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CIIE Spurs Global Cooperation in Intelligent Industry and Information Technology

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The China International Import Expo (CIIE), the world’s largest import-themed expo, will be held for the fourth time in Shanghai from Nov 5 to 10, 2021.

Thousands of exhibitors and hundreds of thousands of buyers from across the globe have descended on Shanghai in the past three years to reap the benefits offered by the expo. With its growing exhibition space and influence, the CIIE is becoming a must-attend event for international businesses every November.

For companies in the field of intelligent industry and information technology that are looking to tap into the huge Chinese market, the expo is a prime opportunity you cannot afford to miss out on.

The Intelligent Industry Information Technology Exhibition Area of the third CIIE attracted more than 300 enterprises from nearly 40 countries and regions, and had an exhibition area of more than 70,000 square meters.

Despite the COVID-19 outbreak, the area welcomed many newcomers last year, including Cheniere Energy, one of the largest liquefied natural gas producers in the United States. The company had a 150-sq-m booth to display its new technologies and products.

Epson and Konica Minolta made their debuts at the third CIIE. Leading brands in the electric industry including GE, Hitachi, Siemens and Schneider Electric also showed up at the expo.

Famous engineering machinery makers including Caterpillar, John Deere and Volvo, and top-ranking printing technology brands including Epson, Brother and Canon were also among the exhibitors.

Along with the newly added subsection, a special committee for the integrated circuit industry will also be established to serve as an advisory body, a move aligned with the expo’s aim to become more specialized in different industries.

Previously, the CIIE established a special committee on industrial digital transformation, which is committed to integrating the whole industrial chain of industrial digital transformation and offering advanced digital transformation solutions to enterprises in the field of industrial production to help them increase efficiency and improve quality.

In short, participating in the CIIE provides a prime gateway into understanding and benefiting from China’s market of 1.4 billion people.

Registration for the Business Exhibition of the 4th CIIE is now open.

Visit https://www.ciie.org/ciie/f/book/register?locale=en to register.

Sign up before January 31, 2021 to enjoy the early-bird offer!

Contact:Ms. Nie Qingxin

Tel.:0086-21-67008870/67008988

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Agents Secure Certification Victory Over Farmers Insurance

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CHICAGO, March 3, 2021 /PRNewswire-PRWeb/ — On February 26, 2021, in Irene Parry et. al. v. Farmers Insurance Exchange et al., Case. No. BC683856 (L.A.S.C.), California Superior Court Judge Amy D. Hogue certified a class of California insurance agents appointed by Farmers Insurance Exchange and affiliated companies.

Judge Hogue granted Plaintiffs' motion for class certification, adopting the Plaintiffs' class definition of “All individuals who signed a Farmers Agent Appointment Agreement and worked as a Farmers agent in the state of California,” from November 16, 2013 forward. Additionally, the court appointed Plaintiffs Irene Parry and Jeanette O'Sullivan as class representatives and Crueger Dickinson LLC, Wexler Wallace LLP, Nelson & Fraenkel LLP, and Greg Coleman Law PC as class counsel.

Charles Crueger, one of the designated class lawyers stated, “We are happy with the Court's decision and look forward to addressing the merits and a trial on Farmers' misuse of the independent contractor designation.”

Plaintiffs in this case allege that Defendants treated the Class Members, captive insurance agents, as employees under California law, and as a result violated California law by not reimbursing the Class Members for the business expenses they incurred running Farmers' agencies. Plaintiffs filed their motion for class certification on October 16, 2020. A copy of the court's February 26, 2021 order certifying the class can be found at https://static1.squarespace.com/static/5fc65ccf3dfdd95b60fa6bc8/t/603cef1ef34f6a4fbeccbca4/1614606111433/Order.pdf

“The order granting certification is clear and provides a roadmap of the important and necessary next steps to holding Farmers accountable,” said Edward A. Wallace of Wexler Wallace LLP.

For more information, contact Charles Crueger, Crueger Dickinson, (414) 273-8474, [email protected]

About Wexler Wallace LLP

Wexler Wallace is a high-stakes litigation law firm with a commitment to excellence and the achievement of meaningful relief for those they serve. Nationally recognized as a leading law firm in complex class action and multidistrict litigation, Wexler Wallace frequently serves as Co-Lead Counsel and other leadership roles against some of the largest and most powerful corporations in the country.

