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Secoo Reports Unaudited Third Quarter 2020 Results

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Secoo Holding Limited
·22 min read
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BEIJING, Dec. 28, 2020 (GLOBE NEWSWIRE) -- Secoo Holding Limited (“Secoo”, the “Company” or “We”) (NASDAQ: SECO), Asia's leading online integrated upscale products and services platform, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Highlights for Third Quarter 2020:

  • GMV1 reached RMB4,120.4 million (US$606.9 million) for Q3 2020, representing an increase of 12.5% from RMB3,661.0 million for Q3 2019.

  • Total number of orders2 was 1,109.0 thousand for Q3 2020, representing an increase of 7.1% from 1,035.3 thousand for Q3 2019.

  • Number of active customers3 increased by 7.5% to 518.7 thousand for Q3 2020 from 482.5 thousand for Q3 2019.

  • Total revenues was RMB1,373.5 million (US$202.3 million) for Q3 2020, compared with RMB1,941.6 million for Q3 2019.

  • Net income was RMB20.8 million (US$3.1 million) for Q3 2020.

_________________________

1 GMV, or Gross Market Value, refers to the total value of all orders of products and services, excluding the value of whole car sales, placed on our online platform and in our offline experience centers, regardless of whether the products are delivered or returned or whether the services are cancelled during the period presented.

2 Total orders refer to the total number of orders of products and services, excluding the number of whole car sales, placed on our online platform and in our offline experience centers, regardless of whether the products are delivered or returned or whether the services are cancelled during the period presented.

3 Active customer refers to a customer who made at least one account purchase during the period presented.

Commentary

Mr. Richard Rixue Li, Chairman and Chief Executive Officer of Secoo, said, “We are pleased to report our robust operational performance for the third quarter of 2020, highlighted by year-over-year GMV growth of 12.5%. This sustained healthy growth reflects the effective execution of our multi-pronged business strategy, especially our ability to widen our offering of high-end brands as we move toward cementing our leading position in the luxury e-commerce space. We also have been enhancing collaborations with top brands and strategic partners worldwide, as well as using intelligent marketing approaches to enrich product and service offerings for a growing number of Chinese consumers pursuing affluent lifestyles.

“We leveraged our well-established high-end global supply chain systems, cutting-edge technology and integrated online and offline channels to cultivate our luxury-focused livestreaming ecosystem as streaming e-commerce becomes an increasingly popular format for a timely and reliable shopping experience. In this spirit, we remain focused on deepening cooperation with the most trafficked short-video platforms while boosting our streaming content creation and improving streaming shopping experience and quality. We believe we are uniquely positioned to take advantage of the booming opportunities in luxury e-commerce as online shopping picks up pace in the aftermath of pandemic. We will further optimize our core operating strengths to deliver sustainable value to both our customers and shareholders,” Mr. Li concluded.

Mr. Shaojun Chen, Chief Financial Officer of Secoo, said, “In the third quarter, amid a recovering COVID-19 environment in Mainland China, we delivered net income of RMB20.8 million representing an increase of 252.5% quarter-over-quarter. Our sequential improvement in profitability demonstrates the resilience of our business model to navigate through market dynamics. Going forward, we remain confident to capture immense potential in China’s online high-end consumer market in the long run.”

Recent Developments

  • In the third quarter of 2020, Secoo continued to roll out large-scale online shopping festivals, including its annual “707” anniversary campaign, the Chinese Valentine’s Day campaign in August and the outlets offerings promotion campaign in September. These festivals, which pivoted promotional events on a suite of top luxury brands, were supported by an array of personalized and intelligent marketing approaches coupled with technological innovations and high-end fashion content initiatives. All these efforts effectively boosted GMV growth in the quarter.

  • In December 2020, Secoo launched the livestreaming production base at the Secoo headquarters. The livestreaming base is set to facilitate daily broadcast sessions hosted by Muti-Channel Network (“MCN”) agencies and Douyin/Kuaishou-recommended broadcasters, as well as enable livestreaming sessions hosted by a wide range of mid-tier and most popular Key Opinion Leaders (“KOLs”), positioning Secoo as the partner of choice for luxury livestreaming e-commerce business.

  • In November 2020, Secoo sustained its momentum in the Chinese traditional e-commerce promotion event “Double-eleven.” During the event, the GMV from presales of top-selling or highly sought-after products increased by 40% year-over-year. Meanwhile, Secoo leveraged intelligence-empowered pricing strategy and advanced customer services to drive customers that have higher spending power to place orders and increase average transaction value per order.

