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BRI Leadership Bought BBRI Shares, Shows Confidence in Future Performance

JAKARTA, Indonesia, June 13, 2024 /PRNewswire/ -- PT. Bank Rakyat Indonesia (Persero) Tbk (IDX: BBRI) directors have been actively buying BBRI shares, according to information disclosed to the Indonesia Stock Exchange (BEI) on June 12. BRI's Deputy CEO, Catur Budi Harto purchased 230,000 BBRI shares on June 7th, bringing his total holdings to 4,045,557 shares. On the same day, BRI's CFO, Viviana, also purchased 280,000 BBRI shares, bringing her total holdings to 3,659,500 shares. On June 10th, the Director of Micro Business, Supari, purchased 213,300 BBRI shares, bringing his holdings to 4,970,914 shares. "The transaction is for personal investment purposes," Agustya Hendy Bernadi, BRI's corporate secretary, said in response. Despite a 23% year-to-date decline in BBRI stocks, the company continues to show strong growth. RHB Securities analysts Andrey Wijaya and David Chong, in their June 11, 2024, research, suggest a potential price increase, noting that the risks are already factored in. BRI's financial report shows it led Big Cap banks with the fastest profit growth during the first four months of 2024, up 4.5% year-on-year. This increase, driven by robust loan growth and an effective cost of credit (CoC), included a 12% year-on-year loan increase in April. Analysts Andrey and David emphasized BBRI's sector-leading performance, "CoC for 4M24 dropped to 3.7% (3M24; 3.8%), with expectations to drop below 3% for the entire year. CASA and LDR ratios remain stable," they detailed in their research. The 4.5% profit growth for the first four months of 2024 also met analysts' expectations, equivalent to 28% of the forecast for the year. Based on such promising potential, RHB Securities maintains and affirms a Buy recommendation for BBRI stocks with a target price of Rp6,300 per share, predicting a 40% potential increase, aligned with excellent performance. Also, 33 analysts unanimously recommend buying BBRI stocks based on Bloomberg consensus. Not a single analyst recommends selling. All of them firmly gave a Buy rating. The Bloomberg consensus yields a potential target price of Rp6,105 per share for the upcoming 12 months. Recently, Jayden Vantarakis, an analyst at Macquarie, gave a buy recommendation with a target price of Rp6,630 per share. Moreover, Erni M. Siahaan, an analyst at Ciptadana Securities, also gave a buy recommendation with a target price of Rp7,000 per share. For more information on BRI, visit www.bri.co.id

文章來源 : PR Newswire 美通社 發表時間 : 瀏覽次數 : 211 加入收藏 :
Cango Inc. Reports First Quarter 2024 Unaudited Financial Results

SHANGHAI, June 13, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited financial results for the first quarter of 2024. First Quarter 2024 Financial and Operational Highlights Total revenues were RMB64.4 million (US$8.9 million), compared with RMB542.6 million in the same period of 2023. Income from operations was RMB74.2 million (US$10.3 million) for the three months ended March 31, 2024, an increase of 43.1% from RMB51.8 million in the same period last year. Net income was RMB90.0 million (US$12.5 million) for the three months ended March 31, 2024, an increase of 14.3% from RMB78.8 million in the same period last year.   The total outstanding balance of financing transactions the Company facilitated was RMB7.6 billion (US$1.1 billion) as of March 31, 2024. M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 2.87% and 1.51%, respectively, as of March 31, 2024, compared with 2.66% and 1.37%, respectively, as of December 31, 2023. Total balance of cash and cash equivalents, short-term investments and restricted cash - current - bank deposits held for short-term investments increased by RMB152.6 million (US$21.1 million) compared to that as of December 31, 2023. The liquidity improvement was primarily driven by the positive operating cash flow generated by decreased working capital for car trading transactions, collections of financing receivables, and loan facilitation service fees. Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "In the first quarter of 2024, the Chinese automotive industry continued to encounter significant challenges. Traditional automakers are under pressure to transform and adapt to the new energy era and emerging NEV manufacturers are facing intense market competition and severe profitability struggles. In response to these trends, Cango proactively reduced the scale of our self-operated new car business, streamlined purchasing, and optimized inventory management, mitigating the risk of declining new car prices. "In the first quarter, we completed the integration of 'Cango U-car' and further strengthened the platform's competitive advantages by ensuring a consistent supply of high-quality vehicles, optimizing dealer service experiences and supply chain management. "We also made significant strides in cross-border used car transactions during the first quarter. In March, we officially launched a cross-border information platform specifically for used car transactions. This platform brings insights into the Chinese used car market to multilingual global users, filling a gap in domestic cross-border used car transaction information services. Our ultimate goal is to build this platform into the preferred gateway for Chinese used cars to enter the international market. "Looking ahead, we will remain committed to exploring new business models and expanding growth opportunities. We firmly believe that through continuous innovation and meticulous management, Cango will drive a long-term and sustainable development," concluded Mr. Lin. Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "Our strategic efforts to scale back new car inventory and improve operational efficiency have begun to bear fruit, resulting in a profit for the first quarter of 2024. We also achieved a third consecutive quarter of positive operating cash flow, allowing us to maintain a strong cash position. We are confident that our meticulous cost control and effective liquidity management will propel Cango's long-term growth and progress." First Quarter 2024 Financial Results REVENUES Total revenues in the first quarter of 2024 were RMB64.4 million (US$8.9 million) compared with RMB542.6 million in the same period of 2023. The guarantee income, which represented the fee income earned on the non-contingent aspect of a guarantee, was RMB30.3 million (US$4.2 million) in the first quarter of 2024. This was presented separately from the contingent aspect of a guarantee pursuant to the adoption of ASC 326 since January 1, 2023. OPERATING COST AND EXPENSES Cost of revenue in the first quarter of 2024 decreased to RMB29.1 million (US$4.0 million) from RMB480.5 million in the same period of 2023. As a percentage of total revenues, cost of revenue in the first quarter of 2024 was 45.1% compared with 88.6% in the same period of 2023. Sales and marketing expenses in the first quarter of 2024 decreased to RMB3.5 million (US$0.5 million) from RMB12.5 million in the same period of 2023. General and administrative expenses in the first quarter of 2024 decreased to RMB37.9 million (US$5.3 million) from RMB39.8 million in the same period of 2023. Research and development expenses in the first quarter of 2024 decreased to RMB1.1 million (US$0.2 million) from RMB8.1 million in the same period of 2023. Net gain on contingent risk assurance liabilities in the first quarter of 2024 was RMB15.0 million (US$2.1 million) compared with RMB1.6 million in the same period of 2023. The gain was recognized due to the release of obligations from the contingent aspect of the risk assurance liabilities. Net recovery on provision for credit losses in the first quarter of 2024 was RMB66.3 million (US$9.2 million). The recovery was primarily due to the positive impact from the collections of financing receivables. INCOME FROM OPERATIONS Income from operations in the first quarter of 2024 was RMB74.2 million (US$10.3 million), an increase of 43.1% from RMB51.8 million in the same period of 2023. NET INCOME Net income in the first quarter of 2024 was RMB90.0 million (US$12.5 million). Non-GAAP adjusted net income in the first quarter of 2024 was RMB95.7 million (US$13.3 million). Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure." NET INCOME PER ADS Basic and diluted net income per American Depositary Share (the "ADS") in the first quarter of 2024 were RMB0.85 (US$0.12) and RMB0.80 (US$0.11), respectively. Non-GAAP adjusted basic and diluted net income per ADS in the first quarter of 2024 were RMB0.91 (US$0.13) and RMB0.85 (US$0.12), respectively. Each ADS represents two Class A ordinary shares of the Company. BALANCE SHEET As of March 31, 2024, the Company had cash and cash equivalents of RMB1.2 billion (US$160.1 million), compared with RMB1.0 billion as of December 31, 2023. As of March 31, 2024, the Company had short-term investments of RMB2.3 billion (US$321.6 million), compared with RMB635.1 million as of December 31, 2023. The increase was mainly due to the conversion from restricted cash – bank deposits held for short-term investments of RMB1,670.0 million on December 31, 2023 after the Company completed its subscription process. Business Outlook For the second quarter of 2024, the Company expects total revenues to be between RMB35 million and RMB45 million. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Share Repurchase Program Pursuant to the share repurchase program announced on April 23, 2024 (the "New Share Repurchase Program"), the Company had repurchased 360,858 ADSs with cash in the aggregate amount of approximately US$578,975.4 up to May 31, 2024. Conference Call Information The Company's management will hold a conference call on Wednesday, June 12, 2024, at 9:00 P.M. Eastern Time or Thursday, June 13, 2024, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: International:  +1-412-902-4272 United States Toll Free:  +1-888-346-8982 Mainland China Toll Free: 4001-201-203 Hong Kong, China Toll Free: 800-905-945 Conference ID: Cango Inc. The replay will be accessible through June 19, 2024 by dialing the following numbers:     International:  +1-412-317-0088 United States Toll Free:         +1-877-344-7529 Access Code: 8381005 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/. About Cango Inc. Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products centering on customer needs for auto transactions, auto financing and after-market services. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers' car purchase service platform of choice. For more information, please visit: www.cangoonline.com. Definition of Overdue Ratios The Company defines "M1+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. The Company defines "M3+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. Use of Non-GAAP Financial Measure In evaluating the business, the Company considers and uses Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the Non-GAAP financial measure 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 defines Non-GAAP adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company presents the Non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income (loss) enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the Non-GAAP measure facilitates investors' assessment of its operating performance. Non-GAAP adjusted net income (loss) is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income (loss) is that it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of Non-GAAP adjusted net income (loss). Further, the Non-GAAP measure 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 measure to the nearest U.S. GAAP performance measure, 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. Reconciliations of Cango's Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States 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" and similar statements. Among other things, the "Business Outlook" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to 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 statements about Cango'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: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango'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 Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact Yihe LiuCango Inc.Tel: +86 21 3183 5088 ext.5581Email: ir@cangoonline.com Twitter: https://twitter.com/Cango_Group  Helen WuPiacente Financial CommunicationsTel: +86 10 6508 0677Email: ir@cangoonline.com     CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data)  As of December 31, 2023  As of March 31,2024  RMB   RMB   US$  ASSETS: Current assets: Cash and cash equivalents 1,020,604,191 1,155,986,847 160,102,329 Restricted cash - current - bank deposits held for short-term investments 1,670,006,785 - - Restricted cash - current - others 14,334,937 13,744,123 1,903,539 Short-term investments 635,070,394 2,322,320,101 321,637,619 Accounts receivable, net 64,791,709 106,148,788 14,701,437 Finance lease receivables - current, net 200,459,435 133,027,146 18,424,047 Financing receivables, net 29,522,035 20,366,970 2,820,793 Short-term contract asset 170,623,200 80,595,646 11,162,368 Prepayments and other current assets  78,606,808 79,424,682 11,000,191 Total current assets 3,884,019,494 3,911,614,303 541,752,323 Non-current assets: Restricted cash - non-current 583,380,417 538,159,571 74,534,240 Property and equipment, net 8,239,037 7,635,993 1,057,573 Intangible assets 48,373,192 48,107,157 6,662,764 Long-term contract asset 36,310,769 564,583 78,194 Finance lease receivables - non-current, net 36,426,617 22,252,619 3,081,952 Operating lease right-of-use assets 47,154,944 47,531,988 6,583,104 Other non-current assets 4,705,544 4,491,801 622,107 Total non-current assets 764,590,520 668,743,712 92,619,934 TOTAL ASSETS 4,648,610,014 4,580,358,015 634,372,257 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debts 39,071,500 26,650,000 3,690,982 Long-term debts—current 926,237 888,415 123,044 Accrued expenses and other current liabilities 206,877,626 173,238,481 23,993,251 Deferred guarantee income 86,218,888 55,959,307 7,750,275 Contingent risk assurance liabilities  125,140,991 81,427,530 11,277,583 Income tax payable 311,904,279 323,337,170 44,781,681 Short-term lease liabilities 7,603,380 8,654,701 1,198,662 Total current liabilities 777,742,901 670,155,604 92,815,478 Non-current liabilities: Long-term debts 712,023 665,401 92,157 Deferred tax liability 10,724,133 10,724,133 1,485,275 Long-term operating lease liabilities 42,228,435 42,027,702 5,820,769 Other non-current liabilities 226,035 143,886 19,928 Total non-current liabilities 53,890,626 53,561,122 7,418,129 Total liabilities 831,633,527 723,716,726 100,233,607 Shareholders' equity Ordinary shares 204,260 204,260 28,290 Treasury shares (773,130,748) (844,938,545) (117,022,637) Additional paid-in capital 4,813,679,585 4,814,230,470 666,763,219 Accumulated other comprehensive income 111,849,166 132,744,094 18,384,845 Retained earnings (335,625,776) (245,598,990) (34,015,067) Total Cango Inc.'s  equity 3,816,976,487 3,856,641,289 534,138,650 Total shareholders' equity 3,816,976,487 3,856,641,289 534,138,650 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,648,610,014 4,580,358,015 634,372,257     CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data)  Three months ended March 31  2023 2024  RMB   RMB   US$  Revenues 542,613,363 64,422,494 8,922,412 Loan facilitation income and other related income  2,315,400 13,821,022 1,914,189 Guarantee income  64,128,746 30,259,581 4,190,904 Leasing income 22,213,681 4,939,712 684,142 After-market services income  16,719,476 11,637,788 1,611,815 Automobile trading income 429,849,643 3,445,040 477,133 Others 7,386,417 319,351 44,229 Operating cost and expenses: Cost of revenue 480,517,980 29,058,868 4,024,607 Sales and marketing 12,538,562 3,548,273 491,430 General and administrative 39,802,530 37,923,531 5,252,348 Research and development 8,102,363 1,098,105 152,086 Net gain on contingent risk assurance liabilities (1,622,556) (15,018,246) (2,080,003) Net recovery on provision for credit losses (48,554,100) (66,339,084) (9,187,857) Total operation cost and expense 490,784,779 (9,728,553) (1,347,389) Income from operations 51,828,584 74,151,047 10,269,801 Interest income, net 18,780,880 16,503,965 2,285,773 Net gain on equity securities 3,732,355 10,984,524 1,521,339 Interest expense (2,294,085) - - Foreign exchange (loss) gain, net (984,307) 131,689 18,239 Other income, net 4,459,897 832,551 115,307 Other expenses (130,885) (535,390) (74,151) Net income before income taxes 75,392,439 102,068,386 14,136,308 Income tax benefit (expense) 3,372,638 (12,041,600) (1,667,742) Net income  78,765,077 90,026,786 12,468,566 Net income attributable to Cango Inc.'s shareholders 78,765,077 90,026,786 12,468,566 Earnings per ADS attributable to ordinary shareholders: Basic 0.58 0.85 0.12 Diluted 0.56 0.80 0.11 Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders: Basic 134,769,131 105,521,018 105,521,018 Diluted 140,231,084 112,786,810 112,786,810 Other comprehensive (loss) income, net of tax Foreign currency translation adjustment (6,020,579) 20,894,928 2,893,914 Total comprehensive income 72,744,498 110,921,714 15,362,480 Total comprehensive income attributable to Cango Inc.'s shareholders 72,744,498 110,921,714 15,362,480     CANGO INC.RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data)  Three months ended March 31  2023 2024  (Unaudited)   (Unaudited)   (Unaudited)   RMB   RMB   US$  Net income 78,765,077 90,026,786 12,468,566 Add: Share-based compensation expenses 14,059,098 5,717,422 791,854   Cost of revenue 747,416 254,391 35,233   Sales and marketing 2,793,396 1,046,659 144,961   General and administrative 9,907,268 4,416,372 611,660   Research and development 611,018 - - Non-GAAP adjusted net income  92,824,175 95,744,208 13,260,420 Net income attributable to Cango Inc.'s shareholders 92,824,175 95,744,208 13,260,420 Non-GAAP adjusted net income per ADS-basic 0.69 0.91 0.13 Non-GAAP adjusted net income per ADS-diluted 0.66 0.85 0.12 Weighted average ADS outstanding—basic 134,769,131 105,521,018 105,521,018 Weighted average ADS outstanding—diluted 140,231,084 112,786,810 112,786,810    

文章來源 : PR Newswire 美通社 發表時間 : 瀏覽次數 : 252 加入收藏 :
/C O R R E C T I O N -- Secureworks, Inc./

In the news release, Secureworks Announces First Quarter Fiscal 2025 Results, issued 06-Jun-2024 by Secureworks, Inc. over PR Newswire, we are advised by the company that the "Fiscal Year 2025 Guidance" table should read as follows, rather than as originally issued inadvertently: see figures for "Non-GAAP net income" and "Cash from operations." The complete, corrected release follows: Secureworks Announces First Quarter Fiscal 2025 Results ATLANTA, June 6, 2024 /PRNewswire/ -- Secureworks (NASDAQ: SCWX), a global leader in cybersecurity, today announced financial results for its first quarter fiscal 2025, which ended on May 3, 2024. Key Highlights Taegis™ first quarter revenue grew 10% year-over-year to $69.1 million. Taegis annual recurring revenue (ARR) grew to $287 million, an increase of 7% on a year-over-year basis. Taegis GAAP gross margin and non-GAAP gross margin continued to expand in the first quarter, reaching 71.9% and 74.3%, respectively. "This quarter, we launched new product capabilities targeting high-risk attack vectors and added two high-profile partners in Japan as we expand our Global Partner program," said Wendy Thomas, CEO, Secureworks. "As the open platform of choice, Taegis enables customers to streamline spend, reduce risk, and evolve their tech stack over time. Our innovation, combined with an open platform approach to XDR, sets the industry standard for security outcomes globally. This compelling proposition benefits our partner community and fuels our business growth." "The continued expansion of our Taegis gross margin reflects our ongoing focus on operational efficiencies driven by our investments in AI and unique cloud architecture, while delivering strong security outcomes to our customers," said Alpana Wegner, Chief Financial Officer, Secureworks. "Delivering on our first quarter financial commitments furthers our confidence in achieving our fiscal 2025 outlook." First Quarter Fiscal 2025 Financial Highlights Total revenue for the first quarter was $85.7 million, compared to $94.4 million in the first quarter of fiscal 2024, reflecting the strategic wind-down of our legacy Other MSS business. Taegis revenue for the first quarter was $69.1 million, compared to $62.6 million in the first quarter of fiscal 2024. GAAP gross profit was $57.8 million, compared with $51.6 million in the first quarter of fiscal 2024. Non-GAAP gross profit was $59.9 million, compared with $56.6 million during the same period last year. GAAP gross profit specific to Taegis was $49.6 million, compared with $42.7 million in the first quarter of fiscal 2024. Non-GAAP Taegis gross profit was $51.3 million, compared with $43.8 million during the same period last year. GAAP gross margin for the first quarter was 67.5%, compared with 54.7% in the same period last year. Non-GAAP gross margin was 69.9%, compared with 59.9% in the first quarter of fiscal 2024. GAAP Taegis gross margin was 71.9% for the quarter, compared with 68.2% in the same period last year. Non-GAAP Taegis gross margin was 74.3%, compared with 70.0% in the first quarter of fiscal 2024. GAAP net loss was $36.1 million for the first quarter, or $0.41 per share, compared with GAAP net loss of $31.0 million, or $0.36 per share, in the same period last year. GAAP net loss in the current quarter was driven by a $26.2 million valuation allowance recorded as a result of our tax deconsolidation from Dell Technologies Inc. Non-GAAP net income was $4.2 million, or $0.05 per share, compared with non-GAAP net loss of $17.1 million, or $0.20 per share, in the same period last year. Adjusted EBITDA for the quarter was $5.6 million, compared with adjusted EBITDA loss of $20.1 million in the first quarter of fiscal 2024, exceeding guidance and representing an adjusted EBITDA margin of 6.6%. The company ended the first quarter with $47.0 million in cash and cash equivalents and no borrowings on its credit facility. Business and Operational Highlights Launched Taegis Network Detection and Response (NDR), a fully managed cloud offering with on-premises protection, leveraging AI to uncover hidden threats and integrating threat prevention, detection and response to halt malicious activity on the network. Introduced our advanced integration between Taegis XDR and Taegis VDR, enabling customers and partners to view known vulnerabilities in context of threat data to expedite investigation and remediation plans. Expanded our Global MSSP Partner Program with the addition of Softbank Corp., a global telecommunications company, providing Managed Detection and Response (MDR) services powered by our Taegis XDR platform. Entered into an incident response partnership with Tokio Marine & Nichido Fire Insurance Co., Ltd, a market leading insurance company in Japan. Recognized as a leader in the 2024 MDR Radar from Frost & Sullivan for our transparency, collaborative approach, and focus on the customer underpin the company's success in the MDR sector. Ranked as a Major Player in 2024 IDC Worldwide MDR MarketScape. Recognized with a CIO 100 award for Integrated AI for Better Security Operations, acknowledging our innovation in AI and its meaningful impact for our customers, partners, and internal teams. Financial Outlook For the second quarter of fiscal 2025, the Company expects: Revenue of $80 million to $82 million. Adjusted EBITDA of $1 to $3 million. Non-GAAP net earnings per share of $0.00 to $0.02. Secureworks is providing the following updated guidance for full fiscal year 2025. The Company expects: Fiscal Year 2025 Guidance Total ARR $300M or Greater Total revenue $325M to $335M Non-GAAP net income $3M to $8M $0.03 to $0.09 per share Adjusted EBITDA $6M to $12M Cash from operations ($2M) to $8M Guidance for non-GAAP financial measures excludes amortization of intangibles, stock-based compensation expense, reorganization and other related charges, and the effects of non-GAAP income