JD.com, Inc. (NASDAQ: JD), China’s leading technology driven
e-commerce company and retail infrastructure service provider,
today announced its unaudited financial results for the quarter
ended September 30, 2019.
Third Quarter 2019
Highlights
- Net revenues for
the third quarter of 2019 were RMB134.8 billion (US$118.9 billion),
an increase of 28.7% from the third quarter of 2018. Net service
revenues for the third quarter of 2019 were RMB16.0 billion (US$2.2
billion), an increase of 47.0% from the third quarter of 2018.
- Income from
operations for the third quarter of 2019 was RMB4,973.2
million (US$695.8 million), compared to loss from operations of
RMB650.7 million for the same period last year. Non-GAAP2 income
from operations for the third quarter of 2019 was RMB2,974.9
million (US$416.2 million) with a record non-GAAP operating margin
of 2.2%, as compared to RMB638.3 million in the third quarter of
2018 with a non-GAAP operating margin of 0.6%.
- Net income
attributable to ordinary shareholders for the
third quarter of 2019 was RMB612.3 million (US$85.7 million),
compared to RMB3,000.6 million for the same period last year.
Non-GAAP net income attributable to
ordinary shareholders increased by 160.6% to RMB3,085.9
million (US$431.7 million) in the third quarter of 2019 from
RMB1,184.3 million in the third quarter of 2018.
- Diluted EPS and Non-GAAP
Diluted EPS. Diluted net income per ADS for the third
quarter of 2019 was RMB0.41 (US$0.06), compared to RMB2.03 for the
third quarter of 2018. Non-GAAP diluted net income per ADS for the
third quarter of 2019 was RMB2.08 (US$0.29), compared to RMB0.80
for the same quarter last year.
- Operating cash
flow for the twelve months ended September 30, 2019
increased to RMB30.8 billion (US$4.3 billion) from RMB18.2 billion
for the twelve months ended September 30, 2018. Free cash
flow, which excludes the impact from JD Baitiao
receivables included in the operating cash flow, for the twelve
months ended September 30, 2019 increased to RMB15.6 billion
(US$2.2 billion), compared to outflow of RMB5.5 billion for the
twelve months ended September 30, 2018.
- Annual active customer
accounts3 increased to 334.4 million in the twelve months
ended September 30, 2019 from 321.3 million in the twelve months
ended June 30, 2019. Mobile monthly active users4 in September 2019
increased by 36% as compared to September 2018. In the third
quarter, over 70% of new customers were from lower-tier
cities.
“JD’s commitment to providing consumers with the
best possible online shopping experience drove another strong
quarter of growth,” said Richard Liu, Chairman and Chief Executive
Officer of JD.com. “In particular, more and more consumers in
China’s fast-growing lower-tier cities are turning to JD for our
superior value and service. We will continue to invest in
technology and innovation to meet the growing needs of Chinese
consumers and businesses for fast and reliable e-commerce and
supply chain solutions.”
“JD saw excellent results for the third quarter
marked by accelerating revenue growth and record operating profit
margin,” said Sidney Huang, Chief Financial Officer of JD.com.
“Customer growth also remained solid, reflecting our commitment to
becoming China’s top source for quality products at everyday low
prices, supported by world class operating efficiency. Looking
forward, we will increasingly benefit from the economies of scale
inherent in JD’s unique business model through our leading supply
chain, technology and service capabilities.”
Business Highlights
JD Retail
- In September, JD.com officially
launched its social e-commerce platform Jingxi as part of its
strategy to penetrate into lower-tier cities. Jingxi is available
to consumers across multiple channels including the standalone
Jingxi app, Jingxi mini program and a WeChat first-level entry
point. Combining social media and retail, Jingxi provides quality
goods and services at attractive prices. Jingxi also has partnered
with domestic manufacturers in over one hundred industrial
clusters, serving as a bridge between manufacturers and consumers.
During the Singles Day promotion season, approximately 75% of
Jingxi’s new users came from lower-tier cities, and approximately
55% of total Jingxi users were female.
- In the third quarter, JD.com
continued to apply its data-based customer insights to help brands
tailor their products to satisfy consumers’ customized demands on
JD’s platforms. To date, JD has established partnerships with over
140 appliance brands under its Consumer to Manufacturer (C2M)
initiative covering over 800 SKUs, with premium names including
GREE, Midea, Philips, Siemens and Hisense, among others.
- In the third quarter, JD Retail
segment had net revenues of RMB128.7 billion, an increase of 27.3%
from the third quarter of 2018. The operating profit margin for the
segment was 3.3% during the quarter.
JD Logistics
- During the quarter, JD Logistics
further improved its efficiency in lower-tier cities as it
continued to expand its 24-hour delivery service in these areas. By
optimizing its expanding warehouse network with AI-driven
technologies, JD Logistics is able to deliver approximately 90% of
its direct sales orders within 24 hours in China. In the third
quarter, JD Logistics remained top-ranked in customer satisfaction
rate in the national survey of express service satisfaction
conducted by State Post Bureau. JD Logistics continued to expand
its third-party businesses rapidly in the third quarter with
external revenues accounted for nearly 40% of its total
revenues.
