GUANGZHOU, China, Nov. 21, 2016 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), a leading online discount retailer for brands
in China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
third quarter ended September 30,
2016.
Third Quarter 2016 Highlights
- Total net revenue increased by 38.4% to RMB12.00 billion (US$1.80
billion), primarily attributable to a 43% year-over-year
increase in the number of active customers[1] to 20.8
million and a 34% year-over-year increase in total
orders[2] to 60.1 million.
- Gross profit increased by 36.0% to RMB2.93 billion (US$439.7
million) from RMB2.16 billion
in the prior year period.
- Income from operations increased by 21.3% to
RMB528.8 million (US$79.3 million) from RMB436.1 million in the prior year period.
Operating margin was 4.4% as compared with 5.0% in the prior
year period.
- Non-GAAP income from operations[3]
increased by 24.8% to RMB732.0
million (US$109.8 million)
from RMB586.8 million in the prior
year period. Non-GAAP operating
margin[4] was 6.1% as compared with 6.8%
in the prior year period.
- Net income attributable to Vipshop's shareholders
increased by 8.3% to RMB342.9 million
(US$51.4 million) from RMB316.7 million in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholder[5] increased by 31.5% to
RMB595.5 million (US$89.3 million) from RMB452.7 million in the prior year period.
"We are pleased to have delivered solid financial results and
healthy customer growth despite a seasonally soft quarter for
retail," said Mr. Eric Shen,
chairman and chief executive officer of Vipshop, "As a leading
online discount retailer for brands in China, we are committed to advancing the
end-to-end shopping experience on our platform by providing our
customers with diverse products and more personalized
merchandising. The superior user experience across our platform led
to improved user stickiness, as demonstrated by the strong 49%
year-over-year increase in repeat customers[6] to 16.7
million. Despite macro weakness, our robust customer growth and
retention is a testament to the resilience of our business model.
We are confident that our strong foundation will continue to drive
our overall secular business growth and enable us to maintain our
market leadership regardless of macro environment changes."
Mr. Donghao Yang, chief financial
officer of Vipshop, further commented, "In the third quarter of
2016, we continued to deliver strong growth in revenues, active
customers and total orders. Importantly, we were able to achieve
solid top-line growth and market share gain while maintaining
stable margins. In addition, we continue to expand our Internet
finance business which is increasingly beneficial to our core
retail business and will further strengthen our overall ecosystem.
By balancing revenue and profitability, we aim to continue to
expand our user base and gain additional market share from
China's highly fragmented discount
retail market."
Third Quarter 2016 Financial Results
REVENUE
Total net revenue for the third quarter of 2016 increased by
38.4% to RMB12.00 billion
(US$1.80 billion) from RMB8.67 billion in the prior year period,
primarily driven by the growth in the numbers of total active
customers, repeat customers, and total orders.
The number of active customers for the third quarter of 2016
increased by 43% to 20.8 million from 14.6 million in the prior
year period. The number of total orders for the third quarter of
2016 increased by 34% to 60.1 million from 44.8 million in the
prior year period.
GROSS PROFIT
Gross profit for the third quarter of 2016 increased by 36.0% to
RMB2.93 billion (US$439.7 million) from RMB2.16 billion in the prior year period. Gross
margin was 24.4% as compared with 24.9% in the prior year
period.
OPERATING INCOME AND EXPENSES
Total operating expenses for the third quarter of 2016 were
RMB2.54 billion (US$381.3 million), as compared with RMB1.80 billion in the prior year period. As a
percentage of total net revenue, total operating expenses were
21.2% as compared with 20.7% in the prior year period.
- Fulfillment expenses for the third quarter of
2016 were RMB1.03 billion
(US$153.8 million), as compared with
RMB778.1 million in the prior year
period, primarily reflecting the increase in sales volume and
number of orders fulfilled. As a percentage of total net revenue,
fulfillment expenses decreased to 8.5% from 9.0% in the prior year
period, primarily reflecting the scale effect associated with the
growth in total net revenue and improved fulfillment
efficiency.
- Marketing expenses for the third quarter of 2016
were RMB641.5 million (US$96.2 million), as compared with RMB469.6 million in the prior year period,
reflecting the Company's strategy to drive long-term growth through
sustainable investments to strengthen its brand awareness, attract
new users and expand market share. As a percentage of total net
revenue, marketing expenses decreased to 5.3% from 5.4% in the
prior year period.