  • In September 2020, Secoo formed direct cooperation with Kweichow Moutai, China’s legendary liquor brand. As part of this cooperation, one of the most 53-degree Moutai Flying Fairy has been available at Secoo. The cooperation will enhance Secoo's portfolio of liquor products and also further meet Secoo's high-end members' strong demand for Kweichow Moutai. The alliance between Kweichow Moutai and Secoo not only extends Moutai's traditional sales and marketing channels to integrated online and offline platform, but provides a premium sales channel to service the premium Moutai fans.

  • In December 2020, Secoo and Kweichow Moutai co-hosted the first offline promotional event in Beijing. Featuring a theme of “looking for the best liquor in China,” this event showcased a sampling of different series of Kweichow Moutai liquor, attracting and gathering this famous brand’s loyal fans, along with VIP Secoo members.

Third Quarter 2020 Financial Results

GMV increased by 12.5% to RMB4,120.4 million (US$606.9 million) for the third quarter of 2020, from RMB3,661.0 million for the third quarter of 2019.

Total number of orders increased by 7.1% to 1,109.0 thousand for the third quarter of 2020 from 1,035.3 thousand for the third quarter of 2019.

Total revenues for the third quarter of 2020 was RMB1,373.5 million (US$202.3 million) compared with RMB1,941.6 million in the third quarter of 2019, primarily attributable to the increase in the proportion of business contribution from its marketplace platform business that recognizes revenues on a net basis, and short supply of some luxury goods and delayed logistics services due to the impact of COVID-19 pandemic.

Cost of revenues decreased by 29.1% to RMB1,142.9 million (US$168.3 million) for the third quarter of 2020 from RMB1,612.3 million for the third quarter of 2019, primarily due to the decrease in total revenues.

Gross profit was RMB230.5 million (US$34.0 million) for the third quarter of 2020, compared with RMB329.3 million for the third quarter of 2019. This decrease was mainly due to the decrease in total revenues and the increase in discount on sales to boost customers’ willingness to purchase during the pandemic.

Operating expenses decreased by 22.3% to RMB182.2 million (US$26.8 million) for the third quarter of 2020 from RMB234.5 million for the third quarter of 2019.

Fulfillment expenses decreased by 16.3% to RMB41.5 million (US$6.1 million) for the third quarter of 2020 from RMB49.6 million for the third quarter of 2019. The decrease was primarily attributable to the decreased freight and staff costs during the period.

Marketing expenses decreased by 47.6% to RMB58.1 million (US$8.6 million) for the third quarter of 2020 from RMB110.8 million for the third quarter of 2019. The decrease was primarily due to the reduced online and offline advertising expenses, as well as the decreased staff costs.

Technology and content development expenses increased by 8.8% to RMB28.5 million (US$4.2 million) for the third quarter of 2020 from RMB26.2 million for the third quarter of 2019. The increase was primarily due to the continuous investment in the technology department in order to strengthen our technological capabilities to improve operating efficiency.

General and administrative expenses increased by 13.2% to RMB54.1 million (US$8.0 million) for the third quarter of 2020 from RMB47.8 million for the third quarter of 2019. The increase was primarily attributable to the additional provisions for bad debts, over which the Company considered many factors in assessing the collectability, such as the financial conditions of the debtors given the impact of the COVID-19 pandemic, among others.

Income from operations was RMB48.3 million (US$7.1 million) for the third quarter of 2020, compared with RMB94.9 million for the third quarter of 2019.

Non-GAAP income from operations, which excludes share-based compensation expenses, for the third quarter of 2020 was RMB50.8 million (US$7.5 million), compared with RMB97.5 million for the third quarter of 2019.

Income tax benefit was RMB570 thousand (US$84 thousand) in the third quarter of 2020, compared with income tax expense of RMB17.0 million for the third quarter of 2019.

Net income was RMB20.8 million (US$3.1 million) for the third quarter of 2020, compared with a net income of RMB62.1 million for the third quarter of 2019.

Non-GAAP net income, which excludes share-based compensation expenses, was RMB23.2 million (US$3.4 million) in the third quarter of 2020, compared with RMB64.7 million in the third quarter of 2019.

