MOGU Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Live Video Broadcasting (LVB) Growth: LVB business GMV reached RMB 2.3 billion, up 72.4% YoY, now accounting for 72.6% of total GMV, driven by increased user engagement and platform improvements.
  • Total GMV: RMB 3.1 billion for Q1 FY2021, representing a 25.2% YoY decline due to business restructuring and COVID-19 headwinds.
  • LVB Active Buyers: 3.7 million buyers in the 12 months ended June 30, 2020, a 37% YoY increase. These users showed high engagement with an average of 71 minutes/day over 21 days/month and a 30-day repurchase rate of 91%.
  • Revenue Performance:
    • Total revenue: RMB 132.5 million, down 46.8% YoY.
    • Commission revenue: RMB 85.3 million, down 34.1% YoY, impacted by e-commerce slowdown and business transition.
    • Marketing services revenue: RMB 24 million, down 73.1% YoY due to COVID-19 and LVB focus shift.
  • Cost and Expense Reductions:
    • Cost of revenue: RMB 48.8 million, down 19.5%.
    • Sales and marketing: RMB 61.9 million, down 57.3%.
    • R&D: RMB 29 million, down 48.4%.
    • G&A: RMB 23.5 million, down 31.2%.
    • Amortization of intangible assets: RMB 70.5 million, up 9.3% due to prior acquisition.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to MOGU First Quarter for Fiscal Year 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to today’s presenter Rene Vanguestaine. Please go ahead. Rene Vanguestaine: Thank you, Michelle. Hello, everyone, and thank you for joining us today. MOGU's earnings release was distributed earlier today and is available on the IR website, at ir.mogu-inc.com as well as on the Business Wire services. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements are based upon management's current expectations and the current market and operating conditions and relate to events that involve known or unknown risks, uncertainties or other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the company's filings with U.S. Securities and Exchange Commissi

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