Second Half Year Revenues
of RMB502.5 million
Full Year Revenues of RMB1,092.1
million
SHANGHAI, June 27,
2023 /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 second half of fiscal year 2023
and fiscal year ended March 31,
2023.
Operational and Financial Highlights for the
Second Half of Fiscal Year 2023:
- Total revenues were RMB502.5
million (US$73.2 million),
compared to RMB582.5 million in the
same period of fiscal year 2022.
- Loss from operations was RMB74.2
million (US$10.8 million),
compared to RMB55.7 million in the
same period of fiscal year 2022. Impairment of goodwill of
RMB40.7 million (US$5.9 million) was recorded in operating loss in
the second half of fiscal year 2023, compared to nil in the same
period of fiscal year 2022.
- Net loss was RMB76.5
million (US$11.1 million),
compared to RMB50.9 million in the
same period of fiscal year 2022.
- Non-GAAP net loss[1] was RMB42.2 million (US$6.1
million), representing a decrease of 13.7% from non-GAAP net
loss of RMB48.8 million in the same
period of fiscal year 2022.
- EBITDA[1] was a loss of
RMB70.2 million (US$10.2 million), compared to a loss of
RMB44.3 million in the same period of
fiscal year 2022.
- Total GMV[2] was
RMB1,182.1 million (US$172.1 million), compared to RMB1,422.4 million in the same period of fiscal
year 2022.
- Active buyers were 2.9 million, compared to 3.3 million
in the same period of fiscal year 2022.
Fiscal Year 2023 Operational and Financial
Highlights:
- Total revenues were RMB1,092.1
million (US$159.0 million),
compared to RMB1,186.4 million in
fiscal year 2022.
- Loss from operations was RMB103.8
million (US$15.1 million),
representing a decrease of 24.9% from RMB138.2 million in fiscal year 2022. Impairment
of goodwill of RMB40.7 million
(US$5.9 million) was recorded in
operating loss in fiscal year 2023, compared to nil in fiscal year
2022
- Net loss was RMB106.0
million (US$15.4 million),
representing a decrease of 20.2% from net loss of RMB132.8 million in fiscal year 2022.
- Non-GAAP net loss[1] was RMB70.7 million (US$10.3million), representing a decrease of 41.7%
from non-GAAP net loss of RMB121.2
million in fiscal year 2022.
- EBITDA[1] was a loss of RMB93.1 million (US$13.6million), representing a decrease of 23.2%
from a loss of RMB121.3 million in
fiscal year 2022.
- Total GMV[2] was RMB2,564.1 million (US$373.4 million), compared to RMB2,907.2 million in fiscal year 2022.
- Active buyers were 5.8 million, representing an increase
of 16.2% from 5.0 million in fiscal year 2022.
Mr. Hao Liang, Boqii's Founder, Chairman and Chief Executive
Officer commented, "Fiscal year 2023 presented numerous challenges,
yet Boqii continued to demonstrate its value proposition to pet
parents and achieved outstanding results in fiscal year 2023. Our
community was able to report a 16.2% annual growth in the number of
active buyers to 5.8 million in fiscal year 2023, compared to
fiscal year 2022. We were also able to achieve a low customer
acquisition cost of RMB3.8 per user
in the second half of fiscal year 2023. In terms of business, we
strived to learn and adapt to the market by strengthening our grip
on the supply chain, streamlining our operations and reducing our
overheads. These efforts led to a 24.9% year-on-year drop in
operating loss. In light of our improvement in operation
efficiency, we remain confident in the prospect of China's pet market and Boqii's
development."