tax expense (benefit). The Company has not reconciled its forward-looking non-GAAP financial measures to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, reconciliations for forward-looking non-GAAP financial measures are not available without unreasonable effort. Conference Call Information As previously announced, the Company will hold a conference call to discuss its first quarter fiscal 2025 results and financial guidance on June 6, 2024, at 8:00 a.m. U.S. ET. A live audio webcast of the conference call and the related supplemental financial information will be accessible on the Company's website at https://investors.secureworks.com. The webcast and supplemental information will be archived at the same location. About Secureworks Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions. www.secureworks.com Operating Metrics We believe that annual recurring revenue (ARR) is a key operating metric that is useful to measure our business because it is driven by our ability to acquire new subscriptions and expand relationships with existing customers. The Company defines ARR as the value of its subscription contracts as of a particular date. Because the Company uses recurring revenue as a leading indicator of future annual revenue, it includes operational backlog. Operational backlog is defined as the recurring revenue associated with pending contracts, which are contracts that have been sold but for which the service period has not yet commenced. Explanation of Non-GAAP Financial Measures In addition to determining results in accordance with U.S. generally accepted accounting principles (GAAP), this press release issued by the Company presents information about our non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP Taegis Subscription Solutions cost of revenue, non-GAAP Managed Security Services cost of revenue, non-GAAP gross profit, non-GAAP Taegis Subscription Solutions gross profit, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss),  non-GAAP net income (loss) before income taxes, non-GAAP income tax expense (benefit), non-GAAP earnings (loss) per share before income taxes, non-GAAP net earnings (loss) per share, adjusted EBITDA, non-GAAP gross margin, and non-GAAP Taegis Subscription Solutions gross margin, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with GAAP. The Company believes that these non-GAAP financial measures provide useful information about our financial performance by enhancing the overall understanding of our past performance and future outlook, while allowing for increased transparency with respect to important metrics used by management for financial and operational decision-making. Investors are encouraged to review the related GAAP financial measures and the reconciliation of each of these non-GAAP financial measures to each of their most directly comparable GAAP financial measures, while not relying on any single financial measure to evaluate the Company's business. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release for each of the fiscal periods presented. As presented in the "Reconciliation of GAAP to Non-GAAP Financial Measures" table below, each of the non-GAAP financial measures excludes one or more of the following items: "Amortization of Intangible Assets" consists of amortization associated with software development costs capitalized and acquired customer relationships and technology. In connection with the acquisition of Dell by Dell Technologies in fiscal 2014 and our acquisition of Delve Laboratories Inc. in fiscal 2021, our tangible and intangible assets and liabilities associated with customer relationships and technology were accounted for and recognized at fair value on the related transaction date. "Stock-based Compensation Expense" means non-cash, stock-based compensation expense related to the Company's equity plan. We exclude such expenses when assessing the effectiveness of our operating performance since stock-based compensation does not necessarily correlate with the underlying operating performance of the business. "Reorganization and Other Related Charges" means expenses associated with the Company's plan to align its investments more closely with its strategic priorities, as described in further detail in the Company's Form 10-K for fiscal year ended February 2, 2024. Special Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In some cases, you can identify these statements by such forward-looking words as "anticipate," "believe," "confidence," "could," "estimate," "expect," "guidance," "intend," "may," "plan," "potential," "outlook," "should," and "would," or similar words or expressions that refer to future events or outcomes. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties and other factors that include, but are not limited to, the following: achieving or maintaining profitability; enhancing our existing solutions and technologies and developing or acquiring new solutions and technologies; navigating economic conditions, geopolitical uncertainty and financial market volatility; relying on personnel with extensive information security expertise; successfully implementing our strategic plan to realign and optimize its investments with its priorities; intense competition in the Company's markets; attracting new customers, retaining existing customers and increasing annual contract values; relying on customers in the financial services industry; managing our growth effectively; maintaining high-quality client service and support functions; the terms of our service level agreements with customers that require credits for service failures or inadequacies; recognizing revenue ratably over the terms of our Taegis security solutions and managed security services contracts; long and unpredictable sales cycles; the risks associated with expansion of the Company's international sales and operations; the risks associated with proposed or currently enacted tax statutes, including, but not limited to, Internal Revenue Code Section 174; our exposure to fluctuations in currency exchange rates or inflation; the effect of new governmental export or import controls on our business or any international sanctions compliance program applicable to us; expanding our key distribution relationships and technology alliance partnerships; real or perceived defects, errors or vulnerabilities in our solutions or the failure of our solutions to prevent a security breach; the risks associated with cyber-attacks or other data security incidents; the risks associated with our development, use and adoption of artificial intelligence; the ability of our solutions to interoperate with our customers' IT infrastructure; our ability to use third-party technologies; the impact of evolving information security, cybersecurity and data privacy laws and regulations on our business; maintaining and enhancing our brand; the risks associated with our acquisition of other businesses; the effect of natural disasters, public health issues, geopolitical conflict and other catastrophic events on our ability to serve customers, including the Ukrainian/Russian conflict and the conflict between Israel and Hamas; our reliance on patents to protect its intellectual property rights; protecting, maintaining or enforcing our non-patented intellectual property rights and proprietary information; claims by third parties of infringement of their proprietary technology by us; our use of open source technology; the risks related to the Company's relationship with Dell Technologies Inc. and Dell Inc. and control of the Company by Dell Technologies Inc., which include, but are not limited to, the effects of our deconsolidation as a part of the Dell Technologies Inc. affiliated tax group; and the volatility of the price of the Company's Class A common stock.  This list of risks, uncertainties, and other factors is not complete. The Company discusses these matters more fully, as well as certain risk factors that could affect the Company's business, financial condition, results of operations and prospects, under the caption "Risk Factors" in the Company's annual report on Form 10-K, as well as in the Company's other SEC filings. Such forward-looking statements include, but are not limited to, the statements in this press release with respect to the Company's expectations regarding revenue, non-GAAP net earnings (loss) per share, and adjusted EBITDA for the second quarter of fiscal 2025, and total annual recurring revenue ("ARR"), total revenue, non-GAAP net income (loss), non-GAAP net earnings (loss) per share, adjusted EBITDA, and cash from operations for full year fiscal 2025, all of which reflect the Company's current analysis of existing trends and information. Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions the Company might make or by known or unknown risks, uncertainties and other factors, including those identified in this press release. These forward-looking statements represent the Company's judgment only as of the date of this press release. The Company does not undertake to update, and expressly disclaims any obligation to update, any of its forward-looking statements, whether resulting from circumstances or events that arise after the date the statements are made, new information, or otherwise. (Tables follow) SECUREWORKS CORP. Condensed Consolidated Statements of Operations and Related Financial Highlights (in thousands, except per share data and percentages) (unaudited) Three Months Ended May 3,2024 May 5,2023 Net revenue: Subscription $     72,221 $       77,259 Professional services 13,431 17,136 Total net revenue 85,652 94,395 Cost of revenue: Subscription 20,816 31,019 Professional services 7,060 11,767 Total cost of revenue 27,876 42,786 Gross profit 57,776 51,609 Operating expenses: Research and development 24,548 31,172 Sales and marketing 23,901 34,526 General and administrative 18,518 22,263 Reorganization and other related charges 1,476 — Total operating expenses 68,443 87,961 Operating loss (10,667) (36,352) Interest and other, net 796 (1,746) Loss before income taxes (9,871) (38,098) Income tax expense (benefit) 26,205 (7,128) Net loss $    (36,076) $     (30,970) Loss per common share (basic and diluted) $        (0.41) $         (0.36) Weighted-average common shares outstanding (basic and diluted) 87,512 85,431   SECUREWORKS CORP. Condensed Consolidated Statements of Financial Position (in thousands) (unaudited) May 3,2024 February 2,2024 Assets: Current assets: Cash and cash equivalents $              47,024 $             68,655 Accounts receivable, net 46,805 54,266 Inventories, net 1,123 727 Other current assets 16,646 14,491 Total current assets 111,598 138,139 Property and equipment, net 1,851 2,149 Operating lease right-of-use assets, net 4,632 5,069 Goodwill 425,282 425,472 Intangible assets, net 79,674 83,235 Other non-current assets 44,838 70,715 Total assets $            667,875 $           724,779 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable $              10,934 $               8,974 Accrued and other current liabilities 44,292 61,895 Short-term deferred revenue 126,083 131,245 Total current liabilities 181,309 202,114 Long-term deferred revenue 4,535 5,706 Operating lease liabilities, non-current 6,815 7,803 Other non-current liabilities 7,990 7,831 Total liabilities 200,649 223,454 Total stockholders' equity 467,226 501,325 Total liabilities and stockholders' equity $            667,875 $           724,779   SECUREWORKS CORP. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended May 3, 2024 May 5, 2023 Cash flows from operating activities: Net loss $          (36,076) $           (30,970) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,867 8,980 Amortization of right of use asset 408 627 Amortization of costs capitalized to obtain revenue contracts 3,849 4,574 Amortization of costs capitalized to fulfill revenue contracts — 954 Stock-based compensation expense 8,969 7,270 Impact of income tax provision 23,586 (7,128) Provision for credit losses (3) (223) Changes in assets and liabilities: Accounts receivable 7,135 15,661 Net transactions with Dell (2,130) 7,026 Inventories (396) (55) Other assets (3,950) (3,295) Accounts payable 1,912 (4,073) Deferred revenue (5,429) (6,167) Operating leases, net (1,198) (1,060) Accrued and other liabilities (15,193) (32,745) Net cash used in operating activities (12,649) (40,624) Cash flows from investing activities: Capital expenditures (552) (470) Software development costs (1,382) (1,210) Net cash used in investing activities (1,934) (1,680) Cash flows from financing activities: Taxes paid on vested restricted shares (5,974) (5,134) Net cash used in financing activities (5,974) (5,134) Effect of exchange rate changes on cash and cash equivalents (1,074) (1,569) Net decrease in cash and cash equivalents (21,631) (49,007) Cash and cash equivalents at beginning of the period 68,655 143,517 Cash and cash equivalents at end of the period $            47,024 $            94,510 Non-GAAP Financial Measures In addition to determining results in accordance with GAAP, this press release presents information about the Company's non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP Taegis Subscription Solutions cost of revenue, non-GAAP Managed Security Services cost of revenue, non-GAAP gross profit, non-GAAP Taegis Subscription Solutions gross profit, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) before income taxes, non-GAAP earnings (loss) per share before income taxes, non-GAAP income tax expense (benefit), non-GAAP net earnings (loss) per share, adjusted EBITDA, non-GAAP gross margin, and non-GAAP Taegis Subscription Solutions gross margin, which are non-GAAP financial measures provided as a supplement to the GAAP results . A detailed discussion of our reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reasons for excluding these items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures" in our periodic reports filed with the SEC. The Company encourages investors to review the non-GAAP information presented in these reports in conjunction with, and as a supplement to, the presentation of GAAP financial measures.   (Tables Follow) SECUREWORKS CORP. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data) (unaudited) Three Months Ended May 3,2024 May 5,2023 Revenue: Taegis Subscription Solutions $       69,075 $       62,596 Managed Security Services 3,146 14,663 Total Subscription revenue 72,221 77,259 Professional services 13,431 17,136 Total revenue $       85,652 $       94,395 GAAP Taegis Subscription Solutions cost of revenue $       19,431 $       19,908 Amortization of intangibles (1,420) (1,069) Stock-based compensation expense (266) (79) Non-GAAP Taegis Subscription Solutions cost of revenue $       17,745 $       18,760 Non-GAAP Taegis Subscription Solutions cost of revenue as a % of Taegis Subscription Solutions revenue 25.7 % 30.0 % GAAP Managed Security Services cost of revenue $         1,385 $       11,111 Amortization of intangibles — (3,411) Stock-based compensation expense (48) (67) Non-GAAP Managed Security Services cost of revenue $         1,337 $         7,633 Non-GAAP Managed Security Services cost of revenue as a % of Managed Security Services revenue 42.5 % 52.1 % GAAP subscription cost of revenue $       20,816 $       31,019 Amortization of intangibles (1,420) (4,480) Stock-based compensation expense (314) (146) Non-GAAP subscription cost of revenue $       19,082 $       26,393 Non-GAAP subscription cost of revenue as a % of subscription revenue 26.4 % 34.2 % GAAP professional services cost of revenue $         7,060 $       11,767 Stock-based compensation expense (374) (325) Non-GAAP professional services cost of revenue $         6,686 $       11,442 Non-GAAP professional services cost of revenue as a % of professional services revenue 49.8 % 66.8 % GAAP gross profit $       57,776 $       51,609 Amortization of intangibles 1,420 4,480 Stock-based compensation expense 687 471 Non-GAAP gross profit $       59,883 $       56,560 Non-GAAP gross margin 69.9 % 59.9 % GAAP Taegis Subscription Solutions gross profit $       49,644 $       42,688 Amortization of intangibles 1,420 1,069 Stock-based compensation expense 266 79 Non-GAAP Taegis Subscription Solutions gross profit $       51,330 $       43,836 Non-GAAP Taegis Subscription Solutions gross margin 74.3 % 70.0 % GAAP research and development expenses $       24,548 $       31,172 Stock-based compensation expense (3,379) (2,602) Non-GAAP research and development expenses $       21,169 $       28,570 Non-GAAP research and development expenses as a % of revenue 24.7 % 30.3 % GAAP sales and marketing expenses $       23,901 $       34,526 Stock-based compensation expense (1,186) (841) Non-GAAP sales and marketing expenses $       22,715 $       33,685 Non-GAAP sales and marketing expenses as a % of revenue 26.5 % 35.7 % GAAP general and administrative expenses $       18,518 $       22,263 Amortization of intangibles (3,523) (3,524) Stock-based compensation expense (3,717) (3,356) Non-GAAP general and administrative expenses $       11,278 $       15,383 Non-GAAP general and administrative expenses as a % of revenue 13.2 % 16.3 % GAAP operating loss $     (10,667) $     (36,352) Amortization of intangibles 4,943 8,004 Stock-based compensation expense 8,969 7,270 Reorganization and other related charges 1,476 — Non-GAAP operating income (loss) $         4,721 $     (21,078) Non-GAAP operating margin 5.5 % (22.3) % GAAP net loss $     (36,076) $     (30,970) Income tax expense (benefit) 26,205 (7,128) Amortization of intangibles 4,943 8,004 Stock-based compensation expense 8,969 7,270 Reorganization and other related charges 1,476 — Non-GAAP net income (loss) before income taxes 5,517 (22,824) Non-GAAP income tax expense (benefit)(1) 1,296 (5,688) Non-GAAP net income (loss) $         4,221 $     (17,136) Non-GAAP net income (loss) as a % of revenue 4.9 % (18.2) % GAAP loss per share $         (0.41) $         (0.36) Income tax expense (benefit) 0.30 (0.08) Amortization of intangibles 0.06 0.09 Stock-based compensation expense 0.10 0.09 Reorganization and other related charges 0.02 — Non-GAAP earnings (loss) per share before income taxes 0.06 (0.27) Non-GAAP income tax expense (benefit) 0.01 (0.07) Non-GAAP earnings (loss) per share * $           0.05 $         (0.20) Shares used in computing non-GAAP earnings (loss) per share 88,755 85,431 * Sum of reconciling items may differ from total due to rounding of individual components GAAP net loss $     (36,076) $     (30,970) Interest and other, net (796) 1,746 Income tax expense (benefit) 26,205 (7,128) Depreciation and amortization 5,867 8,980 Stock-based compensation expense 8,969 7,270 Reorganization and other related charges 1,476 — Adjusted EBITDA $         5,645 $     (20,102) Adjusted EBITDA as a % of revenue 6.6 % (21.3) % (1)  In periods in which the Company has non-GAAP income before tax, the non-GAAP income tax expense is based on the Company's estimated blended tax rate. In periods the Company has non-GAAP loss before tax, the non-GAAP income tax benefit is based on GAAP tax benefit.  

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111, Inc. Announces First Quarter 2024 Unaudited Financial Results

Turned to Quarterly Operational Profitability for the First Time Operating Expenses as a Percentage of Revenues Decreased 120 Basis Points YoY to 5.8% Achieved Positive Operating Cash Flow SHANGHAI, May 23, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Net revenues were RMB3.5 billion (US$488.7 million) and Gross segment profit (1) was RMB 208.5 million (US$ 28.9 million). Due to the sudden surge in medicine demand during the peak of the Covid-19 pandemic in Q1 2023, net revenue and gross segment profit had a 4.6% and 11.7% decrease respectively. Total operating expenses were RMB204.8 million (US$28.4 million), an improvement of 20.6% compared to RMB257.9 million in the same quarter of last year. As a percentage of net revenues, total operating expenses decreased by 120 basis points to 5.8% from 7.0% in the same quarter of last year, which reflected continuous improvement in our operation efficiency. Income from operations was RMB3.7 million (US$0.5 million), compared to loss from operations was RMB21.7 million in the same quarter of last year. This marks 111's inaugural operational income on a quarterly basis. Non-GAAP income from operations (2) was RMB8.9 million (US$1.2 million), representing an increase of 259.2% compared to RMB2.5 million in the same quarter of last year. As a percentage of net revenues, non-GAAP income from operations accounted for 0.3% in the quarter, an increase of 20 basis points from 0.1% in the same quarter of last year.   (1)  Gross segment profit represents net revenues less cost of goods sold. (2)  Non-GAAP income from operations represents income from operations excluding share-based compensation expenses. Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, "We are delighted to start the year with a major milestone in the first quarter of 2024 as our continuous operational enhancements empowered us to turn to operational profitability for the first time. Notably, income from operations reached RMB3.7 million during the period, a wonderfully positive shift from an operational loss of RMB21.7 million a year ago. This was achieved despite a decrease in first-quarter revenue because of a higher baseline set in the corresponding period of 2023 during the peak of the pandemic. Non-GAAP income from operations even more than tripled year over year to a record high of RMB8.9 million. Our performance in the quarter validates the effectiveness of our business model as a leading tech-enabled healthcare platform company committed to digitally empower the entire healthcare value chain as well as our growth strategies. Mr. Liu added, "We successfully elevated our operational efficiency after disciplined expense optimization across the whole organization. Our operating expenses as a percentage of net revenues decreased 120 basis points to 5.8%, while the ratio for non-GAAP operating expenses fell 60 basis points to 5.7%, reflecting our efforts for prudent resource management in the pursuit of sustainable growth. We anticipate the possibility of further operating cost reductions and higher efficiency as we scale up our business and refine operations. Our ambition is to stand out as the pinnacle of efficiency in the pharmaceutical e-commerce realm, and we strive to amplify our operational effectiveness to sharpen our competitive edge." "Furthermore, our investments in technology empowerment effectively drove up operational efficiency and customer engagement. We also made novel supply chain advancement that will unlock new growth opportunities, highlighted by our launch of a new delivery and transit model for streamlining logistics and saving fulfilment costs. Our pioneering role in digital commerce transformation and commitment to innovative excellence has also been recognized as we obtained significant accolades and a new patent from government agencies and professional institutions." "Looking ahead, we will remain dedicated to delivering one-stop shopping experiences supported by the most comprehensive and cost-effective product portfolio. With our internal 100% digital operating system at our core, we've attained unmatched operational efficiency within the industry. We are well positioned to empower both upstream and downstream customers to improve efficiency for the entire industry and reshape the traditional value chain. Our focus on strengthened partnership with pharmaceutical companies, strategic investments in operational efficiency, as well as relentless commitment to digitalization and AI innovation will enable us to capture greater market share and growth for higher revenue and profit levels. We are confident that these initiatives will solidify our leadership in the market, and we look forward to continuously generating value to our shareholders, customers, and stakeholders in the quarters ahead." First Quarter 2024 Financial Results Net revenues were RMB3.5 billion (US$488.7 million), representing a decrease of 4.6% from RMB3.7 billion in the same quarter of last year. (In thousands RMB) For the three months ended March 31, 2023 2024 YoY B2B Net Revenue Product 3,562,682 3,431,172 -3.7 % Service 21,141 20,837 -1.4 % Sub-Total 3,583,823 3,452,009 -3.7 % Cost of Products Sold(3) 3,372,828 3,261,103 -3.3 % Segment Profit 210,995 190,906 -9.5 % Segment Profit % 5.9 % 5.5 % (In thousands RMB) For the three months ended March 31 2023 2024 YoY B2C Net Revenue Product 106,608 72,206 -32.3 % Service 6,330 4,214 -33.4 % Sub-Total 112,938 76,420 -32.3 % Cost of Products Sold 87,720 58,793 -33.0 % Segment Profit 25,218 17,627 -30.1 % Segment Profit % 22.3 % 23.1 %   (3) For segment reporting purposes, purchase rebates are allocated to the B2B segment and B2C segments primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses. Cost of service revenue is recorded in the operating expense. Operating costs and expenses were RMB3.5 billion (US$488.2 million), representing a decrease of 5.2% from RMB3.7 billion in the same quarter of last year. Cost of products sold was RMB3.3 billion (US$459.8 million), representing a decrease of 4.1% from RMB3.5 billion in the same quarter of last year. Fulfillment expenses were RMB88.5 million (US$12.3 million), representing a decrease of 13.8% from RMB102.7 million in the same quarter of last year. Fulfillment expenses accounted for 2.5% of net revenues this quarter as compared to 2.8% in the same quarter of last year.  