The Kogan.com Ltd (ASX: KGN) share price is pushing higher on Wednesday after providing more details on its third quarter update.
At the time of writing, the ecommerce company's shares are up 3% to $10.43.
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What did Kogan announce?
This morning Kogan released a response to an ASX query.
Judging by the contents of the release, it appears as though the share market regulator was unimpressed with some of the vague statements in Kogan's third quarter update last week.
In case you missed it, Kogan released its third quarter update and revealed that:
- Gross Sales grew by more than 47%
- Revenue grew by more than 65%
- Gross Profit grew by more than 54%
- Adjusted EBITDA declined by more than 24%
What did the ASX say?
Listed below are a selection of ASX queries and Kogan's answers.
"Please clarify the measured percentage increase in Gross Sales for 3QFY21 by providing the actual amount of Gross Sales separately for Kogan.com and Mighty Ape in 3QFY21, and the actual amount of Gross Sales for Kogan.com in the prior corresponding period 3QFY20"
Kogan revealed that gross sales grew 47.7% to $271.5 million during the third quarter. This comprised a 32.8% increase in gross sales from Kogan.com and the addition of $27.5 million sales from the acquired Mighty Ape business.
"Please clarify the measured percentage decrease in Adjusted EBITDA in 3QFY21 by providing the actual Adjusted EBITDA amount for the Kogan Group in 3QFY21, and the actual amount of Adjusted EBITDA in 3QFY20."
The company advised that adjusted EBITDA fell 24.8% to $7.2 million. This comprises $5.5 million EBITDA from Kogan.com (down 42.7%) and $1.7 million of EBITDA from Mighty Ape.
Kogan was also asked to provide details on the adjustments it referenced. These adjustments include $0.1 million of unrealised FX losses, $6.3 million in equity-based compensation, $3.9 million for demurrage, and $5.1 million relating to the Mighty Ape acquisition.
"Please clarify the measured percentage increase in Revenue in 3QFY21 for Exclusive Brands; Third Party Brands; Market Place; and Kogan Mobile, by providing the actual amount of Revenue in each category in 3QFY21 and 3QFY20."
This was an interesting one as details on these revenues are hard to come by.
Kogan revealed that Exclusive Brands revenue grew 63.9% to $88 million, Third-Party Brands revenue increase 13.6% to $60.1 million, Kogan Mobile revenue rose 23.8% to $3.5 million, and Kogan Marketplace revenue rose by 104% to $5.1 million.
Despite today's rebound in the Kogan share price, it is still down by almost 60% from its high.