Net income attributable to ordinary shareholders of Secoo Holding Limited for the third quarter of 2020 was RMB21.8 million (US$3.2 million), compared with RMB60.9 million for the third quarter of 2019.

Basic and diluted net income per share were RMB0.62 (US$0.09) and RMB0.60 (US$0.09) for the third quarter of 2020, compared with RMB2.43 and RMB2.33, respectively, for the third quarter of 2019. Basic and diluted net income per American depositary share (“ADS”) were RMB0.31 (US$0.05) and RMB0.30 (US$0.04) for the third quarter of 2020, compared with RMB1.21 and RMB1.17, respectively, for the third quarter of 2019.

Non-GAAP basic and diluted net income per share were RMB0.69 (US$0.10) and RMB0.67 (US$0. 10) for the third quarter of 2020, compared with RMB2.53 and RMB2.43, respectively, for the third quarter of 2019. Non-GAAP basic and diluted net income per ADS were RMB0.35 (US$0.05) and RMB0.34 (US$0.05) for the third quarter of 2020, compared with RMB1.26 and RMB1.22, respectively, for the third quarter of 2019.

Cash and Restricted Cash

As of September 30, 2020, the Company had cash, cash equivalents and restricted cash of RMB793.8 million (US$116.9 million).

Conference Call Information

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on December 28, 2020 (9:00 PM Beijing/Hong Kong time on December 28, 2020).

To speed up the entry process for participants, this earnings conference call requires all participants to finish an online registration in advance.

Title of Event:

Secoo Holding Limited Third Quarter 2020 Earnings Conference Call

Conference ID:

4768819

Registration link:

http://apac.directeventreg.com/registration/event/4768819

For participants who wish to join the call, please complete the online registration at least 15 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a Direct Event Passcode, a unique Registrant ID, and an e-mail with detailed instructions to join the conference call.

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

A replay of the conference call will be accessible by phone two hours after the conclusion of the live call at the following numbers, until January 4, 2021:

United States:

+1-646-254-3697

International:

+61-2-8199-0299

Hong Kong, China:

+852-3051-2780

Mainland China:

400-632-2162

Replay Access Code:

4768819

About Secoo Holding Limited

Secoo Holding Limited (“Secoo”) is Asia’s leading online integrated upscale products and services platform. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company’s integrated online and offline shopping platform which consists of the Secoo.com website, mobile applications and offline experience centers, offering over 400,000 SKUs, covering over 3,800 global and domestic brands. Supported by the Company’s proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform.

For more information, please visit http://ir.secoo.com.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements which are presented in accordance with U.S. GAAP, we also use non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders of Secoo Holding Limited, and non-GAAP basic and diluted net income per share and ADS as additional non-GAAP financial measures. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance. We define non-GAAP income from operations as income from operations excluding share-based compensation expenses. We define non-GAAP net income as net income excluding share-based compensation expenses. We define non-GAAP net income per share as non-GAAP net income attributable to ordinary shareholders of Secoo Holding Limited dividing by weighted average number of basic and diluted share outstanding, including the dilutive effect of share-based awards as determined under the treasury stock method. We define non-GAAP basic and diluted net income per ADS as non-GAAP basic and diluted net income per share divided by two as two ADSs represent one ordinary share. We also believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting periods and to those of our peer companies.

The use of non-GAAP financial measures has certain limitations. These non-GAAP measures exclude certain items that have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, and should not be considered a substitute for or superior to U.S. GAAP results. In addition, these non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as Secoo does.

Reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is set forth at the end of this release.

Exchange Rate Information

This press release contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.7896 to US$1.0, the noon buying rate in New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York in effect as of September 30, 2020.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to Secoo management quotes and the Company’s financial outlook. These forward-looking statements can be identified by terminology such as “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal” and similar statements. Secoo Holding Limited 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 involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the Company’s goals and strategies; its future business development, financial condition and results of operations; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. For additional information on these and other important factors that could adversely affect the Company's business, financial condition, results of operations and prospects, please see its filings with the U.S. Securities and Exchange Commission.