- Technology and content expenses for the third
quarter of 2016 were RMB374.5 million
(US$56.2 million), as compared with
RMB253.1 million in the prior year
period, reflecting the Company's continued efforts to invest in
human capital, advanced technologies such as data analytics as well
as new business opportunities including the Internet finance unit.
As a percentage of total net revenue, technology and content
expenses were 3.1% as compared with 2.9% in the prior year
period.
- General and administrative expenses for the third
quarter of 2016 were RMB500.6 million
(US$75.1 million), as compared with
RMB296.6 million in the prior year
period, primarily due to the build-out of the Internet finance
team. As a percentage of total net revenue, general and
administrative expenses were 4.2% as compared with 3.4% in the
prior year period.
Income from operations for the third quarter of 2016 increased
by 21.3% to RMB528.8 million
(US$79.3 million) from RMB436.1 million in the prior year period.
Operating margin was 4.4% as compared with 5.0% in the prior year
period.
Non-GAAP income from operations, which excludes share-based
compensation expenses and amortization of intangible assets
resulting from a business acquisition, increased by 24.8% to
RMB732.0 million (US$109.8 million) from RMB586.8 million in the prior year period.
Non-GAAP operating income margin was 6.1% as compared with 6.8% in
the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders increased by
8.3% to RMB342.9 million
(US$51.4 million) from RMB316.7 million in the prior year period. Net
margin attributable to Vipshop's shareholders was 2.9% as compared
with 3.7% in the prior year period. The decline is primarily
attributable to a RMB65.9 million
impairment loss of investments. Net income attributable to
Vipshop's shareholders per diluted ADS[7] increased
to RMB0.58 (US$0.09) from RMB0.53 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders,
which excludes share-based compensation expenses, impairment loss
of investments, and amortization of intangible assets resulting
from a business acquisition and equity method investments,
increased by 31.5% to RMB595.5
million (US$89.3 million) from
RMB452.7 million in the prior year
period. Non-GAAP net margin attributable to Vipshop's shareholders
was 5.0% as compared with 5.2% in the prior year period. Non-GAAP
net income attributable to Vipshop's shareholders per diluted ADS
increased to RMB1.00 (US$0.15) from RMB0.76 in the prior year period.
For the quarter ended September 30,
2016, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 593,638,381.
BALANCE SHEET AND CASH FLOW
As of September 30, 2016, the
Company had cash and cash equivalents, and restricted cash of
RMB4.94 billion (US$740.6 million) and held-to-maturity securities
of RMB71.3 million (US$10.7 million).
For the quarter ended September 30,
2016, operating cash was RMB0.65
billion, and free cash flow[8], a non-GAAP
measurement of liquidity, was as follows:
|
For the three months
ended
|
|
Sep 30,
2015
RMB'000
|
Sep 30,
2016
RMB'000
|
Sep 30,
2016
US$'000
|
Net cash from
operating activities
|
284,918
|
649,556
|
97,407
|
Add: Impact from
Internet financing activities[9]
|
65,417
|
450,106
|
67,497
|
Less: Capital
expenditures
|
(1,567,414)
|
(830,470)
|
(124,536)
|
Free cash flow (out)
/in
|
(1,217,079)
|
269,192
|
40,368
|
Business Outlook
For the fourth quarter of 2016, the Company expects its total
net revenue to be between RMB18.0 billion
and RMB18.5 billion, representing a year-over-year growth
rate of approximately 30% to 33%. These forecasts reflect the
Company's current and preliminary view on the market and
operational conditions, which is subject to change.
Exchange Rate
This announcement contains currency conversions of certain
Renminbi amounts into U.S. dollars at specified rates solely for
the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.6685 to US$1.00, the effective noon buying rate for
September 30, 2016 as set forth in
the H.10 statistical release of the Federal Reserve Board.
Conference Call Information
The Company will hold a conference call on Tuesday, November 22, 2016 at 8:00 am Eastern Time or 9:00 pm Beijing Time to discuss its financial
results and operating performance for the third quarter of
2016.
United
States:
|
+1-845-675-0438
|
International Toll
Free:
|
+1-855-500-8701
|
China
Domestic:
|
400-1200-654
|
Hong Kong:
|
+852-3018-6776
|
Conference
ID:
|
#11654609
|
The replay will be accessible through November 30, 2016 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-9003-4211
|
Conference
ID:
|
#11654609
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit www.vip.com.
