EX-99.1 2 dp140911_ex9901.htm EXHIBIT 99.1

Exhibit 99.1

 

Boqii Announces Fiscal 2021 Second Quarter Unaudited Financial Results 

--34% year-over-year revenue growth-- 

--70% year-over-year GMV growth--

 

SHANGHAI, China, November 16, 2020 (PRN Newswire) -- Boqii Holding Limited (“Boqii” or the “Company”) (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the second quarter of fiscal year 2021 ended September 30, 2020.

 

Fiscal Q2 2021 Operational and Financial Highlights

 

·Total revenues were RMB229.2 million (US$33.8million), representing an increase of 34.3% from RMB170.6 million in the same quarter of fiscal year 2020.

 

·Net loss was RMB27.5 million (US$4.0 million), compared to net loss of RMB43.5 million in the same quarter of fiscal year 2020.

 

·EBITDA1 was a loss of RMB23.4 million (US$3.4 million), representing a 23.5% improvement from a loss of RMB30.6 million in the same quarter of fiscal year 2020.

 

·Total GMV2 was RMB563.3 million (US$82.7 million), representing an increase of 70.0% from RMB331.4 million in the same quarter of fiscal year 2020.

 

·Active buyers were 1.3 million, representing an increase of 15.0% from RMB1.1 million in the same quarter of fiscal year 2020.

 

Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer commented: “In October 2020, Boqii successfully completed its IPO on the NYSE and became the first publicly traded pet-focused platform company in China, which marked a significant milestone not only for Boqii but also for the whole pet industry in China. As a newly public company, Boqii generated a strong quarter with solid operational and financial growth. Year on year quarterly GMV grew by 70% to RMB563.3 million while active buyers grew by 15% to 1.3 million. These solid results demonstrated our strong brand recognition, robust distribution capabilities as well as the greater user engagement in our community. Going forward, we will continue to innovate with a keen focus on delivering a seamless user experience, with our mission to empower the pet ecosystem and instill love and trust into pet parenting.”

 

Mr. Liang continued: “In August, we started the ‘Pet Hundred-Million Yuan Sales Club’, an established strategic partnership with JD.com aiming to generate hundred-million sales in year 2020 from our products and online stores, and promote the iterative upgrade of both parties' operating systems. In September, we signed another strategic cooperation agreement with China Animal Husbandry Group to provide products and solutions for pet health. We are planning to develop more partnerships with other renowned platforms and large corporations to deliver best solutions and enhance our value proposition for fast-growing demand in the pet industry. We also recorded strong sales recently during the Singles’ Day Global Shopping Festival. Over the 11-day period from November 1 to November 11, we generated a total GMV of RMB 244.5 million, a 39.97% increase from last year Singles’ Day Shopping Festival.”

 

Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO commented: “We generated healthy revenue growth of 34.3% year-over-year during this quarter. Most notably, the percentage of revenue we generated from Boqii Mall reached 41.2%, significantly increasing from 29.0% in the same quarter of last fiscal year. We remain committed to developing Boqii Mall, and this result reflects our effort to provide a better user experience and product selection on our platform. We will invest heavily in technology, optimize our content and product offerings to drive impulse purchases and meet strong user demand.”

 

 

1EBITDA 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 “Reconciliation of GAAP and Non-GAAP Results.”

 

2GMV 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 Second Quarter Financial Results

 

Total revenues were RMB229.2million (US$33.8 million), representing an increase of 34.3% from RMB170.6 million in the same quarter of fiscal year 2019. The increase was primarily due to more revenue generated from Boqii Mall, which represented 41.2% of our total revenue versus 29.0% in the same quarter of fiscal year 2020.

 

Revenues
(in RMB million)		  

2020

Sep. Quarter

   2019
Sep. Quarter		   % change
YoY
Revenues from product sales   227.9   169.7   +34.3%
· Boqii Mall   94.4   49.5   +90.8%
· Third party e-commerce platforms   133.5   120.2   +11.1%
Revenues from online marketing and information services   1.3   0.9   +43.8%
Total   229.2   170.6   +34.3%

 

Gross profit was RMB42.6 million (US$6.3 million), an increase of 15.5% from RMB36.9 million in the same quarter of fiscal year 2020.

 

Gross margin was 18.6%, a decrease of 304 basis points from 21.6% in the same quarter of fiscal year 2020. The decrease in gross margin was mainly due to the increased contribution of revenue from Boqii Mall, where we offer more favorable pricing to our valued users.