Selling and marketing expenses were RMB80.4 million (US$11.1 million), representing a decrease of 10.0% from RMB89.2 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.9 million for the quarter and RMB1.1 million for the same quarter last year, respectively, selling and marketing expenses as a percentage of net revenues, accounted for 2.2% in the quarter as compared to 2.4% in the same quarter of last year. General and administrative expenses were RMB19.1 million (US$2.6 million), representing a decrease of 53.8% from RMB41.3 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB2.1 million for the quarter and RMB19.0 million for the same quarter last year, respectively, general and administrative expenses as a percentage of net revenues, accounted for 0.5% in the quarter as compared to 0.6% in the same quarter of last year. Technology expenses were RMB18.3 million (US$2.5 million), representing a decrease of 27.7% from RMB25.3 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.2 million for the quarter and RMB4.1 million for the same quarter last year, respectively, Technology expenses as a percentage of net revenues, accounted for 0.5% in the quarter as compared to 0.6% in the same quarter of last year. Income from operations was RMB3.7 million (US$0.5 million), compared to loss from operations was RMB21.7 million in the same quarter of last year. Non-GAAP income from operations was RMB8.9 million (US$1.2 million), compared to RMB2.5 million in the same quarter of last year. As a percentage of net revenues, non-GAAP income from operations accounted for 0.3% in the quarter as compared to 0.1% in the same quarter of last year.   Net loss was RMB2.7 million (US$0.4 million), compared to RMB19.4 million in the same quarter of last year. As a percentage of net revenues, net loss decreased to 0.1% in the quarter from 0.5% in same quarter of last year. Non-GAAP net income(4) was RMB2.5 million (US$0.3 million), compared to RMB4.9 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net income accounted for 0.1% in the quarter, which was same as last year. Net loss attributable to ordinary shareholders was RMB13.8 million (US$1.9 million), compared to RMB31.8 million in the same quarter of last year. As a percentage of net revenues, net loss attributable to ordinary shareholders decreased to 0.4% in the quarter from 0.9% in same quarter of last year. Non-GAAP net loss attributable to ordinary shareholders(5) was RMB8.6 million (US$1.2 million), compared to RMB7.6 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders accounted for 0.2% in the quarter, which was same as last year. (4) Non-GAAP net income represents net income excluding share-based compensation expenses, net of tax. Considering the impact of accretion of redeemable non-controlling interest for the first quarter 2024, non-GAAP net income is used as a more meaningful measurement of the operation performance of the Company. (5) Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. As of March 31, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB627.3 million (US$86.9 million), compared to RMB673.7 million as of December 31, 2023. To this date, the Company has a total outstanding amount of RMB1.1 billion, which has been included in the balances of redeemable non-controlling interests and accrued expenses and other current liabilities, owed to a group of investors of 1 Pharmacy Technology pursuant to their equity investments made in 2020 as previously disclosed. 111 has received redemption requests from certain of such investors for a total redemption amount of RMB0.2 billion in accordance with the terms of their initial investments in 1 Pharmacy Technology. Furthermore, the Company has entered into written agreements and/or commitment letters with investors representing the majority of the total carrying amounts. For more information about the terms of 111's arrangements with these investors, see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources" in the Company's annual report for the fiscal year ended December 31, 2023. Conference Call 111's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Thursday, May 23, 2024 (7:30 PM Beijing Time on the same day). Details for the conference call are as follows: Event Title: 111, Inc. First Quarter 2024 Unaudited Financial ResultsRegistration Link: https://s1.c-conf.com/diamondpass/10038645-oelc5s.html  All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique Registration ID, which can be used to join the conference call. Please dial in 15 minutes before the call is scheduled to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call. A telephone replay of the call will be available after the conclusion of the conference call until May 30, 2024 on: China: 4001 209 216United States: +1 855 883 1031International: +61 7 3107 6325Conference ID: 10038645 A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/83ojreww.  Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income from operations as income (loss) from operations excluding share-based compensation expenses. The Company defines non-GAAP net income as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company believes that non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income (loss) from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company's core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release. Exchange Rate Information Statement  This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2024. Forward-Looking Statements This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: http://ir.111.com.cn/. For more information, please contact: 111, Inc.Investor RelationsEmail: ir@111.com.cn  111, Inc.Media Relations Email: press@111.com.cnPhone: +86-021-2053 6666 (China)       111, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) As of As of December 31, 2023 March 31, 2024 RMB RMB US$ ASSETS Current Assets: Cash and cash equivalents 603,523 584,391 80,937 Restricted Cash 20,025 22,938 3,177 Short-term investments 50,143 20,000 2,770 Accounts receivable, net 536,823 468,962 64,950 Notes Receivable 77,598 66,056 9,149 Inventories 1,419,396 1,432,778 198,437 Prepayments and other current assets 225,823 190,385 26,368 Total current assets 2,933,331 2,785,510 385,788 Property and equipment, net 34,340 30,959 4,288 Intangible assets, net 2,256 2,052 284 Long-term investments  2,000 2,000 277 Other non-current assets 13,310 13,160 1,823 Operating lease right-of-use assets 103,799 90,892 12,588 Total Assets 3,089,036 2,924,573 405,048 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current Liabilities: Short-term borrowings 338,075 206,990 28,668 Accounts payable 1,588,693 1,641,885 227,398 Accrued expense and other current liabilities 818,295 735,523 101,869 Total Current liabilities 2,745,063 2,584,398 357,935 Long-term operating lease liabilities 62,624 54,671 7,572 Other Non-Current liabilities 5,245 6,147 850 Total Liabilities 2,812,932 2,645,216 366,357 MEZZANINE EQUITY Redeemable non-controlling interests 870,825 881,742 122,120 SHAREHOLDERS' DEFICIT Ordinary shares Class A 32 32 5 Ordinary shares Class B 25 25 3 Treasury shares (5,887) (5,887) (815) Additional paid in capital 3,169,114 3,174,290 439,634 Accumulated deficit (3,819,249) (3,833,024) (530,868) Accumulated other Comprehensive Income 72,514 73,277 10,149 Total shareholders' deficit (583,451) (591,287) (81,892) Non-controlling interest (11,270) (11,098) (1,537) Total Deficit (594,721) (602,385) (83,429) Total liabilities, mezzanine equity and deficit 3,089,036 2,924,573 405,048       111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands, except for share and per share data) For the three months ended  March 31, 2023 2024 RMB   RMB US$ Net Revenues  3,696,761 3,528,429 488,682 Operating Costs and expenses: Cost of products sold  (3,460,548) (3,319,896) (459,800) Fulfillment expenses   (102,650) (88,523) (12,260) Selling and marketing expenses  (89,240) (80,360) (11,130) General and administrative expenses  (41,317) (19,074) (2,642) Technology expenses   (25,316) (18,309) (2,536) Other operating income,net 578 1,457 202 Total Operating costs and expenses (3,718,493) (3,524,705) (488,166) (Loss) Income from operations  (21,732) 3,724 516 Interest income  1,949 1,966 272 Interest expense  (4,272) (7,982) (1,106) Foreign exchange loss (gain) 1,634 (219) (30) Other Income (loss), net  3,064 (123) (17) Loss before income taxes  (19,357) (2,634) (365) Income tax expense  - (51) (7) Net Loss  (19,357) (2,685) (372) Net Loss attributable to non-controlling interest  1,400 (173) (24) Net Loss attributable to redeemable non-controlling interest 1,548 289 40 Adjustment attributable to redeemable non-controlling interest (15,378) (11,206) (1,552) Net Loss attributable to ordinary shareholders  (31,787) (13,775) (1,908) Other comprehensive loss Unrealized gains of available -for-sale securities  2,135 (34) (5) Realized gains of available-for-sale debt securities (1,902) 177 25 Foreign currency translation adjustments (3,113) 620 86 Comprehensive loss (34,667) (13,012) (1,802) Loss per ADS:    Basic and diluted (0.38) (0.16) (0.02) Weighted average number of shares used in computation of loss per share   Basic and diluted 167,329,609 171,220,973 171,220,973       111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the three months ended  March 31, 2023 2024 RMB   RMB US$ Net cash (used in) provided by operating activities  (121,328) 108,438 15,019 Net cash (used in) provided by investing activities  (53,188) 29,742 4,119 Net cash provided by (used in) financing activities  78,497 (155,471) (21,532) Effect of exchange rate changes on cash and cash equivalents, and restricted cash (1,491) 1,072 148 Net decrease in cash and cash equivalents  (97,510) (16,219) (2,246) Cash and cash equivalents, and restricted cash at the beginning of the period  716,791 623,548 86,360 Cash and cash equivalents, and restricted cash at the end of the period    619,281 607,329 84,114       111, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands, except for share and per share data) For the three months ended  March 31, 2023 2024           RMB       RMB US$ (Loss) Income from operations (21,732) 3,724 516 Add: Share-based compensation expenses 24,208 5,171 716 Non-GAAP income from operations 2,476 8,895 1,232 Net Loss (19,357) (2,685) (372) Add: Share-based compensation expenses 24,208 5,171 716 Non-GAAP net Income 4,851 2,486 344 Net Loss attributable to ordinary shareholders  (31,787) (13,775) (1,908) Add: Share-based compensation expenses 24,208 5,171 716 Non-GAAP net Loss attributable to ordinary shareholders  (7,579) (8,604) (1,192) Loss per ADS(6): Basic and diluted (0.38) (0.16) (0.02) Add: Share-based compensation expenses per ADS(6), net of tax 0.28 0.06 0.00 Non-GAAP Loss per ADS(6) (0.10) (0.10) (0.02) (6) Every one ADSs represent two Class A ordinary shares.  

