SHANGHAI, China, March 07, 2019 (GLOBE NEWSWIRE) -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading integrated online and offline healthcare platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2018.

Fourth Quarter 2018 Highlights

  • Net revenues were RMB557.4 million (US$81.1 million), representing an increase of 102.1% year-over-year.
     
  • Operating expenses1 were RMB155.3 million (US$22.6 million), representing an increase of 75.8% year-over-year.
     
  • Number of pharmacies served increased to more than 150,000 as of December 31, 2018, compared to more than 130,000 pharmacies as of September 30, 2018.
     
  • Broadened supplier sources resulted in direct sourcing from 93 pharmaceutical companies, compared to 80 pharmaceutical companies as of September 30, 2018, respectively.

Fiscal Year 2018 Highlights

  • Net revenues were RMB1,786.0 million (US$259.8 million), representing an increase of 86.1% year-over-year.
     
  • Operating expenses were RMB504.6 million (US$73.4 million), representing an increase of 46.4% year-over-year.

Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, “I am pleased to report strong results for the fourth quarter and full-year of 2018. Net revenues for the fourth quarter grew at 102.1% year-over-year which exceeded our guidance and were driven primarily by the growth in B2B segment which increased by 424.7% year-over-year.  As of December 31, 2018, we have developed a fast growing virtual pharmacy network in China by serving more than 150,000 pharmacies. We have been also making a great progress in building the strategic partnerships with insurance companies, pharmaceutical companies as well as local municipal health commissions.  Our operating efficiency continued to improve during the quarter, which I believe, demonstrates our effectiveness at executing our growth strategy. Meanwhile, we have restructured our B2C business with a more customer-centric organization structure to enable us to meet the specific needs of different customer segments. Heading into 2019, we will continue to enhance the virtual pharmacy network by adding approximately 80,000 new pharmacies in 2019, which will lead to a network of total 230,000 pharmacies representing more than 50% of the market2.  We will further strengthen our core capabilities in smart supplier chain, medical expertise, big data and cloud solutions, to enable our various partners within our integrated online and offline healthcare ecosystem.  We have confidence to continue our strong revenue growth and further reduce our operating costs and expenses in 2019 and years ahead.”

Fourth Quarter 2018 Financial Results

Net revenues were RMB557.4 million (US$81.1 million), representing an increase of 102.1% from RMB275.8 million in the same quarter of last year. The increase was mainly due to the significant increase in product revenues from B2B segment, which increased by 424.7% to RMB330.2 million (US$48.0 million) from RMB62.9 million in the same quarter of last year. Product revenues from B2C segment increased by 6.1% to RMB222.7 million (US$32.4 million) from RMB209.9 million in the same quarter of last year.

Operating costs and expenses were RMB689.6 million (US$100.3 million), representing an increase of 101.7% from RMB341.9 million in the same quarter of last year.

  • Cost of products sold was RMB534.3 million (US$77.7 million), representing an increase of 110.7% from RMB253.6 million in the same quarter of last year. The increase was primarily due to the increase in sales and a change in revenue mix with a much higher proportion of B2B business.
     
  • Fulfillment expenses were RMB22.0 million (US$3.2 million), representing an increase of 51.0% from RMB14.6 million in the same quarter of last year, primarily as a result of growth in B2B business. Fulfillment expenses accounted for 4.0% of net revenue this quarter as compared to 5.3% in the same quarter of last year.
     
  • Selling and marketing expenses were RMB78.2 million (US$11.4 million), representing an increase of 67.5% from RMB46.7 million in the same quarter of last year, mainly due to increase in the number of sales staffs and expenses associated with the expansion of B2B business. Selling and marketing expenses accounted for 14.0% of net revenue this quarter as compared to 16.9% in the same quarter of last year.
     
  • General and administrative expenses were RMB34.1 million (US$5.0 million), representing an increase of 102.2% from RMB16.8 million in the same quarter of last year, mainly due to increases in managerial staffs and share-based compensation expenses.  Non-GAAP general and administrative expenses3, which exclude the share-based compensation expenses of RMB7.6 million this quarter and RMB1.6 million in the same quarter of last year, were RMB26.5 million this quarter, increased 74.3% from the same quarter of last year. Non-GAAP General and administrative expenses accounted for 4.8% of net revenue this quarter as compared to 5.5% in the same quarter of last year. 
     
