JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading supply
chain-based technology and service provider, today announced its
unaudited financial results for the three months ended September
30, 2022.
Third Quarter 2022
Highlights
- Net
revenues for the third quarter of 2022 were RMB243.5
billion (US$134.2 billion), an increase of 11.4% from the third
quarter of 2021. Net service revenues for the third quarter of 2022
were RMB46.5 billion (US$6.5 billion), an increase of 42.2% from
the third quarter of 2021.
- Income
from operations for the third quarter of 2022 was RMB8.7
billion (US$1.2 billion), compared to RMB2.6 billion for the same
period last year. Non-GAAP2
income from operations was RMB9.9 billion (US$1.4
billion) for the third quarter of 2022, as compared to RMB4.6
billion for the third quarter of 2021. Operating margin of JD
Retail before unallocated items for the third quarter of 2022 was
5.2%, compared to 4.0% for the third quarter of 2021.
- Net
income attributable to ordinary shareholders for the third
quarter of 2022 was RMB6.0 billion (US$0.8 billion), compared to a
net loss of RMB2.8 billion for the same period last year.
Non-GAAP net income attributable to ordinary
shareholders for the third quarter of 2022 was RMB10.0
billion (US$1.4 billion), as compared to RMB5.0 billion for the
same period last year.
- Diluted
net income per ADS for the third quarter of 2022 was
RMB3.57 (US$0.50), compared to a diluted net loss per ADS of
RMB1.81 for the third quarter of 2021. Non-GAAP diluted net
income per ADS for the third quarter of 2022 was RMB6.27
(US$0.88), compared to RMB3.16 for the same period last year.
-
Operating cash flow for the twelve months ended
September 30, 2022 was RMB45.8 billion (US$6.4 billion), compared
to RMB41.0 billion for the twelve months ended September 30, 2021.
Free cash flow, which excludes the impact from JD
Baitiao receivables included in the operating cash flow, for the
twelve months ended September 30, 2022 was RMB25.8 billion (US$3.6
billion), compared to RMB28.5 billion for the twelve months ended
September 30, 2021.
- Annual
active customer accounts3 increased by
6.5% to 588.3 million in the twelve months ended September 30, 2022
from 552.2 million in the twelve months ended September 30,
2021.
_______________
1 The U.S. dollar (US$) amounts disclosed in
this announcement, 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 announcement 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, 2022, which was
RMB7.1135 to US$1.00. The percentages stated in this announcement
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 announcement.3 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
retail or online marketplace.
“JD.com's focus on efficiency across various
businesses helped drive healthy growth even when the industry
continued to face significant challenges,” said Lei Xu, CEO of
JD.com. “We are pleased that JD.com's high-quality growth is
increasingly powered by the millions of SMEs especially in rural
industries that look to us for the most efficient supply chain
solutions and sustainable growth opportunities. Looking ahead, we
are confident that our well-established supply chain
infrastructure, technical capabilities, as well as the social
responsibility we shoulder will continue to enable JD.com to play
an important role in the new development phase in the years to
come.”
“JD.com's relentless focus on user experience,
cost and efficiency has allowed us to continuously expand our user
base while delivering profitable growth,” said Sandy Xu, Chief
Financial Officer of JD.com. “Our pre-emptive efforts earlier this
year to promote operating efficiency and financial discipline have
proven timely and effective given the ongoing external challenges.
We will continue to focus on capturing the vast opportunity
presented by China's retail market by striving to be the partner of
choice for China's consumers and enterprises.”
Business Highlights
Environment, Social and
Governance
- In the third
quarter, JD.com received multiple awards for its outstanding
achievements in ESG. It was named on Fortune’s “2022 China ESG
Impact List”, together with other 39 companies, a highlight of its
significant anti-COVID efforts and contribution to green supply
chain through its “Green Stream Initiative”. JD.com also made the
list of “50 Most Innovative Companies of 2022” in the world
released by Boston Consulting Group, thanks to its achievements in
climate and sustainability.
- In August, JD
Logistics deployed the first batch of battery swapping vehicles. It
expects to expand the scale to approximately 1,000 EVs in operation
across China by the end of 2022. As the first logistics enterprise
that adopts battery swapping vehicles on a large scale, JD
Logistics is committed to reducing the number of vehicles used in
its logistics parks by over 20% and carbon emissions by 15% for
each vehicle, with overall carbon emissions down by nearly
35%.