About Crueger Dickinson

Crueger Dickinson is a boutique litigation firm that leads or has been appointed to leadership positions in some of the most complex cases in the nation, including litigation involving the opioid crises, water pollution, vaping products, and independent contractor misclassification cases.

About Nelson & Fraenkel

Nelson & Fraenkel is a Los Angeles based law firm that specializes in handling high-stakes legal matters on behalf of plaintiffs, including in the areas of complex product liability, personal injury, securities, class action, antitrust, insurance bad faith, and business tort litigation.

About Greg Coleman Law PC

Greg Coleman Law has successfully prosecuted complex class actions around the country, obtaining class certification, and appointment of lead counsel resulting in hundreds of millions of dollars in settlements and verdicts in the areas of ERISA, employment law, product liability, consumer cases and all related categories of class litigation.

Media Contact

Edward A. Wallace, Wexler Wallace LLP, +1 3124850009, [email protected]

 

SOURCE Wexler Wallace LLP

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New Fed Mortgage obtains licensing in the state of Michigan

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DANVERS, Mass., March 3, 2021 /PRNewswire-PRWeb/ — Massachusetts based New Fed Mortgage Corp., a multi-state residential mortgage lender is pleased to announce their approval by the Michigan Department of Insurance and Financial Services and is now able to serve the state of Michigan with a wide array of mortgage lending programs. A family-owned business, focused on mortgage lending on the East Coast, New Fed Mortgage takes pride on its commitment for truly taking the time to get to know each of their clients on an individual basis.

New Fed Mortgage President, Brian D'Amico, commented, “Our goal is to Grow our geographic footprint this year and give us more opportunities to help more borrowers with the pursuit of home ownership. We have a consistent track record of offering competitive rates along with reliable customer service and look forward to lending in the state of Michigan.”

New Fed Mortgage, a Fannie Mae and Freddie Mac seller servicer, will be looking to create more lending opportunities in Michigan along with other states in the Mid-Atlantic region and on the East Coast.

About New Fed Mortgage Corporation:
New Fed Mortgage has specialized in residential retail mortgage lending since 2001. Licensed in 13 states, the company offers Conventional, Jumbo, FHA, VA, USDA and various state housing programs along with access to various portfolio products. Products range from 1st time home buyer programs with little or “0” down, the “pick your own term” traditional fixed rate products, ARM programs, construction loans, 203k renovation loans, and access to custom fit portfolio programs that can be tailored to meet a borrower's specific needs.

Complimentary pre-qualifications are available to both first time buyers and repeat homebuyers looking to purchase which gives them confidence in what they can afford. A strong advantage of being an East Coast regional lender unlike most of the big banks, New Fed's focus is solely just on mortgage lending. The company takes an all-in team approach right from the beginning of the process providing personalized service, open communication all the way through loan processing to loan closing.

For more information, contact New Fed Mortgage Corp. at (877) 639-3331 or email to info(at)newfed.com.

New Fed Mortgage Corp. was founded in 2001 as a residential mortgage lender. NMLS#1881 MA License No. MC1881, CT License ML-1881, NH License No. 9474-MB, RI License No. 20041817LL, NJ Residential Mortgage Lender License, FL License No. MLD652, Maine Lender License#SLM8185, Maryland Mortgage Lender License No. 23542, PA Mortgage Lender License No. 69370. Virginia License # MC-6914, Mississippi Lender License 1881, MI FR0023182. IL Lender MB.6761394. New Fed Mortgage is an Equal Housing Lender. Member of the MA Mortgage Bankers Association and Better Business Bureau of Eastern MA.

Media Contact

Brian Damico, New Fed Mortgage Corp, 7812411200, [email protected]

Twitter

 

SOURCE New Fed Mortgage Corp

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Boqii Announces Fiscal 2021 Third Quarter Unaudited Financial Results

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SHANGHAI, March 3, 2021 /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 third quarter of fiscal year 2021 (the quarter ended December 31, 2020).

