenses of RMB11.3
million, payroll cost of RMB9.9 million and payment handling costs
of RMB2.5 million, in relation to the overall reduction in
revenue.
Sales and marketing expenses decreased by 0.5% to RMB67.4
million (US$9.3 million) from RMB67.7 million in fiscal year 2023,
primarily due to a decrease in payroll cost of RMB13.2 million in
relation to the decrease of performance-related year-end bonus,
partially offset by spending on branding and user acquisition
activities of RMB12.9 million.
Research and development expenses decreased by 27.9% to RMB26.7
million (US$3.7 million) from RMB37.1 million in fiscal year 2023,
primarily due to a decrease in performance-related year-end
bonus.
General and administrative expenses decreased by 13.1% to
RMB55.1 million (US$7.6 million) from RMB63.4 million in fiscal
year 2023, primarily due to a decrease in performance-related
year-end bonus of RMB7.2 million and professional service fees of
RMB1.8 million.
Amortization of intangible assets decreased by 96.8% to RMB1.9
million (US$0.3 million) from RMB60.0 million in fiscal year 2023,
primarily because the majority of the intangible assets recorded as
a result of the business cooperation agreement MOGU entered into
with Tencent in July 2018 had been fully amortized as of December
31, 2022.
Impairment of goodwill and intangible assets for the year ended
March 31, 2024 was RMB9.9 million (US$1.4 million), compared to
RMB84.7 million in the fiscal year 2023. In fiscal year 2023, the
Company recognized a full impairment charge of RMB63.5 million
against its remaining goodwill balance and impairments totaling of
RMB21.2 million for intangible assets which had been recorded in
connection with the acquisition of Ruisha Technology. In fiscal
year 2024, the Company recognized a full impairment charge of
RMB9.9 million against its intangible assets arising from the
acquisition of Ruisha Technology. The recorded impairments resulted
from weaker-than-expected operating results which reflect an
increasingly competitive business environment and the related
limited future economic benefits expected to be generated from
these intangible assets.
Loss from operations was RMB79.2 million (US$11.0
million), compared to the loss from operations of RMB187.4 million
in fiscal year 2023.
Net loss attributable to MOGU Inc. was RMB59.3 million
(US$8.2 million), compared to the net loss attributable to MOGU
Inc. of RMB178.0 million in fiscal year 2023.
Adjusted EBITDA was negative RMB54.6 million (US$7.6
million), compared to negative RMB23.9 million in fiscal year
2023.
Adjusted net loss was RMB55.1 million (US$7.6 million),
compared to the adjusted net loss of RMB78.5 million in fiscal year
2023.
Basic and diluted loss per ADS were RMB6.85 (US$0.95) and
RMB6.85 (US$0.95) respectively, compared with RMB20.90 and
RMB20.90, respectively, in fiscal year 2023. One ADS represents 300
Class A ordinary shares.
Subsequent event
On May 14, 2024, the board of directors of the Company approved
a new share repurchase program where the Company is authorized to
repurchase up to US$8 million of its shares, effective until May
12, 2025.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP measures, such as Adjusted EBITDA and Adjusted net
income/loss as supplemental measures to review and assess 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 accounting principles generally accepted in the United States
of America (“U.S. GAAP”). The Company defines Adjusted EBITDA as
net loss before interest income, interest expense, (gain)/loss from
investments, net, income tax (benefits)/expenses, share of results
of equity investees, impairment of goodwill and intangible assets,
share-based compensation expenses, amortization of intangible
assets, and depreciation of property and equipment. The Company
defines Adjusted net loss as net loss excluding (gain)/loss from
investments, net, impairment of goodwill and intangible assets,
share-based compensation expenses, and adjustments for tax effects.
See “Unaudited Reconciliations of GAAP and Non-GAAP Results” at the
end of this press release.
The Company presents these non-GAAP financial measures because
they are used by management to evaluate operating performance and
formulate business plans. The Company believes that the non-GAAP
financial measures help identify underlying trends in its business
by excluding certain expenses, gain/loss and other items that are
not expected to result in future cash payments or that are
nonrecurring in nature or may not be indicative of the Company’s
core operating results and business outlook. The Company also
believes that the non-GAAP financial measures could provide further
information about the Company’s results of operations, enhance the
overall understanding of the Company’s past performance and future
prospects.
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. The
Company’s non-GAAP financial measures do not reflect all items of
income and expense that affect the Company’s operations and do not
represent the residual cash flow available for discretionary
expenditures. Further, these non-GAAP 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 performance
measure, all of which should be considered when evaluating
performance. The Company encourages you to review the Company’s
financial information in its entirety and not rely on a single
financial measure.
