viot-ex991

Viomi Technology Co., Ltd Reports Third Quarter 2019 Unaudited Financial Results

Net revenues increased by 89.2% year-over-year to RMB1.07 billion, exceeding guidance

GUANGZHOU, China, Nov. 20, 2019 (GLOBE NEWSWIRE) -- Viomi Technology Co., Ltd (“Viomi” or the “Company”) (NASDAQ: VIOT), a leading IoT @ Home technology company in China, today announced its unaudited financial results for the third quarter ended September 30, 2019.

“Once again, we are proud to deliver robust and healthy revenue and profitability growth in the third quarter, continuing the strong momentum from the first half of 2019, despite ongoing uncertainties in the overall industry and macro environment,” said Mr. Xiaoping Chen, Founder, Chairman of the Board of Directors and Chief Executive Officer of Viomi.

“As part of our core strategy for this year, we continued to introduce additional product lines and SKUs to strengthen our overall product portfolio and offerings. In addition to new Viomi-branded products, we have also increased our cooperation with Xiaomi on Xiaomi-branded products over the past several months through the introduction of additional product categories, including range hoods, sweeper robots and more recently, refrigerators. Moreover, we also recently launched our new premium AI-focused “coKiing” brand, starting first with a series of air conditioning products. This brand focuses on the mid-to-high-end market and we expect “coKiing” to further complement our IoT @ Home product portfolio, address the needs of more consumer segments, open up new markets and enrich the overall user experience,” added Mr. Chen.

“Continuing the theme of preparing for the upcoming 5G era and establishing a leading position in this space, we recently introduced our own 5G Customer Premise Equipment products. Developed with industry-leading specifications, we expect this product to raise the IoT @ Home experience to a higher level through its next-generation connectivity capabilities. Separately, to complement our product innovation and development efforts, we have also been stepping up efforts in developing our proprietary e-commerce platform, Yunmi Shangcheng, and social-commerce platform, Viomi Lifestyle Center. Both platforms have experienced significant growth over the past year, providing us extra inroads to enhance household user stickiness and create further monetization opportunities going forward,” concluded Mr. Chen.

“Product sales across our Viomi-branded and Xiaomi-branded products remained strong in the third quarter of 2019, with net revenues increasing by 89.2% on a year-over-year basis to RMB1.07 billion, exceeding our previous guidance and showing acceleration on a sequential basis. Gross margin was 22.3% for the third quarter of 2019, reflecting the continued shifts in the Company’s business and product mix. Non-GAAP net income increased by 116.4% year-over-year to RMB83.9 million. Non-GAAP net income margin remained solid, increasing to 7.8% in the third quarter of 2019, compared to 6.9% in the third quarter of 2018, primarily attributable to greater economies of scale, together with improved operating efficiencies,” Mr. Shun Jiang, Chief Financial Officer of Viomi, commented.

“With regard to our offline store network, we continued to see strong interest and support from franchisees in the Viomi brand. However, in light of prevailing industry conditions, we have shifted our focus in the second half of 2019 towards further enhancing and optimizing our store performance and productivity, including the closure of underperforming stores. The number of Viomi offline experience stores was approximately 1,600 as of the end of the third quarter of 2019, compared to approximately

1,900 as of the end of the second quarter. Although the number of stores decreased, revenues generated from our offline channels still increased on a sequential basis. Going forward into 2020, we will continue to diversify our sales channels, including the opening of additional Viomi offline experience stores, as well as increasing our presence across other mainstream channels, to further broaden our market access and increase brand awareness. Separately, we continued to deepen our household user penetration. We had more than 2.6 million household users as of the end of the third quarter of 2019, compared to approximately 2.3 million as of the end of the second quarter. In addition, the percentage of our household users owning at least two or more of our IoT products increased to 17.1% from 16.1% as of the end of the second quarter,” Mr. Jiang concluded.

Net revenues increased by 89.2% to RMB1.07 billion (US$149.6 million) from RMB565.3 million for the third quarter of 2018, primarily due to continued successful rollout and significant increase in sales of Viomi-branded products, together with the successful launch of new Xiaomi-branded products.

IoT-enabled smart home products. Revenues from IoT-enabled smart home products increased by 71.9% to RMB829.2 million (US$116.0 million) from RMB482.5 million for the third quarter of 2018, primarily due to the continued successful rollout of the Company’s smart kitchen products and other smart products, together with the successful launch of new series of Xiaomi-branded products.

Consumable products. Revenues from consumable products increased by 333.3% to RMB53.7 million (US$7.5 million) from RMB12.4 million for the third quarter of 2018, primarily due to increased demand for the Company’s water purifier filter products.