Safe Harbor Statement
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" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. 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 Vipshop'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: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
Vipshop'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 Vipshop does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"), except that the consolidated
statement of shareholders' equity, consolidated statements of cash
flows, and the detailed notes required by Accounting Standards
Codification 270 Interim Reporting ("ASC270"), have not been
presented. Vipshop uses non-GAAP net income attributable to
Vipshop's shareholders, non-GAAP net income per diluted ADS,
non-GAAP income from operations, non-GAAP net income margin, and
non-GAAP operating income margin, free cash flow, each of which is
a non-GAAP financial measure. Non-GAAP net income attributable to
Vipshop's shareholders is net income attributable to Vipshop's
shareholders excluding share-based compensation expenses,
impairment loss of investments, and amortization of intangible
assets resulting from a business acquisition and equity method
investments. Non-GAAP net income per diluted ADS is non-GAAP net
income divided by weighted average number of diluted ADS. Non-GAAP
income from operations is income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from a business acquisition. Non-GAAP operating
income margin is non-GAAP income from operations as a percentage of
total net revenue. Non-GAAP net income margin is non-GAAP net
income as a percentage of total net revenue. Free cash flow is the
operating cash flow adding back the impact from Internet financing
activities and less capital expenditures, which include purchase of
property and equipment, purchase and deposits of land use rights,
and purchase of other assets. The Company believes that separate
analysis and exclusion of the non-cash impact of share-based
compensation, impairment loss of investments and amortization of
intangible assets adds clarity to the constituent parts of its
performance. The Company reviews these non-GAAP financial measures
together with GAAP financial measures to obtain a better
understanding of its operating performance. It uses these non-GAAP
financial measures for planning, forecasting and measuring results
against the forecast. The Company believes that non-GAAP financial
measures are useful supplemental information for investors and
analysts to assess its operating performance without the effect of
non-cash share-based compensation expenses, impairment loss of
investments, and amortization of intangible assets. Free cash flow
enables the Company to assess liquidity and cash flow, taking into
account the impact from Internet financing activities and the
financial resources needed for the expansion of fulfillment
infrastructure and technology platform. Share-based compensation
expenses and amortization of intangible assets have been and will
continue to be significant recurring expenses in its business.
However, the use of non-GAAP financial measures has material
limitations as an analytical tool. One of the limitations of using
non-GAAP financial measures is that they do not include all items
that impact the Company's net income for the period. In addition,
because non-GAAP financial measures are not measured in the same
manner by all companies, they may not be comparable to other
similar titled measures used by other companies. One of the key
limitations of free cash flow is that it does not represent the
residual cash flow available for discretionary expenditures. In
light of the foregoing limitations, you should not consider
non-GAAP financial measure in isolation from or as an alternative
to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
[1]
|
"Active customers"
are defined as registered members who have purchased from the
Company or the Company's online marketplace platforms at least once
during the relevant period.
|
|
|
[2]
|
"Total orders" are
defined as the total number of orders placed during the relevant
period, including the orders for products and services sold in the
Company's online sales business and on the Company's online
marketplace platforms, net of orders returned.
|
|
|
[3]
|
Non-GAAP income from
operations is a non-GAAP financial measure, which is defined as
income from operations excluding share-based compensation expenses
and amortization of intangible assets resulting from a business
acquisition.
|
|
|
[4]
|
Non-GAAP operating
margin is a non-GAAP financial measure, which is defined as
non-GAAP income from operations as a percentage of total net
revenues.
|
|
|
[5]
|
Non-GAAP net income
attributable to Vipshop's shareholders is a non-GAAP financial
measure. Effective from the fourth quarter of 2015, the non-GAAP
net income attributable to Vipshop's shareholders is defined as net
income attributable to Vipshop's shareholders excluding share-based
compensation expenses, impairment loss of investments, and
amortization of intangible assets resulting from a business
acquisition and equity method investments.
|
|
|
[6]
|
A "repeat customer"
for a given period refers to any customer who (i) is an active
customer during such period, and (ii) had purchased products from
us at least twice during the period from our inception on August
22, 2008 to the end of such period.
|
|
|
[7]
|
"ADS" means American
depositary share, each of which represents 0.2 Class A ordinary
share.