Ms. Yingzhi (Lisa) Tang, Boqii's
Co-Founder, Co-Chief Executive Officer and Chief Financial Officer
commented, "In addition to our community and supply chain
expansion, we also made notable progress in our private label. In
fiscal year 2023, net revenues generated from sales of our private
label products increased by 19.2% year-on-year in spite of the
challenges. As we continued to refine our product portfolio,
private label gross margin increased 340 basis points year over
year to 32.8%.We have also optimized our operating expenses in
fiscal year 2023, with sales and marketing expenses and general and
administrative expenses dropping by 27.5% and 38.9% year-on-year,
respectively. Looking ahead, we will continue to expand our private
label and improve our utilization of resources, and we believe that
our efforts to improve financial performance will set us on the
right path towards achieving better valuation and shareholders'
return."
Financial Results for the Second Half of Fiscal Year
2023:
Total revenues were RMB502.5
million (US$73.2 million),
compared to RMB582.5 million in the
same period of fiscal year 2022. The decrease was primarily due to
the resurgence of Covid-19 in certain regions in China.
Revenues
(in millions, except
for percentages)
|
|
Six Months Ended
March 31,
|
|
%
|
|
2023
|
|
2022
|
|
change
|
|
RMB
|
|
RMB
|
|
YoY
|
Product
sales
|
|
479.8
|
|
559.7
|
|
(14.3 %)
|
-
Boqii Mall
|
|
195.4
|
|
217.8
|
|
(10.3 %)
|
-
Third party e-commerce
platforms
|
|
284.4
|
|
341.9
|
|
(16.8 %)
|
Online marketing and
information services and other revenue
|
|
22.7
|
|
22.8
|
|
(0.4 %)
|
Total
|
|
502.5
|
|
582.5
|
|
(13.7 %)
|
[1]Non-GAAP net
loss refers to net loss excluding fair value change of derivative
liabilities , share-based compensation expenses and impairment of
goodwill. 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. Non-GAAP net loss and EBITDA are
Non-GAAP financial measures. See the section
titled "Non-GAAP Financial Measures" for more information
about non-GAAP net loss and EBITDA.
|
[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 any discounts into
consideration. 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 the Company's financial results, which
depend on a variety of factors.
|
Gross profit was RMB109.6
million (US$16.0 million),
compared to RMB130.6 million in the
same period of fiscal year 2022.
Gross margin was 21.8 %, compared to 22.4% in the same
period of fiscal year 2022.
Operating expenses were RMB143.1
million (US$20.8 million),
representing a decrease of 23.3% from RMB186.5 million in the same period of fiscal
year 2022. Operating expenses as a percentage of total revenues
were 28.5%, down from 32.0% in the same period of fiscal year
2022.
- Fulfillment Expenses were RMB58.1
million (US$8.4 million),
representing a decrease of 18.7% from RMB71.5 million in the same period of fiscal year
2022. Fulfillment expenses as a percentage of total revenues were
11.6%, down from 12.3% in the same period of fiscal year 2022. The
decrease was mainly due to (i) the improved utilization of
warehouses by adjusting inventory mix; and (ii) reduced shipping
and handling expenses related to the utilization of small
warehouses in low-tier cities.
- Sales and marketing expenses were RMB60.5 million (US$8.8
million), representing a decrease of 25.8% from RMB81.5 million in the same period of fiscal year
2022. The decrease was primarily due to (i) the decrease in
personnel expense of RMB8.5 million
related to the optimization of our organizational structure; (ii)
the decrease in advertising expenses of RMB10.6 million, as a result of cost-saving
efforts; and (iii) the decrease in third-party platform commission
fee of RMB1.8 million, resulting from
a reduced proportion of revenues generated from third-party
e-commerce platforms. Sales and marketing expenses as a percentage
of total revenues were 12.0%, down from 14.0% in the same period of
fiscal year 2022.
- General and administrative expenses were RMB24.5 million (US$3.6
million), representing a decrease of 26.8% from RMB33.5 million in the same period of fiscal year
2022. The decrease was primarily due to (i) the decrease in
share-based compensation expenses of RMB7.2
million, resulting from the cancellation of options
corresponding to employee departures; and (ii) the decrease in
staff costs of RMB1.0 million related
to the optimization of our organizational structure. General and
administrative expenses as a percentage of total revenue were 4.9%,
down from 5.7% in the same period of fiscal year 2022.