JD Retail
- In August,
JD.com upgraded its trade-in services to support cross-category
trade-in for cell phones, computers, digital devices and home
appliances. After the upgrade, users can also trade in a mix of up
to six electronic products for new ones. Some of such recycling and
trade-in services are facilitated by ATRenew, an investee of JD.com
that aims at prolonging the life cycle of electronic devices and
thereby promoting environmental sustainability. JD.com becomes the
first in industry to support both cross-category and multi-devices
trade-in, providing users with the best-in-class experiences while
promoting recycling.
- In September, JD
Ehome, the first Apple authorized offline store operated by JD.com,
was officially launched in Beijing, providing customers an
integrated online to offline shopping experience. This is the first
time for JD.com and Apple to expand collaboration from online to
offline by leveraging JD.com’s proprietary business model. It also
marks a milestone as JD.com is the first online retailer in China
in nearly five years that receives the authorization of Apple
Premium Reseller (APR), the highest level of Apple reseller in
China.
- In the third
quarter, FENDI, a luxury fashion brand under LVMH, launched a
flagship store on JD.com, making the company the first with full
partnerships with the nine top fashion brands under LVMH.
Meanwhile, Italian high-end clothing brand Max Mara and French
luxury footwear brand Roger Vivier also joined JD.com. In terms of
beauty brands, JD.com welcomed Christian Louboutin Beauty, BOBBI
BROWN and LA PRAIRIE, among others, further enriching the Company’s
offerings of high-end beauty and cosmetic products. In addition,
Canadian fashion and sportswear brand Lululemon launched its
flagship store on JD.com during the third quarter.
- JD.com continues
to accelerate the rollout of its “National Pavilions” program,
bringing consumers a variety of specialty products from around the
world, especially the supermarket category. In addition to the over
70 national pavilions that were launched on JD.com, the Company
welcomed nearly 20 countries during 2022’s Singles’ Day Grand
Promotion. By leveraging JD.com’s app, 7Fresh and other marketing
and logistics channels, JD has introduced many high-quality
specialty products from overseas to Chinese consumers, providing
with more diverse and convenient shopping options.
JD Health
- In the third
quarter, JD Health collaborated with a number of domestic and
international leading pharmaceutical and healthcare companies to
accelerate the integration of physical products and services, and
promote business innovation. Specifically, JD Health reached a
strategic cooperation with Omron Healthcare to collaborate deeply
in various fields including service model innovation and digital
marketing, effectively encouraging users to engage in proactive
healthcare management.
- In August, JD
Health became the first company in China’s internet healthcare
sector that received the ISO27799 certification for personal health
information security management system, issued by the international
certification body British Standards Institution (BSI). This
demonstrates JD Health’s international leading capabilities in user
information security and privacy management.
JD Logistics
- JD Logistics was
one of the first logistics companies connected to the Yinxuda
service of Douyin’s e-commerce platform, providing high-quality
delivery services such as to-door delivery to Douyin users.
- On August 31,
2022, JD Logistics received the Operation Certification of Public
Air Carriers of Large Aircraft (CCAR- Part 121) from the Civil
Aviation Administration of China, marking the official commencement
of the operation of JD Logistics Airlines. At present, JD
Logistics’ self-owned all-cargo route between Nantong and Beijing
is fully operational.
- As of September 30, 2022, JD
Logistics operated over 1,500 warehouses. Including warehouse space
managed through the Open Warehouse Platform, JD Logistics’s
warehouse network had an aggregate gross floor area of over 30
million square meters4.
Dada
- In September,
JD.com’s intra-city business played an active role in supporting
the launch of new cell phone models. As the only on-demand retail
platform selected for Apple’s pre-sale, JD Daojia (JDDJ) joined
hands with Shop Now, JD.com’s one-hour delivery service, as well as
Apple authorized resellers to secure inventory of iPhone14 models,
promptly open and process pre-sale orders, and provide instant
delivery services to customers. This boosted sales to RMB200
million within the first six hours on the opening day. In addition,
JDDJ and Shop Now also successfully supported the launch and
pre-sale for Huawei Mate 50 models.