|
|
|
[8]
|
As used in this press
release, free cash flow is defined as operating cash flow adding
back the impact from internet financing activities and less capital
expenditures, which include purchase of property and equipment,
purchase and deposits of land use rights and purchase of other
assets.
|
|
|
[9]
|
Impact from Internet
financing activities added back to free cash flow contains changes
in the balances of financial products, which are primarily "Weipin
Spend" and "Wei Yidai" that the Company provides to customers and
suppliers respectively.
|
Vipshop Holdings
Limited
|
Condensed Consolidated Statements of
Income and Comprehensive Income
|
(In thousands,
except per share data)
|
|
Three Months
Ended
|
|
September 30,
2015
|
September 30,
2016
|
September 30,
2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
Product
revenues
|
8,508,687
|
11,703,511
|
1,755,044
|
Other revenues
(1)
|
162,558
|
298,813
|
44,810
|
Total net
revenues
|
8,671,245
|
12,002,324
|
1,799,854
|
Cost of goods
sold
|
(6,514,921)
|
(9,070,361)
|
(1,360,180)
|
Gross
profit
|
2,156,324
|
2,931,963
|
439,674
|
Operating
expenses
|
|
|
|
Fulfillment
expenses(2)
|
(778,099)
|
(1,025,845)
|
(153,834)
|
Marketing
expenses
|
(469,615)
|
(641,514)
|
(96,201)
|
Technology and
content expenses
|
(253,075)
|
(374,468)
|
(56,155)
|
General and
administrative expenses(3)
|
(296,630)
|
(500,600)
|
(75,069)
|
Total operating
expenses
|
(1,797,419)
|
(2,542,427)
|
(381,259)
|
Other
income
|
77,156
|
139,251
|
20,882
|
Income from
operations
|
436,061
|
528,787
|
79,297
|
Impairment loss of
investments
|
0
|
(65,940)
|
(9,888)
|
Interest
expenses
|
(22,499)
|
(20,125)
|
(3,018)
|
Interest
income
|
62,819
|
21,972
|
3,295
|
Exchange (loss)
gain
|
(56,886)
|
31,913
|
4,786
|
Income before income
taxes and share of loss of affiliates
|
419,495
|
496,607
|
74,472
|
Income tax
expense(4)
|
(93,204)
|
(135,651)
|
(20,342)
|
Share of loss of
affiliates
|
(33,438)
|
(15,752)
|
(2,362)
|
Net income
|
292,853
|
345,204
|
51,768
|
Net loss (income)
attributable to noncontrolling interests
|
23,845
|
(2,343)
|
(351)
|
Net income
attributable to Vipshop's shareholders
|
316,698
|
342,861
|
51,417
|
|
|
|
|
Shares used in
calculating earnings per share(5):
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
--Basic
|
116,175,626
|
116,178,808
|
116,178,808
|
--Diluted
|
119,869,265
|
118,727,676
|
118,727,676
|
|
|
|
|
Net earnings per
Class A and Class B share
|
|
|
|
Net income
attributable to Vipshop's shareholders -- Basic
|
2.73
|
2.95
|
0.44
|
Net income
attributable to Vipshop's shareholders -- Diluted
|
2.64
|
2.89
|
0.43
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders
-- Basic
|
0.55
|
0.59
|
0.09
|
Net income
attributable to Vipshop's shareholders
-- Diluted
|
0.53
|
0.58
|
0.09
|
(1)
Other revenues primarily consist of revenues from third-party
logistics services,
product promotion and online advertising, fees charged to
third-party merchants
which the Company provides platform access for sales of their
products,and inventory
and warehouse management services to certain
suppliers.
|
(2)
Including shipping and handling expenses, which amounted RMB 361
million and
RMB 543 million in the three month periods ended September 30,
2015 and
September 30, 2016, respectively.
|
(3)
Including amortization of intangible assets resulting from a
business acquisition,
which amounted to RMB 74 million and RMB 77 million in the three
months period
ended September 30, 2015 and September 30, 2016,
respectively.
|
(4)
Included income tax benefits of RMB 19 million and RMB 20 million
related to the
reversal of deferred tax liabilities, which was recognized on the
business
acquisition of
Lefeng for the three months period ended September 30, 2015 and
September 30,
2016, respectively.