Fiscal Q3 2021 Operational and Financial Highlights

  • Total revenues were RMB312.9 million (US$48.0 million), an increase of 23.2% from RMB254.1 million in the same quarter of fiscal year 2020.
  • Net loss was RMB81.9 million (US$12.6 million), compared to net loss of RMB56.4 million in the same quarter of fiscal year 2020.
  • Adjusted net loss was RMB30.5 million (US$4.7million), representing a decrease of 49.8% from the adjusted net loss of RMB60.8 million in the same quarter of fiscal year 2020.
  • EBITDA[1] was a loss of RMB79.2 million (US$12.1 million), representing a 109.2% setback from a loss of RMB37.9 million in the same quarter of fiscal year 2020.
  • Total GMV[2] was RMB763.8 million (US$117.1 million), an increase of 51.5% from RMB504.0 million in the same quarter of fiscal year 2020.
  • Active buyers were 1.5 million, an increase of 21.0% from 1.3 million in the same quarter of fiscal year 2020.

CEO & CFO Quote

“Solid Q3 results were a testament to Boqii's relentless efforts on execution and user engagement,” said Mr. Hao Liang, Boqii's Founder, Chairman and Chief Executive Officer. “We continued to influence pet parents with an extensive and appealing selection of content and products, fostering stronger user bonding and stickiness. We endeavor to build a pet ecosystem that provides full lifecycle coverage and a seamlessly integrated online and offline channel that offers an unparalleled customer experience.”

Ms. Yingzhi (Lisa) Tang, Boqii's Co-Founder, Co-CEO and CFO commented: “We had another strong quarter, generating solid operational and financial results. Total revenues grew 23.2% year over year to RMB312.9 million. Adjusted net loss improved significantly from RMB60.8 million in the same quarter of last fiscal year to RMB30.5 million. Notably, during the quarter we considerably improved our operating efficiency, manifested in lower fulfillment cost and reduced inventory turnover days. As a result, our adjusted net loss decreased by 49.8% year-on-year to RMB30.5 million. These results demonstrated our strong execution and potential to translate promising topline growth to profitability. Looking ahead, we will continue to drive rapid growth by expanding user reach and providing all-round user care. This will deliver differentiated growth by attracting high value customers in a large growing addressable market, thus further consolidating our position as an industry leader.”

[1]EBITDA refers to net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, but including all the professional expenses in relation to initial public offering. 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.

Fiscal Third Quarter Financial Results

Total revenues were RMB312.9 million (US$48.0 million), representing an increase of 23.2% from RMB254.1 million in the same quarter of fiscal year 2020. The increase was primarily due to the continued organic growth of our business.

Revenues
(in RMB million)

2020

Dec.
Quarter

2019
Dec.
Quarter

%
change
YoY

Revenues from product sales

312.3

253.3

23.3

· Boqii Mall

114.1

91.3

25.0

· Third party e-commerce platforms

198.2

162.0

22.4

Revenues from online marketing and information services

0.6

0.8

(29.9)

Total

312.9

254.1

23.2

Gross profit was RMB56.1 million (US$8.6 million), an increase of 19.0% from RMB47.2 million in the same quarter of fiscal year 2020.

Gross margin was 17.9%, compared with 18.6% in the same quarter of fiscal 2020.

Operating expenses were RMB150.5 million, an increase of 67.3% from RMB90.0 million in the same quarter of fiscal year 2020.  Operating expenses as a percentage of total revenues was 48.1%, compared to 35.4% in the same quarter of fiscal year 2020. The increase was primarily due to share-based compensation expenses, amounting to RMB51.4 million. Pursuant to the Amended and Restated 2018 Global Share Plan, the performance condition for options granted thereunder was satisfied upon completion of the first public offering; and as a result, the company, upon the completion of this offering, recorded RMB44.1 million of cumulative share-based compensation expenses for those options for which the vesting conditions have been satisfied as of such date. For the three months ended December 31, 2020, additional RMB7.3 million of share-based compensation expense was recorded.

  • Fulfillment Expenses were RMB33.6 million, a decrease of 7.9% from RMB36.5 million in the same quarter of fiscal year 2020. Fulfillment expenses as a percentage of total revenues were 10.7 %, compared to 14.3% in the same quarter of fiscal year 2020. The decrease was mainly due to: (i) the improved utilization of warehouses by adjusting inventory mix; (ii) relocation of warehouses across China to be more cost-efficient; and (iii) lower delivery service prices through renegotiation with third-party delivery service providers.
  • Sales and marketing expenses were RMB55.1 million, an increase of 53.2% from RMB36.0 million in the same quarter of fiscal year 2020. Sales and marketing expenses as a percentage of total revenue were 17.6%, compared to 14.2% in the same quarter of fiscal year 2020. The increase was primarily due to share-based compensation expense of RMB 11.6 million.
  • General and administrative expenses were RMB61.8 million, an increase of 252.7% from RMB17.5 million in the same quarter of fiscal year 2020. General and administrative expenses as a percentage of total revenue were 19.8%, compared to 6.9% in the same quarter of fiscal year 2020. The increase was primarily due to share-based compensation expense of RMB 39.8 million.

