JD.com, Inc. (NASDAQ:JD), China’s largest retailer, today announced
its unaudited financial results for the quarter ended June 30,
2017.
As of June 30, 2017, JD Finance has been
deconsolidated from the company as a result of the reorganization,
principal terms of which were previously announced. Accordingly, JD
Finance’s historical financial results for periods prior to July 1,
2017 are reflected in the company’s consolidated financial
statements as discontinued operations.
Second Quarter 2017 Highlights for
Continuing Operations
- Net revenues1 for the second quarter of 2017
were RMB93.2 billion (US$213.7 billion), an increase of 43.6% from
the second quarter of 2016.
- Net loss from continuing operations attributable to
ordinary shareholders for the second quarter of 2017 was
RMB287.0 million (US$42.3 million), compared to net income from
continuing operations attributable to ordinary shareholders of
RMB127.6 million for the same period last year. Non-GAAP
net income from continuing operations attributable
to ordinary shareholders3 for the second quarter of 2017
was RMB976.5 million (US$144.1 million), as compared to RMB612.6
million in the second quarter of 2016.
- Diluted EPS and Non-GAAP Diluted EPS. Diluted
net loss per ADS from continuing operations for the second quarter
of 2017 was RMB0.20 (US$0.03), compared to diluted net income per
ADS from continuing operations of RMB0.09 for the second quarter of
2016. Non-GAAP diluted net income per ADS from continuing
operations for the second quarter of 2017 was RMB0.67 (US$0.10), as
compared to RMB0.44 in the second quarter of 2016.
- Operating cash flow from continuing operations
for the twelve months ended June 30, 2017 increased to RMB26.6
billion (US$3.9 billion) from RMB4.1 billion for the twelve months
ended June 30, 2016. Free cash flow4 from
continuing operations, which excludes the impact from JD
Baitiao included in the operating cash flow, for the twelve months
ended June 30, 2017 increased by 214% to RMB28.9 billion (US$4.3
billion), compared to RMB9.2 billion for the twelve months ended
June 30, 2016.
- GMV for the second quarter of 2017 increased
by 46% to RMB234.8 billion (US$34.6 billion) from RMB160.4 billion
in the second quarter of 2016.
- Annual active customer accounts increased by
37% to 258.3 million in the twelve months ended June 30, 2017 from
188.1 million in the twelve months ended June 30, 2016.
- Fulfilled orders in the second quarter of 2017
were 591.2 million, an increase of 41% from 418.9 million in the
same period in 2016. Fulfilled orders placed through mobile
accounted for approximately 80% of total orders fulfilled in the
second quarter of 2017, an increase of 42% compared to the same
period in 2016.
“JD’s growing strength as China’s largest
retailer continues to position us to capture new and expanding
market opportunities,” said Richard Liu, Chairman and CEO of
JD.com. “As we broaden our range of offerings, including a rapidly
growing roster of top international brands, our customer base
continues to expand, with female shoppers becoming an increasingly
active user base. Looking forward, as JD’s smart technologies and
big data help us revolutionize the online shopping experience, our
‘retail as a service’ initiative will further extend the
capabilities of our platform to partners throughout China.”
“We are very pleased to see another quarter of
robust top line growth and exceptional free cash flow,” said Sidney
Huang, JD.com’s Chief Financial Officer. “In the quarters ahead, we
will continue to prioritize investment in our technology-focused
initiatives, which are already redefining China’s retail
landscape.”
Recent Business
Developments
- During the second quarter, JD further expanded its product
offerings through cooperation with multiple international brands,
including Swiss luxury watch brand Zenith, Austrian brand
Swarovski, leading Italian furniture designer Kartell,
world-leading producer of ophthalmic lenses Essilor, as well as
Casio, MAMMUT, Juicy Couture and Armani. In June, French luxury
haircare brand Rene Furterer opened its flagship store on JD. Petit
Bateau, a more than one hundred year-old French clothing brand for
children and Merida, a Taiwan-based brand of professional bicycles,
also joined the platform in July.
- In July, JD and Walmart expanded their cooperation to further
integrate their platforms and customer resources in China.
Coinciding with the launch of the first Walmart-JD Omni-channel
Shopping Festival on August 8, the new initiatives aim to offer
shoppers throughout China faster and more convenient access to
high-quality products through multiple channels. Walmart China and
Sam’s Club US also launched flagship stores on JD.com and JD
Worldwide, respectively, during the quarter.
- In April, JD Worldwide launched its JD (x) program to partner
with leading global fashion brands such as Chiara Ferragni, Jay
Ahr, Haculla, and McQ to design clothing lines that combine premium
quality and unique fashion tailored towards JD customers. JD will
continue to add internationally known brands to join the JD (x)
program to further expand the range of unique and exciting fashion
products available to Chinese consumers.
- In June, JD and Farfetch announced a strategic partnership for
luxury e-commerce in China. The partnership leverages JD's
unparalleled logistics, Internet finance and technology
capabilities, and social media resources, with Farfetch’s
leadership in global luxury, to offer Chinese consumers a seamless
brand experience.
- In August, JD and Baidu launched a strategic partnership
leveraging both companies’ powerful data resources, user bases and
AI algorithm technology to give consumers and advertisers a more
tailored and rewarding e-commerce experience. As part of the
partnership, Mobile Baidu, Baidu’s flagship mobile search app, will
provide JD with level-one access points to the hundreds of millions
of mobile Baidu users in China.
- In August, JD cooperated with Wyeth Illuminate to launch a
quality tracking system. Leveraging JD’s blockchain technology,
Wyeth will implement end-to-end processing quality tracking to
ensure the safety of products for mothers and infants.
Comprehensive information regarding the origin, procurement,
processing, inventory, selling and distribution of Wyeth products
will be made available to consumers on JD.com and other Wyeth
channels.
- In the second quarter, JD continued to make progress building
out China’s leading logistics network. A new service, JD Luxury
Express, launched during the quarter to provide personalized
service for high-end and specialty products. JD also announced a
new partnership with China Eastern Airlines featuring a
multi-faceted cooperation across logistics, branding,
cross-membership promotions and cloud services. In July, JD signed
a strategic MOU with Japan’s Yamato Group, one of Asia’s leading
logistics companies, to assist the company’s efforts in building a
world-class cold chain logistics network in China.
