Q2 2020 Earnings Call
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Thank you made yourself.
Hello, everyone and thank you for joining us today.
<unk> earnings release was distribute it earlier today and he is a very bet on T. I a website.
Don't mobile.
I think dot com.
He is on business why your services.
To go today from <unk>, Mr. shocked Chen Chief Chairman and Chief Executive Officer.
Ms., Helen <unk> Chief Financial Officer.
And Mr. Sean Zhang.
Director.
Mr. Chen wouldn't review business operations and company highlights followed by me school, who will discuss financials.
Altria will be available to take your questions during the acuity session that follows.
Before we begin I'd like to remind you that this conference call contains forward looking statements within the meaning of section 21 E. I'm Just Securities Exchange Act of 1934.
It's a mandate as defined in the U.S. Private Securities Litigation Reform Act of 90 95.
These forward looking statements can be identified by terminology such as we'll expect anticipate future intends plans believes estimates targets going forward outlook and similar statements.
Such statements are based upon management's current expectation and current market an operating conditions.
And relate to events that involve known or unknown risks uncertainties and other factors.
All of which are difficult to predict and many of which are beyond the company's control.
Which make goes the companys actual results performance or achievements to differ materially from those into forward looking statements.
Further information regarding these and other risks uncertainties affecting US is included in the company's filings with the U.S. Securities and Exchange Commission.
The company does not undertake any obligation to update any forward looking statement is a result of new information future events or otherwise.
Except as required under applicable law.
It is now my pleasure to introduce Mr. Chen Mr. Chen. Please go ahead okay.
Oh, no finalized general nobody out in finance DRC do the yesterday locally.
Uh-huh.
Hello, everyone and thank you for joining our second quarter earnings call today.
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China Internet space has evolved deeply over the years with verticals data one do it apart from charter satisfied.
From media E Commerce Entertainment and lifestyle services now emerging with one another a constant stream of new Brizo business models are being created everyday.
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[noise] the trend has picked up in recent years, something which we are acutely aware of.
Mobile mobile was viewed with a mission to make fashion accessible to everyone.
SBR challenging journey, but like the new breed of companies, we have you've always times overcome many trying to just in the past nine years, well remain fully committed to our mission.
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<unk> I didn't know did pick all affordability.
Oh, two sweetly that our business to a changing market and capitalize the girls trend, we strategically began feuding and in a way to kill treatment social shopping destination model equipped with an integrated supply chain.
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Any Johnny you care, our where it's only seen US volume was a single woman she's out a woman see this would mean featured she's only deal was how she's Linda so see taleo either.
We believe this model offers a unique value to our consumers and is more in line with the future direction of the fashion industry in China.
And it's more suitable than the traditional store from and merchandise phase marketplace model.
Individuals.
To be precise coelce plays a central role here with their exceptional ability to understand influence and serve our users.
Same time.
There are exceptional that same time to meaningfully improved oral overall industry efficiency by consolidating the existing fascist supply chain in China.
Building on this well to even model will allow us to evolve and remain focused our mission, while driving long term world.
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Empowering pay what else is the key for multiple to creating engaging and comprehensive social shopping experience for users.
Our last earnings call, we outlined three strategies that will drive the next phase of all growth I want to share some of these exciting highlight.
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Yeah on supports a wide come off way I'm talking up well for the nail well when that your calculus as seen on their own sheen Daleffe, what do they have seen the war.
First we expanded the talent pool of our live video broadcast I eat L. Bebe host.
And recruiting nearly to sell the new host in the corner to increase the diversity of fashion lifestyle related content. We now have were 64000, okay, well and over 24000 LTB hosts are tough one who create more than a 3400 hours of highly engaged.
Aging live streaming content on a daily basis.
Many of these new Whos feature a wide range of talent and draw deep experience from their different bagwell altay ecommerce, including personal stylists fitness yoga instructors makeup artist cooking teachers painting, a senior instructor et cetera. We also launched designated content channels for new Kelway.
Your recent version of mobile App.
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Secondly, we are investing more in beauty a catalog, okay, well generated short video content.
Alright, spending well its ability to capture user attention and interest all side. There is there a alongside their 3400 broadcasting per day. This is crucial for improving user conversion into higher value LDP users and driving consumption our platform.
We can already see some initial results this quarter with Lv be Emmy you up 76% year on year and acceleration and L.E. be active buyer in the last 12 months up 64% year on year.
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Yeah, Hi, signaled on General India, you just helps ensure done to fly a bundled what she's I shall I need you that simple genuine they also to yet.