JD Industry
- In the third
quarter, JD Industry established strategic cooperation with a
number of leading industrial enterprises, such as State Grid,
PipeChina, Nippon Paint, among others. With its core intelligent
capabilities in commodities, procurement, fulfillment and
operations, JD Industry helps its business partners to achieve
high-efficient resource coordination and allocation along the
industrial chain, thus building more resilient supply chain
capabilities.
_______________
4 The numbers also include warehouses managed by Deppon
Logistics Co., Ltd. (“Deppon”, Shanghai Stock Exchange code:
603056) and its subsidiaries (collectively, “Deppon Group”). In the
third quarter of 2022, JD Logistics completed the acquisition of
the controlling interest in Deppon. As of September 30, 2022, JD
Logistics controls a total of approximately 72% of the issued share
capital of Deppon.
Third Quarter 2022 Financial
Results
Net Revenues. For the
third quarter of 2022, JD.com reported net revenues of RMB243.5
billion (US$34.2 billion), representing a 11.4% increase from the
same period of 2021. Net product revenues increased by 5.9%, while
net service revenues increased by 42.2% for the third quarter of
2022, as compared to the same period of 2021.
Cost of
Revenues. Cost of revenues increased by
10.5% to RMB207.3 billion (US$29.1 billion) for the third quarter
of 2022 from RMB187.6 billion for the third quarter of 2021.
Fulfillment
Expenses. Fulfillment expenses, which
primarily include procurement, warehousing, delivery, customer
service and payment processing expenses, increased by 0.5% to
RMB14.4 billion (US$2.0 billion) for the third quarter of 2022 from
RMB14.3 billion for the third quarter of 2021. Fulfillment expenses
as a percentage of net revenues was 5.9% for the third quarter of
2022, compared to 6.5% for the same period last year.
Marketing
Expenses. Marketing expenses was RMB7.6
billion (US$1.1 billion) for the third quarter of 2022, as compared
to RMB7.8 billion for the third quarter of 2021.
Research and Development
Expenses. Research and development
expenses was RMB4.1 billion (US$0.6 billion) for the third quarter
of 2022, as compared to RMB4.0 billion for the third quarter of
2021.
General and Administrative
Expenses. General and administrative
expenses was RMB2.6 billion (US$0.4 billion) for the third quarter
of 2022, as compared to RMB3.1 billion for the third quarter of
2021.
Income from Operations and Non-GAAP
Income from Operations. Income from operations for
the third quarter of 2022 was RMB8.7 billion (US$1.2 billion),
compared to RMB2.6 billion for the same period last year. Non-GAAP
income from operations was RMB9.9 billion (US$1.4 billion) for the
third quarter of 2022, as compared to RMB4.6 billion for the third
quarter of 2021. Operating margin of JD Retail before unallocated
items for the third quarter of 2022 was 5.2%, compared to 4.0% for
the third quarter of 2021.
Non-GAAP EBITDA. Non-GAAP
EBITDA was RMB11.5 billion (US$1.6 billion) for the third quarter
of 2022, compared to RMB5.9 billion for the third quarter of
2021.
Share of Results of Equity
Investees. Share of results of equity investees was
an income of RMB0.4 billion (US$0.1 billion) for the third quarter
of 2022, as compared to a loss of RMB1.9 billion for the third
quarter of 2021. The loss for the third quarter of 2021 was
primarily due to non-cash impairment from certain equity
investees.
Others, net. Other
non-operating loss was RMB0.8 billion (US$0.1 billion) for the
third quarter of 2022, as compared to loss of RMB3.1 billion for
the third quarter of 2021. The decrease of loss was primarily due
to the fair value change of investment securities.
Net Income/(Loss)
Attributable to Ordinary Shareholders and
Non-GAAP Net Income Attributable to Ordinary
Shareholders. Net income attributable to
ordinary shareholders for the third quarter of 2022 was RMB6.0
billion (US$0.8 billion), compared to a net loss of RMB2.8 billion
for the same period last year. Non-GAAP net income attributable to
ordinary shareholders for the third quarter of 2022 was RMB10.0
billion (US$1.4 billion), as compared to RMB5.0 billion for the
same period last year.
