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Boqii Announces Fourth Quarter and Full Fiscal Year 2022 Unaudited Financial Results

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Fourth Quarter Revenues of RMB249.9 million, up 8.4% year-over-year

Full Year Revenues of RMB1,186.4 million, up 17.4 % year-over-year

SHANGHAI, June 6, 2022 /PRNewswire/ -- Boqii Holding Limited ("Boqii" or the "Company") (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2022.

Fiscal Q4 2022 Operational and Financial Highlights

  • Total revenues were RMB249.9 million (US$39.4 million), representing an increase of 8.4% from RMB230.4 million in the same quarter of fiscal year 2021.

  • Net loss was RMB22.2million (US$3.5 million), representing a decrease of 46.7% from net loss of RMB41.5 million in the same quarter of fiscal year 2021.

  • Adjusted net loss was RMB23.5 million (US$3.7 million), representing a decrease of 39.7% from adjusted net loss of RMB38.9 million in the same quarter of fiscal year 2021.

  • EBITDA[1] was a loss of RMB18.7 million (US$2.9 million), representing a decrease of 51.9% from loss of RMB38.8 million in the same quarter of fiscal year 2021.

  • Total GMV[2] was RMB606.0 million (US$95.59 million), representing an increase of 9.4% from RMB553.7 million in the same quarter of fiscal year 2021.

  • Active buyers were 1.5 million, representing an increase of 14.8% from 1.3 million in the same quarter of fiscal year 2021.

Fiscal Year 2022 Operational and Financial Highlights

  • Total revenues were RMB1,186.4 million (US$187.2 million), representing an increase of 17.4% from RMB1,011.0 million in the fiscal year 2021.

  • Net loss was RMB132.8 million (US$21.0 million), representing a decrease of 31.3% from net loss of RMB193.2 million in the fiscal year 2021.

  • Adjusted net loss was RMB121.2 million (US$19.1 million), representing a decrease of 18.9% from adjusted net loss of RMB149.6 million in the fiscal year 2021.

  • EBITDA was a loss of RMB121.3 million (US$19.1 million), representing a decrease of 31.4% from loss of RMB176.9 million in the fiscal year 2021.

  • Total GMV was RMB2,907.2 million (US$458.6 million), representing an increase of 19.4% from RMB2,435.2 million in the fiscal year 2021.

  • Active buyers were 5.0 million, representing an increase of 30.4% from 3.8 million in the fiscal year 2021.

[1]EBITDA refers to net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses. EBITDA is a Non-GAAP financial measurement. Please refer to "Non-GAAP financial measurement".

[2]GMV refers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or drop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts. The total GMV amount (i) includes GMV of products sold by Xingmu, (ii) excludes products sold through consignment model and (iii) excludes the value of services offered by us. GMV is subject to future adjustments (such as refunds) and represents only one measure of the Company's performance and should not be relied on as an indicator of our financial results, which depend on a variety of factors.

CEO & CFO Quote

" Despite challenges brought by Covid-19 and various unprecedented changes in Fiscal 2022, we still delivered strong results that shows steady growth in all four quarters. Our Full year GMV grew 19.4% to RMB2.9 billion, and active buyers up by 30.4% to 5.0 million." Mr. Hao Liang, Boqii's Founder, Chairman and Chief Executive Officer commented, "Under the continuing influence of Covid-19 and the dynamic pandemic control policy, we strengthened our supply-chain and helped procure necessary supplies to our community across 12 districts in Shanghai within a short period of time. And we continued to expand our portfolio of quality content, products, and services to acquire competitive advantages in the complex economic environment. "

Ms. Yingzhi (Lisa) Tang, Boqii's Co-Founder, Co-CEO and CFO commented: "We had a solid fiscal year with a 17.4% year over year revenue growth and a 30.4% increase in active buyers. For the full year of 2022 was a year of setting new record, with revenue reaching nearly RMB1.2 billion and gross profit margin reaching 20.5%. These excellent results were driven by our 5.0 million spending customers. We expect to see the trend continue long into the future as we expand our portfolio offerings, strengthen our supply-chain and establish more key Boqii experience touchpoints. We believe the continuous growth momentun from active buyers and gross profit margin will allow us to capture more opportunities in the challenging pet market."