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Trip.com Group Limited Reports Unaudited First Quarter of 2024 Financial Results

SINGAPORE, May 21, 2024 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the first quarter of 2024. Key Highlights for the First Quarter of 2024 Both domestic and international businesses maintained robust growth momentum in the first quarter of 2024 Domestic hotel and air bookings each increased by over 20% year over year. Outbound hotel and air bookings both increased by over 100% year over year. Total revenue generated from the Company's global OTA platform, Trip.com, increased by around 80% year over year. The Company delivered strong results in the first quarter of 2024 Net revenue for the first quarter increased by 29% compared to the same period in 2023. Net income for the first quarter was RMB4.3 billion (US$599 million), compared to RMB3.4 billion for the same period in 2023. Adjusted EBITDA for the first quarter was RMB4.0 billion (US$550 million). Adjusted EBITDA margin was 33%, improved from 31% for the same period in 2023. "The year 2024 has begun with a significant increase in both domestic and outbound travel demand in China, facilitated by a more stabilized supply and further relaxation of visa requirements," said James Liang, Executive Chairman. "Additionally, our global business has experienced robust growth, driven by our improved product offerings. We are committed to investing in product and technology innovations to deliver a superior travel experience to our users." "We are delighted to see that our first quarter results have demonstrated the resilience of the travel market and the strong execution of our team," said Jane Sun, Chief Executive Officer. "Recognizing the importance of creating a sustainable future, we are dedicated to generating greater value for our stakeholders by creating more job opportunities and contributing to the development of the travel industry through collaboration with our partners." First Quarter 2024 Financial Results and Business Updates For the first quarter of 2024, Trip.com Group reported net revenue of RMB11.9 billion (US$1.6 billion), representing a 29% increase from the same period in 2023. Net revenue for the first quarter of 2024 increased by 15% from the previous quarter, primarily due to seasonality. Accommodation reservation revenue for the first quarter of 2024 was RMB4.5 billion (US$623 million), representing a 29% increase from the same period in 2023 primarily driven by an increase in accommodation reservations. Accommodation reservation revenue for the first quarter of 2024 increased by 15% from the previous quarter, primarily due to seasonality. Transportation ticketing revenue for the first quarter of 2024 was RMB5.0 billion (US$692 million), representing a 20% increase from the same period in 2023 primarily driven by an increase in ticketing reservations. Transportation ticketing revenue for the first quarter of 2024 increased by 22% from the previous quarter, primarily due to seasonality. Packaged-tour revenue for the first quarter of 2024 was RMB883 million (US$122 million), representing a 129% increase from the same period in 2023 primarily driven by an increase in packaged-tour reservations. Packaged-tour revenue for the first quarter of 2024 increased by 25% from the previous quarter, primarily due to seasonality. Corporate travel revenue for the first quarter of 2024 was RMB511 million (US$71 million), representing a 15% increase from the same period in 2023 primarily driven by an increase in corporate travel reservations. Corporate travel revenue for the first quarter of 2024 decreased by 19% from the previous quarter, primarily due to seasonality as corporates clients generally have relatively mild traveling activities in the first quarter in light of the Chinese New Year holiday. Cost of revenue for the first quarter of 2024 increased by 37% to RMB2.2 billion (US$310 million) from the same period in 2023 and increased by 11% from the previous quarter, which was generally in line with the increase in net revenue. Cost of revenue as a percentage of net revenue was 19% for the first quarter of 2024. Product development expenses for the first quarter of 2024 increased by 16% to RMB3.1 billion (US$431 million) from the same period in 2023 and increased by 7% from the previous quarter, primarily due to the increase in product development personnel related expenses. Product development expenses as a percentage of net revenue was 26% for the first quarter of 2024. Sales and marketing expenses for the first quarter of 2024 increased by 32% to RMB2.3 billion (US$320 million) from the same period in 2023 primarily due to the increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses remained relatively stable compared to the previous quarter. Sales and marketing expenses as a percentage of net revenue was 19% for the first quarter of 2024. General and administrative expenses for the first quarter of 2024 increased by 4% to RMB931 million (US$129 million) from the same period in 2023 and increased by 7% from the previous quarter. General and administrative expenses as a percentage of net revenue was 8% for the first quarter of 2024. Income tax expense for the first quarter of 2024 was RMB664 million (US$92 million), compared to RMB341 million for the same period in 2023 and RMB399 million for the previous quarter. The change in Trip.com Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets. Net income for the first quarter of 2024 was RMB4.3 billion (US$599 million), compared to RMB3.4 billion for the same period in 2023 and RMB1.3 billion for the previous quarter. Adjusted EBITDA for the first quarter of 2024 was RMB4.0 billion (US$550 million), compared to RMB2.8 billion for the same period in 2023 and RMB2.9 billion for the previous quarter. Adjusted EBITDA margin was 33% for the first quarter of 2024, compared to 31% for the same period in 2023 and 28% for the previous quarter. Net income attributable to Trip.com Group's shareholders for the first quarter of 2024 was RMB4.3 billion (US$597 million), compared to RMB3.4 billion for the same period in 2023 and RMB1.3 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group's shareholders for the first quarter of 2024 was RMB4.1 billion (US$561 million), compared to RMB2.1 billion for the same period in 2023 and RMB2.7 billion for the previous quarter. Diluted earnings per ordinary share and per ADS was RMB6.38 (US$0.88) for the first quarter of 2024. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB6.00 (US$0.83) for the first quarter of 2024. Each ADS currently represents one ordinary share of the Company. As of March 31, 2024, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB81.9 billion (US$11.3 billion). Conference Call Trip.com Group's management team will host a conference call at 8:00 PM EST on May 20, 2024 (or 8:00 AM CST on May 21, 2024) following this announcement. The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website. All participants must pre-register to join this conference call using the Participant Registration link below:https://register.vevent.com/register/BI081613f1346b45419466c3b6c9ce0001 Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly. 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 "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident," or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group's ADSs or shares, Trip.com Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group's existing or future business lines, damage to or failure of Trip.com Group's infrastructure and technology, loss of services of Trip.com Group's key executives, adverse changes in economic and business conditions in the relevant jurisdictions where Trip.com Group operates, any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Trip.com Group and other risks outlined in Trip.com Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Non-GAAP Financial Measures To supplement Trip.com Group's consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Trip.com Group's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.  Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group's business for the foreseeable future. Reconciliations of Trip.com Group's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release. About Trip.com Group Limited Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission "to pursue the perfect trip for a better world." For further information, please contact: Investor RelationsTrip.com Group Limited Tel: +86 (21) 3406-4880 X 12229Email: iremail@trip.com     Trip.com Group Limited Unaudited Consolidated Balance Sheets (In millions, except share and per share data) December 31, 2023 March 31, 2024 March 31, 2024 RMB (million) RMB (million) USD (million) ASSETS Current assets: Cash, cash equivalents and restricted cash 43,983 44,773 6,201 Short-term investments 17,748 25,507 3,533 Accounts receivable, net  11,410 12,251 1,697 Prepayments and other current assets  15,591 17,496 2,423 Total current assets 88,732 100,027 13,854 Property, equipment and software 5,142 5,103 707 Intangible assets and land use rights 12,644 12,596 1,745 Right-of-use asset 641 627 87 Investments (Includes held to maturity time deposit andfinancial products of RMB15,530 million and RMB11,628million as of December 31,2023 and March 31, 2024, respectively) 49,342 47,672 6,602 Goodwill 59,372 59,377 8,224 Other long-term assets 688 623 86 Deferred tax asset 2,576 2,481 344 Total assets 219,137 228,506 31,649 LIABILITIES Current liabilities: Short-term debt and current portion of long-term debt 25,857 38,627 5,350 Accounts payable 16,459 17,736 2,456 Advances from customers 13,380 13,928 1,929 Other current liabilities 16,715 16,516 2,288 Total current liabilities 72,411 86,807 12,023 Deferred tax liability 3,825 3,608 500 Long-term debt 19,099 8,688 1,203 Long-term lease liability 477 468 65 Other long-term liabilities 319 326 45 Total liabilities 96,131 99,897 13,836 SHAREHOLDERS' EQUITY Total Trip.com Group Limited shareholders' equity 122,184 127,774 17,697 Non-controlling interests 822 835 116 Total shareholders' equity 123,006 128,609 17,813 Total liabilities and shareholders' equity 219,137 228,506 31,649       Trip.com Group Limited Unaudited Consolidated Statements of Income (In millions, except share and per share data) Quarter ended Quarter ended Quarter ended Quarter ended March 31, 2023 December 31, 2023 March 31, 2024 March 31, 2024 RMB (million) RMB (million) RMB (million) USD (million) Revenue: Accommodation reservation  3,480 3,903 4,496 623 Transportation ticketing  4,156 4,106 5,000 692 Packaged-tour  386 704 883 122 Corporate travel 445 634 511 71 Others 744 991 1,031 143 Total revenue 9,211 10,338 11,921 1,651 Less: Sales tax and surcharges (13) (13) (16) (2) Net revenue 9,198 10,325 11,905 1,649 Cost of revenue (1,637) (2,010) (2,238) (310) Gross profit 7,561 8,315 9,667 1,339 Operating expenses: Product development * (2,674) (2,916) (3,109) (431) Sales and marketing * (1,755) (2,333) (2,312) (320) General and administrative * (891) (869) (931) (129) Total operating expenses (5,320) (6,118) (6,352) (880) Income from operations 2,241 2,197 3,315 459 Interest income  441 593 592 82 Interest expense (486) (497) (499) (69) Other income/(expense) 1,652 (903) 759 105 Income before income taxexpense and equity in(loss)/income of affiliates 3,848 1,390 4,167 577 Income tax expense (341) (399) (664) (92) Equity in (loss)/gain of affiliates (133) 351 822 114 Net income 3,374 1,342 4,325 599 Net loss/(income) attributable tonon-controlling interests 1 (45) (13) (2) Net income attributable to Trip.com Group Limited 3,375 1,297 4,312 597 Earnings per ordinary share  - Basic 5.18 1.99 6.62 0.92 - Diluted 5.02 1.94 6.38 0.88 Earnings per ADS  - Basic 5.18 1.99 6.62 0.92 - Diluted 5.02 1.94 6.38 0.88 Weighted average ordinary shares outstanding  - Basic 651,849,468 652,033,082 651,349,707 651,349,707 - Diluted 672,743,729 668,332,395 675,933,592 675,933,592 * Share-based compensation included in Operating expenses above is as follows:   Product development  179 215 214 30   Sales and marketing  31 39 38 5   General and administrative  168 196 198 27       Trip.com Group Limited Unaudited Reconciliation of  GAAP and Non-GAAP Results (In millions, except %, share and per share data) Quarter ended Quarter ended Quarter ended Quarter ended March 31, 2023 December 31, 2023 March 31, 2024 March 31, 2024 RMB (million) RMB (million) RMB (million) USD (million) Net income 3,374 1,342 4,325 599 Less: Interest income (441) (593) (592) (82) Add: Interest expense 486 497 499 69 Add: Other (income)/expense (1,652) 903 (759) (105) Add: Income tax expense 341 399 664 92 Add: Equity in loss/(income) of affiliates 133 (351) (822) (114) Income from operations 2,241 2,197 3,315 459 Add: Share-based compensation 378 450 450 62 Add: Depreciation and amortization 201 208 209 29 Adjusted EBITDA 2,820 2,855 3,974 550 Adjusted EBITDA margin 31 % 28 % 33 % 33 % Net income attributable to Trip.com Group Limited 3,375 1,297 4,312 597 Add: Share-based compensation 378 450 450 62 Add: (Gain)/loss from fair value changes of equity securities investments and exchangeable senior notes (1,648) 989 (679) (94) Add: Tax effects on fair value changes of equity securitiesinvestments and exchangeable senior notes (40) (61) (28) (4) Non-GAAP net income attributable to Trip.com Group Limited 2,065 2,675 4,055 561 Weighted average ordinary shares outstanding-  Diluted-non GAAP  672,743,729 668,332,395 675,933,592 675,933,592 Non-GAAP Diluted income per share  3.07 4.00 6.00 0.83 Non-GAAP Diluted income per ADS  3.07 4.00 6.00 0.83 Notes for all the condensed consolidated financial schedules presented: Note 1: The translations of Renminbi (RMB) into U.S. dollars (USD) are based on the certified exchange rate of USD1.00=RMB7.2203 on March 29, 2024 published by the Federal Reserve Board.  