Operating loss was RMB74.2
million (US$10.8 million),
compared to RMB55.7 million in the
same period of fiscal year 2022. Impairment of goodwill of
RMB40.7 million (US$5.9 million) was recorded in operating loss in
the second half of fiscal year 2023, compared to nil in the same
period of fiscal year 2022.
Net loss was RMB76.5
million (US$11.1 million),
compared to RMB50.9 million in the
same period of fiscal year 2022.
Non-GAAP net loss was RMB42.2 million (US$6.1
million), representing a decrease of 13.7% from non-GAAP net
loss of RMB48.8 million in the same
period of fiscal year 2022. See the section titled "Non-GAAP
Financial Measures" for more information about non-GAAP net
loss.
EBITDA was a loss of RMB70.2
million (US$10.2 million),
compared to a loss of RMB44.3 million
in the same period of fiscal year 2022. See the section titled
"Non-GAAP Financial Measures" for more information about
EBITDA.
Diluted net loss per share was RMB1.07 (US$0.16),
compared to diluted net loss per share of RMB0.73 in the same period of fiscal year
2022.
Fiscal Year 2023 Financial Results:
Total revenues were RMB1,092.1 million (US$158.4 million), compared to RMB1,186.4 million in fiscal year 2022. The
decrease was primarily due to the negative impact brought by the
outbreak and spread of Covid-19 in China.
Revenues
(in millions, except
for percentages)
|
|
|
Fiscal Year Ended
March 31,
|
|
%
|
|
2023
|
|
2022
|
|
change
|
|
RMB
|
|
RMB
|
|
YoY
|
Product
sales
|
|
1,048.5
|
|
1,137.3
|
|
(7.8 %)
|
-
Boqii Mall
|
|
434.0
|
|
433.6
|
|
0.1 %
|
-
Third party e-commerce
platforms
|
|
614.5
|
|
703.7
|
|
(12.7 %)
|
Online marketing and
information services and other
revenue
|
|
43.6
|
|
49.1
|
|
(11.2 %)
|
Total
|
|
1,092.1
|
|
1,186.4
|
|
(7.9 %)
|
Gross profit was RMB233.5
million (US$34.0 million),
compared to RMB242.7 million in
fiscal year 2022.
Gross margin was 21.4%, representing an increase of
90 basis points from 20.5% in fiscal year 2022, which is
primarily due to improvement of gross margin of private label
products and increased proportion of pet supplies and health care
products with higher margins.
Operating expenses were RMB296.9
million (US$43.2 million),
representing a decrease of 22.1% from RMB381.3 million in fiscal year 2022. Operating
expenses as a percentage of total revenues were 27.2%, down from
32.1% in fiscal year 2022.
- Fulfillment Expenses were RMB126.3 million (US$18.4
million), representing a decrease of 5.8% from RMB134.0 million in fiscal year 2022. Fulfillment
expenses as a percentage of total revenues were 11.6%, up from
11.3% in fiscal year 2022. The increase was mainly due to the
increased shipping and handling expenses in the first half of
fiscal year 2023, which resulted from temporary logistics price
increases and transportation restrictions due to the logistics
restriction caused by the Covid-19 resurgence in certain areas of
China starting from April 2022.
- Sales and marketing expenses were RMB124.0 million (US$18.0
million), representing a decrease of 27.5% from RMB171.0 million in fiscal year 2022. The
decrease was primarily due to (i) the decrease in personnel expense
of RMB7.6 million related to the
optimization of our organizational structure; (ii) the decrease in
advertising expenses decreased of RMB36.7
million, as a greater proportion of revenues were generated
from channels that are more cost-efficient; and (iii) the decrease
in third-party platform commission fee of RMB1.8 million, resulting from a reduced
proportion of revenues generated from third-party e-commerce
platforms. Sales and marketing expenses as a percentage of total
revenue were 11.4%, down from 14.4% in fiscal year 2022.