Fiscal Q4 2022 Financial Results

Total revenues were RMB249.9 million (US$39.4 million), representing an increase of 8.4% from RMB230.4 million in the same quarter of fiscal year 2021. The increase was primarily due to the continued organic growth of our business.

Revenues
(in million)


Three Months Ended March 31


%


2022


2021


change


RMB


RMB


YoY

Product sales


242.3


225.0


7.7%

- Boqii Mall


96.5


87.4


10.4%

- Third party e-commerce platforms


145.8


137.6


6.0%

Online marketing and information services and other revenue


7.6


5.4


39.3%

Total


249.9


230.4


8.4%

Gross profit was RMB53.7 million (US$8.5 million), representing an increase of 18.7% from RMB45.3 million in the same quarter of fiscal year 2021.

Gross margin was 21.5%, representing an increase of 190 basis points from 19.6% in the same quarter of fiscal 2021.

Operating expenses were RMB78.3 million, representing a decrease of 3.8% from RMB81.4 million in the same quarter of fiscal year 2021. Operating expenses as a percentage of total revenues was 31.3 %, down from 35.3% in the same quarter of fiscal year 2021.

  • Fulfillment Expenses were RMB33.9 million, compared to RMB24.0 million in the same quarter of fiscal year 2021. Fulfillment expenses as a percentage of total revenues were 13.6%, up from 10.4% in the same quarter of fiscal year 2021. The increase was primarily due to increased shipping and handling expenses, which resulted from temporary logistics price increases and transportation restrictions due to the outbreak of Covid-19 clusters in China starting from January 2022.

  • Sales and marketing expenses were RMB33.3 million, compared to RMB38.8 million in the same quarter of fiscal year 2021. Sales and marketing expenses as a percentage of total revenue were 13.3%, down from 16.8% in the same quarter of fiscal year 2021. The decrease was primarily due to decrease of advertising expenses amount to RMB9.6 million and increase of staff costs amount to 2.2 million compared with the same quarter of fiscal year 2021.The decrease of advertising expenses was primarily due to the increased proportion of revenue generated from more cost-efficient channels.

  • General and administrative expenses were RMB11.2 million, representing a decrease of 39.8% from RMB18.6 million in the same quarter of fiscal year 2021. General and administrative expenses as a percentage of total revenue were 4.5%, down from 8.1% in the same quarter of fiscal year 2021. The decrease was primarily due to:(i) the decrease of share-based compensation expense of RMB2.7 million compared with the same quarter of fiscal year 2021; (ii) the decrease of professional fees of RMB2.4 million incurred in connection with our IPO in the same quarter of fiscal year 2021; (iii) the decrease of research and development expense amount to RMB1.8 million compared with the same quarter of fiscal year 2021.

Operating loss was RMB24.4 million (US$3.8 million), representing a decrease of 32.4% from RMB36.1 million in the same quarter of fiscal year 2021.

EBITDA was a loss of RMB18.7million (US2.9 million), representing a decrease of 51.9% from loss of RMB38.8 million in the same quarter of fiscal year 2021.

Net loss was RMB22.2 million (US$3.5 million), representing a decrease of 46.7% from net loss of RMB41.5 million in the same quarter of fiscal year 2021.

Adjusted net loss was RMB23.5 million (US$3.7 million), representing a decrease of 39.7% from adjusted net loss of RMB38.9 million in the same quarter of fiscal year 2021.

Diluted net loss per share was RMB0.33 (US$0.05), representing a decrease of 45.9% from diluted net loss per share of RMB0.61 in the same quarter of fiscal year 2021.

Total cash and cash equivalents and short-term investments were RMB290.9 million (US$45.9 million), compared to RMB315.7 million as of December 31, 2021.

Fiscal Year 2022 Financial Results

Total revenues were RMB1,186.4 million (US$187.2 million), representing an increase of 17.4% from RMB1,011.0 million in the fiscal year 2021. The increase was primarily due to the continued organic growth of our business, coupled with the recovery of China's economy from Covid-19.

Revenues
(in million)



Fiscal Year Ended March 31


%


2022


2021


change



RMB


RMB


YoY


Product sales


1,137.3


1,003.2


13.4%


- Boqii Mall


433.6


385.6


12.4%


- Third party e-commerce platforms


703.7


617.6


14.0%


Online marketing and information services and other revenue


49.1


7.8


529.8%


Total


1,186.4


1,011.0


17.4%














Gross profit was RMB242.7 million (US$38.3 million), representing an increase of 29.6% from RMB187.3 million in the fiscal year 2021.