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Zepp Health Corporation Reports First Quarter 2024 Unaudited Financial Results

MILPITAS, Calif., May 21, 2024 /PRNewswire/ -- Zepp Health Corporation ("Zepp" or the "Company") (NYSE: ZEPP) today reported revenues of US$39.8 million; a basic and diluted net loss per share of US$0.06; and a basic and diluted net loss per ADS of US$0.23 for the first quarter ended March 31, 2024; adjusted basic and diluted net loss per share of US$0.05; and adjusted basic and diluted net loss per ADS of US$0.19. Each ADS represents four Class A ordinary shares. Mr. Wang 'Wayne' Huang, Chairman and CEO of Zepp, commented, "In the first quarter of 2024, our revenue came broadly in line with our guidance. Our gross margin performance reached a record high, and our self-branded product sales contributed over 85% of total revenues. Notably, the MAU of our Zepp application has exceeded 10 million, marking an early success of our transformation journey."  Wayne continued: "On the products front, we offer a diverse range of series tailored to various market needs. Each series is strategically positioned with a thorough understanding of its competitors and targeted price ranges. We are delighted to observe that our Balance and Active product line has gained more popularity among consumers and KOLs due to the attractive designs and innovative functionalities such as cutting-edge AI functions, a wide range of health services and a diverse selection of watch faces and app ecosystems. This has enabled us to position this product line to a more premium market than before and generate better gross margins. In May, we unveiled the new Amazfit Bip 5 Unity. Through the stainless-steel appearance and bigger screen, we have brought many user-favorite software functions from our mid-to-high-end product lines to Unity, and brought richer apps and watch faces through Zepp OS 3.0 to unity, strengthening our sub-$100 market competitiveness and further expand our market share in emerging markets. We also launched a new product line in May, Helio Ring, which allows users who prefer not to wear watches while sleeping to obtain 24-hour comprehensive health data monitoring. This enhances recovery for athletes and provides readiness analysis for general users, ensuring a holistic user experience with both smartwatches and smart rings. We are the first smartwatch brand to offer such a solution, placing us ahead of our competitors. Our software, especially the proprietary operating system, Zepp OS, has been upgraded to version 3.5, integrating the large-model-based Zepp Flow AI system. This brings large model AI interaction and messaging capabilities to our entire product line. The rapid application and innovation of large model AI technology provides our smartwatch products with opportunities to surpass competitors, showcasing our company's execution and creativity capabilities. Simultaneously, we've strategically invested in our marketing initiatives, prioritizing digital campaigns and outdoor advertising in influential global hubs. This includes prominent placements like the Madrid airport advertising campaign and sponsorship of events such as the recent Rotterdam Marathon. We will launch more advertisements in major global markets to amplify our market presence in coming quarters and collaborate with major global channels like Decathlon, bringing our innovative full-range products to users during this summer sports craze to increase our sales for the second half of the year. With exciting new product launches on the horizon, and supported by our globalized research and management team, our confidence in our roadmap and future opportunities has never been stronger. We are confident that our strategic investments in expanding our brand, enhancing our retail presence, and diversifying our product line will drive growth and contribute to our long-term success." Mr. Leon Deng, Zepp's Chief Financial Officer, added, "The first quarter is traditionally a slower season of us, with a significant decline of Xiaomi products sales plus a more subdued new product launch window of our self-branded products, leading to a revenue decline of this quarter compared with last year. However, we continue to achieve a historically high gross margin of 37%, a testament to the superior performance of our self-branded products and a well-calibrated product mix that included a higher proportion of new offerings and reduced clearances. This accomplishment distinctly embodies our strategic intent to prioritize profitability over scale. We judiciously maintained our GAAP and adjusted operational expenses at or below US$30 and US$28 million per quarter, consistent with since the second quarter of last year and in line with our financial forecasts. Our commitment to stringent discretionary spending controls remains unwavering. We persistently pursued a cost-conscious approach while continuing to invest strategically in R&D and marketing initiatives to uphold our competitive edge." Leon continued, "We have also maintained vigilant oversight of our working capital throughout the first quarter. Despite a P&L loss, we successfully sustained a positive operating cash flow for the seventh consecutive quarter. In the first quarter of 2023, we initiated a retirement of portions of our short and long-term debt portfolio. Since the first quarter of 2023, we have successfully retired US$46.7 million of debt. As our operating cash flow continues to strengthen, we intend to do more in the coming quarters. With a robust cash reserve of US$132.3 million, we are exceptionally well-positioned to seize strategic investment opportunities and capitalize on potential market expansions. As we progress through 2024, our dedication to operational excellence and strategic foresight remains steadfast. We are resolute in our commitment to enhancing the engagement and satisfaction of our users through continuous innovation in product features and applications. In the interim, we'll persist in our share repurchase program, a tangible demonstration of management's unwavering confidence in the company's trajectory."  First Quarter of 2024 Financial Summary For the Three Months Ended Number in millions, except for percentages and per- share/ADS amounts  Mar. 31, 2024 Mar. 31, 2023[1] Revenue RMB 287.2 645.2 Revenue US$ 39.8 93.9 Gross margin 36.8 % 15.9 % Net loss RMB (105.8) (136.9) Net loss US$ (14.6) (19.9) Adjusted EBIT RMB[4] (86.4) (128.5) Adjusted EBIT US$ (12.0) (18.7) Net loss attributable to Zepp Health Corporation RMB (105.5) (136.7) Adjusted net loss attributable to Zepp Health Corporation RMB[2] (89.7) (112.7) Net loss attributable to Zepp Health Corporation US$ (14.6) (19.9) Adjusted net loss attributable to Zepp Health Corporation US$ (12.4) (16.4) Basic/diluted net loss per share RMB (0.41) (0.56) Basic/diluted net loss per ADS US$ (0.23) (0.32) Adjusted basic/diluted net loss per share RMB[3] (0.35) (0.46) Adjusted basic/diluted net loss per ADS US$ (0.19) (0.27) Units shipped in millions 1.2 3.5 [1] The US$ numbers in 2023 are referenced with the prior 6-K disclosures, where translations from RMB to US$ are made at a rate of RMB6.8676 to US$1.00, the effective noon buying rate on March 31, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board. [2] Adjusted net income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-basedcompensation expenses. The tax effect from the adjustment of the Share-based compensation expenses is nil. See "Reconciliationof GAAP and Non-GAAP Results" at the end of this press release. [3] Adjusted diluted net income/(loss) is the abbreviation of adjusted net income/(loss) attributable to Zepp Health Corporation,which is a non-GAAP measure and excludes share-based compensation expenses attributable to Zepp Health Corporation, and isused as the numerator in computation of adjusted basic and diluted net loss per ADS attributable to Zepp Health Corporation.  [4] Adjusted EBIT is a non-GAAP financial measure, which is defined as net loss, excluding (i) share-based compensationexpenses, (ii) income tax (benefit)/ expense, (iii) interest income, (iv) interest expense. First Quarter 2024 Financial Results Revenues Revenues for the first quarter of 2024 reached US$39.8 million, a decrease by 55.5% from the first quarter of 2023. The decrease was primarily due to the decrease in the sales of Xiaomi wearable products, as well as the decrease in sales of our self-branded products as we did not launch any new self-branded products in the first quarter of 2024. Total units shipped in the first quarter of 2024 decreased by 65.7% year-over-year to 1.2 million, compared with 3.5 million in the first quarter of 2023. Gross Margin Gross margin in the first quarter of 2024 was 36.8%, compared to 15.9% in the same period of 2023. We reached another record-high quarterly gross margin since the third quarter of 2023, supported by the strong performance of our self-branded products and a more favourable product mix, with a higher proportion of new products and a reduction in clearance sales, which typically have lower margins. Research and Development Expenses Research and development expenses in the first quarter of 2024 were US$13.3 million, a decrease by 18.4% year-over-year. This accounted for 33.5% of revenues, compared to 18.3% for the same period in 2023. The decrease was as a result of our refined research and development approaches, as we consistently evaluated resource efficiency to ensure maximum return on investment and productivity. We are committed to investing in new technologies, including AI, to maintain our competitive edge against our peers. Selling and Marketing Expenses Selling and marketing expenses in the first quarter of 2024 were US$10.7 million, a decrease by 10.1% year-over-year. This accounted for 26.9% of revenues, compared to 13.3% for the same period in 2023. The decrease was primarily as a result of our consistent push on retail profitability and channel mix improvement, which included meticulous refinement of our retail channels and strategic staffing arrangements across sales regions. Simultaneously, we've strategically invested in our marketing initiatives, prioritizing digital campaigns and outdoor advertising in influential global hubs. We are committed to investing efficiently in marketing and branding to ensure our sustained growth.   General and Administrative Expenses General and administrative expenses were US$6.4 million in the first quarter of 2024, a decrease by 7.9% year-over-year. This accounted for 16.0% of revenues, compared with 7.7% in the same period in 2023. The decrease in absolute value was largely attributable to our personnel optimization initiative and strict administrative expense control. Operating Expenses Total operating expenses for the first quarter of 2024 were US$30.4 million, a decrease by 13.5% year-over-year. Adjusted operating expenses, which exclude share-based compensation, were US$28.2 million. In the first quarter of 2024, we incurred one-off expenses of approximately US$0.5 million. We will maintain our cost-conscious approach in the upcoming quarters. We expect our operating expenses to either remain at current levels or decrease further. Concurrently, we remain committed to investing in R&D and marketing activities to ensure our long-term competitiveness. Operating Income/(Loss) Operating loss for the first quarter of 2024 was US$15.8 million, a decrease by 24.6% year-over-year. The reduced loss was largely due to the improved gross margin of our self-branded products and reduced operating expenses. Net Income/(Loss) Net loss attributable to Zepp Health Corporation for the first quarter of 2024 was US$14.6 million, a decrease by 22.8% year-over-year. The adjusted net loss attributable to Zepp Health Corporation, which excludes share-based compensation expenses attributable to Zepp Health Corporation, was US$12.4 million, a decrease by 20.4% year-over-year.  