- General and administrative expenses were RMB46.6 million (US$6.8
million), representing a decrease of 38.9% from RMB76.2 million in fiscal year 2022. The decrease
was primarily due to (i) the decrease in share-based compensation
expenses of RMB20.7 million,
resulting form the cancellation of options corresponding to
employee departures; (ii) the decrease in staff costs of
RMB2.5 million related to the
optimization of our organizational structure; and (iii) the decline
in professional of RMB3.2 million,
compared to fiscal year 2022. General and administrative expenses
as a percentage of total revenue were 4.3%, down from 6.4% in
fiscal year 2022.
Operating loss was RMB103.8
million (US$15.1 million),
representing a decrease of 24.9% from RMB138.2 million in fiscal year 2022. Impairment
of goodwill of RMB40.7 million
(US$5.9 million) was recorded in
operating loss in fiscal year 2023, compared to nil in fiscal year
2022.
Net loss was RMB106.0
million (US$15.4 million),
representing a decrease of 20.2% from net loss of RMB132.8 million in fiscal year 2022.
Non-GAAP net loss was RMB70.7 million (US$10.3
million), representing a decrease of 41.7% from net loss of
RMB121.2 million in fiscal year 2022.
See the section titled "Non-GAAP Financial Measures" for more
information about non-GAAP net loss.
EBITDA was a loss of RMB93.1
million (US$13.6 million),
representing a decrease of 23.2% from a loss of RMB121.3 million in fiscal year 2022. See the
section titled "Non-GAAP Financial Measures" for more information
about EBITDA.
Diluted net loss per share was RMB1.50 (US$0.22),
compared to diluted net loss per share of RMB1.90 in fiscal year 2022.
Total cash and cash equivalents and short-term
investments were RMB159.6 million
(US$23.2 million), compared to
RMB290.9 million as of March 31, 2022.
Conference Call
Boqii's management will hold a conference call to discuss the
financial results at 8:00 AM on Tuesday,
June 27, 2023, U.S. Eastern Time (8:00 PM on Tuesday, June 27, 2023, Beijing/Hong Kong Time).
To join the conference, please dial in 15 minutes before the
conference is scheduled to begin using below numbers. Please ask to
be joined into the Boqii Holding Limited call.
|
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
|
5909659
|
A replay of the conference call may be accessed by phone at the
following numbers until July 5,
2023.
|
Phone Number
|
International
|
1-412-317-0088
|
United
States
|
1-877-344-7529
|
Replay Access
Code
|
5999158
|
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. 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 non-GAAP
net loss, non-GAAP net loss margin, EBITDA and EBITDA margin, in
evaluating its operating results and for financial and operational
decision-making purposes. The Company defines (i) non-GAAP net loss
as net loss excluding fair value change of derivative liabilities ,
share-based compensation expenses and impairment of goodwill, (ii)
non-GAAP net loss margin as non-GAAP 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, and (iv) EBITDA margin as EBITDA as a
percentage of total revenues. The Company believes non-GAAP net
loss, non-GAAP 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," or "US$") 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 RMB6.8676 to US$1.00, the noon buying rate in effect on
March 31, 2023 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or USD amounts referred to could be
converted into USD or RMB, as the case may be, at any particular
rate or at all.