Value-added businesses. Revenues from value-added businesses increased by 164.8% to RMB186.5 million (US$26.1 million) from RMB70.4 million for the third quarter of 2018, primarily due to new product introductions, together with increased demand for the Company’s value-added products, including the successful launch of new series of Xiaomi-branded products.

Cost of revenues increased by 110.2% to RMB831.4 million (US$116.3 million) from RMB395.5 million for the third quarter of 2018. The increase was relatively in line with the rapid growth of net revenues.

Gross profit increased by 40.2% to RMB238.1 million (US$33.3 million) from RMB169.9 million for the third quarter of 2018. Gross margin was 22.3%, compared to 30.0% for the third quarter of 2018. The decrease in gross margin was primarily due to the continued shifts in the Company’s business and product mix.

Total operating expenses decreased by 26.5% to RMB169.2 million (US$23.7 million) from RMB230.2 million for the third quarter of 2018, primarily due to a significant decrease in share-based compensation expenses. A one-off share-based compensation expense of RMB90.2 million incurred in the third quarter of 2018 was no longer incurred in the third quarter of 2019. Additionally, the Company continued to achieve further economies of scale and improve operational efficiencies.

Research and development expenses increased by 29.3% to RMB43.2 million (US$6.0 million) from RMB33.4 million for the third quarter of 2018, primarily due to an increase in personnel-related expenses.

Selling and marketing expenses increased by 16.4% to RMB113.4 million (US$15.9 million) from RMB97.4 million for the third quarter of 2018, primarily due to increases in expenses in relation to the growth of the Company’s business, offset by a decrease in advertising and promotion-related expenses as a result of the Company’s achieving further economies of scale and improved operational efficiencies.

General and administrative expenses decreased by 87.3% to RMB12.6 million (US$1.8 million) from RMB99.4 million for the third quarter of 2018, primarily due to a significant decrease in share-based compensation expenses. A one-off share-based compensation expense of RMB90.2 million incurred in the third quarter of 2018 was no longer incurred in the third quarter of 2019.

Income from operations was RMB82.5 million (US$11.5 million), compared to a loss from operations of RMB59.2 million for the third quarter of 2018. Non-GAAP operating income², excluding the impact of share-based compensation expenses, was RMB93.1 million (US$13.0 million), an increase of 136.0% from RMB39.4 million for the third quarter of 2018.

Income before income tax expenses was RMB85.8 million (US$12.0 million), compared to a loss before income tax expenses of RMB56.4 million for the third quarter of 2018.

Income tax expenses were RMB12.5 million (US$1.7 million), compared to RMB3.5 million for the third quarter of 2018.

Net income was RMB73.3 million (US$10.3 million), compared to a net loss of RMB59.8 million for the third quarter of 2018, which was primarily due to a one-off share-based compensation expense of RMB90.2 million incurred in the third quarter of 2018. Net income margin was 6.9% for the third quarter of 2019.

Non-GAAP net income was RMB83.9 million (US$11.7 million), an increase of 116.4% from RMB38.7 million for the third quarter of 2018. Non-GAAP net income margin was 7.8%, compared to 6.9% for the third quarter of 2018.

As of September 30, 2019, the Company had cash and cash equivalents of RMB727.1 million (US$101.7 million), restricted cash of RMB4.8 million (US$0.7 million), short-term deposits of RMB112.0 million (US$15.7 million) and short-term investments of RMB269.8 million (US$37.8 million), compared to RMB940.3 million, RMB29.6 million, nil and RMB169.0 million, respectively, as of December 31, 2018.

For the third quarter of 2019, net cash provided by operating activities was RMB116.7 million.

As of September 30, 2019, the Company had a total of 208.8 million shares, or the equivalent of 69.6 million ADSs, outstanding.

Net revenues increased by 81.0% to RMB2.91 billion (US$406.5 million), from RMB1.61 billion for the first nine months of 2018.

IoT-enabled smart home products. Revenues from IoT-enabled smart home products increased by 70.7% to RMB2.24 billion (US$313.1 million) from RMB1.31 billion for the first nine months of 2018.

Consumable products. Revenues from consumable products increased by 71.2% to RMB171.3 million (US$24.0 million) from RMB100.0 million for the first nine months of 2018.

Value-added businesses. Revenues from value-added businesses increased by 155.1% to RMB496.9 million (US$69.5 million) from RMB194.8 million for the first nine months of 2018.

Cost of revenues increased by 89.3% to RMB2.17 billion (US$303.6 million) from RMB1.15 billion for the first nine months of 2018.