 

Operating expenses were RMB77.1 million, an increase of 12.9% from RMB 68.3 million in the same quarter of fiscal year 2020. Operating expenses as a percentage of total revenues was 33.6%, compared to 40.0% in the same quarter of fiscal year 2020.

 

·Fulfillment Expenses were RMB29.0 million, an increase of 18.1% from RMB 24.6 million in the same quarter of fiscal year 2020. Fulfillment expenses as a percentage of total revenues were 12.7 %, compared to 14.4% 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 in a more cost-efficient method; and (iii) lower delivery service prices through renegotiation with third-party delivery service providers.

 

·Sales and marketing expenses were RMB31.3 million, a decrease of 5.3% from RMB 33.1 million in the same quarter of fiscal year 2020. Sales and marketing expenses as a percentage of total revenue were 13.7%, compared to 19.4% in the same quarter of fiscal year 2020. The decrease was mainly due to lower customer acquisition costs and more cost-efficient customer services.

 

·General and administrative expenses were RMB16.7 million, an increase of 57.7% from RMB 10.6 million in the same quarter of fiscal year 2020. General and administrative expenses as a percentage of total revenue were 7.3%, compared to 6.2% in the same quarter of fiscal year 2020. The increase was primary due to professional expenses incurred for the initial public offering, as well as increased employee salaries and benefits.

 

Operating loss was RMB34.2 million (US$5.0 million), an increase of 9.0% compared to RMB31.4 million in the same quarter of fiscal year 2020.

 

EBITDA was a loss of RMB23.4 million (US$3.4 million), representing a 23.5% improvement from a loss of RMB30.6 million in the same quarter of fiscal year 2020.

 

EBITDA margin increased 772 basis points to (10.2%), compared to (17.9%) in the same quarter of fiscal 2020.

 

Net loss was RMB27.5million (US$4.0million), compared to net loss of RMB43.5 million in the same quarter of fiscal year 2020.

 

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Adjusted net loss was RMB35.8 million (US$5.3 million), representing a decrease of 20.6% from the adjusted net loss of RMB45.0 million in the same quarter of fiscal year 2020.

 

Diluted net loss per share was RMB3.06 (US$0.50), compared to diluted net loss per share of RMB3.98 in the same quarter of fiscal year 2020.

 

Initial Public Offering

 

On October 2, 2020, Boqii completed its initial public offering (“IPO”) of 7,000,000 million American Depositary Shares (“ADSs”), at US$10.00 per ADS. Each ADS represents 0.75 of a Class A ordinary share of the Company. The Company raised a total of US$70 million in gross proceeds from the IPO, before deducting underwriting discounts and commissions as well as other offering expenses.

 

Conference Call

 

Boqii’s management will hold a conference call to discuss the financial results at 8:00 AM on Monday, November 16, 2020, U.S. Eastern Time (9:00 PM on November 16, 2020, 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 9244495

 

A replay of the conference call may be accessed by phone at the following numbers until November 23, 2020.

 

  Phone Number
International 1-412-317-0088
United States 1-877-344-7529
Replay Access Code 10149804

 

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.

 

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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, (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 RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 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: ir@boqii.com

 

The Blueshirt Group

Ms. Susie Wang

Email: susie@blueshirtgroup.com

 

In the United States:

 

The Blueshirt Group

Ms. Julia Qian

Email: julia@blueshirtgroup.com

 

 

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BOQII HOLDING LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS

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

  

              Pro forma   Pro forma
  As of
 March 31,
 2020		   As of
September 30,
 2020		   As of
September 30,
 2020		  

As of

September 30,
2020

  