- As of September 30, 2019, JD
Logistics operated over 650 warehouses. The warehouses covered an
aggregate gross floor area of approximately 16 million square
meters, including warehouse space managed under the JD Logistics
Open Warehouse Platform.
JD Health
- JD Health, a majority owned
subsidiary of the Company, successfully completed its series A
preferred share financing in November 2019, with a post-money
valuation of approximately US$7 billion. Over the past few years,
JD Health has built a comprehensive “Internet + healthcare”
ecosystem, providing pharmaceutical and healthcare products,
internet healthcare, health management and intelligent healthcare
solutions to the customers. “JD Pharmacy” is China’s largest online
pharmacy by revenue. JD Health, which benefits from JD.com’s
trusted e-commerce brand image and collaboration with leading
industry players, continues to expand its customer base and service
offerings, aiming to become the most trusted "chief health manager"
for customers.
JD Property
- In February 2019, JD Property
Management Group (“JD Property”) established its first logistics
properties fund (“Core Fund”) with GIC and entered into an
agreement to dispose of certain logistics facilities to Core Fund
for a total gross asset value of RMB10.9 billion. By the end of
September 2019, the disposition of the majority of these logistics
facilities had been completed. Currently, JD Property manages
properties with a total gross floor area (“GFA”) of over 10 million
square meters, including properties that are completed, under
construction and held for future development, making JD Property a
top 3 logistics property company by GFA in China.
Environment, Social and
Governance
- JD.com enhanced its Environmental,
Social and Governance (ESG) program with the launch of the China
E-Commerce & Logistics Packaging Standard Alliance together
with FMCG brands including Procter & Gamble, Johnson &
Johnson, Mengniu, Unilever, Heinz, as well as packaging giant Amcor
and the China Packaging Testing Center. The Alliance aims to
optimize the usage of packaging materials in China by establishing
nationwide e-commerce packaging standards. JD Logistics also
expanded its box recycling initiative across China with customer
incentives provided in the form of rebates.
Equity Investees Update
- By the end of October 2019, JD.com
joint venture Dada-JD Daojia, China’s leading on-demand logistics
and omnichannel e-commerce platform, had formed partnerships with
over 300 well-known chain retailers and more than 50 first-tier
international and domestic FMCG brands. In the third quarter,
Dada-JD Daojia provided its omnichannel customer relationship
management (CRM) services to an expanding number of retail
partners, helping them develop their own digital membership
programs. To date, 135 merchants and over 18,000 stores have joined
Dada-JD Daojia’s omnichannel CRM program.
Operational Metrics Update
- As of September 30, 2019, JD.com had over 250,000 merchants on
its online marketplace, and over 200,000 employees excluding
part-time and interns.
Third Quarter 2019 Financial
Results
Net Revenues. For the
third quarter of 2019, JD.com reported net revenues of RMB134.8
billion (US$18.9 billion), representing a 28.7% increase from the
same period in 2018. Net product revenues increased by 26.6%, while
net service revenues increased by 47.0% in the third quarter of
2019, as compared to the third quarter of 2018.
Cost of
Revenues. Cost of
revenues increased by 29.4% to RMB114.7 billion (US$16.1 billion)
in the third quarter of 2019 from RMB88.7 billion in the third
quarter of 2018. This increase was primarily due to the growth of
the company’s online direct sales business and the logistics
services provided to third parties.
Fulfillment
Expenses. Fulfillment expenses,
which primarily include procurement, warehousing, delivery,
customer service and payment processing expenses, increased by
12.8% to RMB8.8 billion (US$1.2 billion) in the third quarter of
2019 from RMB7.8 billion in the third quarter of 2018. Fulfillment
expenses as a percentage of net revenues decreased to 6.5% in the
third quarter of 2019, compared to 7.4% in the same period last
year, mainly due to economies of scale from enhanced logistics
capacity utilization and staff productivity.
Marketing
Expenses. Marketing expenses
increased by 7.6% to RMB4.4 billion (US$0.6 billion) in the third
quarter of 2019 from RMB4.1 billion in the third quarter of
2018.
Technology and Content
Expenses. Technology and content
expenses increased to RMB3.6 billion (US$0.5 billion) in the third
quarter of 2019 from RMB3.4 billion in the third quarter of
2018.
General and Administrative
Expenses. General and
administrative expenses decreased to RMB1.3 billion (US$0.2
billion) in the third quarter of 2019 from RMB1.4 billion in the
third quarter of 2018.
Gain on Disposals of Long-Lived Assets.
Gain on disposals of long-lived assets for the third
quarter of 2019 was RMB3.0 billion (US$0.4 billion), which was the
gain on disposals of logistics facilities to Core Fund.
Income/(Loss) from Operations and
Non-GAAP Income from Operations. Income from
operations for the third quarter of 2019 was RMB5.0 billion (US$0.7
billion), compared to loss from operations of RMB0.7 billion for
the same period last year. Non-GAAP income from operations for the
third quarter of 2019 was RMB3.0 billion (US$0.4 billion) with a
non-GAAP operating margin of 2.2%, as compared to RMB0.6 billion in
the third quarter of 2018 with a non-GAAP operating margin of
0.6%.