Operating loss[3] was RMB93.6 million (US$14.3 million), an increase of 119.0% compared to RMB42.7 million in the same quarter of fiscal year 2020.

EBITDA[4] was a loss of RMB79.2 million (US$12.1 million), representing a 109.2% setback from a loss of RMB37.9 million in the same quarter of fiscal year 2020.

Net loss was RMB81.9 million (US$12.6 million), compared to net loss of RMB56.4 million in the same quarter of fiscal year 2020.

Adjusted net loss was RMB30.5 million (US$4.7million), representing a decrease of 49.8% from the adjusted net loss of RMB60.8 million in the same quarter of fiscal year 2020.

Diluted net earnings per share was RMB1.61 (US$0.25), compared to diluted net loss per share of RMB4.12 in the same quarter of fiscal year 2020.

Total cash and cash equivalents and short-term investments were RMB475.4 million (US$72.9 million), compared to RMB127.8 million in the second quarter of fiscal year 2021.

[3] Impacted by share-based compensation expenses of RMB51.4 million, RMB44.1 million of which were incurred upon the completion of our initial public offering.

[4] Impacted by share-based compensation expenses of RMB51.4 million, RMB44.1 million of which were incurred upon the completion of our initial public offering.

Conference Call

Boqii's management will hold a conference call to discuss the financial results at 8:00 AM on Wednesday, March 3, 2021, U.S. Eastern Time (9:00 PM on Wednesday, March 3, 2021, Beijing/Hong Kong Time).

To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers.

Phone Number

International

1-412-317-6061

United States

1-888-317-6003

Hong Kong

852 800-963976

Mainland China

86 4001-206115

Passcode

6025289

A replay of the conference call may be accessed by phone at the following numbers until March 10, 2021.

Phone Number

International

1-412-317-0088

United States

1-877-344-7529

Replay Access Code

10152708

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

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. 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, 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) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, and (iii) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes adjusted net loss, 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 RMB6.5250 to US$1.00, the noon buying rate in effect on December 31, 2020 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:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: [email protected]

The Blueshirt Group
Ms. Susie Wang
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: [email protected]

 

 

 

BOQII HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data, unless otherwise noted)

As of
March 31,
2020

As of
December 31,
2020

As of
December 31,
2020

RMB 

RMB 

US$ 

ASSETS

Current assets:

Cash and cash equivalents

88,352

363,858

55,764

Short-term investments

111,576

17,100

Accounts receivable, net

44,980

35,756

5,480

Inventories, net

63,056

85,588

13,117

Prepayments and other current assets

76,720

131,955

20,223

Amounts due from related parties

5,982

8,326

1,276

Total current assets

279,090

737,059

112,960

Non-current assets:

Property and equipment, net

4,981

7,525

1,153

Intangible assets

33,538

30,537

4,680

Operating lease right-of-use assets

14,951

31,074

4,762

Long-term investments

73,432

74,970

11,490

Goodwill

40,184

40,184

6,158

Other non-current asset

11,019

3,372

517

Total non-current assets

178,105

187,662

28,760

Total assets

457,195

924,721

141,720

LIABILITIES, MEZZANINE EQUITY AND
   SHAREHOLDERS' DEFICIT

Current liabilities

Short-term borrowings

75,223

44,598

6,835

Accounts payable

88,005

67,884

10,404

Salary and welfare payable

4,465

6,987

1,071

Accrued liabilities and other current liabilities

37,883

43,160

6,615

Amounts due to related parties, current

45

1,920

294

Other debts, current

76,252

Contract liabilities

7,702

6,638

1,017

Operating lease liabilities, current

7,969

8,123

1,245

Derivative liabilities

14,351

10,956

1,679

Total current liabilities

311,895

190,266

29,160

Non-current liabilities

Deferred tax liabilities

10,591

9,586

1,469

Operating lease liabilities, non-current

5,375

21,205

3,250

Long-term borrowings

53,148

71,227

10,916

Other debts, non-current

165,774

427,123

65,459

Amounts due to related parties, non-current

11,521

Total non-current liabilities

246,409

529,141

81,094

Total liabilities

558,304

719,407

110,254

Mezzanine equity

Series A convertible redeemable preferred shares (US$ 0.001
  par value; 11,000,000 shares authorized, 10,340,000 and nil
  shares issued and outstanding as of March 31, 2020 and
   December 31, 2020, respectively)