  • Technology expenses were RMB20.4 million (US$3.0 million), representing an increase of 74.8% from RMB11.7 million in the same quarter of last year, mainly due to investments in platform and product development, including the recruitment of technology-related staffs. Technology expenses accounted for 3.7% of net revenue this quarter as compared to 4.2% in the same quarter of last year.

Loss from operations was RMB132.2 million (US$19.2 million), compared to RMB66.1 million in the same quarter of last year.

Non-GAAP Loss from operations4 was RMB115.9 million (US$16.9 million), compared to RMB63.1 million in the same quarter of last year.  Non-GAAP loss from operations accounted for 20.8% of net revenue this quarter as compared to 22.9% in the same quarter of last year. 

Net loss attributable to ordinary shareholders was RMB125.9 million (US$18.3 million), compared to RMB64.4 million in the same quarter of last year.

Non-GAAP net loss attributable to ordinary shareholders5 was RMB109.6 million (US$15.9 million), compared to RMB61.3 million in the same quarter of last year.  Non-GAAP net loss attributable to ordinary shareholders accounted for 19.7% of net revenue this quarter as compared to 22.2% in the same quarter of last year. 

Loss per ADS was RMB1.54 (US$0.22), compared to RMB1.78 for the same period of last year.

Non-GAAP Loss per ADS6 was RMB1.34 (US$0.19), compared to RMB1.70 for the same period of last year.

As of December 31, 2018, the Company had cash and cash equivalents and short-term investments of RMB1,106.5 million (US$160.9 million), compared to RMB461.2 million as of December 31, 2017, primarily due to the cash provided by the Company’s initial public offering.

Fiscal Year 2018 Financial Results

Net revenues were RMB1,786.0 million (US$259.8 million), representing an increase of 86.1% from RMB959.5 million last year. The increase was mainly due to the significant increase in product revenues from B2B segment, which increased by 962.0% to RMB922.8 million (US$134.2 million) from RMB86.9 million last year. Product revenues from B2C segment decreased by 1.7% to RMB847.5 million (US$123.3 million) from RMB862.3 million last year.

Operating costs and expenses were RMB2,186.3 million (US$318.0 million), representing an increase of 80.2% from RMB1,213.5 million last year.

  • Cost of products sold was RMB1,681.7 million (US$244.6 million), representing an increase of 93.6% from RMB868.7 million last year. The increase was primarily due to growth in sales and a change in revenue mix with a much higher proportion of B2B business.
     
  • Fulfillment expenses were RMB73.9 million (US$10.8 million), representing an increase of 32.3% from RMB55.9 million last year, primarily as a result of growth in B2B business.  Fulfillment expenses accounted for 4.1% of net revenue in 2018 as compared to 5.8% last year.
     
  • Selling and marketing expenses were RMB260.0 million (US$37.8 million), representing an increase of 36.8% from RMB190.1 million last year, mainly due to increase in sales staff and expenses associated with the expansion of B2B business.  Selling and marketing expenses accounted for 14.6% of net revenue in 2018 as compared to 19.8% last year.
     
  • General and administrative expenses were RMB98.8 million (US$14.4 million), representing an increase of 84.8% from RMB53.4 million last year, mainly due to increases in managerial staffs, IPO consulting fees, and share-based compensation expenses.  Non-GAAP general and administrative expenses, which exclude the share-based compensation expenses of RMB22.5 million for this year and RMB5.2 million for last year, were RMB76.3million, increased 58.1% from last year. Non-GAAP General and administrative expenses accounted for 4.3% of net revenue in 2018 as compared to 5.0% last year. 
     
  • Technology expenses were RMB71.2 million (US$10.4 million), representing an increase of 48.0% from RMB48.1 million last year, mainly due to investments in platform and product development, including the recruitment of technology-related staffs.  Technology expenses accounted for 4.0% of net revenue in 2018 as compared to 5.0% last year.

Loss from operations was RMB400.4 million (US$58.2 million), compared to RMB254.0 million last year.

Non-GAAP Loss from operations was RMB349.0 million (US$50.8 million), compared to RMB244.1 million last year.  Non-GAAP loss from operations accounted for 19.5% of net revenue in 2018 as compared to 25.4% last year. 