As of 

September 30,
2020

  RMB   RMB   US$   RMB   US$
                   
ASSETS                  
Current assets:                  
Cash and cash equivalents  88,352   127,756     18,816   127,756     18,816  
Accounts receivable, net  44,980   38,801     5,714   38,801     5,714  
Inventories, net  63,056   70,516     10,386   70,516     10,386  
Prepayments and other current assets 76,720   157,555     23,205   157,555     23,205  
Amounts due from related parties 5,982   6,645     980   6,645     980  
Total current assets 279,090   401,273     59,101   401,273     59,101  
Non-current assets:                  
Property and equipment, net 4,981   7,550     1,112   7,550     1,112  
Intangible assets 33,538   31,538     4,645   31,538     4,645  
Operating lease right-of-use assets 14,951   33,365   4,914   33,365     4,914  
Long-term investments 73,432   74,948     11,039   74,948     11,039  
Goodwill 40,184   40,184     5,918   40,184     5,918  
Other non-current asset 11,019   41,348     6,090   41,348     6,090  
Total non-current assets 178,105   228,933   33,718   228,933     33,718  
Total assets 457,195   630,206   92,819   630,206     92,819  
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT                  
Current liabilities                  
Short-term borrowings 75,223     44,352     6,532     44,352     6,532  
Accounts payable 88,005     70,258     10,349     70,258     10,349  
Salary and welfare payable 4,465     6,503     958     6,503     958  
Accrued liabilities and other current liabilities 37,883     53,066     7,816     53,066     7,816  
Amounts due to related parties, current 45     3,042     448     3,042     448  
Other debts, current 76,252     17,408     2,564     17,408     2,564  
Contract liabilities 7,702     4,013     591     4,013     591  
Operating lease liabilities, current 7,969   8,402   1,237     8,402     1,237  
Derivative liabilities 14,351   1,565     230     1,565     230  
Total current liabilities 311,895   208,609   30,725     208,609     30,725  
Non-current liabilities                  
Deferred tax liabilities 10,591     10,192     1,501     10,192     1,501  
Operating lease liabilities, non-current 5,375     22,944     3,379     22,944     3,379  
Long-term borrowings 53,148     49,504     7,291     49,504     7,291  
Other debts, non-current 165,774     473,865     69,793     473,865     69,793  
Amounts due to related parties, non-current 11,521     1,030     152     1,030      152  
Total non-current liabilities 246,409   557,535     82,116     557,535     82,116  
Total liabilities 558,304   766,144   112,841     766,144   112,841  
                 
Mezzanine equity                  
 Series A convertible redeemable preferred shares(US$ 0.001 par value; 11,000,000 shares authorized, 10,340,000 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) 484,122     531,746     78,316     -   -
 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 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) 527,682     581,017     85,575     -   -
 Series C convertible redeemable preferred shares(US$ 0.001 par value; 6,000,000 shares authorized, 5,518,101 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) 420,419     380,838     56,091     -   -
 Series C+ convertible redeemable preferred shares(US$ 0.001 par value; 8,000,000 shares authorized, nil and 6,734,459 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) -       662,521     97,579     -   -

 

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BOQII HOLDING LIMITED 

UNAUDITED CONSOLIDATED BALANCE SHEETS(Continued) 

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

 

              Pro forma   Pro forma
  As of
 March 31,
 2020		   As of
September 30,
 2020		   As of
September 30,
 2020		  

As of

September 30,
2020

  

As of 

September 30,
2020

  RMB   RMB   US$   RMB   US$

 

 Series D convertible redeemable preferred shares(US$ 0.001 par value; 3,000,000 shares authorized, 2,526,026 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) 188,183     180,939     26,649      -   -
 Series D-1 convertible redeemable preferred shares(US$ 0.001 par value; 3,000,000 shares authorized, 2,178,530 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) 164,282     164,803     24,273      -   -
 Series D-2 convertible redeemable preferred shares(US$ 0.001 par value; 2,000,000 shares authorized, 1,182,803 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) 89,464     92,284     13,592     -   -
Series E convertible redeemable preferred shares(US$ 0.001 par value; 3,000,000 and 7,000,000 shares authorized, 1,042,623 and 5,885,210 shares issued and outstanding as of March 31, 2020 and September 30, 2020, respectively; and nil outstanding on a pro-forma basis as of September 30, 2020) 78,553     455,811     67,134     -   -
Receivable for issuance of preferred shares (94,758)   (402,722)   (59,314)   -   -
Total mezzanine equity 1,857,947     2,647,237     389,895     -   -
Stockholders’ deficit:                  
Ordinary Shares(US$0.001 par value;153,000,000 and 149,000,00 ordinary shares authorized; 22,238,454 ordinary shares issued and outstanding as of March 31, 2020 and September 30, 2020: nil shares issued and outstanding on a pro-forma basis as of September 30, 2020) 139     139   20     -   -
Class A ordinary shares (US$0.001 par value; nil shares authorized, issued and outstanding shares as of September 30, 2020; 129,500,000 shares authorized, 49,777,032 shares issued and outstanding on a pro-forma basis as of September 30, 2020) -   -   -   333   49
Class B ordinary shares (US$0.001 par value; nil shares authorized, issued and outstanding shares as of September 30, 2020; 15,000,000 shares authorized, 13,037,729 shares issued and outstanding on a pro-forma basis as of September 30, 2020) -   -   -   82   12
Additional paid-in capital -   -   -   3,049,684   449,168  
Statutory reserves 2,627     2,891     426     2,891     426  
Accumulated other comprehensive loss 11,204     882     130     882     130  
Accumulated deficit (2,016,758)   (2,831,724)   (417,067)   (2,831,724)   (417,067)
Receivable for issuance of ordinary shares (9)   -   -     (402,722)   (59,314)
Total Boqii Holding Limited shareholders’ deficit (2,002,797)   (2,827,812)   (416,491)   (180,574)   (26,596)
Non-controlling interests 43,741     44,637     6,574     44,636   6,574
Total shareholders’ deficit (1,959,056)   (2,783,175)   (409,917)   (135,938)   (20,022)
Total liabilities, mezzanine equity and shareholders' deficit 457,195   630,206   92,819   630,206   92,819  
                 