Liquidity and Capital Resources As of March 31, 2024, the Company had cash and cash equivalents and restricted cash of US$132.3 million, We have generated positive cash flow from our operating activities for the seventh consecutive quarter. We also successfully reduced our total debt, including short-term and long-term bank borrowing balance, by US$0.7 million in the first quarter. We anticipate further reductions in our debt level in the upcoming quarters. The Company continued to manage its working capital and inventory efficiently and recorded inventory levels of US$72.8 million as of March 31, 2024.This reached the lowest level since June 30, 2019, marking a decrease by 12.8% and 34.3% compared with December 31, 2023 and March 31, 2023, respectively. We will continue to manage working capital tightly. Share Repurchase Program Update The Company announced in its third quarter 2021 earnings release that the board had authorized a share repurchase program of up to US$20 million through November 2022. On November 21, 2022, the board authorized a 12-month extension of the Company's share repurchase program. On November 20, 2023, the board further authorized the Company to extend its share repurchase program for another 12 months. Pursuant to the extended share repurchase program, the Company may repurchase its shares in the form of American depositary shares and/or ordinary shares through November 2024 with an aggregate value equal to the remaining balance under the share repurchase program. As of March 31, 2024, the Company had used US$13.4 million to repurchase 5,497,137 ADSs. The Company expects to fund the repurchases under the extended share repurchase program out of its existing cash balance. Outlook For the second quarter of 2024, the Company's management currently expects net revenues to be between US$40 million and US$55 million, out of which more than 90% are expected to be generated from self-branded products. The new product Amazfit Helio Ring has just been launched, and its contribution to revenues is uncertain. This outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market, operating conditions and customer demand, which are all subject to change. Conference Call The Company's management team will hold a conference call at 7:00 p.m. Eastern Time on Monday, May 20, 2024 (7:00 a.m. Beijing Time on May 21, 2024) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing: US (Toll Free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (Toll Free): 400-120-1203 Hong Kong (Toll Free): 800-905-945 Hong Kong: +852-3018-4992 Participants should dial in at least 10 minutes before the scheduled start time and ask to be connected to the call for "Zepp Health Corporation". Additionally, a live and archived webcast of the conference call will be available at http://ir.zepp.com. A telephone replay will be available one hour after the call until May 27, 2024 by dialing: US Toll Free: +1-877-344-7529 International: +1-412-317-0088 Replay Passcode: 9164265 About Zepp Health Corporation Zepp Health Corporation (NYSE: ZEPP) is a global smart wearable and health technology leader, empowering users to live their healthiest lives by optimizing their health, fitness, and wellness journeys through its leading consumer brands, Amazfit, Zepp Clarity and Zepp Aura. Powered by its proprietary Zepp Digital Management Platform, which includes the Zepp OS, AI chips, biometric sensors and data algorithms, Zepp delivers cloud-based 24/7 actionable insights and guidance to help users attain their wellness goals. To date, Zepp has shipped over 200 million units, and its products are available in more than 90 countries and regions. Founded in 2013 as Huami Corp., the Company changed its name to Zepp Health Corporation in February 2021 to emphasize its health focus with a name that resonates across languages and cultures globally. Zepp has team members and offices across globe, especially in Europe and USA regions. Use of Non-GAAP Measures We use adjusted net income/(loss), a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. Adjusted operating expenses represent operating expenses excluding share-based compensation expenses. Adjusted operating income/(loss) represents operating income/(loss) excluding share-based compensation expenses. Adjusted EBIT represents net income/(loss) excluding share-based compensation expenses, income tax (benefit)/expense, interest income and interest expense. Adjusted net income/(loss) represents net income/(loss) excluding share-based compensation expenses, and such adjustment has no impact on income tax. Adjusted net income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-based compensation expenses attributable to Zepp Health Corporation, and is used as the numerator in computation of adjusted net income/(loss) per share and per ADS attributable to Zepp Health Corporation. We believe that adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in net income/(loss) and net income/(loss) attributable to Zepp Health Corporation. We believe that adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation, should not be considered in isolation or construed as an alternative to net income/(loss), basic and diluted net income/(loss) per share and per ADS attributable to Zepp Health Corporation or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted net income/(loss), adjusted EBIT and adjusted net income/(loss) attributable to ordinary shareholders, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Exchange Rate The Company's business is primarily conducted in China. This announcement contains currency conversions of RMB amounts into US$ solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2203 to US$1.00, the effective noon buying rate on March 29, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 29, 2024, or at any other rate. 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," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. 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. 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: the cooperation with Xiaomi, the recognition of the Company's self-branded products; the Company's growth strategies; trends and competition in global wearable technology market; changes in the Company's revenues and certain cost or expense accounting policies; governmental policies relating to the Company's industry and general economic conditions in China and the global. Further information regarding these and other risks is included in the Company's filings with the United States Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China:Zepp Health CorporationGrace Yujia ZhangEmail: ir@zepp.com  Piacente Financial CommunicationsTel: +86-10-6508-0677Email: zepp@tpg-ir.com     Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31, As of March 31, 2023 2024 RMB RMB US$ Assets Current assets: Cash and cash equivalents 949,036 895,823 124,070 Restricted cash 48,282 59,265 8,208 Accounts receivable, net 431,159 300,813 41,662 Amounts due from related parties 61,098 23,841 3,302 Inventories, net 602,688 525,785 72,820 Short-term investments 36,586 43,169 5,979 Prepaid expenses and other current assets 119,931 132,620 18,369 Total current assets 2,248,780 1,981,316 274,410 Property, plant and equipment, net 63,397 61,981 8,584 Intangible asset, net 70,061 66,440 9,202 Goodwill 68,023 69,177 9,581 Long-term investments 1,693,611 1,686,434 233,568 Deferred tax assets 230,041 229,464 31,780 Amount due from related parties, non-current 20,954 23,564 3,264 Other non-current assets 68,852 59,629 8,259 Operating lease right-of-use assets 48,412 34,292 4,749 Total assets 4,512,131 4,212,297 583,397     Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31,  As of March 31, 2023 2024 RMB RMB US$ Liabilities Current liabilities: Accounts payable 264,726 152,587 21,133 Advance from customers 1,653 1,661 230 Amount due to related parties 24,671 13,797 1,911 Accrued expenses and other current liabilities 315,592 271,200 37,561 Income tax payables 7,003 7,337 1,016 Notes payable 475,629 434,099 60,122 Short-term bank borrowings 12,000 275,000 38,087 Total current liabilities 1,101,274 1,155,681 160,060 Deferred tax liabilities 29,601 29,448 4,079 Long-term borrowings 852,133 583,820 80,858 Other non-current liabilities 1,916 1,916 265 Non-current operating lease liabilities 22,697 21,513 2,980 Total liabilities 2,007,621 1,792,378 248,242     Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31, As of March 31, 2023 2024 RMB RMB US$ Equity Ordinary shares 164 164 23 Additional paid-in capital 1,750,580 1,766,355 244,637 Treasury stock (85,217) (89,338) (12,373) Accumulated retained earnings 730,731 625,207 86,590 Accumulated other comprehensive income 96,318 105,828 14,657 Total Zepp Health Corporation shareholders' equity 2,492,576 2,408,216 333,534 Noncontrolling interest 11,934 11,703 1,621 Total equity 2,504,510 2,419,919 335,155 Total liabilities and equity 4,512,131 4,212,297 583,397     Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Three Months Ended March 31, 2023 2024 RMB RMB US$ Revenues 645,183 287,231 39,781 Cost of revenues (542,338) (181,557) (25,145) Gross profit 102,845 105,674 14,636 Operating expenses:   Selling and marketing (85,978) (77,313) (10,708) General and administrative (49,901) (45,961) (6,366) Research and development (117,874) (96,136) (13,315) Total operating expenses (253,753) (219,410) (30,389) Operating loss (150,908) (113,736) (15,753)   Other income and expenses: Interest income 4,133 7,277 1,008 Interest expense (13,318) (10,371) (1,436) Other (expense)/income, net (1,985) 489 68 Gain from fair value change of long-term investments 3,127 15,118 2,094 Investment income 234 - - Loss before income tax and loss from equity method investments (158,717) (101,223) (14,019) Income tax benefits/(expenses) 24,734 (514) (71) Loss before income from equity method investments (133,983) (101,737) (14,090) Net loss from equity method investments (2,931) (4,018) (556) Net loss (136,914) (105,755) (14,646) Less: Net loss attributable to noncontrolling interest (194) (231) (32) Net loss attributable to Zepp Health Corporation (136,720) (105,524) (14,614) Net loss per share attributable to Zepp Health Corporation Basic loss per ordinary share (0.56) (0.41) (0.06) Diluted loss per ordinary share (0.56) (0.41) (0.06) Net loss per ADS (4 ordinary shares equal to 1 ADS) ADS – basic (2.23) (1.63) (0.23) ADS – diluted (2.23) (1.63) (0.23) Weighted average number of shares used in computing net loss per share Ordinary share – basic                                                                                                  245,133,616 259,525,679 259,525,679 Ordinary share – diluted 245,133,616 259,525,679 259,525,679     Zepp Health Corporation Reconciliation of GAAP and Non-GAAP Results (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Three Months Ended March 31, 2023 2024 RMB RMB US$ Total operating expenses (253,753) (219,410) (30,389) Share-based compensation expenses[2] 23,992 15,775 2,186 Total adjusted operating expenses (229,761) (203,635) (28,203) Operating loss (150,908) (113,736) (15,753) Share-based compensation expenses 23,992 15,775 2,186 Adjusted operating loss (126,916) (97,961) (13,567) Net loss (136,914) (105,755) (14,646) Share-based compensation expenses 23,992 15,775 2,186 Income tax (benefits)/expenses (24,734) 514 71 Interest income (4,133) (7,277) (1,008) Interest expense 13,318 10,371 1,436 Adjusted EBIT (128,471) (86,372) (11,961) Net loss attributable to Zepp Health Corporation (136,720) (105,524) (14,614) Share-based compensation expenses 23,992 15,775 2,186 Adjusted net loss attributable to Zepp Health Corporation[2] (112,728) (89,749) (12,428) Adjusted net loss per share attributable to Zepp Health Corporation Adjusted basic loss per ordinary share (0.46) (0.35) (0.05) Adjusted diluted loss per ordinary share (0.46) (0.35) (0.05) Adjusted net loss per ADS (4 ordinary shares equal to 1 ADS) ADS – basic (1.84) (1.38) (0.19) ADS – diluted (1.84) (1.38) (0.19) Weighted average number of shares used in computing adjusted net loss per share Ordinary share – basic 245,133,616 259,525,679 259,525,679 Ordinary share – diluted 245,133,616 259,525,679 259,525,679 Share-based compensation expenses included are follows: Selling and marketing 1,155 1,694 235 General and administrative 10,783 7,427 1,029 Research and development 12,054 6,654 922 Total 23,992 15,775 2,186    

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Q1 2024 Revenue and Business Update
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