|
(5)
Authorized share capital are re-classified and re-designated into
Class A ordinary
shares and Class B ordinary shares, with each Class A ordinary
share being entitled
to one vote and each Class B ordinary share being entitled to ten
votes on all matters
that are subject to shareholder vote.
|
|
|
|
|
|
|
|
|
Net income
|
292,853
|
345,204
|
51,768
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
(37,371)
|
(36,623)
|
(5,492)
|
Unrealized (loss)
gain from available for sale securities
|
(15,419)
|
11,342
|
1,701
|
Comprehensive
income
|
240,063
|
319,923
|
47,977
|
Less: Comprehensive
(loss) income attributable to non-
controlling interests
|
(19,302)
|
5,609
|
841
|
Comprehensive income
attributable to Vipshop's
shareholders
|
259,365
|
314,314
|
47,136
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2015
|
September 30,
2016
|
September 30,
2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Share-based
compensation charges included are as follows
|
|
|
|
Fulfillment
expenses
|
4,496
|
10,136
|
1,520
|
Marketing
expenses
|
4,346
|
9,536
|
1,430
|
Technology and
content expenses
|
33,112
|
45,096
|
6,763
|
General and
administrative expenses
|
34,427
|
61,397
|
9,207
|
Total
|
76,381
|
126,165
|
18,920
|
|
Vipshop Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(In thousands,
except per share data)
|
|
|
December 31,
2015
|
September 30,
2016
|
September 30,
2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
3,324,384
|
4,876,764
|
731,313
|
Restricted
cash
|
-
|
62,234
|
9,333
|
Held-to-maturity
securities
|
1,807,403
|
71,256
|
10,685
|
Accounts receivable,
net
|
351,423
|
1,602,909
|
240,370
|
Amounts due from
related parties
|
31,856
|
5,000
|
750
|
Other receivables and
prepayments
|
1,869,461
|
1,781,252
|
267,114
|
Inventories
|
4,566,746
|
3,531,299
|
529,549
|
Deferred tax
assets
|
202,003
|
344,094
|
51,600
|
Total current
assets
|
12,153,276
|
12,274,808
|
1,840,714
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
2,949,604
|
4,109,117
|
616,198
|
Deposits for property
and equipment
|
933,419
|
976,070
|
146,370
|
Land use rights,
net
|
197,462
|
2,301,631
|
345,150
|
Intangible assets,
net
|
744,369
|
808,776
|
121,283
|
Investment in
affiliates
|
252,706
|
101,781
|
15,263
|
Other
investments
|
489,862
|
482,628
|
72,374
|
Available-for-sale
securities investment, non-current
|
269,736
|
386,045
|
57,891
|
Other long-term
assets
|
1,936,307
|
333,532
|
50,016
|
Goodwill
|
108,781
|
376,739
|
56,495
|
Total non-current
assets
|
7,882,246
|
9,876,319
|
1,481,040
|
TOTAL
ASSETS
|
20,035,522
|
22,151,127
|
3,321,754
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable
(Including accounts payable of the VIE
without recourse to the Company of RMB 48,178 and RMB
219,011 as of December 31, 2015 and September 30, 2016,
respectively)
|
6,645,262
|
7,106,509
|
1,065,683
|
Advance from
customers (Including advance from
customers of the VIE without recourse to the Company of
RMB 879,848 and RMB 1,079,223 as of December 31,
2015
and September 30, 2016, respectively)
|
2,009,578
|
2,124,256
|
318,551
|
Accrued expenses and
other current liabilities (Including
accrued expenses and other current liabilities of the VIE
without recourse to the Company of RMB 1,127,270 and
RMB 831,413 as of December 31, 2015 and September 30,
2016, respectively)
|
3,104,622
|
3,042,945
|
456,316
|
Amounts due to
related parties (Including amounts due to
related parties of the VIE without recourse to the Company of
RMB 82,994 and RMB 2,420 as of December 31, 2015 and
September 30, 2016, respectively)
|
206,966
|
33,649
|
5,046
|
Deferred income
(Including deferred income of the VIE
without recourse to the Company of RMB 95,643 and RMB
120,974 as of December 31, 2015 and September 30, 2016,
respectively)
|
104,531
|
169,419
|
25,406
|
Short term loans
(Including short term loans of the VIE
without recourse to the Company of nil and nil as of
December 31, 2015 and September 30, 2016)
|
95,000
|
3,000
|
450
|
Total current