Gross margin was 20.5%, representing an increase of 200 basis points from 18.5% in the fiscal year 2021.

Operating expenses were RMB381.3 million, representing a decrease of 3.3% from RMB394.4 million in the fiscal year 2021. Operating expenses as a percentage of total revenues was 32.1%, down from 39.0% in the fiscal year 2021.

  • Fulfillment Expenses were RMB134.0 million, compared to RMB120.2 million in the fiscal year 2021. Fulfillment expenses as a percentage of total revenues were 11.3%, down from 11.9% in the fiscal year 2021. The decrease was mainly due to: (i) the improved utilization of warehouses by adjusting inventory mix; and (ii) reduced delivery cost through renegotiation of existing agreements with third-party delivery service providers.

  • Sales and marketing expenses were RMB171.0 million, compared to RMB160.2 million in the fiscal year 2021. Sales and marketing expenses as a percentage of total revenue were 14.4%, down from 15.8% in the fiscal year 2021. The decrease was mainly due to the lower customer acquisition cost, as we employed more cost-efficient channels and generated more revenue from Boqii Mall, where the customer acquisition cost is minimal.

  • General and administrative expenses were RMB76.2 million, representing a decrease of 33.1% from RMB114.0 million in the fiscal year 2021. General and administrative expenses as a percentage of total revenue were 6.4%, down from 11.3% in the fiscal year 2021. The decrease was primarily attributed to lower share-based compensation expense. For the fiscal year 2021 and 2022, the share-based compensation expenses were RMB 42.1 million and RMB 11.7 million respectively. Pursuant to the Amended and Restated 2018 Global Share Plan, the performance condition for options granted thereunder was satisfied upon completion of our IPO; and as a result, the company, upon the completion of the IPO, recorded RMB39.8 million of cumulative share-based compensation expenses for those options for which the vesting conditions had been satisfied as of such date.

Operating loss was RMB138.2 million (US$21.8 million), representing a decrease of 32.9% compared to RMB206.0 million in the fiscal year 2021.

EBITDA was a loss of RMB121.3 million (US$19.1 million), representing a decrease of 31.4% from loss of RMB176.9 million in the fiscal year 2021.

Net loss was RMB132.8 million (US$21.0 million), representing a decrease of 31.3% from net loss of RMB193.2 million in the fiscal year 2021.

Adjusted net loss was RMB121.2 million (US$19.1 million), representing a decrease of 18.9% from adjusted net loss of RMB149.6 million in the fiscal year 2021.

Diluted net loss per share was RMB1.90 (US$0.30), compared to diluted net loss per share of RMB1.29 in the fiscal year 2021.

Total cash and cash equivalents and short-term investments were RMB290.9 million (US$45.9 million), compared to RMB315.7 million as of December 31, 2021.

Conference Call

Boqii's management will hold a conference call to discuss the financial results at 8:00 AM on Monday, June 6, 2022, U.S. Eastern Time (8:00 PM on Monday, June 6, 2022, Beijing/Hong Kong Time).

To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers. Please ask to be joined into the Boqii Holding Limited call


Phone Number

International

1-412-317-6061

United States

1-888-317-6003

Hong Kong

852 800-963976

Mainland China

86 4001-206115

Passcode

3392253

A replay of the conference call may be accessed by phone at the following numbers until June 13, 2022.


Phone Number

International

1-412-317-0088

United States

1-877-344-7529

Replay Access Code

3959264

A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.boqii.com/.

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is a leading pet-focused platform in China. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission (the "SEC"), in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, namely adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) adjusted net loss as net loss excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) adjusted net loss margin as adjusted net loss as a percentage of total revenues, (iii) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, (iv) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin enhance investors' overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliation of GAAP and Non-GAAP Results." The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.3393 to US$1.00, the noon buying rate in effect on March 31, 2022 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

For investor and media inquiries, please contact:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

DLK Advisory Limited
Tel: +852-2857-7101
Email: ir@dlkadvisory.com

 

 

 

BOQII HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data, unless otherwise noted)

 


As of
 March 31,
 2021


As of
March 31,
 2022


As of

March 31,
 2022


RMB


RMB


US$







ASSETS






Current assets:






Cash and cash equivalents

292,237


162,855


25,690

Short-term investments

168,546


128,084


20,205

Accounts receivable, net

45,732


49,231


7,766

Inventories, net

91,551


109,921


17,340

Prepayments and other current assets

85,261


116,738


18,415

Amounts due from related parties

11,465


11,726


1,850

Total current assets

694,792


578,555


91,266

Non-current assets:






Property and equipment, net

8,386


7,779


1,227

Intangible assets

29,537


25,544


4,029

Operating lease right-of-use assets

29,234


38,567


6,084

Long-term investments

74,330


82,319


12,986

Goodwill

40,184


40,684


6,418

Other non-current asset

4,111


4,861


767

Total non-current assets

185,782


199,754


31,511

Total assets

880,574


778,309


122,777

LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' DEFICIT






Current liabilities






Short-term borrowings

85,566


161,126


25,417

Accounts payable

71,848


94,224


14,863

Salary and welfare payable

6,309


6,871


1,084

Accrued liabilities and other current liabilities

30,055


27,324


4,310

Amounts due to related parties, current

910


219


35

Contract liabilities

3,866


7,007


1,105

Operating lease liabilities, current

8,063


10,001


1,578

Derivative liabilities

9,996


9,086


1,433

Total current liabilities

216,613


315,858


49,825

Non-current liabilities






Deferred tax liabilities

8,958


4,847


765

Operating lease liabilities, non-current

19,997


28,197


4,448

Long-term borrowings

68,075


-


-

Other debts, non-current

433,292


181,062


28,562

Total non-current liabilities

530,322


214,106


33,775

Total liabilities

746,935


529,964


83,600







Mezzanine equity






Redeemable non-controlling interests

5,946


6,522


1,029

Total mezzanine equity

5,946


6,522


1,029

Stockholders' equity:






Class A ordinary shares (US$0.001 par value; 129,500,000
   shares authorized, 54,505,108 and 55,709,591 shares
   issued and outstanding as of March 31 ,2021 and March
   31, 2022, respectively)

364


372


59

Class B ordinary shares (US$0.001 par value; 15,000,000
   shares authorized, 13,037,729 shares issued and
   outstanding as of March 31,2021 and March, 31, 2022,
   respectively)

82


82


 

13

Additional paid-in capital

3,272,612


3,295,336


519,826

Statutory reserves

3,047


3,433


542

Accumulated other comprehensive loss

(20,172)


(46,069)


(7,267)

Accumulated deficit

(2,759,882)


(2,889,233)


(455,765)

Receivable for issuance of ordinary shares

(413,377)


(164,746)


(25,988)

Total Boqii Holding Limited shareholders' equity

82,674


199,175


31,420

Non-controlling interests

45,019


42,648


6,728

Total shareholders' equity

127,693


241,823


38,148

Total liabilities, mezzanine equity and shareholders' equity

880,574


778,309


122,777


Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of
USD1.00=RMB6.3393 on 31 March, 2022 published by the Federal Reserve Board.

 

 

 

BOQII HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(All amounts in thousands, except for share and per share data, unless otherwise noted)




Three Months Ended March 31,


Fiscal Year Ended March 31,


2021


2022


2022


2021


2022


2022



RMB


RMB


US$


RMB


RMB


US$















Net revenues:













Product sales

225,013


242,307


38,223


1,003,197


1,137,329


179,409


Online marketing and information services and
   other revenue

5,420


7,550


1,191


7,788


49,100


7,745


Total revenues

230,433


249,857


39,414


1,010,985


1,186,429


187,154


Total cost of revenue

(185,179)


(196,132)


(30,939)


(823,686)


(943,698)


(148,865)


Gross profit

45,254


53,725


8,475


187,299


242,731


38,289


Operating expenses:













   Fulfillment expenses

(23,964)


(33,852)


(5,340)


(120,188)


(134,026)


(21,142)


   Sales and marketing expenses

(38,808)


(33,275)


(5,249)


(160,201)


(170,986)


(26,972)


   General and administrative expenses

(18,596)


(11,192)


(1,765)


(113,972)


(76,248)


(12,028)


Other income, net

21


193


30


1,067


280


44


Loss from operations

(36,093)


(24,401)


(3,849)


(205,995)


(138,249)


(21,809)


Interest income

5,880


2,143


338


17,553


15,477


2,441


Interest expense

(7,101)