- As of July 31, 2017, JD.com’s joint venture, New Dada, had
partnered with 135 Walmart stores and 224 Yonghui stores, as well
as tens of thousands of other offline stores, to provide consumers
a premium online fresh grocery shopping experience with one-hour
home delivery. New Dada is China’s largest crowdsourcing logistics
provider and O2O grocery platform.
- During the second quarter, JD.com expanded its leadership
position in fulfillment capabilities among China’s e-commerce
companies. As of June 30, 2017, JD.com operated 335 warehouses
covering an aggregate gross floor area of approximately 7.1 million
square meters in China.
- JD.com had approximately 130,000 merchants on its online
marketplace, and a total of 125,835 full-time employees, excluding
JD Finance, as of June 30, 2017.
Second Quarter 2017 Financial
Results
GMV and Net Revenues. GMV
from the online direct sales business was RMB136.6 billion in the
second quarter of 2017, up 44% from the second quarter of 2016. GMV
from the online marketplace business was RMB98.2 billion in the
second quarter of 2017, an increase of 50% from the second quarter
of 2016. GMV from electronics and home appliance products was
RMB115.2 billion in the second quarter of 2017, an increase of 39%
from the second quarter of 2016, while GMV from general merchandise
and others was RMB119.6 billion in the second quarter of 2017, an
increase of 55% from the second quarter of 2016, and contributed
51% of total GMV, up from 48% in the second quarter of 2016.
For the second quarter of 2017, JD.com reported
net revenues of RMB93.2 billion (US$13.7 billion), representing a
44% increase from the same period in 2016. Net revenues from online
direct sales increased by 43%, while net revenues from services and
others increased by 52% in the second quarter of 2017, as compared
to the second quarter of 2016.
Cost of
Revenues. Cost of
revenues increased by 44% to RMB80.6 billion (US$11.9 billion) in
the second quarter of 2017 from RMB56.1 billion in the second
quarter of 2016. This increase was primarily due to the growth of
the company’s online direct sales business, the increased traffic
acquisition costs directly related to the online marketing services
provided to merchants and suppliers, as well as the increased cost
related to the logistics services provided to merchants and other
third parties.
Fulfillment
Expenses. Fulfillment expenses,
which primarily include procurement, warehousing, delivery and
customer service expenses, increased by 39% to RMB6.4 billion
(US$0.9 billion) in the second quarter of 2017 from RMB4.6 billion
in the second quarter of 2016. Fulfillment expenses as a percentage
of net revenues decreased to 6.8% from 7.1% in the same period last
year.
Marketing
Expenses. Marketing expenses
increased by 63% to RMB4.1 billion (US$0.6 billion) in the second
quarter of 2017 from RMB2.5 billion in the second quarter of
2016.
Technology and Content
Expenses. Technology and content
expenses increased by 39% to RMB1.5 billion (US$0.2 billion) in the
second quarter of 2017 from RMB1.1 billion in the second quarter of
2016.
General and Administrative
Expenses. General and
administrative expenses increased by 33% to RMB1.0 billion (US$0.2
billion) in the second quarter of 2017 from RMB0.8 billion in the
second quarter of 2016.
Loss from operations and Non-GAAP income
from operations5. Operating loss from continuing
operations for the second quarter of 2017 was RMB403.0 million
(US$59.4 million), compared to RMB157.7 million for the same period
last year. Non-GAAP operating income from continuing operations for
the second quarter of 2017 was RMB581.9 million (US$85.8 million)
with a non-GAAP operating margin of 0.6%, as compared to RMB523.6
million in the second quarter of 2016.
Non-GAAP EBITDA6 from
continuing operations for the second quarter of 2017 totaled RMB1.1
billion (US$0.2 billion) with a non-GAAP EBITDA margin of 1.2%, as
compared to RMB1.0 billion with a non-GAAP EBITDA margin of 1.5%
for the second quarter of 2016.
Share of results of equity
investees. Share of results of equity investees from
continuing operations for the second quarter of 2017 was a loss of
RMB372.6 million (US$55.0 million), compared to RMB1,080.8 million
in the second quarter of 2016.
Net income/(loss) attributable to
ordinary shareholders and Non-GAAP Net income attributable to
ordinary shareholders. Net loss from continuing
operations attributable to ordinary shareholders for the second
quarter of 2017 was RMB287.0 million (US$42.3 million), compared to
net income from continuing operations attributable to ordinary
shareholders of RMB127.6 million for the same period last year.
Non-GAAP net income from operations attributable to ordinary
shareholders for the second quarter of 2017 was RMB976.5 million
(US$144.1 million), as compared to RMB612.6 million in the second
quarter of 2016.
Diluted EPS and Non-GAAP Diluted
EPS. Diluted net loss per ADS from
continuing operations for the second quarter of 2017 was RMB0.20
(US$0.03), compared to diluted net income per ADS from continuing
operations of RMB0.09 for the second quarter of 2016. Non-GAAP
diluted net income per ADS from continuing operations for the
second quarter of 2017 was RMB0.67 (US$0.10) as compared to RMB0.44
in the second quarter of 2016.
Cash Flow and Working Capital
As of June 30, 2017, the company’s cash and cash
equivalents, restricted cash and short-term investments totaled
RMB46.1 billion (US$6.8 billion). For the second quarter of 2017,
free cash flow from continuing operations of the company was as
follows:
|
|
For the three months ended |
|
|
June 30,
2016 |
June 30,
2017 |
June 30,
2017 |
|
|
RMB |
RMB |
USD |
|
|
(In thousands) |
|
|
Net cash
provided by operating activities from continuing operations |
|
5,187,366 |
|
17,863,075 |
|
2,634,944 |
|
Add: Impact
from JD Baitiao included in the operating cash flow |
|
4,473,323 |
|
3,748,681 |
|
552,960 |
|
Less: Capital expenditures |
|
(1,025,018 |
) |
(1,305,148 |
) |
(192,520 |
) |
Free cash flow |
|
8,635,671 |
|
20,306,608 |
|
2,995,384 |
|
Net cash used in investing activities from
continuing operations was RMB16.4 billion (US$2.4 billion) for the
second quarter of 2017, consisting primarily of increases in
short-term investments of RMB8.0 billion, increases in financial
support to JD Finance of RMB4.5 billion, increases in investment in
equity investees and investment securities of RMB2.9 billion, cash
paid for capital expenditures of RMB1.3 billion, and partially
offset by JD Finance reorganization related net cash consideration
of RMB1.9 billion received by the company’s PRC subsidiary.