For more information on the non-GAAP financial measures, please
see the table captioned “Unaudited Reconciliations of GAAP and
Non-GAAP Results” set forth at the end of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “confident,” “potential,”
“continue” or other similar expressions. Among other things, the
business outlook and quotations from management in this
announcement, as well as MOGU’s strategic and operational plans,
contain forward-looking statements. MOGU may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), 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. Statements that are not historical
facts, including but not limited to statements about MOGU’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: MOGU’s growth strategies; the risk that
COVID-19 or other health risks in China or globally could adversely
affect its operations or financial results; its future business
development, results of operations and financial condition; its
ability to understand buyer needs and provide products and services
to attract and retain buyers; its ability to maintain and enhance
the recognition and reputation of its brand; its ability to rely on
merchants and third-party logistics service providers to provide
delivery services to buyers; its ability to maintain and improve
quality control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China’s ecommerce market; changes in its revenues and certain cost
or expense items; the expected growth of China’s ecommerce market;
PRC governmental policies and regulations relating to MOGU’s
industry, and general economic and business conditions globally and
in China and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in MOGU’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and MOGU undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
About MOGU Inc.
MOGU Inc. (NYSE: MOGU) is a KOL-driven online fashion and
lifestyle destination in China. MOGU provides people with a more
accessible and enjoyable shopping experience for everyday fashion,
particularly as they increasingly live their lives online. By
connecting merchants, KOLs and users together, MOGU’s platform
serves as a valuable marketing channel for merchants, a powerful
incubator for KOLs, and a vibrant and dynamic community for people
to discover and share the latest fashion trends with others, where
users can enjoy a truly comprehensive online shopping
experience.
MOGU INC.
Unaudited Condensed
Consolidated Balance Sheets
(All amounts in thousands,
except for share and per share data)
As of March 31,
As of March 31,
2023
2024
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
416,201
358,787
49,691
Restricted cash
810
511
71
Short-term investments
145,836
61,312
8,492
Inventories, net
144
98
14
Loan receivables, net
32,229
31,564
4,372
Prepayments, receivables and other current
assets
69,126
54,956
7,610
Amounts due from related parties
1,260
587
81
Total current assets
665,606
507,815
70,331
Non-current assets:
Property and equipment, net
194,589
299,741
41,514
Intangible assets, net
12,554
949
131
Right-of-use assets
5,441
2,576
357
Investments
69,318
81,808
11,330
Other non-current assets
63,640
45,473
6,298
Total non-current assets
345,542
430,547
59,630
Total assets
1,011,148
938,362
129,961
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
8,179
6,862
950
Salaries and welfare payable
13,550
6,936
961
Advances from customers
245
207
29
Taxes payable
11,126
1,285
178
Amounts due to related parties
4,196
5,341
740
Current portion of lease liabilities
2,654
1,888
261
Accruals and other current liabilities
295,717
299,317
41,455
Total current liabilities
335,667
321,836
44,574
Non-current liabilities:
Non-current lease liabilities
753
773
107
Deferred tax liabilities
3,369
1,299
180
Total non-current liabilities
4,122
2,072
287
Total liabilities
339,789
323,908
44,861
Shareholders’ equity
Ordinary shares
181
181
25
Treasury stock
(137,446
)
(137,446
)
(19,036
)
Statutory reserves
3,331
3,331
461
Additional paid-in capital
9,484,664
9,489,254
1,314,246
Accumulated other comprehensive income
82,396
89,567
12,405
Accumulated deficit
(8,795,764
)
(8,856,494
)
(1,226,610
)
Total MOGU Inc. shareholders’ equity
637,362
588,393
81,491
Non-controlling interests
33,997
26,061
3,609
Total shareholders’ equity
671,359
614,454
85,100
Total liabilities and shareholders’
equity
1,011,148
938,362
129,961
The financial statements as of March 31, 2023 are being revised
to correct an error related to the receipts from users, amounting
to RMB 25 million, which was previously accounted for as repayments
of loan receivables. It has been revised to record the receipts in
the accruals and other current liabilities as of March 31, 2023.
The impacts of the revision on the previously issued consolidated
financial statements are not considered material to the financial
statements taken as a whole.
MOGU INC.