(a)On a pro forma basis to reflect (i) the re-designation of 12,204,604 ordinary shares held by Merchant Tycoon Limited and beneficially owned by Hao (Louis) Liang, Yingzhi (Lisa) Tang and Di (Jackie) Chen into Class B ordinary shares on a one-for-one basis immediately prior to the completion of the initial public offering (which was completed on October 2, 2020), (ii) the automatic conversion and re-designation of 833,125 Series C preferred shares held by Merchant Tycoon Limited and beneficially owned by Hao (Louis) Liang, Yingzhi (Lisa) Tang and Di (Jackie) Chen into Class B ordinary shares on a one-for-one basis immediately prior to the completion of the initial public offering, (iii) the re-designation of all of the remaining ordinary shares into Class A ordinary shares on a one-for-one basis immediately prior to the completion of the initial public offering, (iv) the automatic conversion of 10,340,000 Series A preferred shares into 7,844,137 ordinary shares on a 1:0.76 basis, and re-designation of such as-converted ordinary shares into 7,844,137 Class A ordinary shares on a one-for-one basis immediately prior to the completion of the initial public offering, (v) the automatic conversion of 9,067,384 Series B preferred shares into 8,557,980 ordinary shares on a 1:0.94 basis, and re-designation of such as-converted ordinary shares into 8,557,980 Class A ordinary shares on a one-for-one basis immediately prior to the completion of the initial public offering, (vi) the automatic conversion of 6,734,459 Series C+ preferred shares into 6,883,520 ordinary shares on a 1:1.02 basis, and re-designation of such as-converted ordinary shares into 6,883,520 Class A ordinary shares on a one for-one basis immediately prior to the completion of the initial public offering, (vii) the automatic conversion and re-designation of all of the remaining issued and outstanding preferred shares into 16,457,545 Class A ordinary shares on a one-for-one basis immediately prior to the completion of the initial public offering.

 

(b)The unaudited pro forma information does not include the impact of share-based compensation expense for share options which was expected to record upon the completion of the initial public offering.

 

 

6 

 

 

BOQII HOLDING LIMITED 

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS 

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

   
   
  Three Months Ended September 30,   Six Months Ended September 30,
  2019         2020   2020   2019   2020   2020
  RMB   RMB   US$   RMB   RMB   US$
                       