For investor and media inquiries, please
contact:
Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com
DLK Advisory Limited
Tel: +852-2857-7101
Email: ir@dlkadvisory.com
BOQII HOLDIUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETSNG
LIMITED
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(All amounts in thousands, except for share and per
share data, unless otherwise noted
|
|
|
As of
March
31,
2022
|
|
As of
March
31,
2023
|
|
As of
March
31,
2023
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
162,855
|
|
89,850
|
|
13,083
|
Short-term
investments
|
128,084
|
|
69,797
|
|
10,163
|
Accounts receivable,
net
|
49,231
|
|
76,742
|
|
11,175
|
Inventories,
net
|
109,921
|
|
81,052
|
|
11,802
|
Prepayments and other
current assets
|
116,738
|
|
79,359
|
|
11,556
|
Amounts due from
related parties
|
11,726
|
|
9,379
|
|
1,366
|
Total current
assets
|
578,555
|
|
406,179
|
|
59,145
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
7,779
|
|
5,492
|
|
800
|
Intangible
assets
|
25,544
|
|
21,594
|
|
3,144
|
Operating lease
right-of-use assets
|
38,567
|
|
22,354
|
|
3,255
|
Long-term
investments
|
82,319
|
|
75,607
|
|
11,010
|
Goodwill
|
40,684
|
|
-
|
|
-
|
Amounts due from
related parties, non-current
|
-
|
|
2,988
|
|
435
|
Other non-current
asset
|
4,861
|
|
6,586
|
|
959
|
Total non-current
assets
|
199,754
|
|
134,621
|
|
19,603
|
Total
assets
|
778,309
|
|
540,800
|
|
78,748
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term
borrowings
|
161,126
|
|
86,261
|
|
12,561
|
Accounts
payable
|
94,224
|
|
56,022
|
|
8,157
|
Salary and welfare
payable
|
6,871
|
|
6,890
|
|
1,003
|
Accrued liabilities
and other current liabilities
|
27,324
|
|
22,104
|
|
3,219
|
Amounts due to related
parties, current
|
219
|
|
471
|
|
69
|
Contract
liabilities
|
7,007
|
|
4,471
|
|
651
|
Operating lease
liabilities, current
|
10,001
|
|
9,220
|
|
1,343
|
Derivative
liabilities
|
9,086
|
|
10,701
|
|
1,558
|
Total current
liabilities
|
315,858
|
|
196,140
|
|
28,561
|
Non-current
liabilities
|
|
|
|
|
|
Deferred tax
liabilities
|
4,847
|
|
4,141
|
|
603
|
Operating lease
liabilities, non-current
|
28,197
|
|
12,741
|
|
1,855
|
Other debts,
non-current
|
181,062
|
|
102,828
|
|
14,973
|
Total non-current
liabilities
|
214,106
|
|
119,710
|
|
17,431
|
Total
liabilities
|
529,964
|
|
315,850
|
|
45,992
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Redeemable
non-controlling interests
|
6,522
|
|
7,196
|
|
1,048
|
Total mezzanine
equity
|
6,522
|
|
7,196
|
|
1,048
|
Shareholders'
equity:
|
|
|
|
|
|
Class A ordinary
shares (US$0.001 par value; 129,500,000 shares
authorized,
55,709,591 and 55,763,079 shares issued and
outstanding as of March 31,
2022 and March 31, 2023,
respectively)
|
372
|
|
373
|
|
54
|
|
|
|
|
|
|
Class B ordinary
shares (US$0.001 par value; 15,000,000 shares
authorized, 13,037,729
shares issued and outstanding as of March 31, 2022 and March
31, 2023, respectively)
|
82
|
|
82
|
|
12
|
Additional paid-in
capital
|
3,295,336
|
|
3,287,696
|
|
478,727