Diluted EPS and Non-GAAP Diluted
EPS. Diluted net income per ADS for the third quarter of
2022 was RMB3.57 (US$0.50), compared to a diluted net loss per ADS
of RMB1.81 for the third quarter of 2021. Non-GAAP diluted net
income per ADS for the third quarter of 2022 was RMB6.27 (US$0.88),
compared to RMB3.16 for the third quarter of 2021.
Cash Flow and Working Capital
As of September 30, 2022, the company’s cash and
cash equivalents, restricted cash and short-term investments
totaled RMB218.2 billion (US$30.7 billion), compared to RMB191.3
billion as of December 31, 2021. For the third quarter of 2022,
free cash flow of the company was as follows:
|
|
For the three months ended |
|
|
September 30,2021 |
September 30,2022 |
September 30,2022 |
|
|
RMB |
RMB |
US$ |
|
|
(In millions) |
|
|
|
Net cash provided by operating activities |
|
14,448 |
|
9,151 |
|
1,286 |
|
Less: Impact from JD Baitiao
receivables included in the operating cash flow |
|
(3,325 |
) |
(1,506 |
) |
(212 |
) |
Less: Capital expenditures,
net of related sales proceeds |
|
|
|
|
Capital expenditures for development properties |
|
(5,147 |
) |
(3,784 |
) |
(532 |
) |
Other capital expenditures* |
|
(1,820 |
) |
(1,522 |
) |
(213 |
) |
Free cash flow |
|
4,156 |
|
2,339 |
|
329 |
|
|
|
|
|
|
* Including capital expenditures related to the
company’s headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was RMB9.8
billion (US$1.4 billion) for the third quarter of 2022, consisting
primarily of the net cash paid for the acquisition of Deppon and
cash paid for capital expenditures.
Net cash provided by financing activities was
RMB4.0 billion (US$0.6 billion) for the third quarter of 2022,
consisting primarily of the proceeds from the second closing of JD
Property’s non-redeemable series B preferred share financing.
For the twelve months ended September 30, 2022,
free cash flow of the company was as follows:
|
|
For the twelve months ended |
|
|
September 30,2021 |
September 30,2022 |
September 30,2022 |
|
|
RMB |
RMB |
US$ |
|
|
(In millions) |
|
|
|
Net cash provided by operating activities |
|
41,043 |
|
45,805 |
|
6,439 |
|
Add/(Less): Impact from JD
Baitiao receivables included in the operating cash flow |
|
1,398 |
|
(137 |
) |
(19 |
) |
Less: Capital expenditures,
net of related sales proceeds |
|
|
|
|
Capital expenditures for development properties |
|
(8,518 |
) |
(15,274 |
) |
(2,147 |
) |
Other capital expenditures |
|
(5,412 |
) |
(4,551 |
) |
(640 |
) |
Free cash flow |
|
28,511 |
|
25,843 |
|
3,633 |
|
|
|
|
|
|
|
|
|
Supplemental Information
The company reported four segments since the
first quarter of 2022, JD Retail, JD Logistics, Dada and New
businesses. JD Retail mainly consists of online retail, online
marketplace and marketing services in China. JD Logistics includes
both internal and external logistics businesses. Dada is a local
on-demand delivery and retail platform in China. New businesses
mainly include JD Property, Jingxi, overseas businesses and
technology initiatives.
The table below sets forth the segment operating
results:
|
For the three months ended |
|
September 30,2021 |
September 30,2022 |
September 30,2022 |
|
RMB |
RMB |
US$ |
|
(In millions) |
Net revenues: |
|
|
|
JD Retail |
198,080 |
|
211,923 |
|
29,792 |
|
JD Logistics |
25,749 |
|
35,771 |
|
5,029 |
|
Dada |
— |
|
2,380 |
|
335 |
|
New businesses |
5,733 |
|
4,997 |
|
702 |
|
Inter-segment* |
(11,003 |
) |
(11,536 |
) |
(1,622 |
) |
Total segment net revenues |
218,559 |
|
243,535 |
|
34,236 |
|
Unallocated items** |
149 |
|
— |
|
— |
|
Total consolidated net revenues |
218,708 |
|
243,535 |
|
34,236 |
|
|
|
|
|
Operating income/(loss): |
|
|
|
JD Retail |
7,942 |
|
10,926 |
|
1,536 |
|
JD Logistics |
(727 |
) |
253 |
|
36 |
|
Dada |
— |
|
(300 |
) |
(42 |
) |
New businesses |
(2,073 |
) |
276 |
|
38 |
|
Including: gain on sale of development properties |
579 |
|
1,229 |
|
173 |
|
Total segment operating income |
5,142 |
|
11,155 |
|
1,568 |
|
Unallocated items** |
(2,570 |
) |
(2,427 |
) |
(341 |
) |
Total consolidated operating income |
2,572 |
|
8,728 |
|
1,227 |
|
|
|
|
|
* The inter-segment eliminations mainly consist
of revenues from supply chain solutions and logistics services
provided by JD Logistics to JD Retail, on-demand delivery and
retail services provided by Dada to JD Retail and JD Logistics, and
property leasing services provided by JD Property to JD
Logistics.