Non-GAAP EBITDA for the third
quarter of 2019 was RMB4.2 billion (US$0.6 billion) with a non-GAAP
EBITDA margin of 3.1%, as compared to RMB1.7 billion with a
non-GAAP EBITDA margin of 1.6% for the third quarter of 2018.
Net Income Attributable
to Ordinary Shareholders and Non-GAAP Net
Income Attributable to Ordinary
Shareholders. Net income
attributable to ordinary shareholders for the third quarter of 2019
was RMB612.3 million (US$85.7 million), compared to RMB3.0 billion
for the same period last year. Non-GAAP net income attributable to
ordinary shareholders for the third quarter of 2019 was RMB3.1
billion (US$0.4 billion), compared to RMB1.2 billion for the same
period last year.
Diluted EPS and Non-GAAP Diluted
EPS. Diluted net income per ADS for
the third quarter of 2019 was RMB0.41 (US$0.06), compared to
RMB2.03 for the third quarter of 2018. Non-GAAP diluted net income
per ADS for the third quarter of 2019 was RMB2.08 (US$0.29), as
compared to RMB0.80 for the third quarter of 2018.
Cash Flow and Working Capital
As of September 30, 2019, the company’s cash and
cash equivalents, restricted cash and short-term investments
totaled RMB59.2 billion (US$8.3 billion), compared to RMB39.5
billion as of December 31, 2018. For the third quarter of 2019,
free cash flow of the company was as follows:
|
|
For the three months ended |
|
|
September 30,
2018 |
|
September 30,
2019 |
September 30,
2019 |
|
|
RMB |
|
RMB |
US$ |
|
|
(In thousands) |
|
|
|
Net cash
provided by operating activities |
|
2,212,661 |
|
|
1,262,118 |
|
176,577 |
|
Less: Impact from JD Baitiao receivables included in the
operating cash flow |
|
(1,775,639 |
) |
|
(1,312,084 |
) |
(183,567 |
) |
Add/(less): Capital expenditures |
|
|
|
|
|
Capital expenditures, net of disposals, related to development
projects available for sale* |
|
(2,041,996 |
) |
|
771,208 |
|
107,896 |
|
Other capital expenditures** |
|
(6,581,905 |
) |
|
(658,634 |
) |
(92,146 |
) |
Free cash
flow |
|
(8,186,879 |
) |
|
62,608 |
|
8,760 |
|
|
|
|
|
|
|
|
|
|
* Including logistics facilities and other real
estate properties developed by the company’s property management
group, which may be disposed under various equity structures. In
the third quarter of 2019, approximately RMB2.9 billion proceeds
from the sale of logistics assets were included in this line.**
Including capital expenditures related to the company’s
headquarters in Beijing and all other capital expenditures.
Net cash used in investing activities was RMB5.7
billion (US$0.8 billion) for the third quarter of 2019, consisting
primarily of increase in investments in equity investees and
short-term loans to JD Digits. In addition, cash paid for capital
expenditures in the third quarter of 2019 was RMB2.8 billion,
offset by the net cash consideration of RMB2.9 billion received in
relation to the disposals of development projects to Core Fund.
Net cash provided by financing activities was
RMB2.5 billion (US$0.3 billion) for the third quarter of 2019,
consisting primarily of cash received as part of JD Health’s Series
A financing.
For the twelve months ended September 30, 2019,
free cash flow of the company was as follows:
|
|
For the twelve months ended |
|
|
September 30,
2018 |
|
September 30,
2019 |
September 30,
2019 |
|
|
RMB |
|
RMB |
US$ |
|
|
(In thousands) |
|
|
|
Net cash
provided by operating activities |
|
18,239,926 |
|
|
30,805,649 |
|
4,309,869 |
|
Less: Impact from JD Baitiao receivables included in the
operating cash flow |
|
(4,449,269 |
) |
|
(9,716,127 |
) |
(1,359,336 |
) |
Less:
Capital expenditures |
|
|
|
|
|
Capital expenditures, net of disposals, related to development
projects available for sale |
|
(7,637,675 |
) |
|
(1,150,152 |
) |
(160,912 |
) |
Other capital expenditures |
|
(11,686,227 |
) |
|
(4,331,506 |
) |
(606,000 |
) |
Free cash
flow |
|
(5,533,245 |
) |
|
15,607,864 |
|
2,183,621 |
|
|
|
|
|
|
|
|
|
|
Supplemental Information
The table below sets forth the three months segment operating
results:
|
|
For the three months ended |
|
|
September 30,
2018 |
September 30,
2019 |
September 30,
2019 |
|
|
RMB |
RMB |
US$ |
|
|
(In thousands) |
Net revenues: |
|
|
|
|
JD Retail |
|
101,103,651 |
|
128,674,050 |
|
18,002,162 |
|
New businesses* |
|
3,634,163 |
|
5,884,079 |
|
823,213 |
|
Inter-segment |
|
(210,666 |
) |
(33,669 |
) |
(4,710 |
) |
Total segment net revenues |
|
104,527,148 |
|
134,524,460 |
|
18,820,665 |
|
Unallocated items** |
|
241,131 |
|
318,325 |
|
44,535 |
|
Total consolidated net revenues |
|
104,768,279 |
|
134,842,785 |
|
18,865,200 |
|
|
|
|
|
|
Operating income /(loss): |
|
|
|
|
JD Retail |
|
2,178,660 |
|
4,245,571 |
|
593,977 |
|
New businesses |
|
(1,540,409 |
) |
(1,270,626 |
) |
(177,764 |
) |
Total segment operating income |
|
638,251 |
|
2,974,945 |
|
416,213 |
|
Unallocated items** |
|
(1,288,990 |
) |
1,998,262 |
|
279,566 |
|
Total consolidated operating income /(loss) |
|
(650,739 |
) |
4,973,207 |
|
695,779 |
|
* New Businesses of the company include
technology initiatives, overseas business and logistics services
provided to third parties.** Unallocated items are consistent with
non-GAAP adjustments and include revenue from business cooperation
arrangements with equity investees, share-based compensation,
effects of business cooperation arrangements, gain on disposals of
long-lived assets, and impairment of goodwill and intangible
assets, which are not allocated to segments.