|
Statutory
reserves
|
3,433
|
|
3,876
|
|
564
|
Accumulated other
comprehensive loss
|
(46,069)
|
|
(37,189)
|
|
(5,415)
|
Accumulated
deficit
|
(2,889,233)
|
|
(2,993,150)
|
|
(435,836)
|
Receivable for
issuance of ordinary shares
|
(164,746)
|
|
(83,405)
|
|
(12,145)
|
Total Boqii Holding
Limited shareholders' equity
|
199,175
|
|
178,283
|
|
25,961
|
Non-controlling
interests
|
42,648
|
|
39,471
|
|
5,747
|
Total shareholders'
equity
|
241,823
|
|
217,754
|
|
31,708
|
Total liabilities,
mezzanine equity and shareholders' deficit
|
778,309
|
|
540,800
|
|
78,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOQII HOLDING LIMITED
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
|
(All amounts in thousands, except for
share and per share data, unless
otherwise noted)
|
|
|
|
Six Months Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales
|
559,746
|
|
479,793
|
|
69,863
|
|
1,137,329
|
|
1,048,491
|
|
152,672
|
|
Online marketing and
information services and other
revenue
|
22,716
|
|
22,672
|
|
3,301
|
|
49,100
|
|
43,603
|
|
6,349
|
|
Total
revenues
|
582,462
|
|
502,465
|
|
73,164
|
|
1,186,429
|
|
1,092,094
|
|
159,021
|
|
Total cost of
revenue
|
(451,818)
|
|
(392,905)
|
|
(57,211)
|
|
(943,698)
|
|
(858,608)
|
|
(125,023)
|
|
Gross
profit
|
130,644
|
|
109,560
|
|
15,953
|
|
242,731
|
|
233,486
|
|
33,998
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
expenses
|
(71,507)
|
|
(58,134)
|
|
(8,465)
|
|
(134,026)
|
|
(126,295)
|
|
(18,390)
|
|
Sales and marketing
expenses
|
(81,532)
|
|
(60,477)
|
|
(8,806)
|
|
(170,986)
|
|
(124,007)
|
|
(18,057)
|
|
General and
administrative expenses
|
(33,474)
|
|
(24,488)
|
|
(3,566)
|
|
(76,248)
|
|
(46,554)
|
|
(6,779)
|
|
Impairment of
goodwill
|
-
|
|
(40,684)
|
|
(5,924)
|
|
-
|
|
(40,684)
|
|
(5,924)
|
|
Other income,
net
|
213
|
|
44
|
|
6
|
|
280
|
|
286
|
|
42
|
|
Loss from
operations
|
(55,656)
|
|
(74,179)
|
|
(10,802)
|
|
(138,249)
|
|
(103,768)
|
|
(15,110)
|
|
Interest
income
|
5,613
|
|
3,397
|
|
495
|
|
15,477
|
|
7,420
|
|
1,081
|
|
Interest
expense
|
(8,825)
|
|
(6,157)
|
|
(897)
|
|
(20,884)
|
|
(13,350)
|
|
(1,944)
|
|
Other (losses)/gain,
net
|
5,615
|
|
(2,033)
|
|
(296)
|
|
6,020
|
|
5,159
|
|
751
|
|
Fair value change of
derivative liabilities
|
2,413
|
|
2,268
|
|
330
|
|
2,824
|
|
(2,266)
|
|
(330)
|
|
Loss before income
tax expenses
|
(50,840)
|
|
(76,704)
|
|
(11,170)
|
|
(134,812)
|
|
(106,805)
|
|
(15,552)
|
|
Income taxes
expenses
|
324
|
|
493
|
|
72
|
|
1,571
|
|
911
|
|
133
|
|
Share of results of
equity investees
|
(416)
|
|
(266)
|
|
(39)
|
|
418
|
|
(82)
|
|
(12)
|
|
Net
loss
|
(50,932)
|
|
(76,477)
|
|
(11,137)
|
|
(132,823)
|
|
(105,976)
|
|
(15,431)
|
|
Less: Net loss
attributable to the non-controlling interest
shareholders
|
(750)
|
|
(2,878)
|
|
(419)
|
|
(4,433)
|
|
(3,177)
|
|
(462)
|
|
Net loss
attributable to Boqii Holding Limited
|
(50,182)
|
|
(73,599)
|
|
(10,718)
|
|
(128,390)
|
|
(102,799)
|
|
(14,969)
|
|
Accretion on redeemable
non-controlling interests to