484,122

Series B convertible redeemable preferred shares Series B
  convertible redeemable preferred shares (US$ 0.001 par
  value; 10,000,000 shares authorized, 9,067,384 and nil
  shares issued and outstanding as of March 31, 2020 and
  December 31, 2020, respectively)

527,682

Series C convertible redeemable preferred shares (US$ 0.001
  par value; 6,000,000 shares authorized, 5,518,101 and nil
  shares issued and outstanding as of March 31, 2020 and
   December 31, 2020, respectively)

420,419

Series D convertible redeemable preferred shares (US$ 0.001
  par value; 3,000,000 and 0 shares authorized, 2,526,026
  and nil shares issued and outstanding as of March 31, 2020
  and December 31, 2020, respectively)

188,183

Series D-1 convertible redeemable preferred shares
  (US$ 0.001 par value; 3,000,000 shares authorized,
  2,178,530 and nil shares issued and outstanding as of March
  31, 2020 and December 31, 2020, respectively)

164,282

Series D-2 convertible redeemable preferred shares
  (US$ 0.001 par value; 2,000,000 shares authorized,
  1,182,803 and nil shares issued and outstanding as of
  March 31, 2020 and December 31, 2020, respectively)

89,464

Series E convertible redeemable preferred shares (US$ 0.001
  par value;3,000,000 and 7,000,000 shares authorized,
  1,042,623 and nil shares issued and outstanding as of March
  31, 2020 and December 31, 2020, respectively)

78,553

Redeemable non-controlling interests

5,808

890

Receivable for issuance of preferred shares

(94,758)

Total mezzanine equity

1,857,947

5,808

890

Stockholders' equity/(deficit):

Ordinary Shares (US$0.001 par value;153,000,000 ordinary
  shares authorized and 22,238,454 issued and outstanding as
  of March 31, 2020; nil shares issued and outstanding as of
  December 31, 2020)

139

Class A ordinary shares (US$0.001 par value; nil shares
  authorized, issued and outstanding shares as of March 31,
  2020; 129,500,000 shares authorized, 55,860,157 shares
  issued and outstanding as of December 31, 2020)

404

62

Class B ordinary shares (US$0.001 par value; nil shares
  authorized, issued and outstanding shares as of March 31,
  2020; 15,000,000 shares authorized, 12,204,604 shares
  issued and outstanding as of December 31, 2020)

82

13

Additional paid-in capital

3,300,358

505,802

Statutory reserves

2,627

2,891

443

Accumulated other comprehensive income/(loss)

11,204

(23,180)

(3,552)

Accumulated deficit

(2,016,758)

(2,718,965)

(416,700)

Receivable for issuance of ordinary shares

(9)

(407,962)

(62,523)

Total Boqii Holding Limited shareholders' equity/(deficit)

(2,002,797)

153,628

23,545

Non-controlling interests

43,741

45,878

7,031

Total shareholders' equity/(deficit)

(1,959,056)

199,506

30,576

Total liabilities, mezzanine equity and shareholders' deficit

457,195

924,721

141,720

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=RMB6.5250 on December 31, 2020 published by the Federal Reserve Board.

 

 

 

BOQII HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for share and per share data, unless otherwise noted)

Three Months Ended December 31,

Nine Months Ended December 31, 

2019

2020

2020

2019

2020

2020

RMB

RMB

US$

RMB

RMB

US$

Net revenues:

Product sales

253,295

312,371

47,873

611,334

778,186

119,262

Online marketing and information services

791

555

85

2,297

2,368

363

Total revenues

254,086

312,926

47,958

613,631

780,554

119,625

Total cost of revenue

(206,904)

(256,784)

(39,354)

(485,708)

(638,507)

(97,856)

Gross profit

47,182

56,142

8,604

127,923

142,047

21,769

Operating expenses:

Fulfillment expenses

(36,451)

(33,557)

(5,143)

(91,946)

(96,225)

(14,747)

Sales and marketing expenses

(35,977)

(55,107)

(8,446)

(103,340)

(121,393)

(18,604)