For investor and media inquiries, please contact:

In China:
Secoo Holding Limited
Jingbo Ma
Tel: +86 (10) 6588-0135
E-mail: ir@secoo.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: Secoo@tpg-ir.com

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: Secoo@tpg-ir.com



SECOO HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share data)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2019

2020

2019

2020

RMB

RMB

US$

RMB

RMB

US$

Revenues:

Merchandise sales

1,895,212

1,317,712

194,077

4,680,686

3,540,254

521,423

Marketplace and other services

46,401

55,761

8,213

148,426

144,730

21,316

Total revenues

1,941,613

1,373,473

202,290

4,829,112

3,684,984

542,739

Cost of revenues

(1,612,282

)

(1,142,930

)

(168,335

)

(3,927,774

)

(3,084,078

)

(454,236

)

Gross profit

329,331

230,543

33,955

901,338

600,906

88,503

Operating expenses:

Fulfillment expenses

(49,630

)

(41,533

)

(6,117

)

(140,451

)

(124,897

)

(18,395

)

Marketing expenses

(110,844

)

(58,076

)

(8,554

)

(374,208

)

(195,747

)

(28,830

)

Technology and content development expenses

(26,187

)

(28,462

)

(4,192

)

(74,366

)

(83,161

)

(12,248

)

General and administrative expenses

(47,794

)

(54,143

)

(7,974

)

(145,886

)

(135,521

)

(19,960

)

Total operating expenses

(234,455

)

(182,214

)

(26,837

)

(734,911

)

(539,326

)

(79,433

)

Income from operations

94,876

48,329

7,118

166,427

61,580

9,070

Other income (expenses):

Interest income

2,090

1,247

184

8,345

3,802

560

Interest expense

(31,183

)

(32,760

)

(4,825

)

(88,787

)

(96,868

)

(14,267

)

Foreign currency exchange loss

(87

)

(1,949

)

(287

)

(623

)

(3,794

)

(559

)

Change in fair value of financial instruments

8,061

(1,824

)

(269

)

7,722

(3,219

)

(474

)

Others

5,358

7,159

1,054

51,853

17,552

2,585

Income (loss) before income tax

79,115

20,202

2,975

144,937

(20,947

)

(3,085

)

Income tax benefits (expenses)

(17,041

)

570

84

(26,998

)

5,121

754

Net income (loss)

62,074

20,772

3,059

117,939

(15,826

)

(2,331

)

Less: Gain (loss) attributable to redeemable non-controlling interest

(128

)

540

80

834

858

126

Less: Gain (loss) attributable to non-redeemable non-controlling interest

1,147

(1,648

)

(243

)

3,177

(2,731

)

(402

)

Net income (loss) attributable to Secoo Holding Limited

61,055

21,880

3,222

113,928

(13,953

)

(2,055

)

Accretion to redeemable non-controlling interest redemption value

(123

)

(127

)

(19

)

(499

)

(377

)

(56

)

Net income (loss) attributable to ordinary shareholders of Secoo Holding Limited

60,932

21,753

3,203

113,429

(14,330

)

(2,111

)

Net income (loss) per share

— Basic

2.43

0.62

0.09

4.52

(0.49

)

(0.07

)

— Diluted

2.33

0.60

0.09

4.34

(0.48

)

(0.07

)

Net income (loss) per ADS

— Basic

1.21

0.31

0.05

2.26

(0.25

)

(0.04

)

— Diluted

1.17

0.30

0.04

2.17

(0.24

)

(0.04

)

Weighted average number of shares outstanding used in computing net income per share

— Basic

25,122,199

35,326,281

35,326,281

25,122,199

29,032,522

29,032,522

— Diluted

26,115,445

36,282,284

36,282,284

26,111,835

30,043,861

30,043,861


SECOO HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share data)