redemption value
|
(292)
|
|
(352)
|
|
(51)
|
|
(575)
|
|
(675)
|
|
(98)
|
|
Net
loss attributable to Boqii Holding
Limited's
ordinary shareholders
|
(50,474)
|
|
(73,951)
|
|
(10,769)
|
|
(128,965)
|
|
(103,474)
|
|
(15,067)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(50,932)
|
|
(76,477)
|
|
(11,137)
|
|
(132,823)
|
|
(105,976)
|
|
(15,431)
|
|
Other comprehensive
income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil tax
|
(10,764)
|
|
(6,738)
|
|
(981)
|
|
(16,529)
|
|
15,591
|
|
2,270
|
|
Unrealized securities
holding loss
|
(9,368)
|
|
(6,462)
|
|
(941)
|
|
(9,368)
|
|
(6,711)
|
|
(977)
|
|
Total comprehensive
loss
|
(71,064)
|
|
(89,677)
|
|
(13,059)
|
|
(158,720)
|
|
(97,096)
|
|
(14,138)
|
|
Less: Total
comprehensive loss attributable to non-
controlling interest shareholders
|
(750)
|
|
(2,878)
|
|
(419)
|
|
(4,433)
|
|
(3,177)
|
|
(462)
|
|
Total comprehensive
loss attributable to Boqii Holding
Limited
|
(70,314)
|
|
(86,799)
|
|
(12,640)
|
|
(154,287)
|
|
(93,919)
|
|
(13,676)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to Boqii Holding
Limited's ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
— basic
|
(0.74)
|
|
|
(1.07)
|
(0.16)
|
|
(1.90)
|
|
(1.50)
|
(0.22)
|
— diluted
|
(0.74)
|
|
|
(1.07)
|
(0.16)
|
|
(1.90)
|
|
(1.50)
|
(0.22)
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
|
— basic
|
68,341,615
|
|
68,876,241
|
68,876,241
|
|
68,006,172
|
|
68,858,823
|
68,858,823
|
|
— diluted
|
68,341,615
|
|
68,876,241
|
68,876,241
|
|
68,006,172
|
|
68,858,823
|
68,858,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boqii Holding
Limited
|
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
(All amounts in
thousands, except for percentages)
|
|
|
|
|
Six Months Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(50,932)
|
|
(76,477)
|
|
(132,823)
|
|
(105,976)
|
|
Fair value change of
derivative liabilities
|
(2,413)
|
|
(2,268)
|
|
(2,824)
|
|
2,266
|
|
Share-based
compensation expenses
|
4,506
|
|
(4,110)
|
|
14,409
|
|
(7,677)
|
|
Impairment of
goodwill
|
-
|
|
40,684
|
|
-
|
|
40,684
|
|
Non-GAAP net
loss
|
(48,839)
|
|
(42,171)
|
|
(121,238)
|
|
(70,703)
|
|
Non-GAAP net loss
margin
|
(8.4 %)
|
|
(8.4 %)
|
|
(10.2 %)
|
|
(6.5 %)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31,
|
|
Fiscal Year Ended
March 31,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
Net loss
|
(50,932)
|
|
(76,477)
|
|
(132,823)
|
|
(105,976)
|
Income tax
expenses
|
(324)
|
|
(493)
|
|
(1,571)
|
|
(911)
|
Interest
expenses
|
8,825
|
|
6,157
|
|
20,884
|
|
13,350
|
Interest
income
|
(5,613)
|
|
(3,397)
|
|
(15,477)
|
|
(7,420)
|
Depreciation and
amortization expenses
|
3,793
|
|
4,035
|
|
7,678
|
|
7,844
|
EBITDA
|
(44,251)
|
|
(70,175)
|
|
(121,309)
|
|
(93,113)
|
EBITDA
margin
|
(7.6 %)
|
|
(14 %)
|
|
(10.2 %)
|
|
(8.5 %)
|
|
View original
content:https://www.prnewswire.com/news-releases/boqii-announces-unaudited-financial-results-for-the-second-half-of-fiscal-year-2023-and-full-fiscal-year-2023-301864297.html
SOURCE Boqii Holding Limited