Gross profit increased by 60.2% to RMB735.8 million (US$102.9 million) from RMB459.4 million for the first nine months of 2018. Gross margin was 25.3%, compared to 28.6% in the first nine months of 2018.

Total operating expenses increased by 21.1% to RMB533.6 million (US$74.7 million) from RMB440.7 million for the first nine months of 2018.

Research and development expenses increased by 69.0% to RMB139.3 million (US$19.5 million) from RMB82.4 million for the first nine months of 2018.

Selling and marketing expenses increased by 40.9% to RMB343.9 million (US$48.1 million) from RMB244.0 million for the first nine months of 2018.

General and administrative expenses decreased by 55.9% to RMB50.4 million (US$7.1 million) from RMB114.2 million for the first nine months of 2018.

Income from operations increased by 988.6% to RMB218.5 million (US$30.6 million), compared to RMB20.1 million for the first nine months of 2018. Non-GAAP operating income, excluding the impact of share-based compensation expenses, was RMB251.1 million (US$35.1 million), compared to RMB126.4 million for the third quarter of 2018.

Income before income tax expenses was RMB236.3 million (US$33.1 million), compared to RMB25.5 million for the first nine months of 2018.

Income tax expenses were RMB32.7 million (US$4.6 million), compared to RMB15.1 million for the first nine months of 2018.

Net income was RMB203.6 million (US$28.5 million), compared to RMB10.5 million for the first nine months of 2018.

Non-GAAP net income was RMB236.3 million (US$33.1 million), compared to RMB116.8 million for the first nine months of 2018. Non-GAAP net income margin was 8.1%, compared to 7.3% for the first nine months of 2018.

The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

The Company’s management will host a conference call at 8:00 a.m. Eastern Time on Wednesday, November 20, 2019 (9:00 p.m. Beijing Time on November 20, 2019) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:

A telephone replay will be available one hour after the call until November 27, 2019 by dialing:

Additionally, a live and archived webcast of the conference call will be available at http://ir.viomi.com.

Viomi has developed a unique IoT @ Home platform consisting of an ecosystem of innovative IoT-enabled smart home products, together with a suite of complementary consumable products and value-added businesses. This platform provides an attractive entry point into the consumer home, enabling consumers to intelligently interact with a broad portfolio of IoT products in an intuitive and human-like manner to make daily life more convenient, efficient and enjoyable, while allowing Viomi to grow its household user base and capture various additional scenario-driven consumption events in the home environment.

The Company uses non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to the Company, non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net income per ordinary shares and non-GAAP basic and diluted net income per ADS, which are non-GAAP financial measures, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP operating income is income from operations excluding share-based compensation expenses. Non-GAAP net income is net income excluding share-based compensation expenses. Non-GAAP net income attributable to the Company is net income attributable to the Company excluding share-based compensation expenses. Non-GAAP net income attributable to ordinary shareholders is net income attributable to ordinary shareholders excluding share-based compensation expenses. The non-GAAP adjustments do not have any tax impact as share-based compensation expenses are non-deductible for income tax purpose.

The Company believes that non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges, and these measures provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Non-GAAP financial measures should not be considered in isolation or construed as alternative to income from operations, net income, or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. We encourage investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.1477 to US$1.00, the effective noon buying rate for September 30, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on for September 30, 2019, or at any other rate.

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Viomi’s strategic and operational plans, contain forward-looking statements. Viomi may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (the “SEC”), 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. 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. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; the cooperation with Xiaomi, the recognition of the Company’s brand; trends and competition in global IoT-enabled smart home market; development and commercialization of new products, services and technologies; governmental policies relating to the Company’s industry and general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

	As of December 31,		As of September 30,
	2018		2019		2019
	RMB		RMB		US$
Assets
Current assets
Cash and cash equivalents		940,298		727,076		101,722
Restricted cash		29,550		4,760		666
Short-term deposits		—		111,968		15,665
Short-term investments		168,993		269,841		37,752
Accounts and notes receivable from third parties (net of allowance of nil and RMB2,006 as of December 31, 2018 and September 30, 2019, respectively)		111,718		324,717		45,430
Accounts receivable from a related party (net of allowance of nil and nil as of December 31, 2018 and September 30, 2019, respectively)		260,984		446,909		62,525
Other receivables from a related party (net of allowance of nil and nil as of December 31, 2018 and September 30, 2019, respectively)		112,320		53,095		7,428
Inventories		231,975		452,848		63,356
Prepaid expenses and other assets		46,890		45,817		6,410
Total current assets		1,902,728		2,437,031		340,954