Net loss attributable to ordinary shareholders was RMB380.1 million (US$55.3 million), compared to RMB248.6 million in 2017.

Non-GAAP net loss attributable to ordinary shareholders was RMB328.7 million (US$47.8 million), compared to RMB238.7 million last year.  Non-GAAP net loss attributable to ordinary shareholders accounted for 18.4% of net revenue in 2018 as compared to 24.9% last year. 

Loss per ADS was RMB7.64 (US$1.12), compared to RMB6.90 for the same period of last year.

Non-GAAP Loss per ADS was RMB6.61 (US$0.97), compared to RMB6.62 for the same period of last year.

Business Outlook

For the first quarter of 2019, the Company expects total net revenues to be between RMB600 million and RMB640 million, representing year-over-year growth of approximately 81.7% to 93.8%.

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.

Conference Call

111's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Thursday, March 7, 2019 (8:30 PM Beijing Time on March 7, 2019).

Dial-in details for the earnings conference call are as follows:

United States: +1-866-519-4004  
Hong Kong:  +852-3018-6771 
China:  400-620-8038 
International:  +65-6713-5090 
Passcode: 4883857 


Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available after the conclusion of the conference call until 7:59 AM ET on March 14, 2019:

United States: +1-855-452-5696 
International: +61-2-8199-0299 
Passcode:  4883857 


A live and archived webcast of the conference call will be available on the Investor Relations section of 111’s website at http://ir.111.com.cn/.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to ordinary shareholders and non-GAAP loss per ADS, non-GAAP measures, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP general and administrative expenses as general and administrative expenses excluding share-based compensation. The Company defines non-GAAP loss from operations as loss from operations excluding share-based compensation. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation. The Company defines non-GAAP loss per ADS as loss per ADS excluding share-based compensation per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The Company believes that non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to ordinary shareholders and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss. Share-based compensation is a non-cash expense that varies from period to period. As a result, management excludes this item from its internal operating forecasts and models. Management believes that this adjustment for share-based compensation provides investors with a basis to measure the company's core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation. The Company believes that non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to ordinary shareholders and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to ordinary shareholders or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8755 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2018.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111’s strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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. Such statements are based upon management's current expectations and current market and 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. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About 111, Inc.

111, Inc. (NASDAQ: YI) (“111” or the “Company”) is a leading integrated online and offline healthcare platform in China. The Company provides hundreds of millions of consumers with better access to pharmaceutical products and medical services directly through its online retail pharmacy and indirectly through its offline pharmacy network. 111 also offers online medical services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation and electronic prescription services. In addition to providing direct services to consumers through its online retail pharmacy, 111 also enables offline pharmacies to better serve their customers.  The Company’s online wholesale pharmacy, 1 Drug Mall, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. The Company’s New Retail platform, by integrating the front and back ends of the pharmaceutical supply chain, has formed a smart supply chain, which transforms the flow of pharmaceutical products to pharmacies and modernizes how they serve their customers.

For more information on 111, please visit  ir.111.com.cn

For more information, please contact:

111, Inc.
ir@111.com.cn

Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

---------

1 Operating expense consists of fulfillment expenses, selling and marketing expenses, general and administrative expenses, technology expenses and other operating expenses.

2 According to analysis made by Chinese Pharmacy Magazine, there are 457,000 Pharmacies existing at the end of 2018.

3 Non-GAAP general and administrative expenses represents general and administrative excluding share-based compensation.

4 Non-GAAP loss from operations represents loss from operations excluding share-based compensation.

5 Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation.

6 Non-GAAP loss per ADS represents loss per ADS excluding share-based compensation per ADS.


 
111, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
 As of     
 December 31, 2017 December 31, 2018
 RMB  RMB US$
ASSETS      
Current Assets:      
Cash and cash equivalents   167,660     853,740    124,171 
Short-term investments   293,533     252,805    36,769 
Accounts receivable, net of allowance of doubtful accounts of nil at December 31, 2017 and December 31, 2018   20,398     28,569    4,155 
Inventories   144,056     210,836    30,665 
Prepayments and other current assets   104,818     161,147    23,438 
Total current assets  730,465      1,507,097     219,198  
Property and equipment  17,028     20,302    2,953 
Intangible assets   4,751     4,503    655 
Long-term investments   11,140     11,140    1,620 
Other Non-Current Assets  -      3,376    491 
Total Assets  763,384      1,546,418     224,917  
       