** Unallocated items include share-based
compensation, amortization of intangible assets resulting from
assets and business acquisitions, effects of business cooperation
arrangements, and impairment of goodwill and intangible assets,
which are not allocated to segments.
The table below sets forth the revenue
information:
|
For the three months ended |
|
September 30,2021 |
September 30,2022 |
September 30,2022 |
|
RMB |
RMB |
US$ |
|
(In millions) |
|
|
Electronics and home appliances revenues |
110,881 |
119,284 |
16,769 |
General merchandise revenues |
75,127 |
77,743 |
10,929 |
Net product revenues |
186,008 |
197,027 |
27,698 |
|
|
|
|
Marketplace and marketing revenues |
16,775 |
18,954 |
2,665 |
Logistics and other service revenues |
15,925 |
27,554 |
3,873 |
Net service revenues |
32,700 |
46,508 |
6,538 |
|
|
|
|
Total net revenues |
218,708 |
243,535 |
34,236 |
|
|
|
|
Conference Call
JD.com’s management will hold a conference call
at 7:00 am, Eastern Time on November 18, 2022, (8:00 pm,
Beijing/Hong Kong Time on November 18, 2022) to discuss the third
quarter 2022 financial results.
Please register in advance of the conference
using the link provided below and dial in 15 minutes prior to the
call, using participant dial-in numbers, the Passcode and unique
access PIN which would be provided upon registering. You will be
automatically linked to the live call after completion of this
process, unless required to provide the conference ID below due to
regional restrictions.
PRE-REGISTER LINK:
https://s1.c-conf.com/diamondpass/10026677-t5m3xa.html
CONFERENCE ID: 10026677
A telephone replay will be available for one
week until November 25, 2022. The dial-in details are as
follows:
|
US: |
+1-855-883-1031 |
|
International: |
+61-7-3107-6325 |
|
Hong Kong: |
800-930-639 |
|
Mainland China: |
400-120-9216 |
|
Passcode: |
10026677 |
Additionally, a live and archived webcast of the conference call
will also be available on the JD.com’s investor relations website
at http://ir.jd.com.
About JD.com
JD.com is a leading supply chain-based
technology and service provider. The company’s cutting-edge retail
infrastructure seeks to enable 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.
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 sale of
development properties 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 and others, 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
sale of development properties 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 the
proceeds from sale of development properties. 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
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 RelationsSean Zhang+86
(10) 8912-6804IR@JD.com
Media Relations+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 announcements made on the
website of The Stock Exchange of Hong Kong Limited (the “Hong Kong
Stock Exchange”), 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; laws, regulations and governmental policies relating to the
industries in which JD.com or its business partners operate;
potential changes in laws, regulations and governmental policies or
changes in the interpretation and implementation of laws,
regulations and governmental policies that could adversely affect
the industries in which JD.com or its business partners operate,
including, among others, initiatives to enhance supervision of
companies listed on an overseas exchange and tighten scrutiny over
data privacy and data security; risks associated with JD.com’s
acquisitions, investments and alliances, including fluctuation in
the market value of JD.com’s investment portfolio; impact of the
COVID-19 pandemic; natural disasters and geopolitical events;
change in tax rates and financial risks; intensity of competition;
and general market and economic conditions in China and globally.