30, we strengthened the infrastructure, we have due to empower coelce quite rapidly expanding the pool of premier supplier, we work with both in terms of total number and product category.
Well be crucial for calculating a reach community of new Coelce and life, we do work I suppose.
Integrated supply chain capacity is also important for us to differentiate ourselves within the sector. We also continued to develop new live streaming technology, meaning program to diversify a host product selection and enhance user experience for light beauty warehouse.
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In order to create a more seamless and efficient platform and capitalize on the momentum of SVB business. We started to integrate the Bakken system of like video broadcast and marketplace business.
This will significantly enhance the synergy between the between the two business actually grow we expect will not only we expect this will not only stand to shelf time of live streaming merchandise, but also improved the quantity and quality of merchandise our marketplace business.
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I'm told me I kinda on where you sit subordinate on a go forward to close this holiday season.
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The execution of our strategy continues to you result, we're encouraged to see triple digit growth of our live streaming business accelerated from last quarter.
Like we do broadcast contribution to GMB jumped to 39% of total GMB doubling that from a of last year and up 7.6 percentage points from the previous quarter.
Like we did work has always per day has also increased to 3400 hours as mentioned before up 10% on a previous quarter.
We expect this trend will continue in the quarters ahead and will drive long term growth of both JV and revenue.
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We'll Miss you Autozone in that segment you go conduct ending Oreo should that young bigger.
Team also being way cohort team also.
Well, John Appeal Hall, I see it seemed as it goes and how people see someone with the team Shelley.
Yes, we understand the challenge ahead of us both internally and externally internally, while working to increase the monetization of our rapidly growing live video broadcast business.
Increasingly contribute to a large portion of GMB.
We plan to introduce more in the which monetization twos tailored to the light video broadcast model and adjust our cost structure over the next two to three quarters Accordingly.
Also transitioning ourselves very importantly here, we also transitioning our cell phone a user traffic operating model to have value customer operating model.
To adapt to the new trend in Tenda Internet space and improve our operating efficiency.
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Well no eating away at that also you got trend seen a who don't you go your way pushing us is okay. So if I answer this healthy so should that should only consider here will.
That ends up.
Yes, Oh externally, we continue to innovate and stay ahead of other players who are trying to introduce space.
Well this validates the enormous market opportunity that live streaming ecommerce is creating you will also create more competition.
We believe live streaming is merely a technology or a method, which needs a suitable environment and infrastructure to thrive.
Where we have already established what advantages.
Any possible with traffic has established a chemical treatment livestream E Commerce model.
So we're confident that with our continuous innovation execution of all lined strategy and the result towards our mission will successfully create a new breed company.
Our next generation two outreach shopping a social shopping destination, which will generate long term sustainable user and business growth.
You tell us all tied to the table, which I thought I think on as you can you comment on bought on your Chango and therefore, Hello, Hello, guys that hold on to consider calendar Garcia.
On that note.
And then.
I'll hand, the call over to our CFO Allen, who will walk you through all financial results for the quarter in more details. Thank you.
Thank you shark thanks again.
Body for joining the call Tonight.
I will walk you through our second quarter fiscal year 2020 financially and we believe that year over year comparison is the best way to video performing.
So unless otherwise stated opus any changes I'm going to get well, we'll be on that basis.
So let's review the financials.
For the overall platform, we generated pretty steady GMI grows over the past pro monthly GMB, increasing nearly 10% or we can petchem audits skimpier last time last year.
Well our online video broadcasting business continued to grow strongly with associate TV for the second quarter.
School year, 2020 increased 115.2% a year over year to RMB one point.
Billion and a an average app Annie clicked on the latter broadcast in the quarter, increasing Uh huh.
6% when 2%.
Year over year, Andy LTB Associates, TV did it roughly 40% of total JV during the quarter and active buyers Lbd business in the 12 month period ended September Thirtyth 2019, 64%.
[noise] and now.
Total revenue total revenue came in at RMB 199.9 million a decrease of 15.3.
That's a year over year, primarily due to the decrease in marketing service rather than any other revenue that was partially offset by an increasing a commission vacuum.
Commission revenue increased by 3.3% to RMB 101.3 million, mainly driven by the increase in the L. Bbsixty Dnbi.
Marketing service revenue decreased by 30.8% to RMB 65.
My 1 million, which is primarily due to our decision to.
Strategically increase our focus on the LTV and allocate more of our resources towards it and as well as the initiative that you mentioned that structure upgrade that she's done extend that to be.