LIABILITIES AND EQUITY      
Current liabilities including amounts of the consolidated VIE without recourse to the Company      
Accounts payable   128,140     212,258    30,872 
Accrued expense and other current liabilities   73,018     102,261    14,873 
Total Current liability   201,158      314,519     45,745  
Other Non-Current Liabilities  -       8,135     1,183  
Total Liabilities  201,158      322,654     46,928  
       
Mezzanine Equity      
Series A convertible preferred shares, $0.00005 par value; 4,200,000 and nil shares authorized, issued, and outstanding as of December 31, 2017 and December 31, 2018, respectively  12,922     -     -  
Series B convertible preferred shares, $0.00005 par value; 11,396,178 and nil shares authorized, issued, and outstanding as of December 31, 2017 and December 31, 2018, respectively  57,980     -     -  
Series C convertible preferred shares, $0.00005 par value; 31,739,234 and nil shares authorized, issued, and outstanding as of December 31, 2017 and December 31, 2018, respectively  450,324     -     -  
Series D convertible preferred shares, $0.00005 par value; 27,783,584 and nil shares authorized, issued, and outstanding as of December 31, 2017 and December 31, 2018, respectively  1,263,523     -     -  
Subscription receivable of Series D convertible preferred shares(277,819)    -     -  
Total Mezzanine Equity   1,506,930      -      -   
       
Shareholders' Equity (Deficit)      
Ordinary shares Class A ($0.00005 par value per share; 72,000,000 shares, and 800,000,000 shares authorized, 72,000,000 shares and 91,088,106 shares issued and outstanding as of December 31, 2017 and September 30, 2018, respectively)  25     29    4 
Ordinary shares Class B ($0.00005 par value per share; 839,209,895 shares, and 72,000,000 shares authorized, nil and 72,000,000 shares issued and outstanding as of December 31, 2017 and September 30, 2018, respectively)  -      25    4 
Ordinary shares Class C ($0.00005 par value per share; 13,671,109 shares, and nil authorized, 1,607,901 shares, and nil issued and outstanding as of December 31, 2017 and September 30, 2018, respectively)  -      -     -  
Subscription receivable (2,200)    -     -  
Additional paid in capital12,121   2,540,878    369,555 
Accumulated deficit (1,003,638)  (1,383,729)  (201,255) 
Accumulated other Comprehensive Income  47,550     67,073    9,755 
Total shareholders' equity (deficit) (946,142)    1,224,276     178,063  
Non-controlling interest  1,438   (512) (74)
Total equity (deficit) (944,704)    1,223,764     177,989  
Total liabilities, mezzanine equity and equity  763,384      1,546,418     224,917 
       

 

