We commenced operations in December 2013 through Anhui Huami Information Technology Co., Ltd., or Anhui Huami, to develop, manufacture and sell smart wearable devices. In July 2014, we incorporated Huami (Beijing) Information Technology Co., Ltd., or Beijing Huami, to expand our operation.
In December 2014, we incorporated Huami Corporation in Cayman Islands as our offshore holding company to facilitate financing and offshore listing. Shortly following its incorporation, Huami Corporation established a wholly-owned Hong Kong subsidiary, Huami HK Limited. From December 2014 to April 2015, our Cayman holding company Huami Corporation issued ordinary shares and preferred shares to the holding vehicles of the then shareholders of Anhui Huami, in proportion to these shareholders' then respective equity interest percentages in Anhui Huami.
In February 2015, Huami HK Limited established a wholly-owned subsidiary in China, Beijing Shunyuan Kaihua Technology Co., Ltd., which we refer to as Shunyuan Kaihua or our WFOE in this annual report. Our WFOE later entered into a series of contractual arrangements with Anhui Huami, Beijing Huami, which two entities we collectively refer to as our VIEs in this annual report, and their respective shareholders. These contractual arrangements enable us to exercise effective control over our VIEs; receive substantially all of the economic benefits of our VIEs; and have an exclusive option to purchase all or part of the equity interests in and assets of them when and to the extent permitted by PRC law. As a result of these contractual arrangements, each of Anhui Huami and Beijing Huami is our consolidated variable interest entity, which generally refers to an entity in which we do not have any equity interests but whose financial results are consolidated into our consolidated financial statements in accordance with U.S. GAAP because we have effective financial control over, and are the primary beneficiary of, that entity. We treat each of Anhui Huami and Beijing Huami and their respective subsidiaries as our consolidated affiliated entities under U.S. GAAP and have consolidated their financial results in our consolidated financial statements in accordance with U.S. GAAP. However, those contractual arrangements may not be as effective as direct ownership in terms of providing operational control.
|Comps ($MM TTM)||Market Cap||Gross Margin||EV/EBITDA||Ret on Assets||Assets||Liabilities||Revenue||G Profit||Net Income||EBITDA||EV|
|Hewlett Packard (HPE)||19,466||8%||6.1||2%||51,803||34,705||29,135||2,393||1,049||4,088||24,784|
|Commvault Systems (CVLT)||2,013||82%||118.3||-0%||802||430||695||573||-3||14||1,636|
|Korn Ferry (KFY)||2,135||0%||6.6||7%||2,486||1,228||1,989||0||183||293||1,944|
|Power Integrations (POWI)||2,749||51%||34.2||9%||636||71||400||203||58||78||2,669|
|TTEC Holdings (TTEC)||2,276||13%||11.5||6%||1,182||795||1,602||207||74||189||2,180|
|One Stop Systems (OSS)||49||32%||-111.5||-5%||38||10||40||13||-2||-0||48|
|Socket Mobile (SCKT)||15||52%||19.7||1%||19||6||15||8||0||1||14|
|Dell Technologies (DELL)|
|Balance Sheet ($MM)||2017-12-31||2018-12-31|
|Income Statement ($MM)||2017-12-31||2018-12-31|
|Cost of Revenue||239||2,706|
|Cash Flow ($MM)||2017-12-31||2018-12-31|