As of June 30, 2017, the majority of the cash
consideration related to JD Finance reorganization to be received
by the company’s overseas subsidiary was held in JD Finance’s
escrow account pending standard administrative filing procedures
regarding cross-border payment imposed by State Administration of
Foreign Exchange and approximately RMB2.5 billion remained
receivable. Although the company obtained control of the escrow
account as of June 30, 2017, the cash consideration hasn’t been
transferred into the company’s general bank account yet. Therefore,
these cash and receivable were recorded as amount due from related
parties in the consolidated balance sheet, and thus do not have an
impact on cash flow for the quarter.
Net cash provided by financing activities from
continuing operations was RMB8.2 billion (US$1.2 billion) for the
second quarter of 2017, consisting primarily of net proceeds from
nonrecourse securitization debt.
For working capital turnover days, see table
under “Supplemental Financial Information and Business
Metrics.”
Recent Developments
JD Finance Reorganization
As of June 30, 2017, JD Finance has been
deconsolidated from JD.com as a result of the reorganization,
principal terms of which were previously announced. As JD.com and
JD Finance are under the common control of Mr. Richard Liu,
JD.com’s Chairman of the Board and Chief Executive Officer, the
gain of RMB14.2 billion (US$2.1 billion) from the disposal of JD
Finance through a common control transaction was recorded in equity
account as additional paid-in capital in the second quarter of
2017. The gain represents the excess of cash consideration, net of
taxes, over the net carrying value of the disposed equity stake in
JD Finance. JD Finance’s historical financial results are reflected
in the company’s consolidated financial statements as discontinued
operations.
JD Logistics Cost
Reclassification
In April 2017, the company established JD
Logistics, a new business group under JD.com, which leverages the
company’s advanced technology and logistics expertise to provide
logistics services to businesses across a wide range of industries.
As JD Logistics has changed from supporting the overall JD platform
to an independently operated business unit, cost related to the
logistics services provided to merchants and other third parties
are reclassified from fulfillment expenses to cost of revenues. The
amount of fulfillment expenses that has been reclassified to
conform to the current period financial statement presentation were
RMB2.6 billion for the year ended December 31, 2016 and RMB0.7
billion for the three months ended March 31, 2017,
respectively.
The following unaudited selected financial data
of continuing operations of prior periods are presented to reflect
the results of the above stated JD Finance deconsolidation and JD
Logistics cost reclassification:
|
For the three months ended |
|
March 31,2016 |
June 30,2016 |
September 30,2016 |
December 31,2016 |
March 31, 2017 |
RMB |
RMB |
RMB |
RMB |
RMB |
|
(In thousands) |
|
|
|
|
|
|
Net revenues |
53,808,159 |
|
64,896,935 |
|
60,173,725 |
|
79,411,128 |
|
75,218,187 |
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Cost of
revenues |
(46,774,319 |
) |
(56,052,282 |
) |
(51,537,518 |
) |
(68,570,518 |
) |
(64,393,726 |
) |
Fulfillment |
(3,949,853 |
) |
(4,605,842 |
) |
(4,540,077 |
) |
(5,463,919 |
) |
(5,150,584 |
) |
Marketing |
(2,016,454 |
) |
(2,494,969 |
) |
(2,132,554 |
) |
(3,514,709 |
) |
(2,799,531 |
) |
Technology and content |
(928,497 |
) |
(1,114,115 |
) |
(1,229,353 |
) |
(1,180,743 |
) |
(1,289,061 |
) |
General
and administrative |
(660,107 |
) |
(787,409 |
) |
(968,645 |
) |
(1,019,717 |
) |
(923,962 |
) |
Total operating expenses |
(54,329,230 |
) |
(65,054,617 |
) |
(60,408,147 |
) |
(79,749,606 |
) |
(74,556,864 |
) |
Income/(loss)
from operations |
(521,071 |
) |
(157,682 |
) |
(234,422 |
) |
(338,478 |
) |
661,323 |
|
|
|
|
|
|
|
Share-based compensation recorded in operating expenses: |
Cost of
revenues |
(2,436 |
) |
(4,702 |
) |
(4,908 |
) |
(5,439 |
) |
(3,758 |
) |
Fulfillment |
(46,747 |
) |
(98,398 |
) |
(94,195 |
) |
(93,043 |
) |
(76,971 |
) |
Marketing |
(13,048 |
) |
(27,210 |
) |
(23,812 |
) |
(23,191 |
) |
(20,773 |
) |
Technology and content |
(67,647 |
) |
(135,253 |
) |
(134,648 |
) |
(132,686 |
) |
(116,384 |
) |
General
and administrative |
(225,031 |
) |
(268,383 |
) |
(299,246 |
) |
(361,409 |
) |
(318,302 |
) |
Amortization of intangible assets resulting from assets and
business acquisitions recorded in operating expenses: |
Fulfillment |
(1,614 |
) |
(7,325 |
) |
(41,846 |
) |
(41,846 |
) |
(41,544 |
) |
Marketing |
(302,932 |
) |
(303,764 |
) |
(307,759 |
) |
(307,759 |
) |
(301,101 |
) |
Technology and content |
(503 |
) |
(3,822 |
) |
(20,923 |
) |
(20,661 |
) |
(20,661 |
) |
General
and administrative |
(44,951 |
) |
(48,444 |
) |
(77,314 |
) |
(77,314 |
) |
(76,326 |
) |
Third Quarter 2017
Guidance
Net revenues for the third quarter of 2017 are
expected to be between RMB81.8 billion and RMB84.2 billion,
representing a growth rate between 36% and 40% compared with the
third quarter of 2016, excluding the impact from JD Finance for
both 2017 and 2016 periods. This forecast reflects JD.com’s current
and preliminary expectation, which is subject to change.