The table below sets forth the revenue
information for the third quarter of 2019:
|
|
For the three months ended |
|
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
|
|
(In thousands) |
|
|
|
Electronics and home appliance revenues |
|
62,157,069 |
75,784,238 |
10,602,605 |
General merchandise revenues |
|
31,733,246 |
43,070,063 |
6,025,723 |
Net product revenues |
|
93,890,315 |
118,854,301 |
16,628,328 |
|
|
|
|
|
Marketplace and advertising revenues |
|
7,751,537 |
9,985,991 |
1,397,092 |
Logistics and other service revenues |
|
3,126,427 |
6,002,493 |
839,780 |
Net service revenues |
|
10,877,964 |
15,988,484 |
2,236,872 |
|
|
|
|
|
Total net revenues |
|
104,768,279 |
134,842,785 |
18,865,200 |
Fourth Quarter 2019
Guidance
Net revenues for the fourth quarter of 2019 are
expected to be between RMB163 billion and RMB168 billion,
representing a growth rate between 21% and 25% compared with the
fourth quarter of 2018. 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 7:00 am, Eastern Time on November 15, 2019, (8:00 pm,
Beijing/Hong Kong Time on November 15, 2019) to discuss the third
quarter 2019 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: |
2508598 |
A telephone replay will be available from 9:00
am, Eastern Time on November 15, 2019 through 07:59 am, Eastern
Time on November 23, 2019. The dial-in details are as follows:
US Toll Free: |
+1-855-452-5696 or +1-646-254-3697 |
International |
+61-2-8199-0299 |
Passcode: |
2508598 |
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.
JD.com is a leading technology driven e-commerce
company and retail infrastructure service provider in China. Its
cutting-edge retail infrastructure enables consumers to buy
whatever they want, whenever and wherever they want it. The company
has opened its technology and infrastructure to partners, brands
and other sectors, as part of its Retail as a Service offering to
help drive productivity and innovation across a range of
industries. JD.com is the largest retailer in China, 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 share 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,
effects of business cooperation arrangements, gain on disposals of
long-lived assets 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,
effects of business cooperation arrangements and non-compete
agreements, gain/(loss) on disposals/deemed disposals of
investments, reconciling items on the share of equity method
investments, loss/(gain) from fair value change of long-term
investments, impairment of goodwill, intangible assets and
investments, gain and foreign exchange impact in relation to
disposals of long-lived assets and tax effects on non-GAAP
adjustments. The company defines free cash flow as operating cash
flow adjusting the impact from JD Baitiao receivables included in
the operating cash flow and capital expenditures, net of proceeds
from disposals of long-lived assets. Capital expenditures include
purchase of property, equipment and software, cash paid for
construction in progress, purchase of 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. 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.
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 receivables 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
LiSenior Director of Investor Relations+86 (10)
8912-6805IR@JD.com
Media+86 (10)
8911-6155Press@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.