Lower number of the long tail merchant standing on the marketing service in our marketplace.
Other revenue decreased by 24.3% to RMB 30.
33.5 million.
Mainly due to the decreasing online direct to sell and also the technology supporting services that we I provided to our one of the Investee company, which was our newly established in March of 2018, but later developed on the back office technologists putting function.
Yeah.
And next next I will walk you through.
Major cost and expenses line first of all.
[laughter] revenue.
Let me decreased by 3.8% to RMB 76 million.
From 79 million a in the same here last year.
Okay. That's due to the decrease in a payment handling cost and it across associates.
With decreased on light or to sell that which was also a partially offset by an increase in the IP related expenses due to the increase in the or the growth Alby business.
And sales and marketing expenses decreased by 7.1% to RMB 980.8 million.
Hundred 94.7 million in the same here last year.
This is due to the primarily due to the lower spending on the U.S acquisition expenses and Oscar user incentive program by program.
And which was partially offset by an increase in the branding and marketing expenses.
Research and development expenses decreased by 17.5% to RMB 50.3 million.
Primarily due to a decrease in a payroll cost which were in line with the decrease in head count.
The result of that as our I hate Ken optimization exercise.
General and administrative expenses increased by 6.5% to RMB 39.5 million roughly 200 to many RMB over the period.
Due to increasing the payroll cost.
Amortization of intangible assets increased by nine nearly 40% to RMB 70.7 6.8 million.
Oh, RMB 55.2 million in the same here last year.
That's mainly due to really see [noise].
What's your nation.
Intangible asset recorded as a result of a this is cooperation agreement that we entered into retention.
Which became effective from April last year I'm, sorry April this year 29.
Loss from operations.
I am beat you, having 23 point sixmillion.
And that lots attributed to local ordinary shareholders, where I'd be 326.6 million compared to a net loss of which is a net loss of the RMB 453.7 million anything parent of fiscal year 20 Nike.
The idea that was negative RMB 124.6 million.
Comparing to a negative RMB 113.1 million in the same given last fiscal year.
The adjusted net loss or what I can be 190.
On the 96.9 million.
And.
Going forward.
Going forward, we continue to.
We continue to focus on the likely to broadcast services and.
And then that while we are exploring more oh there is.
Revenue streams.
I'll elaborate a broadcaster we do expect the action Commission revenue will continue to drive the total revenue for the foreseeable future and our Labeed forecast the business grow to account for a more significant portion about business.
So with that we'd like to open the call for that QM name.
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Again that is star one on your telephone to ask a question.
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Line is open.
Oh thanks.
Thanks for taking my question I had one quick one once again yeah.
Future marketing strategy and the way too.
When you use acquisition I'm thinking on that and would there be any changes in the budgeting for marketing. Thank you.
Okay.
Please call for translation.
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Uh huh.
Okay. Okay.
I briefly mentioned in our opening remark that we're shifting our strategy or model from a user traffic operating model to high value customer operating model.
I have to point to share with you here.
First of all look at our live video broadcast business, the ARPU and repeat purchase rate of our library brick house user a multiple times of those have now.
Like video broadcast users.
And.
The model is proven to be.
More suitable than a traditional merchandise based models.
Right no the luxury mean brick house contribution to Jamie.
It's do not not big less and.
Less than 40% so our priority is to grow and Brodie's high ARPU user for our live video broadcast business.
Say, hey, well known supported.
Your thoughts elements and the Youre sort of being so high school, which I would be our dealer. So you are among the scenario will fall means.
The bomb the sourcing found the settlement shale youre fully managing current order so how its volkow, who say that whole. Our job was also consider see when we had she's also yards and on the dissecting social agenda. So we'll chalktown seeds on that drop off.
Okay.
Right now within our own active user base. The live streaming active user actually contribution is very little although jvs almost 40%, but the user contributions much smaller so our priority is to convert more more over user to life you broke out users.
In this way we came from the ROI.
We have already launched.
A short video content channel. This actually will help to convert user from now like we do broke has to live video broadcast.
That's what was unable to fall now what we'll call me elements. It's got a if you go.
So they are with us and hunting.
Yes.
The focus on the balmy until among has one of the dollars Charles.
So yes.
For maturing source, we are important I'll comment on not only almost as being a couple more so the.
I'm sorry, the toning. So you just walkways shell that you've highlighted secret Sidoti man woman side.
Youre, who the Horseshoe Hill you also enough for me on social media guys.