Conference Call
JD.com’s management will hold a conference call
at 7:30 am Eastern Time on August 14, 2017 (7:30 pm Beijing/Hong
Kong Time on August 14, 2017) to discuss the second quarter 2017
financial results.
Listeners may access the call by dialing the
following numbers:
US
Toll Free: |
+1-845-675-0437 or +1-866-519-4004 |
Hong
Kong |
+852-3018-6771 or 800-906-601 |
Mainland China |
400-6208-038 or 800-8190-121 |
International |
+65-6713-5090 |
Passcode: |
64366784 |
A replay of the conference call may be accessed
by phone at the following numbers until August 22, 2017:
US
Toll Free: |
+1-855-452-5696 or +1-646-254-3697 |
International |
+61-2-8199-0299 |
Passcode: |
64366784 |
Additionally, a live and archived webcast of the
conference call will also be available on the company’s investor
relations website at http://ir.jd.com.
About JD.com, Inc.
JD.com is both the largest e-commerce
company in China, and the largest Chinese retailer, by revenue. The
company strives to offer consumers the best online shopping
experience. Through its user-friendly website, native mobile apps,
and WeChat and Mobile QQ entry points, JD offers consumers a
superior shopping experience. The company has the largest
fulfillment infrastructure of any e-commerce company in China. As
of June 30, 2017, JD.com operated 7 fulfillment centers
and 335 warehouses covering 2,691 counties and districts across
China, staffed by its own employees. JD.com is a member
of the NASDAQ100 and a Fortune Global 500 company.
Non-GAAP Measures
In evaluating the business, the company
considers and uses non-GAAP measures, such as non-GAAP
income/(loss) from operations, non-GAAP operating margin, non-GAAP
net income/(loss) attributable to ordinary shareholders, non-GAAP
net margin, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA
margin, non-GAAP net income/(loss) per weighted average number of
shares and non-GAAP net income/(loss) per ADS, as supplemental
measures to review and assess operating performance. 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 accounting
principles generally accepted in the United States of America
(“U.S. GAAP”). The company defines non-GAAP income/(loss) from
operations as income/(loss) from operations excluding share-based
compensation, amortization of intangible assets resulting from
assets and business acquisitions, revenue from business cooperation
arrangements with equity investees and impairment of goodwill and
intangible assets. The company defines non-GAAP net income/(loss)
attributable to ordinary shareholders as net income/(loss)
attributable to ordinary shareholders excluding share-based
compensation, amortization of intangible assets resulting from
assets and business acquisitions, revenue from business cooperation
arrangements with equity investees, gain on disposals of business,
income from non-compete agreement, reconciling items on the share
of equity method investments, net income attributable to mezzanine
classified non-controlling interest shareholders, impairment of
goodwill, intangible assets and investments. The company defines
free cash flow as operating cash flow adding back the impact from
JD Baitiao included in the operating cash flow and less capital
expenditures, which include purchase of property, equipment and
software, cash paid for construction in progress, purchase of
office building, intangible assets and land use rights. The company
defines non-GAAP EBITDA as non-GAAP income/(loss) from operations
plus depreciation and amortization excluding amortization of
intangible assets resulting from assets and business
acquisitions.
The company presents these non-GAAP financial
measures because they are used by management to evaluate operating
performance and formulate business plans. Non-GAAP income/(loss)
from operations, non-GAAP net income/(loss) attributable to
ordinary shareholders and non-GAAP EBITDA reflect the company’s
ongoing business operations in a manner that allows more meaningful
period-to-period comparisons. Free cash flow enables management to
assess liquidity and cash flow while taking into account the impact
from JD Baitiao included in the operating cash flow and the demands
that the expansion of fulfillment infrastructure and technology
platform has placed on financial resources. The company also
believes that the use of the non-GAAP financial measures
facilitates investors to understand and evaluate the company’s
current operating performance and future prospects in the same
manner as management does, if they so choose. The company also
believes that the non-GAAP financial measures provide useful
information to both management and investors by excluding certain
expenses, gain/loss and other items that are not expected to result
in future cash payments or that are non-recurring in nature or may
not be indicative of the company's core operating results and
business outlook.
The non-GAAP financial measures have limitations
as analytical tools. The company’s non-GAAP financial measures do
not reflect all items of income and expense that affect the
company’s operations or not represent the residual cash flow
available for discretionary expenditures. Further, these non-GAAP
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 performance measure, all of which should be
considered when evaluating performance. The company encourages you
to review the company’s financial information in its entirety and
not rely on a single financial measure.
CONTACTS:
Investor RelationsRuiyu Li
Senior Director of Investor Relations+86 (10)
8912-6805IR@JD.com
MediaJosh Gartner VP,
International Corporate AffairsPress@JD.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," "confident" and
similar statements. Among other things, the business outlook and
quotations from management in this announcement, as well as
JD.com's strategic and operational plans, contain forward-looking
statements. JD.com 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 JD.com'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: JD.com's growth strategies; its future business
development, results of operations and financial condition; its
ability to attract and retain new customers and to increase
revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and
services; trends and competition in China's e-commerce market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to JD.com's industry and general
economic conditions in China. Further information regarding these
and other risks is included in JD.com'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 JD.com undertakes no
obligation to update any forward-looking statement, except as
required under applicable law.
1 The financial information and non-GAAP
financial information disclosed in this press release is presented
on a continuing operations basis, unless otherwise specifically
stated.
2 The U.S. dollar (US$) amounts disclosed in
this press release, except for those transaction amounts that were
actually settled in U.S. dollars, are presented solely for the
convenience of the readers. The conversion of Renminbi (RMB) into
US$ in this press release is based on the exchange rate set forth
in the H.10 statistical release of the Board of Governors of the
Federal Reserve System as of June 30, 2017, which was RMB6.7793 to
US$1.00. The percentages stated in this press release are
calculated based on the RMB amounts.