General and administrative expenses

(17,523)

(61,811)

(9,473)

(44,457)

(95,376)

(14,617)

Other income, net

34

740

113

2,391

1,045

160

Loss from operations

(42,735)

(93,593)

(14,345)

(109,429)

(169,902)

(26,039)

Interest income

130

5,471

838

348

11,674

1,789

Interest expense

(17,212)

(6,990)

(1,071)

(41,555)

(20,549)

(3,149)

Other (losses)/gain, net

(1,196)

12,552

1,924

(2,701)

16,328

2,502

Fair value change of derivative liabilities

4,417

5,850

10,409

1,595

Loss before income tax expenses

(56,596)

(82,560)

(12,654)

(147,487)

(152,040)

(23,302)

Income taxes expenses

122

603

92

202

412

63

Share of results of equity investees

64

22

3

(486)

(55)

(8)

Net loss

(56,410)

(81,935)

(12,559)

(147,771)

(151,683)

(23,247)

Less: Net income attributable to the non-controlling interest shareholders

1,395

1,242

190

3,611

2,138

328

Net loss attributable to Boqii Holding Limited

(57,805)

(83,177)

(12,749)

(151,382)

(153,821)

(23,575)

Less: Accretion on convertible redeemable preferred shares
   to redemption value

(33,794)

195,935

30,028

(156,004)

120,873

18,525

Less: Deemed dividend to preferred shareholders

(741)

(12,547)

(1,923)

Net income/(loss) attributable to Boqii Holding Limited's   ordinary shareholders

(91,599)

112,758

17,279

(308,127)

(45,495)

(6,973)

Net loss

(56,410)

(81,935)

(12,559)

(147,771)

(151,683)

(23,247)

Other comprehensive income/(loss):

Foreign currency translation adjustment, net of nil tax

(839)

(24,062)

(3,688)

1,729

(35,579)

(5,453)

Unrealized securities holding gains

1,960

2,291

1,195

183

Total comprehensive loss

(55,289)

(105,997)

(16,245)

(143,751)

(186,067)

(28,517)

Less: Total comprehensive loss attributable to non-
  controlling interest shareholders

1,395

1,242

190

3,611

2,138

328

Total comprehensive loss attributable to Boqii Holding
 
Limited

(56,684)

(107,239)

(16,435)

(147,362)

(188,205)

(28,845)

Net earnings/(loss) per share attributable to Boqii
  Holding
Limited's ordinary shareholders

— basic

(4.12)

1.68

0.26

(13.86)

(0.68)

(0.10)

— diluted

(4.12)

1.61

0.25

(13.86)

(0.68)

(0.10)

Weighted average number of ordinary shares

— basic

22,238,454

67,156,580

67,156,580

22,238,454

67,156,580

67,156,580

— diluted

22,238,454

70,041,375

70,041,375

22,238,454

67,156,580

67,156,580

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=RMB6.5250 on December 31, 2020
published by the Federal Reserve Board.

 

 

 

Boqii Holding Limited

Reconciliation of GAAP and Non-GAAP Results

(In thousands)

Three Months Ended December 31,

Nine Months Ended December 31,

2019

2020

2019

2020

RMB

RMB

RMB

RMB

Net loss

(56,410)

(81,935)

(147,771)

(151,683)

Fair value change of derivative liabilities

(4,417)

(5,850)

(10,409)

Share-based compensation

51,422

51,422

Adjusted Net loss 

(60,827)

(30,513)

(153,621)

(110,670)

Three Months Ended December 31,

Nine Months Ended December 31,

2019

2020

2019

2020

RMB

RMB

RMB

RMB

Net loss

(56,410)

(81,935)

(147,771)

(151,683)

Income tax expenses

(122)

(603)

(202)

(412)

Interest expenses

17,212

6,990

41,555

20,549

Interest income

(130)

(5,471)

(348)

(11,674)

Depreciation and amortization

1,581

1,784

3,142

5,135

EBITDA[5] 

(37,869)

(79,235)

(103,624)

(138,085)

EBITDA Margin[6]

(14.9%)

(25.3%)

(16.9%)

(17.7%)

[5], [6] Impacted by share-based compensation expenses of RMB51.4 million, RMB44.1 million of which were incurred upon the
completion of our initial public offering.

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=RMB6.5250
on December 31, 2020 published by the Federal Reserve Board.

 

SOURCE Boqii Holding Limited

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