Unaudited Condensed
Consolidated Statements of Operations and Comprehensive
Loss
(All amounts in thousands,
except for share and per share data)
For the six months
ended
For the years ended
March 31,
March 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Commission revenues
75,814
54,123
7,496
147,514
109,742
15,199
Marketing services revenues
1,434
215
30
4,416
961
133
Financing solutions revenues
6,017
4,864
674
12,947
10,267
1,422
Technology service revenues
30,790
14,900
2,064
58,867
33,288
4,610
Other revenues
3,175
2,940
407
8,332
6,086
843
Total revenues
117,230
77,042
10,671
232,076
160,344
22,207
Cost of revenues (exclusive of
amortization of intangible assets shown separately below)
(54,243
)
(41,589
)
(5,760
)
(113,884
)
(91,191
)
(12,629
)
Sales and marketing expenses
(35,063
)
(30,117
)
(4,171
)
(67,709
)
(67,391
)
(9,334
)
Research and development expenses
(16,146
)
(12,845
)
(1,779
)
(37,068
)
(26,724
)
(3,701
)
General and administrative expenses
(30,704
)
(27,234
)
(3,772
)
(63,445
)
(55,148
)
(7,638
)
Amortization of intangible assets
(39,970
)
(75
)
(10
)
(59,992
)
(1,901
)
(263
)
Impairment of goodwill and intangible
assets
(84,693
)
—
—
(84,693
)
(9,945
)
(1,377
)
Other income, net
4,201
7,725
1,070
7,267
12,784
1,771
Loss from operations
(139,388
)
(27,093
)
(3,751
)
(187,448
)
(79,172
)
(10,964
)
Interest income
8,376
5,577
772
17,389
12,719
1,762
Interest expense
(270
)
(191
)
(26
)
(598
)
(191
)
(26
)
Gain/(loss) from investments, net
816
(314
)
(43
)
(18,615
)
953
132
Loss before income tax and share of
results of equity investees
(130,466
)
(22,021
)
(3,048
)
(189,272
)
(65,691
)
(9,096
)
Income tax benefits/(expenses)
897
(44
)
(6
)
1,983
1,618
224
Share of results of equity investee
2,008
(2,382
)
(330
)
883
(2,886
)
(400
)
Net loss
(127,561
)
(24,447
)
(3,384
)
(186,406
)
(66,959
)
(9,272
)
Net loss attributable to non-controlling
interests
(7,015
)
(569
)
(79
)
(8,422
)
(7,674
)
(1,063
)
Net loss attributable to MOGU
Inc.
(120,546
)
(23,878
)
(3,305
)
(177,984
)
(59,285
)
(8,209
)
Net loss
(127,561
)
(24,447
)
(3,384
)
(186,406
)
(66,959
)
(9,272
)
Other comprehensive
(loss)/income:
Foreign currency translation adjustments,
net of nil tax
(4,231
)
(1,295
)
(179
)
14,264
3,675
509
Unrealized securities holding
gains/(losses), net of tax
302
1,794
248
(884
)
3,496
484
Total comprehensive loss
(131,490
)
(23,948
)
(3,315
)
(173,026
)
(59,788
)
(8,279
)
Total comprehensive loss attributable to
non-controlling interests
(7,015
)
(569
)
(79
)
(8,422
)
(7,674
)
(1,063
)
Total comprehensive loss attributable
to MOGU Inc.
(124,475
)
(23,379
)
(3,236
)
(164,604
)
(52,114
)
(7,216
)
Net loss per share attributable to
ordinary shareholders
Basic
(0.05
)
(0.01
)
(0.00
)
(0.07
)
(0.02
)
(0.00
)
Diluted
(0.05
)
(0.01
)
(0.00
)
(0.07
)
(0.02
)
(0.00
)
Net loss per ADS
Basic
(14.07
)
(2.74
)
(0.38
)
(20.90
)
(6.85
)
(0.95
)
Diluted
(14.07
)
(2.74
)
(0.38
)
(20.90
)
(6.85
)
(0.95
)
Weighted average number of shares used
in computing net loss per share
Basic
2,570,915,725
2,613,782,580
2,613,782,580
2,554,338,579
2,597,764,333
2,597,764,333
Diluted
2,570,915,725
2,613,782,580
2,613,782,580
2,554,338,579
2,597,764,333
2,597,764,333
Share-based compensation expenses
included in:
Cost of revenues
640
75
10
1,448
490
68
General and administrative expenses
2,786
1,579
219
7,855
3,342
463
Sales and marketing expenses
950
20
3
3,398
439
61
Research and development expenses
351
127
18
862
319
44
MOGU INC.
Unaudited Condensed
Consolidated Statements of Cash Flows
(All amounts in thousands,
except for share and per share data)
For the six months
ended
For the years ended
March 31,
March 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net cash provided by/(used in)
operating activities
5,930
(7,554
)
(1,046
)
(10,090
)
(40,461
)
(5,604
)
Net cash provided by/(used in)
investing activities
28,763
1,013
140
608
(19,766
)
(2,738
)
Net cash used in financing
activities
(9,092
)
—
—
(12,064
)
—
—
Effect of foreign exchange rate changes on
cash and cash equivalents and restricted cash
(2,369
)
(822
)
(114
)
(860
)
2,514
349
Net increase/(decrease) in cash and cash
equivalents and restricted cash
23,232
(7,363
)
(1,020
)
(22,406
)
(57,713
)
(7,993
)
Cash and cash equivalents and restricted
cash at beginning of period
393,779
366,661
50,782
439,417
417,011
57,755
Cash and cash equivalents and restricted
cash at end of period
417,011
359,298
49,762
417,011
359,298
49,762
MOGU INC.