3 Non-GAAP net income/(loss) attributable
to ordinary shareholders is defined to exclude share-based
compensation, amortization of intangible assets resulting from
acquisitions, and certain other non-cash gain or loss items from
net income/(loss) attributable to ordinary shareholders, and
non-GAAP net margin is calculated by dividing non-GAAP net
income/(loss) attributable to ordinary shareholders by net
revenues. See “Reconciliation of GAAP and Non-GAAP Results” at the
end of this press release.
4 Free cash flow, a non-GAAP measurement of
liquidity, is defined as operating cash flow adding back the impact
from JD Baitiao included in the operating cash flow and less
capital expenditures, which include purchase of property, equipment
and software, cash paid for construction in progress, purchase of
office building, intangible assets and land use rights.
5 Non-GAAP income/(loss) from operations is
defined to exclude share-based compensation, amortization of
intangible assets resulting from acquisitions, and certain other
non-cash gain or loss items from income/(loss) from operations. See
“Reconciliation of GAAP and Non-GAAP Results” at the end of this
press release.
6 Non-GAAP EBITDA is defined as non-GAAP
income/(loss) from operations plus depreciation and amortization
excluding amortization of intangible assets resulting from assets
and business acquisitions, and non-GAAP EBITDA margin is calculated
by dividing non-GAAP EBITDA by net revenues. See “Reconciliation of
GAAP and Non-GAAP Results” at the end of this press release.
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance
Sheets |
(In thousands) |
|
|
|
|
|
|
|
As of |
|
|
December 31,2016 |
June 30,2017 |
June 30,2017 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
15,567,036 |
27,854,975 |
4,108,828 |
Restricted cash |
|
2,293,640 |
5,458,119 |
805,115 |
Short-term investments |
|
6,548,001 |
12,739,796 |
1,879,220 |
Accounts receivable, net (including JD Baitiao of RMB14.8 billion
and RMB18.7 billion as of December 31, 2016 and June 30, 2017,
respectively)(1) |
|
16,141,007 |
19,790,932 |
2,919,318 |
Advance to suppliers |
|
257,117 |
613,413 |
90,483 |
Inventories, net |
|
28,909,425 |
31,149,391 |
4,594,780 |
Prepayments and other current assets |
|
5,987,103 |
8,124,495 |
1,198,427 |
Amount due from related parties |
|
9,074,275 |
25,211,369 |
3,718,875 |
Assets held for sale |
|
22,154,494 |
- |
- |
Total current assets |
|
106,932,098 |
130,942,490 |
19,315,046 |
Non-current assets |
|
|
|
|
Property, equipment and software, net |
|
7,023,409 |
8,609,000 |
1,269,895 |
Construction in progress |
|
1,992,123 |
2,170,190 |
320,120 |
Intangible assets, net |
|
8,310,657 |
7,437,837 |
1,097,139 |
Land use rights, net |
|
2,447,511 |
2,470,497 |
364,418 |
Goodwill |
|
6,527,019 |
6,533,920 |
963,805 |
Investment in equity investees |
|
14,628,786 |
16,798,460 |
2,477,905 |
Investment securities |
|
1,059,632 |
1,073,408 |
158,336 |
Other non-current assets (including JD Baitiao of RMB0.8 billion
and RMB1.1 billion as of December 31, 2016 and June 30, 2017,
respectively) (1) |
|
2,223,672 |
2,739,002 |
404,024 |
Amount due from related parties |
|
1,896,200 |
1,896,200 |
279,704 |
Assets held for sale |
|
7,332,411 |
- |
- |
Total non-current assets |
|
53,441,420 |
49,728,514 |
7,335,346 |
Total assets |
|
160,373,518 |
180,671,004 |
26,650,392 |
|
|
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance
Sheets |
(In thousands) |
|
|
As of |
|
December 31, |
|
June 30, |
|
June 30, |
|
2016 |
|
2017 |
|
2017 |
|
RMB |
|
RMB |
|
US$ |
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term borrowings |
1,878,286 |
|
1,493,718 |
|
220,335 |
Nonrecourse securitization debt(1) |
9,231,101 |
|
10,687,379 |
|
1,576,472 |
Accounts
payable |
46,035,884 |
|
67,477,573 |
|
9,953,472 |
Advances from customers |
11,466,334 |
|
14,826,076 |
|
2,186,963 |
Deferred revenues |
1,138,426 |
|
1,373,388 |
|
202,586 |
Taxes payable |
565,288 |
|
1,224,081 |
|
180,562 |
Amount due to related parties |
154,924 |
|
151,011 |
|
22,275 |
Accrued expenses and other current liabilities |
10,512,590 |
|
12,296,829 |
|
1,813,879 |
Liabilities held for sale |
23,757,403 |
|
- |
|
- |
Total current liabilities |
104,740,236 |
|
109,530,055 |
|
16,156,544 |
Non-current liabilities |
|
|
|
|
|
Deferred revenues |
2,104,461 |
|
1,687,375 |
|
248,901 |
Nonrecourse securitization debt(1) |
2,318,389 |
|
10,855,286 |
|
1,601,240 |
Unsecured senior notes |
6,831,012 |
|
6,677,568 |
|
984,994 |
Deferred tax liabilities |
907,356 |
|
876,290 |
|
129,260 |
Other non-current liabilities |
440,670 |
|
389,996 |
|
57,527 |
Liabilities held for sale |
1,811,611 |
|
- |
|
- |
Total non-current liabilities |
14,413,499 |
|
20,486,515 |
|
3,021,922 |
Total liabilities |
119,153,735 |
|
130,016,570 |
|
19,178,466 |
|
|
|
|
|
|
Redeemable
non-controlling interests held for
sale |
7,056,921 |
|
- |
|
- |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Total
JD.com Inc. shareholders’ equity (US$0.00002 par value, 100,000,000
shares authorized, 2,938,709 shares issued and 2,846,569 shares
outstanding as of June 30, 2017) |
33,892,900 |
|
50,354,660 |
|
7,427,707 |
Non-controlling interests |
269,962 |
|
299,774 |
|
44,219 |
Total shareholders’ equity |
34,162,862 |
|
50,654,434 |
|
7,471,926 |
Total
liabilities, redeemable non-controlling interests and shareholders’
equity |
160,373,518 |
|
180,671,004 |
|
26,650,392 |
|
|
|
|
|
|
(1) Due to certain existing contractual arrangement,
the company will remain as the legal owner of the existing consumer
credit (known as JD Baitiao) receivables, while JD Finance will
continue to perform the credit risk assessment services for the
individuals and purchase the over-due receivables from the company
at carrying value to absorb the risks and obtain the rewards from
JD Baitiao business. The company will also facilitate JD Finance in
various asset-backed securitization (“ABS”) to raise fund to
support the JD Baitiao business. JD Finance will act as the
servicer of the ABS and will also subscribe to the subordinate
tranche. Due to the company’s continuing involvement right in ABS
under the current arrangement and the transfer restriction imposed
on JD Finance for the subordinate tranche in ABS, the company
cannot derecognize the Baitiao receivables through ABS under U.S.