 
111, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
                 
  For the three months ended December 31, For the year ended December 31,
  2017   2018   2017   2018  
  RMB    RMB US$  RMB    RMB US$ 
Net Revenues    275,831      557,401     81,070      959,486      1,785,970     259,759   
Operating Costs and expenses:                
Cost of product sold  (253,584)  (534,282) (77,708)  (868,719)  (1,681,700) (244,592) 
Fulfillment expenses  (14,603)  (22,045) (3,206)  (55,880)  (73,930) (10,753) 
Selling and marketing expenses  (46,697)  (78,218) (11,376)  (190,074)  (260,040) (37,822) 
General and administrative expenses  (16,849)  (34,071) (4,955)  (53,434)  (98,759) (14,364) 
Technology expenses  (11,696)  (20,444) (2,973)  (48,133)  (71,248) (10,363) 
Other operating (expenses)/ income, net  1,494   (554) (81)  2,732   (668) (97) 
Total Operating costs and expenses (341,935)  (689,614) (100,299)  (1,213,508)  (2,186,345) (317,991) 
Loss from operations  (66,104)  (132,213) (19,229)  (254,022)  (400,375) (58,232) 
Interest income  555   3,850  560   4,013   4,352  633  
Interest expense  (2)    -     -    (55)    -     -   
Other Income, net  1,594   2,722  396   4,229   11,531  1,676  
Foreign exchange gain (loss)  (604)  (529) (77)  (3,492)  2,459  358  
Loss before income taxes  (64,561)  (126,170) (18,350)  (249,327)  (382,033) (55,565) 
Income tax expense    -    (8) (1)    -    (8) (1) 
Net Loss  (64,561)  (126,178) (18,351)  (249,327)  (382,041) (55,566) 
Net Loss attributable to non-controlling interest    181     287    42     747     1,950    285  
Net Loss attributable to ordinary shareholders  (64,380)  (125,891) (18,309)  (248,580)  (380,091) (55,281) 
Other comprehensive Income (loss)                
Unrealized gains of available -for-sale securities, net of tax of nil for three months ended December 31, 2017 and 2018   1,052     2,650    385     5,181     8,734    1,270  
Realized gain of available-for-sale debt securities, net of tax 235   (3,526) (513)  (1,154)  (10,869) (1,581) 
Foreign currency translation adjustments (4,424)  208  30   (21,347)  21,658  3,150  
Comprehensive loss (67,517)  (126,559) (18,407)  (265,900)  (360,568) (52,442) 
Loss per share:                 
  Basic and diluted (0.89)  (0.77) (0.11)  (3.45)  (3.82) (0.56) 
Loss per ADS:                 
  Basic and diluted (1.78)  (1.54) (0.22)  (6.90)  (7.64) (1.12) 
Weighted average number of shares used in computation of loss per share                
  Basic and diluted   72,000,000     163,088,106    163,088,106     72,000,000     99,451,210    99,451,210  
                 

 

                 
  111, Inc.
 
  UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
  (In thousands)
 
 
                 
                 
  For the three months ended December 31, For the year ended December 31,
  2017   2018   2017   2018  
  RMB    RMB US$  RMB    RMB US$ 
Net cash used in operating activities  (59,338)  (127,762) (18,582)  (204,372)  (343,017) (49,891) 
Net cash provided by /(used in) investing activities  33,630    103,943   15,118    (36,125)  44,454   6,466   
Net cash provided by financing activities    -       -      -     49,500    972,696   141,473   
Effect of exchange rate changes on cash and cash equivalents  (10,379)  (2,767) (403)  (14,848)  11,947   1,738   
Net increase in cash and cash equivalents  (36,087)  (26,586) (3,867)  (205,845)    686,080     99,786   
Cash and cash equivalents at the beginning of the period    203,747      880,326     128,038    373,505    167,660     24,385   
Cash and cash equivalents at the end of the period    167,660      853,740     124,171      167,660      853,740     124,171   
                 

 

   
  111, Inc.
  Unaudited Reconciliation of GAAP and Non-GAAP Results
  (In thousands, except percentage data)
  For the three months ended December 31,For the year ended December 31,
  2017   2018 2017   2018  
    RMB    RMB US$    RMB    RMB US$ 
Loss from operations (66,104)  (132,213) (19,229)  (254,022)  (400,375) (58,232) 
Add: Share-based compensation expenses 3,053   16,291  2,369   9,921   51,359  7,470  
Non-GAAP loss from operations  (63,051)  (115,922) (16,860)  (244,101)  (349,016) (50,762) 
                 
General and administrative expenses    16,849     34,071    4,955     53,434     98,759    14,364  
Less: Share-based compensation expenses (1,577)  (7,553) (1,099)  (5,176)  (22,477) (3,269) 
Non-GAAP General and administrative expenses  15,272    26,518   3,856    48,258    76,282   11,095   
                 
Net Loss attributable to ordinary shareholders  (64,380)  (125,891) (18,309)  (248,580)  (380,091) (55,281) 
Add: Share-based compensation expenses 3,053   16,291  2,369   9,921   51,359  7,470  
Non-GAAP net Loss attributable to ordinary shareholders  (61,327)  (109,600) (15,940)  (238,659)  (328,732) (47,811) 
                 
Loss per ADS:                 
  Basic and diluted (1.78)  (1.54) (0.22)  (6.90)  (7.64) (1.12) 
Add: Share-based compensation expenses per ADS 0.08   0.20  0.03   0.28   1.03  0.15  
Non-GAAP Loss per ADS (1.70)  (1.34) (0.19)  (6.62)  (6.61) (0.97)