No. They don't you and then the y'all yonah during a time out on hog on a false utilizing the yield.
Yes.
Externally, where we acknowledge that the user acquisition costs has been due to competition has going has been going up and is a challenge for us. So we are trying to innovate our user growth strategy. So from the very simple acquire and convert model.
So to a more deep operating kind of May tennis model, we want to have repeat user and we want to have high ARPU user so will view, a well invest more in the user loyalty program.
Sorry.
Thank you to will materialize some buffer.
Sorry for me off where we see a harder and harder.
So I expect we will have.
Encouraging result in terms of a user acquisition costs and cost structure.
Okay.
You have any more questions.
And again to ask a question press Star one on your telephone. Your next question comes the line of Charlie Chan from China Renaissance. Your line is open.
How the funny thing I take it.
Question.
Well, that's your wage out you'll see it sounds good. Thanks, I'll, just say kick to what did you guys should I thought you show you. The just be godfather, you've got you sound like towards you guys and now what John just.
Yes, once you adjust.
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Some color that you're not as you've got.
So youre not just say most would you know you've got some young nice yet it's sort of didn't jump Yum differentiates it gets you get easier.
Sure.
Okay.
Okay. Let me briefly translate for the benefit of other audience. So basically tardy asked a question yet has seemed that the number of I video broadcast holes and kill a increasing rapidly on our platform. The first question is how do you handle the management issue.
That impact or kind of efficiency in terms of how to better manage a large number follicular whos second is the has seen many other puff form or other verticals are also adopting chemistry. The E Commerce model he wants to understand how mako differentiate ourselves from other players.
Sure.
So without deal and here.
You know among the wasn't getting signed deals done in order to just say Gee. Some calls this whole ones on the.
Tom will pay off five Oh salaries and helps you see all them enabler.
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Some of the encore down.
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Okay answer to your first question is a would have been.
During our live video broadcast from one in three years or so we already have very established organization structure and actually talk technology in in place.
So it's easy for us to leverage on our infrastructure or to recruit more hosts and coelce. So we are seeing very stable cost structure and we expect all called try to remain stable in the future.
The how they are the ones he.
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It has its already.
So of audience.
So hopefully I want to use the honestly why margins.
You are concerned I started with our goal of the yield was probably this year more so dug out over a year or so.
Yes or no.
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Sounds good.
Salaries hits on buyback because I'm very honored to go for somebody gets hambok sleep.
What I saw a woman, though things on the other calls on a hall. So I think its long ago me here, so I'm going to glassy, though.
Okay.
We are seeing yes, more other players for other vertical entering the space.
Well. This is a typical attribute of China Internet space. When there is a higher a win win win when there is a higher deficient my business model everybody was chase it but youre in my view.
There are too there are two straw attribute a problem need to have new order to establish a live streaming ecommerce number one or the pavant need to pop form into have established infrastructure will capacity to empower okay well.
Mogul has established capacity in the future we have been a accumulating.
Ever since our day, one we know how to operate people number two.
Oh, the proper need to have established supply chain capacity.
In order to provide a smooth ecommerce luxury mean experience, it's not it's more than setting a software we're setting up a too.
You have to provide a food service.
Commerce for ecommerce services, otherwise the service cost.
No skyrocket, so both operating people and supply chain I think we have some advantages.
The whole too it's a here too volatile.
What was it being higher.
Hello, good homeless, if you're going to affect how ones on as it did you find the Oman prolong Siegel selfie, though both on the shut off of bouncer woman. She goal circuits, we bought up.
The analysis.
So how the yield quality documents you go ones on the deal coming together.
Yeah the schedule from another follow.
Oh I see those accounts, we are gyro mobile figuring how to create the other.
Hence it high share containing the words here.
For bye bye.
Hold on those since you've gone she's on the iPhone meal.
So it's easier to bought I saw throughout the whole exadata they've got some bunchy jelly anyway for me. In addition, we see will not have sort of way BW, obviously youre spot.
And.
For the care well for the people for to live streaming host mogul provide a very comprehensive solution.
And could more than a live streaming technology, but also software heartware customer surveys ecommerce solution payment at of course supply chain. So these are this is very I think in the sector not now many other players if any.
All these capacity in house, so this is where mobile or send out.
Okay.
Next question please.
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Yes.
There are no further questions at this time Mr. Vincent I turn the call back over to you.
Thank you Melissa.
Thank you everyone for joining the call Tonight, if you have any questions or comments. Please don't hesitate to reach out to anyone here at Mugu. This concludes recall, having a good night.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.