GAAP. As a result, the Baitiao receivables and related nonrecourse
securitization debt will remain on the company’s consolidated
financial statements until alternative arrangements are
established. |
|
JD.com, Inc. |
|
Unaudited Interim Condensed Consolidated Statements of
Operations |
|
(In thousands, except per share data) |
|
|
|
|
For the three months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
Net
revenues |
|
|
|
|
|
|
Online
direct sales |
59,752,504 |
|
|
85,386,013 |
|
|
12,595,108 |
|
|
Services
and others |
5,144,431 |
|
|
7,815,962 |
|
|
1,152,916 |
|
|
Total net
revenues |
64,896,935 |
|
|
93,201,975 |
|
|
13,748,024 |
|
|
|
|
|
|
|
|
|
Operating
expenses(2)(3) |
|
|
|
|
|
|
Cost of
revenues |
(56,052,282 |
) |
|
(80,554,156 |
) |
|
(11,882,371 |
) |
|
Fulfillment |
(4,605,842 |
) |
|
(6,380,658 |
) |
|
(941,197 |
) |
|
Marketing |
(2,494,969 |
) |
|
(4,075,143 |
) |
|
(601,116 |
) |
|
Technology and content |
(1,114,115 |
) |
|
(1,546,390 |
) |
|
(228,105 |
) |
|
General
and administrative |
(787,409 |
) |
|
(1,048,612 |
) |
|
(154,679 |
) |
|
Total operating
expenses |
(65,054,617 |
) |
|
(93,604,959 |
) |
|
(13,807,468 |
) |
|
Loss from
operations |
(157,682 |
) |
|
(402,984 |
) |
|
(59,444 |
) |
|
Other
income/(expenses) |
|
|
|
|
|
|
Share of
results of equity investees |
(1,080,820 |
) |
|
(372,648 |
) |
|
(54,969 |
) |
|
Interest
and others, net |
1,401,058 |
|
|
448,241 |
|
|
66,119 |
|
|
Income/(loss)
before tax |
162,556 |
|
|
(327,391 |
) |
|
(48,294 |
) |
|
Income
tax (expenses)/benefits |
(43,628 |
) |
|
16,267 |
|
|
2,400 |
|
|
Net
income/(loss) from continuing operations |
118,928 |
|
|
(311,124 |
) |
|
(45,894 |
) |
|
Net loss from
discontinued operations, net of tax |
(251,014 |
) |
|
(70,199 |
) |
|
(10,355 |
) |
|
Net
loss |
(132,086 |
) |
|
(381,323 |
) |
|
(56,249 |
) |
|
Net loss from
continuing operations attributable to non-controlling interests
shareholders |
(8,631 |
) |
|
(24,112 |
) |
|
(3,557 |
) |
|
Net loss from
discontinued operations attributable to non-controlling interests
shareholders |
(2,369 |
) |
|
(2,717 |
) |
|
(401 |
) |
|
Net income from
discontinued operations attributable to mezzanine classified
non-controlling interests shareholders |
131,223 |
|
|
141,882 |
|
|
20,929 |
|
|
Net
income/(loss) from continuing operations attributable to ordinary
shareholders |
127,559 |
|
|
(287,012 |
) |
|
(42,337 |
) |
|
Net loss from
discontinued operations attributable to ordinary
shareholders |
(379,868 |
) |
|
(209,364 |
) |
|
(30,883 |
) |
|
Net loss
attributable to ordinary shareholders |
(252,309 |
) |
|
(496,376 |
) |
|
(73,220 |
) |
|
|
|
JD.com, Inc. |
|
Unaudited Interim Condensed Consolidated Statements of
Operations |
|
(In thousands, except per share data) |
|
|
|
|
For the three months ended |
|
|
June 30,2016 |
June 30,2017 |
June 30,2017 |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
(2) Includes share-based compensation expenses as follows: |
|
Cost of
revenues |
(4,702 |
) |
(5,558 |
) |
(820 |
) |
|
Fulfillment |
(98,398 |
) |
(119,567 |
) |
(17,637 |
) |
|
Marketing |
(27,210 |
) |
(38,689 |
) |
(5,707 |
) |
|
Technology and content |
(135,253 |
) |
(176,344 |
) |
(26,012 |
) |
|
General
and administrative |
(268,383 |
) |
(407,070 |
) |
(60,046 |
) |
|
(3) Includes amortization of intangible assets resulting from
assets and business acquisitions as follows: |
|
Fulfillment |
(7,325 |
) |
(40,673 |
) |
(6,000 |
) |
|
Marketing |
(303,764 |
) |
(304,430 |
) |
(44,906 |
) |
|
Technology and content |
(3,822 |
) |
(20,661 |
) |
(3,048 |
) |
|
General
and administrative |
(48,444 |
) |
(76,820 |
) |
(11,332 |
) |
|
|
|
|
|
|
Net
income/(loss)
per share: |
|
|
|
|
Basic |
|
|
|
|
Continuing operations |
0.05 |
|
(0.10 |
) |
(0.01 |
) |
|
Discontinued operations |
(0.14 |
) |
(0.07 |
) |
(0.01 |
) |
|
Net loss
per share |
(0.09 |
) |
(0.17 |
) |
(0.03 |
) |
|
Diluted |
|
|
|
|
Continuing operations |
0.05 |
|
(0.10 |
) |
(0.01 |
) |
|
Discontinued operations |
(0.14 |
) |
(0.07 |
) |
(0.01 |
) |
|
Net loss
per share |
(0.09 |
) |
(0.17 |
) |
(0.03 |
) |
|
|
|
|
|
|
Net
income/(loss)
per ADS: |
|
|
|
|
Basic |
|
|
|
|
Continuing operations |
0.09 |
|
(0.20 |
) |
(0.03 |
) |
|
Discontinued operations |
(0.27 |
) |
(0.15 |
) |
(0.02 |
) |
|
Net loss
per ADS |
(0.18 |
) |
(0.35 |
) |
(0.05 |
) |
|
Diluted |
|
|
|
|
Continuing operations |
0.09 |
|
(0.20 |
) |
(0.03 |
) |
|
Discontinued operations |
(0.27 |
) |
(0.15 |
) |
(0.02 |