Net revenues:                      
Product sales  169,685    227,883    33,563    358,039    465,815    68,607
Online marketing and information services  909    1,307    193    1,506    1,813    267
Total revenues  170,594    229,190    33,756    359,545    467,628    68,874
Total cost of revenue  (133,679)    (186,555)    (27,477)    (278,804)    (381,723)    (56,222)
Gross profit  36,915    42,635    6,279    80,741    85,905    12,652
Operating expenses:                      
Fulfillment expenses  (24,584)    (29,037)    (4,277)    (55,495)    (62,669)    (9,230)
Sales and marketing expenses  (33,081)    (31,342)    (4,616)    (67,363)    (66,286)    (9,763)
General and administrative expenses  (10,585)    (16,697)    (2,459)    (26,934)    (33,565)    (4,944)
Other income/(expense), net  (25)    258    38    2,357    305    45
Loss from operations  (31,360)    (34,183)    (5,035)    (66,694)    (76,310)    (11,240)
Interest income  136    4,487    661    218    6,203    914
Interest expense  (12,228)    (6,416)    (945)    (24,343)    (13,559)    (1,997)
Other (losses)/gain, net  (1,240)    879    129    (1,505)    3,776    556
Fair value change of derivative liabilities  1,553    8,303    1,223    1,433    10,409    1,533
Loss before income tax expenses  (43,139)    (26,930)    (3,967)    (90,891)    (69,481)    (10,234)
Income taxes expenses  55    (500)    (74)    80    (191)    (28)
Share of results of equity investees  (377)    (20)    (3)    (550)    (77)    (11)
Net loss  (43,461)    (27,450)    (4,044)    (91,361)    (69,749)    (10,273)
Less: Net income attributable to the non-controlling interest shareholders  885    617    91    2,216    896    132
Net loss attributable to Boqii Holding Limited  (44,346)    (28,067)    (4,135)    (93,577)    (70,645)    (10,405)
Less: Accretion on convertible redeemable preferred shares to redemption value  (44,089)    (39,925)    (5,880)    (122,210)    (75,062)    (11,055)
Less: Deemed dividend to preferred shareholders  -    -       -       (741)    (12,547)    (1,848)
Net loss attributable to Boqii Holding Limited’s ordinary shareholders  (88,435)    (67,992)    (10,015)    (216,528)    (158,254)    (23,308)
                       
Net loss  (43,461)    (27,450)    (4,044)    (91,361)    (69,749)    (10,273)
Other comprehensive income/(loss):                      
Foreign currency translation adjustment, net of nil tax  2,478    (10,716)    (1,578)    2,568    (11,517)    (1,696)
Unrealized securities holding gains  157    -       -       331    1,195    176
Total comprehensive loss  (40,826)    (38,166)    (5,622)    (88,462)    (80,071)    (11,793)
Less: Total comprehensive loss attributable to non-controlling interest shareholders  885    617    91    2,216    896    132
Total comprehensive loss attributable to Boqii Holding Limited  (41,711)    (38,783)    (5,713)    (90,678)    (80,967)    (11,925)
                     
Net loss per share attributable to Boqii Holding Limited’s ordinary shareholders                      
— basic  (3.98)    (3.06)    (0.45)    (9.74)    (7.12)    (1.05)  
— diluted  (3.98)    (3.06)    (0.45)    (9.74)    (7.12)    (1.05)  
Weighted average number of ordinary shares                      
— basic 22,238,454   22,238,454   22,238,454   22,238,454   22,238,454   22,238,454  
— diluted 22,238,454   22,238,454   22,238,454   22,238,454   22,238,454   22,238,454  
Pro forma net loss per share attributable to Boqii Holding Limited’s ordinary shareholders                      
— basic      (0.48)    (0.07)        (1.26)    (0.19)  
— diluted      (0.48)    (0.07)        (1.26)    (0.19)  
Pro forma weighted average number of ordinary shares                      
— basic     59,073,717   59,073,717       55,870,406   55,870,406
— diluted     59,073,717   59,073,717       55,870,406   55,870,406
                                                 

7 

 

 

Boqii Holding Limited 

Reconciliation of GAAP and Non-GAAP Results 

(All amounts in thousands, except for %, unless otherwise noted)

 

 

  Three Months Ended September 30,   Six Months Ended September 30,
  2019   2020   2019   2020
  RMB   RMB   RMB   RMB
               
Net loss (43,461)   (27,450)   (91,361)   (69,749)
Fair value change of derivative liabilities (1,553)   (8,303)   (1,433)   (10,409)
Adjusted Net loss (45,014)   (35,753)   (92,794)   (80,158)

 

 

  Three Months Ended September 30,   Six Months Ended September 30,
  2019   2020   2019   2020
  RMB   RMB   RMB   RMB
               
Net loss (43,461)   (27,450)   (91,361)   (69,749)
Income tax expenses (55)   500   (80)   191
Interest expenses 12,228   6,416   24,343   13,559
Interest income (136)   (4,487)   (218)   (6,203)
Depreciation and amortization 821   1,601   1,561   3,351
EBITDA (30,603)   (23,420)   (65,755)   (58,851)
EBITDA Margin (17.9%)   (10.2%)   (18.3%)   (12.6%)

 

 

8