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
34,262,445 |
32,124,639 |
4,494,402 |
Restricted cash |
|
3,239,613 |
2,634,589 |
368,593 |
Short-term investments |
|
2,035,575 |
24,466,018 |
3,422,922 |
Accounts receivable, net (including JD Baitiao of RMB1.4 billion
and RMB6.3 billion as of September 30, 2019 and December 31, 2018,
respectively)(1) |
|
11,109,988 |
6,014,257 |
841,425 |
Advance to suppliers |
|
477,109 |
661,310 |
92,521 |
Inventories, net |
|
44,030,084 |
48,265,449 |
6,752,585 |
Prepayments and other current assets |
|
6,564,700 |
5,215,865 |
729,727 |
Amount due from related parties |
|
3,136,265 |
10,221,119 |
1,429,987 |
Total current
assets |
|
104,855,779 |
129,603,246 |
18,132,162 |
Non-current assets |
|
|
|
|
Property, equipment and software, net |
|
21,082,838 |
19,504,619 |
2,728,797 |
Construction in progress |
|
6,553,712 |
5,462,615 |
764,248 |
Intangible assets, net |
|
5,011,706 |
4,254,861 |
595,277 |
Land use rights, net |
|
10,475,658 |
10,554,375 |
1,476,611 |
Operating lease right-of-use assets(2) |
|
- |
8,944,250 |
1,251,347 |
Goodwill |
|
6,643,669 |
6,643,669 |
929,483 |
Investment in equity investees |
|
31,356,616 |
38,576,219 |
5,397,011 |
Investment securities |
|
15,901,573 |
15,707,634 |
2,197,579 |
Deferred tax assets |
|
103,158 |
86,910 |
12,159 |
Other non-current assets (including JD Baitiao of RMB0.2 billion
and RMB0.2 billion as of September 30, 2019 and December 31, 2018,
respectively)(1) |
|
5,283,948 |
6,493,613 |
908,490 |
Amount due from related parties |
|
1,896,200 |
- |
- |
Total non-current assets |
|
104,309,078 |
116,228,765 |
16,261,002 |
Total assets |
|
209,164,857 |
245,832,011 |
34,393,164 |
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Short-term borrowings |
|
147,264 |
- |
- |
Nonrecourse securitization debt(1) |
|
4,397,670 |
- |
- |
Accounts payable |
|
79,985,018 |
86,449,770 |
12,094,768 |
Advances from customers |
|
13,017,603 |
14,361,669 |
2,009,271 |
Deferred revenues |
|
1,980,489 |
4,102,939 |
574,022 |
Taxes payable |
|
825,677 |
1,377,010 |
192,651 |
Amount due to related parties |
|
215,614 |
285,559 |
39,951 |
Accrued expenses and other current liabilities |
|
20,292,680 |
22,803,367 |
3,190,308 |
Operating lease liabilities(2) |
|
- |
3,392,274 |
474,597 |
Total current liabilities |
|
120,862,015 |
132,772,588 |
18,575,568 |
Non-current liabilities |
|
|
|
|
Deferred revenues |
|
463,153 |
2,047,232 |
286,418 |
Unsecured senior notes |
|
6,786,143 |
7,004,464 |
979,961 |
Deferred tax liabilities |
|
828,473 |
1,116,561 |
156,213 |
Long-term borrowings |
|
3,088,440 |
3,182,805 |
445,291 |
Operating lease liabilities(2) |
|
- |
5,740,119 |
803,072 |
Other non-current liabilities |
|
308,489 |
250,632 |
35,065 |
Total non-current liabilities |
|
11,474,698 |
19,341,813 |
2,706,020 |
Total liabilities |
|
132,336,713 |
152,114,401 |
21,281,588 |
|
|
|
|
|
(1) JD
Digits performs credit risk assessment services for JD Baitiao
business and absorbs the credit risk of the underlying Baitiao
receivables. Due to the company’s continuing involvement in the
asset-backed securitization(“ABS”)arrangements prior to October
2017, the company was not able to derecognize the related Baitiao
receivables upon issuance of ABS. Beginning from October 2017, the
company revised certain structural arrangements for the new
issuance of ABS plans, and derecognized the related Baitiao
receivables. |
(2) On
January 1, 2019, the company adopted ASC 842, the new lease
standard, using the optional transition method. |
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
As of |
|
|
December 31,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
Convertible redeemable non-controlling
interests |
|
15,961,284 |
15,963,587 |
2,233,388 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value,
100,000,000 shares authorized, 2,973,943 shares issued and
2,920,322 shares outstanding as of September 30, 2019) |
|
59,770,973 |
75,894,872 |
10,618,083 |
Non-controlling interests |
|
1,095,887 |
1,859,151 |
260,105 |
Total shareholders’ equity |
|
60,866,860 |
77,754,023 |
10,878,188 |
Total liabilities, mezzanine equity and shareholders’
equity |
|
209,164,857 |
245,832,011 |
34,393,164 |
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Condensed Consolidated Statements of Operations |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Net