liabilities
|
12,165,959
|
12,479,778
|
1,871,452
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability (Including deferred tax of the VIE
without recourse to the Company of RMB 116 and RMB 772 as
of
December 31, 2015 and September 30, 2016, respectively)
|
175,416
|
116,410
|
17,457
|
Deferred income-non
current(Including deferred income-non
current of the VIE without recourse to the Company of RMB
3,573 and RMB 2,472 as of December 31, 2015 and
September 30, 2016, respectively)
|
22,699
|
227,040
|
34,047
|
Convertible senior
notes
|
4,058,181
|
4,203,477
|
630,348
|
Total non-current
liabilities
|
4,256,296
|
4,546,927
|
681,852
|
Total
liabilities
|
16,422,255
|
17,026,705
|
2,553,304
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642
shares authorized, and 100,085,519 and 101,499,579
shares issued and outstanding as of December 31, 2015
and September 30, 2016, respectively)
|
65
|
66
|
10
|
Class B ordinary
shares (US$0.0001 par value, 16,510,358
shares authorized, and 16,510,358 and 16,510,358 shares
issued and outstanding as of September 30, 2016 and
December 31, 2015, respectively)
|
11
|
11
|
2
|
Treasury shares, at
cost - 1,614,135 shares as of December
31, 2015 and September 30, 2016
|
(844,711)
|
(844,711)
|
(126,672)
|
Additional paid-in
capital
|
2,838,591
|
3,128,486
|
469,144
|
Retained
earnings
|
1,616,209
|
2,885,245
|
432,668
|
Accumulated other
comprehensive loss
|
(70,980)
|
(101,276)
|
(15,190)
|
Non-controlling
interests
|
74,082
|
56,601
|
8,488
|
Total shareholders'
equity
|
3,613,267
|
5,124,422
|
768,450
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
20,035,522
|
22,151,127
|
3,321,754
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
Three Months
Ended
|
|
September
30,2015
|
September
30,2016
|
September
30,2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Income from
operations
|
436,061
|
528,787
|
79,297
|
Share-based
compensation expenses
|
76,381
|
126,165
|
18,920
|
Amortization of
intangible assets resulting from a business
acquisition
|
74,309
|
77,093
|
11,561
|
Non-GAAP income from
operations
|
586,751
|
732,045
|
109,778
|
|
|
|
|
|
|
|
|
Net income
|
292,853
|
345,204
|
51,768
|
Share-based
compensation expenses
|
76,381
|
126,165
|
18,920
|
Impairment loss in
investments
|
-
|
65,940
|
9,888
|
Amortization of
intangible assets resulting from a business
acquisition and equity method investments
|
92,298
|
91,556
|
13,730
|
Tax effect of
amortization of intangible assets resulting from
business acquisitions
|
(18,842)
|
(19,887)
|
(2,982)
|
Non-GAAP net
income
|
442,690
|
608,978
|
91,324
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
316,698
|
342,861
|
51,417
|
Share-based
compensation expenses
|
76,381
|
126,165
|
18,920
|
Impairment loss in
investments
|
-
|
65,940
|
9,888
|
Amortization of
intangible assets resulting from a business
acquisition and equity method investments (excluding non-
controlling interests)
|
73,720
|
76,523
|
11,475
|
Tax effect of
amortization of intangible assets resulting from
business acquisitions (excluding non-controlling
interests)
|
(14,131)
|
(16,009)
|
(2,401)
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
452,668
|
595,480
|
89,299
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Basic ordinary
shares:
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
--Basic
|
116,175,626
|
116,178,808
|
116,178,808
|
--Diluted
|
119,869,265
|
118,727,676
|
118,727,676
|
|
|
|
|
Non-GAAP net income
per Class A and Class B share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
-- Basic
|
3.90
|
5.13
|
0.77
|
Non-GAAP net income
attributable to Vipshop's shareholders
-- Diluted
|
3.78
|
5.02
|
0.75
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
-- Basic
|
0.78
|
1.03
|
0.15
|
Non-GAAP net income
attributable to Vipshop's shareholders
-- Diluted
|
0.76
|
1.00
|
0.15
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-third-quarter-2016-financial-results-300366596.html
SOURCE Vipshop Holdings Limited