) |
|
Net loss
per ADS |
(0.18 |
) |
(0.35 |
) |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
|
Non-GAAP Net Income Per ADS from Continuing
Operations |
|
(In thousands, except per share data) |
|
|
|
|
For the three months ended |
|
|
June 30,2016 |
June 30,2017 |
June 30,2017 |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
Non-GAAP net income from continuing operations attributable
to ordinary shareholders |
612,589 |
976,545 |
144,050 |
|
|
|
|
|
|
Weighted average number of
shares: |
|
Basic |
2,763,103 |
2,845,374 |
2,845,374 |
|
Diluted |
2,793,940 |
2,845,374 |
2,845,374 |
|
Diluted
(Non-GAAP) |
2,793,940 |
2,908,746 |
2,908,746 |
|
|
|
|
|
|
Non-GAAP net income from continuing
operations per
ADS(4): |
|
|
|
|
Basic |
0.44 |
0.69 |
0.10 |
|
Diluted |
0.44 |
0.67 |
0.10 |
|
|
|
(4) Non-GAAP basic net income/(loss) per share is
calculated by dividing non-GAAP net income/(loss) attributable to
ordinary shareholders by the weighted average number of ordinary
shares outstanding during the periods. Non-GAAP diluted net
income/(loss) per share is calculated by dividing non-GAAP net
income/(loss) attributable to ordinary shareholders by the weighted
average number of ordinary shares and dilutive potential ordinary
shares outstanding during the periods, including the dilutive
effect of share-based awards as determined under the treasury stock
method. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net
income/(loss) per share multiplied by two. |
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Cash Flows |
(In thousands) |
|
|
For the three months ended |
|
June 30,2016 |
June 30,2017 |
June 30,2017 |
|
RMB |
RMB |
US$ |
|
|
|
|
Net cash
provided by continuing operating activities |
5,187,366 |
|
17,863,075 |
|
2,634,944 |
|
Net cash
used in discontinued operating activities |
(3,000,088 |
) |
(1,068,979 |
) |
(157,683 |
) |
Net cash
provided by operating activities |
2,187,278 |
|
16,794,096 |
|
2,477,261 |
|
Net cash
used in continuing investing activities |
(9,465,143 |
) |
(16,414,109 |
) |
(2,421,210 |
) |
Net cash
used in discontinued investing activities |
(1,732,403 |
) |
(12,625,248 |
) |
(1,862,323 |
) |
Net cash
used in investing activities |
(11,197,546 |
) |
(29,039,357 |
) |
(4,283,533 |
) |
Net cash
provided by continuing financing activities |
8,763,125 |
|
8,210,989 |
|
1,211,185 |
|
Net cash
provided by discontinued financing activities |
5,128,313 |
|
8,381,910 |
|
1,236,398 |
|
Net cash
provided by financing activities |
13,891,438 |
|
16,592,899 |
|
2,447,583 |
|
Effect of
exchange rate changes on cash and cash equivalents |
445,473 |
|
(116,855 |
) |
(17,237 |
) |
Net
increase in cash and cash equivalents |
5,326,643 |
|
4,230,783 |
|
624,074 |
|
Cash and
cash equivalents at beginning of period |
31,054,994 |
|
23,624,192 |
|
3,484,754 |
|
Cash and
cash equivalents at end of period |
36,381,637 |
|
27,854,975 |
|
4,108,828 |
|
Less:
Cash and cash equivalents of held for sale |
(4,241,956 |
) |
- |
|
- |
|
Cash and
cash equivalents of continuing operations at end of period |
32,139,681 |
|
27,854,975 |
|
4,108,828 |
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities from continuing operations |
5,187,366 |
|
17,863,075 |
|
2,634,944 |
|
Add:
Impact from JD Baitiao included in the operating cash flow |
4,473,323 |
|
3,748,681 |
|
552,960 |
|
Less:
Capital expenditures |
(1,025,018 |
) |
(1,305,148 |
) |
(192,520 |
) |
Free cash
flow |
8,635,671 |
|
20,306,608 |
|
2,995,384 |
|
|
|
|
|
|
|
|
JD.com, Inc. |
Supplemental Financial Information and Business
Metrics |
|
|
|
Q1 2016 |
Q2 2016 |
Q3 2016 |
Q4 2016 |
Q1 2017 |
Q2 2017 |
|
|
|
|
|
|
|
|
|
|
Free cash
flow - trailing twelve months (“TTM”) (in RMB billions) |
|
4.4 |
9.2 |
15.0 |
13.5 |
17.3 |
28.9 |
|
Inventory
turnover(5) – TTM |
|
36.8 |
38.0 |
37.3 |
37.6 |
36.7 |
36.3 |
|
Accounts
payable turnover(6) – TTM |
|
45.7 |
49.2 |
51.5 |
52.0 |
52.3 |
56.2 |
|
Accounts
receivable turnover(7) – TTM |
|
1.3 |
1.3 |
1.2 |
1.3 |
1.2 |
1.2 |
|
GMV(8)
(in RMB billions) |
|
129.3 |
160.4 |
158.8 |
209.7 |
184.1 |
234.8 |
|
Orders
fulfilled(9) (in millions) |
|
342.1 |
418.9 |
456.2 |
558.2 |
477.1 |
591.2 |
|
Annual
active customer accounts(10) (in millions) |
|
169.1 |
188.1 |
198.7 |
226.6 |
236.5 |
258.3 |
|
|
|
|
|
|
|
|
|
|
(5) Inventory turnover days are the quotient of
average inventory over five quarter ends to total cost of revenues
for the last twelve months and then multiplied by 360 days.