revenues |
|
|
|
|
|
|
|
Net product revenues |
93,890,315 |
|
118,854,301 |
|
16,628,328 |
|
|
295,877,172 |
|
361,021,874 |
|
50,508,818 |
|
Net service revenues |
10,877,964 |
|
15,988,484 |
|
2,236,872 |
|
|
31,310,038 |
|
45,182,572 |
|
6,321,275 |
|
Total net
revenues |
104,768,279 |
|
134,842,785 |
|
18,865,200 |
|
|
327,187,210 |
|
406,204,446 |
|
56,830,093 |
|
Cost of revenues |
(88,658,757 |
) |
(114,728,621 |
) |
(16,051,124 |
) |
|
(280,405,430 |
) |
(345,781,556 |
) |
(48,376,618 |
) |
Fulfillment |
(7,760,786 |
) |
(8,754,785 |
) |
(1,224,839 |
) |
|
(23,149,139 |
) |
(25,973,275 |
) |
(3,633,795 |
) |
Marketing |
(4,131,639 |
) |
(4,446,816 |
) |
(622,132 |
) |
|
(12,884,197 |
) |
(14,008,595 |
) |
(1,959,875 |
) |
Technology and content |
(3,448,739 |
) |
(3,585,171 |
) |
(501,584 |
) |
|
(8,642,324 |
) |
(11,027,619 |
) |
(1,542,821 |
) |
General and administrative |
(1,396,780 |
) |
(1,341,264 |
) |
(187,650 |
) |
|
(3,764,030 |
) |
(4,018,365 |
) |
(562,190 |
) |
Impairment of goodwill and intangible assets |
(22,317 |
) |
- |
|
- |
|
|
(22,317 |
) |
- |
|
- |
|
Gain on disposals of long-lived assets |
- |
|
2,987,079 |
|
417,908 |
|
|
- |
|
3,070,297 |
|
429,550 |
|
Income/(loss) from
operations(4)(5) |
(650,739 |
) |
4,973,207 |
|
695,779 |
|
|
(1,680,227 |
) |
8,465,333 |
|
1,184,344 |
|
Other
income/(expenses) |
|
|
|
|
|
|
|
Share of results of equity investees |
(184,975 |
) |
(199,226 |
) |
(27,873 |
) |
|
(941,821 |
) |
(1,220,008 |
) |
(170,685 |
) |
Interest income(3) |
576,287 |
|
502,871 |
|
70,354 |
|
|
1,728,034 |
|
1,191,145 |
|
166,647 |
|
Interest expense(3) |
(241,133 |
) |
(162,947 |
) |
(22,797 |
) |
|
(709,691 |
) |
(505,238 |
) |
(70,685 |
) |
Others, net |
3,428,978 |
|
(3,958,355 |
) |
(553,794 |
) |
|
4,046,546 |
|
1,728,325 |
|
241,802 |
|
Income before
tax |
2,928,418 |
|
1,155,550 |
|
161,669 |
|
|
2,442,841 |
|
9,659,557 |
|
1,351,423 |
|
Income tax expenses |
(51,553 |
) |
(604,856 |
) |
(84,622 |
) |
|
(365,905 |
) |
(1,323,303 |
) |
(185,137 |
) |
Net
income |
2,876,865 |
|
550,694 |
|
77,047 |
|
|
2,076,936 |
|
8,336,254 |
|
1,166,286 |
|
Net loss attributable to non-controlling interests
shareholders |
(124,504 |
) |
(62,348 |
) |
(8,723 |
) |
|
(237,810 |
) |
(216,250 |
) |
(30,254 |
) |
Net income attributable to mezzanine equity classified
non-controlling interests shareholders |
746 |
|
791 |
|
111 |
|
|
1,653 |
|
2,303 |
|
322 |
|
Net income
attributable to ordinary shareholders |
3,000,623 |
|
612,251 |
|
85,659 |
|
|
2,313,093 |
|
8,550,201 |
|
1,196,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Interest expenses in relation to the nonrecourse securitization
debt, which were collected from JD Digits in the same amount as
interest income, were RMB120.0 million and RMB0 million for the
three months ended September 30, 2018 and 2019, respectively. For
the nine months ended September 30, 2018 and 2019, they were
RMB452.3 million and RMB37.6 million, respectively. |
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Operations |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September
30,2018 |
September
30,2019 |
September
30,2019 |
|
September
30,2018 |
September
30,2019 |
September
30,2019 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
(4) Includes
share-based compensation expenses as follows: |
Cost of revenues |
|
(20,041 |
) |
(23,615 |
) |
(3,304 |
) |
|
(47,997 |
) |
(57,687 |
) |
(8,071 |
) |
Fulfillment |
|
(127,691 |
) |
(123,878 |
) |
(17,331 |
) |
|
(324,096 |
) |
(304,134 |
) |
(42,550 |
) |
Marketing |
|
(53,075 |
) |
(69,850 |
) |
(9,772 |
) |
|
(138,247 |
) |
(180,441 |
) |
(25,245 |
) |
Technology and content |
|
(344,789 |
) |
(371,720 |
) |
(52,006 |
) |
|
(811,769 |
) |
(964,105 |
) |
(134,883 |
) |
General and administrative |
|
(505,455 |
) |
(435,623 |
) |
(60,946 |
) |
|
(1,300,833 |
) |
(1,157,223 |
) |
(161,901 |
) |
(5) Includes
amortization of intangible assets resulting from assets and
business acquisitions as follows: |
Fulfillment |
|
(41,897 |
) |
(40,011 |
) |
(5,598 |
) |
|
(125,676 |
) |
(123,790 |
) |
(17,319 |
) |
Marketing |
|
(310,469 |
) |
(4,208 |
) |
(589 |
) |
|
(921,420 |
) |
(308,898 |
) |
(43,216 |
) |
Technology and content |
|
(27,073 |
) |
(24,700 |
) |
(3,456 |
) |
|
(75,595 |
) |
(74,580 |
) |
(10,434 |
) |
General and administrative |
|
(77,314 |
) |
(77,315 |
) |