Non-current assets
Prepaid expenses and other assets		3,636		23,687		3,314
Property, plant and equipment, net		11,301		38,764		5,423
Deferred tax assets		5,234		9,392		1,314
Intangible assets, net		169		2,533		354
Right-of-use assets, net³		—		18,951		2,651
Total non-current assets		20,340		93,327		13,056
Total assets		1,923,068		2,530,358		354,010

Liabilities and shareholders’ equity
Current liabilities
Accounts and notes payable		548,481		760,744		106,432
Advances from customers		86,312		73,872		10,335
Amount due to related parties		5,763		7,667		1,073
Accrued expenses and other liabilities		200,930		268,389		37,549
Short-term borrowing		—		95,868		13,412
Income tax payables		10,199		20,672		2,892
Lease liabilities due within one year³		—		7,105		994
Total current liabilities		851,685		1,234,317		172,687

Non-current liabilities
Accrued expenses and other liabilities		518		442		62
Lease liabilities³		—		12,629		1,767
Total non-current liabilities		518		13,071		1,829
Total liabilities		852,203		1,247,388		174,516

	As of December 31,			As of September 30,
	2018			2019			2019
	RMB			RMB			US$
Shareholders’ equity
Class A Ordinary Shares (US$0.00001 par value; 4,800,000,000 shares authorized; 90,200,000 and 96,048,677 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively)		5			6			1
Class B Ordinary Shares (US$0.00001 par value; 150,000,000 shares authorized; 117,600,000 and 112,740,000 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively)		7			7			1
Additional paid-in capital		1,193,174			1,180,099			165,102
(Accumulated deficit) retained earnings		(95,527	)		106,945			14,962
Accumulated other comprehensive loss		(29,786	)		(9,199	)		(1,287	)

Total Viomi Technology Co., Ltd (the “Company”)’s shareholders’ equity		1,067,873			1,277,858			178,779

Non-controlling interests		2,992			5,112			715

Total shareholders’ equity		1,070,865			1,282,970			179,494

Total liabilities and shareholders’ equity		1,923,068			2,530,358			354,010

	Three Months Ended									Nine Months Ended
	September 30, 2018			September 30, 2019			September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2019
	RMB			RMB			US$			RMB			RMB			US$
Net revenues:
A related party		243,725			481,283			67,334			895,263			1,220,899			170,810
Third parties		321,589			588,218			82,295			710,230			1,684,964			235,735
Total net revenues		565,314			1,069,501			149,629			1,605,493			2,905,863			406,545
Cost of revenues:
Purchase from a related party		(2,637	)		(10,203	)		(1,427	)		(8,027	)		(24,422	)		(3,417	)
Purchase from third parties		(392,813	)		(821,163	)		(114,885	)		(1,138,053	)		(2,145,607	)		(300,181	)
Total cost of revenues		(395,450	)		(831,366	)		(116,312	)		(1,146,080	)		(2,170,029	)		(303,598	)
Gross profit		169,864			238,135			33,317			459,413			735,834			102,947
Operating expenses⁽¹⁾
Research and development expenses		(33,371	)		(43,164	)		(6,039	)		(82,418	)		(139,309	)		(19,490	)
Selling and marketing expenses (including RMB8,788, RMB14,348, RMB11,558 and RMB44,916 with related parties for the three months ended September 30, 2018 and 2019, and for the nine months ended September 30, 2018 and 2019, respectively)		(97,440	)		(113,446	)		(15,872	)		(244,029	)		(343,892	)		(48,112	)
General and administrative expenses		(99,412	)		(12,590	)		(1,761	)		(114,249	)		(50,433	)		(7,056	)
Total operating expenses		(230,223	)		(169,200	)		(23,672	)		(440,696	)		(533,634	)		(74,658	)
Other income		1,205			13,584			1,900			1,353			16,273			2,277
(Loss) income from operations		(59,154	)		82,519			11,545			20,070			218,473			30,566
Interest income and investment income (including net interest expense of nil, nil, RMB333 and nil with related parties for the three months ended September 30, 2018 and 2019 and for the nine months ended September 30, 2018 and 2019, respectively)		2,784			2,818			394			5,443			16,527			2,312
Other non-operating income		—			446			62			—			1,312			184
(Loss) income before income tax expenses		(56,370	)		85,783			12,001			25,513			236,312			33,062
Income tax expenses		(3,465	)		(12,456	)		(1,743	)		(15,057	)		(32,720	)		(4,578	)
Net (loss) income		(59,835	)		73,327			10,258			10,456			203,592			28,484
Less: Net (loss) income attributable to the non-controlling interest shareholders		(1	)		426			60			(1	)		1,120			157
Net (loss) income attributable to the Company		(59,834	)		72,901			10,198			10,457			202,472			28,327
Accretion of Series A Preferred Shares		(2,235	)		—			—			(6,563	)		—			—
Cumulative dividend on Series A Preferred Shares		(2,562	)		—			—			(7,631	)		—			—
Cumulative dividend on Class B Ordinary Shares		(208	)		—			—			(620	)		—			—
Net (loss) income attributable to ordinary shareholders of the Company		(64,839	)		72,901			10,198			(4,357	)		202,472			28,327