(6) Accounts payable turnover days are the
quotient of average accounts payable over five quarter ends to
total cost of revenues for the last twelve months and then
multiplied by 360 days. Presented are the accounts payable turnover
days for the online direct sales business.
(7) Accounts receivable turnover days are the
quotient of average accounts receivable over five quarter ends to
total net revenues of the last twelve months and then multiplied by
360 days. Presented are the accounts receivable turnover days
excluding the impact from JD Baitiao.
(8) GMV is defined as the total value of all
orders for products and services placed in the company’s online
direct sales business and on the company’s online marketplaces,
regardless of whether the goods are sold or delivered or whether
the goods are returned. GMV includes the value from orders placed
on the company’s websites and mobile applications as well as orders
placed on third-party mobile applications that are fulfilled by the
company or third-party merchants. The company’s calculation of GMV
includes shipping charges paid by buyers to sellers and excludes
any transactions in the company’s B2C business with order value
exceeding RMB2,000 that are not ultimately sold or delivered. If
the company’s calculation of GMV includes total value of all orders
for products and services placed in the company’s online direct
sales business and on the company’s online marketplaces, regardless
of whether the goods are sold or delivered or whether the goods are
returned and shipping charges paid by buyers to sellers, and
excludes products or services with list prices above RMB100,000 as
well as transactions conducted by buyers who make purchases
exceeding RMB1,000,000 in the aggregate in a single day (similar to
the practice of the company’s major industry peer), the company’s
GMV for the second quarter of 2017 would have been RMB335.3
billion.
(9) Orders fulfilled are defined as the total
number of orders delivered, including the orders for products and
services sold in the company’s online direct sales business and on
the company’s online marketplaces, net of orders returned.
(10) Annual active customer accounts are
customer accounts that made at least one purchase during the twelve
months ended on the respective dates, whether through online direct
sales or online marketplaces.
JD.com, Inc. |
Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
For the three months ended |
|
June 30,2016 |
June 30, 2017 |
June 30, 2017 |
|
RMB |
RMB |
US$ |
|
|
|
|
Loss from
operations from continuing operations |
(157,682 |
) |
(402,984 |
) |
(59,444 |
) |
Reversal
of: Revenue from business cooperation arrangements with equity
investees |
(216,021 |
) |
(204,968 |
) |
(30,234 |
) |
Add:
Share-based compensation |
533,946 |
|
747,228 |
|
110,222 |
|
Add:
Amortization of intangible assets resulting from assets and
business acquisitions |
363,355 |
|
442,584 |
|
65,286 |
|
Non-GAAP income from operations from continuing
operations |
523,598 |
|
581,860 |
|
85,830 |
|
Add:
Depreciation and amortization excluding amortization of intangible
assets resulting from assets and business acquisitions |
443,752 |
|
527,588 |
|
77,822 |
|
Non-GAAP EBITDA from continuing
operations |
967,350 |
|
1,109,448 |
|
163,652 |
|
|
|
|
|
Total net
revenues from continuing operations |
64,896,935 |
|
93,201,975 |
|
13,748,024 |
|
|
|
|
|
Non-GAAP operating margin from continuing
operations |
0.8 |
% |
0.6 |
% |
0.6 |
% |
|
|
|
|
Non-GAAP EBITDA margin from continuing
operations |
1.5 |
% |
1.2 |
% |
1.2 |
% |
|
|
|
|
|
|
|
JD.com, Inc. |
Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
For the three months ended |
|
June 30,2016 |
June 30,2017 |
June 30,2017 |
|
RMB |
RMB |
US$ |
|
|
|
|
Net
income/(loss) from continuing operations attributable to
ordinary shareholders |
127,559 |
|
(287,012 |
) |
(42,337 |
) |
Add:
Share-based compensation |
533,946 |
|
747,228 |
|
110,222 |
|
Add:
Amortization of intangible assets resulting from assets and
business acquisitions |
363,355 |
|
442,584 |
|
65,286 |
|
Add:
Reconciling items on the share of equity method
investments(11) |
83,248 |
|
231,158 |
|
34,098 |
|
Add:
Impairment of goodwill, intangible assets, and investments |
961,228 |
|
67,963 |
|
10,025 |
|
Reversal
of: Gain on disposal of JD Daojia |
(1,227,760 |
) |
- |
|
- |
|
Reversal
of: Revenue from business cooperation arrangements with equity
investees |
(216,021 |
) |
(204,968 |
) |
(30,234 |
) |
Reversal
of: Income from non-compete agreement |
(12,966 |
) |
(20,408 |
) |
(3,010 |
) |
Non-GAAP net income from continuing
operations attributable to ordinary shareholders |
612,589 |
|
976,545 |
|
144,050 |
|
|
|
|
|
Total net
revenues from continuing operations |
64,896,935 |
|
93,201,975 |
|
13,748,024 |
|
|
|
|
|
Non-GAAP net margin from continuing
operations |
0.9 |
% |
1.0 |
% |
1.0 |
% |
|
|
|
|
(11) For the second quarter of 2017, the reconciling
items on the share of equity method investments included the impact
of share-based compensation of RMB24.6 million, amortization of
intangible assets resulting from assets and business acquisitions
of RMB89.2 million, share of amortization of equity investments’
intangibles not on their books of RMB23.1 million, and net income
attributable to mezzanine equity holder of RMB94.3 million. Earning
from equity method investments in publicly listed companies and
certain privately held companies is recorded one quarter in
arrears. |
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