(3,890)


(614)


(27,650)


(20,884)


(3,294)


Other (losses)/gain, net

(4,996)


2,361


372


11,332


6,020


950


Fair value change of derivative liabilities

960


1,493


236


11,369


2,824


445


Loss before income tax expenses

(41,350)


(22,294)


(3,517)


(193,391)


(134,812)


(21,267)


Income taxes expenses

459


165


26


871


1,571


248


Share of results of equity investees

(641)


(34)


(5)


(696)


418


65


Net loss

(41,532)


(22,163)


(3,496)


(193,216)


(132,823)


(20,954)


Less: Net (loss)/income attributable to the non-     
   controlling interest shareholders

(909)


 

261


 

41


 

1,228


 

(4,433)


 

(699)


Net loss attributable to Boqii Holding
   Limited

(40,623)


(22,424)


(3,537)


(194,444)


(128,390)


(20,225)


Accretion on convertible redeemable preferred   
   shares to redemption value

-


 

-


 

-


120,873


-


-


Accretion on redeemable non-controlling
   interests to redemption value

(138)


 

(147)


 

(23)


(138)


 

(575)


 

(91)


Deemed dividend to preferred shareholders

-


-


-


(12,547)


-


-


Net loss attributable to Boqii Holding

   Limited's ordinary shareholders

(40,761)


 

(22,571)


 

(3,560)


(86,256)


 

(128,965)


 

(20,346)















Net loss

(41,532)


(22,163)


(3,496)


(193,216)


(132,823)


(20,954)


Other comprehensive income/(loss):













   Foreign currency translation adjustment, net
      of nil tax

3,431


(3,026)


(477)


(32,148)


(16,529)


(2,606)


Unrealized securities holding (loss)/gains

(423)


(9,368)


(1,478)


772


(9,368)


(1,478)


Total comprehensive loss

(38,524)


(34,557)


(5,451)


(224,592)


(158,720)


(25,038)


Less: Total comprehensive (loss)/income
   attributable to non-controlling interest
   shareholders

(909)


 

261


 

41


1,228


 

(4,433)


 

(699)


Total comprehensive loss attributable to
   Boqii Holding
Limited

(37,615)


(34,818)


(5,492)


(225,820)


 

(154,287)


 

(24,339)















Net loss per share attributable to Boqii
   Holding
Limited's ordinary shareholders













— basic

(0.61)



(0.33)

(0.05)


(1.29)


(1.90)



(0.30)



— diluted

(0.61)



(0.33)

(0.05)


(1.29)


(1.90)



(0.30)



Weighted average number of ordinary
   shares













— basic

66,953,610


68,832,483

68,832,483


66,953,610


68,006,172



68,006,172



— diluted

66,953,610


68,832,483

68,832,483


66,953,610


68,006,172



68,006,172





















Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.3393 on 31
March, 2022 published by the Federal Reserve Board.


 

 

 

Boqii Holding Limited

Reconciliation of GAAP and Non-GAAP Results

(In thousands)

 










Three Months Ended March 31,


Fiscal Year Ended March 31,


2021


2022


2021


2022


RMB


RMB


RMB


RMB









Net loss

(41,532)


(22,163)


(193,216)


(132,823)

Fair value change of derivative liabilities

(960)


(1,493)


(11,369)


(2,824)

Share-based compensation

3,600


194


55,022


14,409

Adjusted Net Loss 

(38,892)


(23,462)


(149,563)


(121,238)

Adjusted Net Loss Margin

(16.9%)


(9.4%)


(14.8%)


(10.2%)


















Three Months Ended March 31,


Fiscal Year Ended March 31,


2021


2022


2021


2022


RMB


RMB


RMB


RMB









Net loss

(41,532)


(22,163)


(193,216)


(132,823)

Income tax expenses

(459)


(165)


(871)


(1,571)

Interest expenses

7,101


3,890


27,650


20,884

Interest income

(5,880)


(2,143)


(17,553)


(15,477)

Depreciation and amortization

1,946


1,888


7,081


7,678

EBITDA 

(38,824)


(18,693)


(176,909)


(121,309)

EBITDA Margin

(16.8%)


(7.5%)


(17.5%)


(10.2%)



Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.3393 on 31
March, 2022 published by the Federal Reserve Board.


Cision
Cision

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SOURCE Boqii Holding Limited