(10,817 |
) |
|
(230,460 |
) |
(230,462 |
) |
(32,243 |
) |
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
|
Basic |
|
1.04 |
|
0.21 |
|
0.03 |
|
|
0.81 |
|
2.94 |
|
0.41 |
|
Diluted |
|
1.02 |
|
0.21 |
|
0.03 |
|
|
0.79 |
|
2.89 |
|
0.40 |
|
|
|
|
|
|
|
|
|
|
Net income per
ADS: |
|
|
|
|
|
|
|
|
Basic |
|
2.07 |
|
0.42 |
|
0.06 |
|
|
1.61 |
|
5.88 |
|
0.82 |
|
Diluted |
|
2.03 |
|
0.41 |
|
0.06 |
|
|
1.57 |
|
5.77 |
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Non-GAAP Net Income Per ADS |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders |
|
1,184,318 |
3,085,885 |
431,734 |
|
2,709,870 |
9,939,185 |
1,390,545 |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares: |
|
|
|
|
|
|
|
|
Basic |
|
2,893,373 |
2,919,706 |
2,919,706 |
|
2,872,166 |
2,909,097 |
2,909,097 |
Diluted |
|
2,956,244 |
2,971,245 |
2,971,245 |
|
2,945,231 |
2,963,009 |
2,963,009 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
0.82 |
2.11 |
0.30 |
|
1.89 |
6.83 |
0.96 |
Diluted |
|
0.80 |
2.08 |
0.29 |
|
1.84 |
6.66 |
0.93 |
|
|
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Condensed Consolidated Statements of Cash Flows and Free
Cash Flow |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
2,212,661 |
|
1,262,118 |
|
176,577 |
|
|
14,853,292 |
|
24,777,519 |
|
3,466,502 |
|
Net cash used in investing
activities |
|
(2,602,581 |
) |
(5,670,328 |
) |
(793,308 |
) |
|
(23,890,877 |
) |
(27,801,801 |
) |
(3,889,615 |
) |
Net cash provided by/(used in)
financing activities |
|
(2,995,312 |
) |
2,489,553 |
|
348,301 |
|
|
15,140,806 |
|
(515,402 |
) |
(72,107 |
) |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
1,074,601 |
|
804,434 |
|
112,545 |
|
|
1,811,704 |
|
796,854 |
|
111,484 |
|
Net increase/(decrease) in
cash, cash equivalents and restricted cash |
|
(2,310,631 |
) |
(1,114,223 |
) |
(155,885 |
) |
|
7,914,925 |
|
(2,742,830 |
) |
(383,736 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
40,024,093 |
|
35,873,451 |
|
5,018,880 |
|
|
29,798,537 |
|
37,502,058 |
|
5,246,731 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
37,713,462 |
|
34,759,228 |
|
4,862,995 |
|
|
37,713,462 |
|
34,759,228 |
|
4,862,995 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
2,212,661 |
|
1,262,118 |
|
176,577 |
|
|
14,853,292 |
|
24,777,519 |
|
3,466,502 |
|
Less: Impact from JD Baitiao receivables included in the
operating cash flow |
|
(1,775,639 |
) |
(1,312,084 |
) |
(183,567 |
) |
|
(1,575,460 |
) |
(3,922,166 |
) |
(548,731 |
) |
Add/(less): Capital expenditures |
|
|
|
|
|
|
|
|
Capital expenditures, net of disposals, related to development
projects available for sale |
|
(2,041,996 |
) |
771,208 |
|
107,896 |
|
|
(6,342,293 |
) |
1,365,124 |
|
190,988 |
|
Other capital expenditures |
|
(6,581,905 |
) |
(658,634 |
) |
(92,146 |
) |
|
(10,791,673 |
) |
(2,611,254 |
) |
(365,328 |
) |
Free cash flow |
|
(8,186,879 |
) |
62,608 |
|
8,760 |
|
|
(3,856,134 |
) |
19,609,223 |
|
2,743,431 |
|
|
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
Supplemental Financial Information and Business Metrics |
|
|
Q3 2018 |
Q4 2018 |
Q1 2019 |
Q2 2019 |
Q3 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow (in RMB billions) – trailing twelve months
(“TTM”) |
|
(5.5 |
) |
(7.9 |
) |
2.2 |
7.4 |
15.6 |
Inventory turnover days(6) – TTM |
|
39.1 |
|
38.7 |
|
36.5 |
36.3 |
35.1 |
Accounts payable turnover days(7) – TTM |
|
61.7 |
|
60.2 |
|
57.4 |
59.4 |
56.6 |
Accounts receivable turnover days(8) – TTM |
|
2.3 |
|
2.7 |
|
3.0 |
3.3 |
3.2 |
Annual active customer accounts (in millions) |
|
305.2 |
|
305.3 |
|
310.5 |
321.3 |
334.4 |
|
|
|
|
|
|
|
(6) Inventory turnover days are the quotient of average inventory
to cost of revenues of direct sales business for the last twelve
months and then multiplied by 360 days. (7) Accounts payable
turnover days are the quotient of average accounts payable of
direct sales business to cost of revenues of direct sales business
for the last twelve months and then multiplied by 360 days. (8)
Accounts receivable turnover days are the quotient of average
accounts receivable 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. |
|
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Income/(loss) from operations |
|
(650,739 |
) |
4,973,207 |
|
695,779 |
|
|
(1,680,227 |
) |
8,465,333 |
|
1,184,344 |
|
Add: Share-based
compensation |
|
1,051,051 |
|
1,024,686 |