As of December 31,

As of September 30,

2019

2020

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

709,823

704,655

103,784

Restricted cash

240,741

88,531

13,039

Investment securities

2,318

265

39

Accounts receivable, net

123,226

78,587

11,575

Inventories

2,680,428

3,017,878

444,485

Advances to suppliers

333,826

524,812

77,296

Prepayments and other current assets

431,107

619,502

91,243

Amounts due from related parties

30

350

50

Total current assets

4,521,499

5,034,580

741,511

Non-current assets

Property and equipment, net

83,816

71,854

10,583

Intangible asset, net

10,390

8,611

1,268

Restricted cash

3,572

642

95

Investment in equity investees

71,595

60,080

8,849

Deferred tax assets

106,637

129,707

19,104

Goodwill

23,560

20,214

2,977

Operating lease right-of-use assets

159,321

126,638

18,652

Other non-current assets

16,806

16,085

2,369

Total non-current assets

475,697

433,831

63,897

Total assets

4,997,196

5,468,411

805,408

LIABILITIES

Current liabilities

Short-term borrowings and current portion of long-term borrowings

159,500

1,351,288

199,023

Accounts payable

569,045

395,600

58,266

Amounts due to related parties

488

165

24

Advances from customers

57,122

63,028

9,283

Income taxes payable

110,615

119,321

17,574

Accrued expenses and other current liabilities

895,694

993,634

146,346

Deferred revenue

97,965

52,566

7,742

Operating lease liabilities

38,608

46,954

6,916

Total current liabilities

1,929,037

3,022,556

445,174

Non-current liabilities

Long-term borrowings, excluding current portion

1,215,249

-

-

Operating lease liabilities

113,782

81,560

12,012

Long-term liabilities

77,344

1,421

209

Total non-current liabilities

1,406,375

82,981

12,221

Total liabilities

3,335,412

3,105,537

457,395

Mezzanine Equity

Redeemable non-controlling interest

9,337

9,724

1,432

Total mezzanine equity

9,337

9,724

1,432

Equity:

Class A Ordinary shares (US$0.001 par value, 150,000,000 shares authorized including class A shares and class B shares as of December 31, 2019 and September 30, 2020, 19,068,224 shares issued and 18,550,770 shares outstanding as of December 31, 2019; 29,272,306 shares issued and 28,754,852 shares outstanding as of September 30, 2020)

126

198

29

Class B Ordinary shares (US$0.001 par value, 150,000,000 shares authorized including class A shares and class B shares, 6,571,429 shares issued and 6,571,429 shares outstanding as of December 31, 2019 and September 30, 2020, respectively)

41

41

6

Treasury Stock (517,454 Class A ordinary shares as of December 31, 2019 and September 30, 2020, respectively, at cost)

(71,018

)

(71,018

)

(10,460

)

Additional paid-in capital

2,848,145

3,559,389

524,241

Accumulated losses

(1,126,330

)

(1,140,660

)

(168,001

)

Accumulated other comprehensive loss

(26,500

)

(18,269

)

(2,691

)

Total equity attributable to ordinary shareholders

1,624,464

2,329,681

343,124

Non-redeemable non-controlling interest

27,983

23,469

3,457

Total shareholders' equity

1,652,447

2,353,150

346,581

Total liabilities, mezzanine equity and shareholders' equity

4,997,196

5,468,411

805,408


SECOO HOLDING LIMITED

Reconciliations of GAAP and Non-GAAP Results

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

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

2019

2020

2019

2020

RMB

RMB

US$

RMB

RMB

US$

Income from operations

94,876

48,329

7,119

166,427

61,580

9,070

Add: Share-based compensation expenses

2,585

2,452

361

9,043

7,543

1,111

Non-GAAP income from operations

97,461

50,781

7,480

175,470

69,123

10,181

Net Income (loss)

62,074

20,772

3,060

117,939

(15,826

)

(2,331

)

Add: Share-based compensation expenses

2,585

2,452

361

9,043

7,543

1,111

Non-GAAP net income (loss)

64,659

23,224

3,421

126,982

(8,283

)

(1,220

)

Net income (loss) attributable to ordinary shareholders of Secoo Holding Limited

60,932

21,753

3,204

113,429

(14,330

)

(2,111

)

Add: Share-based compensation expenses

2,585

2,452

361

9,043

7,543

1,111

Non-GAAP net income (loss) attributable to ordinary shareholders of Secoo Holding Limited

63,517

24,205

3,565

122,472

(6,787

)

(1,000

)

Non-GAAP net income (loss) per share:

Basic

2.53

0.69

0.10

4.88

(0.23

)

(0.03

)

Diluted

2.43

0.67

0.10

4.69

(0.23

)

(0.03

)

Non-GAAP net income (loss) per ADS:

Basic

1.26

0.35

0.05

2.44

(0.12

)

(0.02

)

Diluted

1.22

0.34

0.05

2.35

(0.12

)

(0.02

)

Weighted average number of shares outstanding used in computing the adjusted net income per share

— Basic

25,122,199

35,326,281

35,326,281

25,122,199

29,032,522

29,032,522

— Diluted

26,115,445

36,282,284

36,282,284

26,111,835

30,043,861

30,043,861