Unaudited Reconciliations of
GAAP and Non-GAAP Results
(All amounts in thousands,
except for share and per share data)
For the six months
ended
For the years ended
March 31,
March 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net loss
(127,561
)
(24,447
)
(3,384
)
(186,406
)
(66,959
)
(9,272
)
Add:
Interest expense
270
191
26
598
191
26
Less:
Income tax (benefits)/expenses
(897
)
44
6
(1,983
)
(1,618
)
(224
)
Less:
Interest income
(8,376
)
(5,577
)
(772
)
(17,389
)
(12,719
)
(1,762
)
Add:
Amortization of intangible assets
39,970
75
10
59,992
1,901
263
Add:
Depreciation of property and equipment
3,244
4,562
632
5,311
8,091
1,121
EBITDA
(93,350
)
(25,152
)
(3,482
)
(139,877
)
(71,113
)
(9,848
)
Add:
Impairment of goodwill and intangible
assets
84,693
—
—
84,693
9,945
1,377
Add:
Share-based compensation expenses
4,727
1,801
250
13,563
4,590
636
Add:
Share of result of equity investees
(2,008
)
2,382
330
(883
)
2,886
400
Less:
(Gain)/Loss from investments, net
(816
)
314
43
18,615
(953
)
(132
)
Adjusted EBITDA
(6,754
)
(20,655
)
(2,859
)
(23,889
)
(54,645
)
(7,567
)
Net loss
(127,561
)
(24,447
)
(3,384
)
(186,406
)
(66,959
)
(9,272
)
Add:
(Gain)/Loss from investments, net
(816
)
314
43
18,615
(953
)
(132
)
Add:
Share-based compensation expenses
4,727
1,801
250
13,563
4,590
636
Add:
Impairment of goodwill and intangible
assets
84,693
—
—
84,693
9,945
1,377
Less:
Adjusted for tax effects
(7,713
)
—
—
(8,948
)
(1,755
)
(243
)
Adjusted net loss
(46,670
)
(22,332
)
(3,091
)
(78,483
)
(55,132
)
(7,634
)
1 GMV are to gross merchandise volume, refers to the total value
of orders placed on the MOGU platform regardless of whether the
products are sold, delivered or returned, calculated based on the
listed prices of the ordered products without taking into
consideration any discounts on the listed prices. Buyers on the
MOGU platform are not charged for separate shipping fees over the
listed price of a product. If merchants include certain shipping
fees in the listed price of a product, such shipping fees will be
included in GMV. As a prudent matter aiming at eliminating any
influence on MOGU’s GMV of irregular transactions, the Company
excludes from its calculation of GMV transactions over a certain
amount (RMB100,000) and transactions by users over a certain amount
(RMB1,000,000) per day.
2 The U.S. dollar (US$) amounts disclosed in this press release,
except for those transaction amounts that were actually settled in
U.S. dollars, are presented solely for the convenience of the
readers. The conversion of Renminbi (RMB) into US$ in this press
release is based on 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, which was RMB7.2203 to
US$1.00. The percentages stated in this press release are
calculated based on the RMB amounts.
3 Adjusted EBITDA represents net loss before (i) interest
income, interest expense, (gain)/loss from investments, net, income
tax (benefits)/expenses and share of results of equity investees,
impairment of goodwill and intangible assets and (ii) certain
non-cash expenses, consisting of share-based compensation expenses,
amortization of intangible assets, and depreciation of property and
equipment. See “Unaudited Reconciliations of GAAP and Non-GAAP
Results” at the end of this press release.
4 Adjusted net loss represents net loss excluding (i)
(gain)/loss from investments, net, (ii) share-based compensation
expenses, (iii) impairment of goodwill and intangible assets, (iv)
adjustments for tax effects. See “Unaudited Reconciliations of GAAP
and Non-GAAP Results” at the end of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240709745398/en/
For investor and media inquiries, please contact:
MOGU Inc. Ms. Qi Feng Phone: +86-571-8530-8201 E-mail:
ir@mogu.com
Christensen In China Ms. Rachel Xia Phone: +852-2232-3980
E-mail: rachel.xia@christensencomms.com
In the United States Ms. Linda Bergkamp Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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