|
143,359 |
|
|
2,622,942 |
|
2,663,590 |
|
372,650 |
|
Add: Amortization of
intangible assets resulting from assets and business
acquisitions |
|
456,753 |
|
146,234 |
|
20,460 |
|
|
1,353,151 |
|
737,730 |
|
103,212 |
|
Reversal of: Effects of
business cooperation arrangements |
|
(241,131 |
) |
(182,103 |
) |
(25,477 |
) |
|
(718,597 |
) |
(632,022 |
) |
(88,423 |
) |
Reversal of: Gain on disposals
of long-lived assets |
|
- |
|
(2,987,079 |
) |
(417,908 |
) |
|
- |
|
(3,070,297 |
) |
(429,551 |
) |
Add: Impairment of goodwill
and intangible assets |
|
22,317 |
|
- |
|
- |
|
|
22,317 |
|
- |
|
- |
|
Non-GAAP income from
operations |
|
638,251 |
|
2,974,945 |
|
416,213 |
|
|
1,599,586 |
|
8,164,334 |
|
1,142,232 |
|
Add: Depreciation and other
amortization |
|
1,034,789 |
|
1,239,526 |
|
173,415 |
|
|
2,592,168 |
|
3,680,984 |
|
514,989 |
|
Non-GAAP
EBITDA |
|
1,673,040 |
|
4,214,471 |
|
589,628 |
|
|
4,191,754 |
|
11,845,318 |
|
1,657,221 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
104,768,279 |
|
134,842,785 |
|
18,865,200 |
|
|
327,187,210 |
|
406,204,446 |
|
56,830,093 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
margin |
|
0.6 |
% |
2.2 |
% |
2.2 |
% |
|
0.5 |
% |
2.0 |
% |
2.0 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA
margin |
|
1.6 |
% |
3.1 |
% |
3.1 |
% |
|
1.3 |
% |
2.9 |
% |
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
September 30,2018 |
September 30,2019 |
September 30,2019 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders |
|
3,000,623 |
|
612,251 |
|
85,659 |
|
|
2,313,093 |
|
8,550,201 |
|
1,196,218 |
|
Add: Share-based
compensation |
|
1,051,051 |
|
1,024,686 |
|
143,359 |
|
|
2,622,942 |
|
2,663,590 |
|
372,650 |
|
Add: Amortization of intangible
assets resulting from assets and business acquisitions |
|
456,753 |
|
146,234 |
|
20,460 |
|
|
1,353,151 |
|
737,730 |
|
103,212 |
|
Add: Reconciling items on the
share of equity method investments(9) |
|
159,147 |
|
91,099 |
|
12,745 |
|
|
623,031 |
|
301,110 |
|
42,127 |
|
Add: Impairment of goodwill,
intangible assets, and investments |
|
415,256 |
|
194,848 |
|
27,260 |
|
|
421,344 |
|
1,750,713 |
|
244,934 |
|
Add/(reversal of): Loss/(gain)
from fair value change of long-term investments, net of tax |
|
(3,621,257 |
) |
4,030,673 |
|
563,912 |
|
|
(2,551,671 |
) |
714,645 |
|
99,983 |
|
Reversal of: Gain and foreign
exchange impact in relation to disposals of long-lived assets |
|
- |
|
(3,099,786 |
) |
(433,676 |
) |
|
- |
|
(3,183,004 |
) |
(445,319 |
) |
Reversal of: Gain on
disposals/deemed disposals of investments |
|
(17,622 |
) |
(18,629 |
) |
(2,606 |
) |
|
(1,427,823 |
) |
(1,227,835 |
) |
(171,780 |
) |
Reversal of: Effects of business
cooperation arrangements and non-compete agreements |
|
(261,366 |
) |
(202,909 |
) |
(28,388 |
) |
|
(776,775 |
) |
(693,207 |
) |
(96,983 |
) |
Add: Tax effects on non-GAAP adjustments |
|
1,733 |
|
307,418 |
|
43,009 |
|
|
132,578 |
|
325,242 |
|
45,503 |
|
Non-GAAP net income attributable to ordinary
shareholders |
|
1,184,318 |
|
3,085,885 |
|
431,734 |
|
|
2,709,870 |
|
9,939,185 |
|
1,390,545 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
104,768,279 |
|
134,842,785 |
|
18,865,200 |
|
|
327,187,210 |
|
406,204,446 |
|
56,830,093 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
margin |
|
1.1 |
% |
2.3 |
% |
2.3 |
% |
|
0.8 |
% |
2.4 |
% |
2.4 |
% |
|
|
|
|
|
|
|
|
|
(9) To exclude the non-GAAP to GAAP reconciling items on the share
of equity method investments, net of share of amortization of
intangibles not on their books. |
___________________
1 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 September 30, 2019, which was
RMB7.1477 to US$1.00. The percentages stated in this press release
are calculated based on the RMB amounts.2 See the sections entitled
“Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and
Non-GAAP Results” for more information about the non-GAAP measures
referred to in this press release.3 Annual active customer accounts
are customer accounts that made at least one purchase during the
twelve months ended on the respective dates, through either online
direct sales or online marketplaces.4 Mobile monthly active users
in a given month are the number of unique mobile devices that were
used to visit JD mobile app at least once during that month.
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