	Three Months Ended							Nine Months Ended
	September 30, 2018			September 30, 2019		September 30, 2019		September 30, 2018			September 30, 2019		September 30, 2019
	RMB			RMB		US$		RMB			RMB		US$
Net (loss) income attributable to the Company		(59,834	)		72,901		10,198		10,457			202,472		28,327
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment		(8,399	)		20,255		2,834		(11,419	)		20,587		2,880
Total comprehensive (loss) income attributable to the Company		(68,233	)		93,156		13,032		(962	)		223,059		31,207
Net (loss) income per ADS*
-Basic		(6.93	)		1.05		0.15		(0.48	)		2.92		0.41
-Diluted		(6.93	)		1.01		0.14		(0.48	)		2.82		0.39
Weighted average number of ADS used in calculating net income per ADS
-Basic		9,355,237			69,351,625		69,351,625		9,059,474			69,298,127		69,298,127
-Diluted		9,355,237			71,932,384		71,932,384		9,059,474			71,913,887		71,913,887
Net (loss) income per share attributable to ordinary shareholders of the Company
-Basic		(2.31	)		0.35		0.05		(0.16	)		0.97		0.14
-Diluted		(2.31	)		0.34		0.05		(0.16	)		0.94		0.13
Weighted average number of ordinary shares used in calculating net income per share
-Basic		28,065,711			208,054,876		208,054,876		27,178,421			207,894,380		207,894,380
-Diluted		28,065,711			215,797,153		215,797,153		27,178,421			215,741,660		215,741,660

	Three Months Ended							Nine Months Ended
	September 30, 2018			September 30, 2019		September 30, 2019		September 30, 2018			September 30, 2019		September 30, 2019
	RMB			RMB		US$		RMB			RMB		US$
(Loss) income from operations		(59,154	)		82,519		11,545		20,070			218,473		30,566
Share-based compensation expenses		98,584			10,533		1,474		106,358			32,658		4,569
Non-GAAP operating income		39,430			93,052		13,019		126,428			251,131		35,135
Net (loss) income		(59,835	)		73,327		10,258		10,456			203,592		28,484
Share-based compensation expenses		98,584			10,533		1,474		106,358			32,658		4,569
Non-GAAP net income		38,749			83,860		11,732		116,814			236,250		33,053
Net (loss) income attributable to the Company		(59,834	)		72,901		10,198		10,457			202,472		28,327
Share-based compensation expenses		98,584			10,533		1,474		106,358			32,658		4,569
Non-GAAP net income attributable to the Company		38,750			83,434		11,672		116,815			235,130		32,896
Net (loss) income attributable to ordinary shareholders		(64,839	)		72,901		10,198		(4,357	)		202,472		28,327
Share-based compensation expenses		98,584			10,533		1,474		106,358			32,658		4,569
Non-GAAP net income attributable to ordinary shareholders		33,745			83,434		11,672		102,001			235,130		32,896
Non-GAAP net income per ADS
-Basic		3.60			1.20		0.17		11.25			3.39		0.47
-Diluted		2.76			1.16		0.16		8.52			3.27		0.46
Weighted average number of ADS used in calculating Non-GAAP net income per ADS
-Basic		9,355,237			69,351,625		69,351,625		9,059,474			69,298,127		69,298,127
-Diluted		12,181,497			71,932,384		71,932,384		11,962,361			71,913,887		71,913,887
Non-GAAP net income per ordinary share
-Basic		1.20			0.40		0.06		3.75			1.13		0.16
-Diluted		0.92			0.39		0.05		2.84			1.09		0.15
Weighted average number of ordinary shares used in calculating Non-GAAP net income per share
-Basic		28,065,711			208,054,876		208,054,876		27,178,421			207,894,380		207,894,380
-Diluted		36,544,491			215,797,153		215,797,153		35,887,083			215,741,660		215,741,660

Note: The non-GAAP adjustments do not have any tax impact as share-based compensation expenses are non-deductible for income tax purpose.

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