Further information regarding these and other risks is included in
JD.com’s filings with the SEC and the announcements on the website
of the Hong Kong Stock Exchange. All information provided herein is
as of the date of this announcement, 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 millions, except otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2021 |
September 30,2022 |
September 30,2022 |
|
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
70,767 |
83,356 |
11,718 |
Restricted cash |
|
5,926 |
6,433 |
904 |
Short-term investments |
|
114,564 |
128,449 |
18,057 |
Accounts receivable, net (including JD Baitiao of RMB2.5 billion
and RMB2.0 billion as of December 31, 2021 and September 30, 2022,
respectively)(1) |
|
11,900 |
16,419 |
2,308 |
Advance to suppliers |
|
3,959 |
3,758 |
528 |
Inventories, net |
|
75,601 |
71,757 |
10,087 |
Prepayments and other current assets |
|
11,455 |
16,422 |
2,309 |
Amount due from related parties |
|
5,500 |
7,803 |
1,097 |
Total current assets |
|
299,672 |
334,397 |
47,008 |
Non-current assets |
|
|
|
|
Property, equipment and software, net |
|
32,944 |
51,686 |
7,266 |
Construction in progress |
|
5,817 |
10,363 |
1,457 |
Intangible assets, net |
|
5,837 |
9,465 |
1,331 |
Land use rights, net |
|
14,328 |
33,487 |
4,707 |
Operating lease right-of-use assets |
|
19,987 |
22,101 |
3,107 |
Goodwill |
|
12,433 |
23,123 |
3,251 |
Investment in equity investees |
|
63,222 |
58,947 |
8,287 |
Investment securities |
|
19,088 |
15,014 |
2,111 |
Deferred tax assets |
|
1,111 |
1,371 |
193 |
Other non-current assets |
|
21,804 |
19,552 |
2,748 |
Amount due from related parties |
|
264 |
55 |
7 |
Total non-current assets |
|
196,835 |
245,164 |
34,465 |
Total assets |
|
496,507 |
579,561 |
81,473 |
|
|
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In millions, except otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2021 |
September 30,2022 |
September 30,2022 |
|
|
RMB |
RMB |
US$ |
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Short-term debts |
|
4,368 |
17,996 |
2,530 |
Accounts payable |
|
140,484 |
150,624 |
21,174 |
Advance from customers |
|
29,106 |
30,881 |
4,341 |
Deferred revenues |
|
3,458 |
3,975 |
559 |
Taxes payable |
|
2,568 |
4,929 |
693 |
Amount due to related parties |
|
519 |
256 |
36 |
Accrued expenses and other current liabilities |
|
34,468 |
40,031 |
5,628 |
Operating lease liabilities |
|
6,665 |
7,640 |
1,074 |
Total current liabilities |
|
221,636 |
256,332 |
36,035 |
Non-current liabilities |
|
|
|
|
Deferred revenues |
|
1,297 |
1,019 |
143 |
Unsecured senior notes |
|
9,386 |
10,420 |
1,465 |
Deferred tax liabilities |
|
1,897 |
6,265 |
881 |
Long-term borrowings |
|
— |
18,193 |
2,558 |
Operating lease liabilities |
|
13,721 |
14,781 |
2,078 |
Other non-current liabilities |
|
1,786 |
1,415 |
198 |
Total non-current liabilities |
|
28,087 |
52,093 |
7,323 |
Total liabilities |
|
249,723 |
308,425 |
43,358 |
|
|
|
|
|
(1) JD Technology performs credit risk assessment services for JD
Baitiao business and absorbs the credit risk of the underlying
Baitiao receivables. Facilitated by JD Technology, the company
periodically securitizes Baitiao receivables through the transfer
of those assets to securitization plans and derecognizes the
related Baitiao receivables through sales type arrangements. |
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In millions, except otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2021 |
September 30,2022 |
September 30,2022 |
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
MEZZANINE
EQUITY |
|
1,212 |
589 |
83 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value,
100,000 shares authorized, 3,180 shares issued and 3,131 shares
outstanding as of September 30, 2022) |
|
208,911 |
212,163 |
29,825 |
Non-controlling interests |
|
36,661 |
58,384 |
8,207 |
Total shareholders’ equity |
|
245,572 |
270,547 |
38,032 |
Total liabilities,
mezzanine equity and shareholders’ equity |
|
496,507 |
579,561 |
81,473 |
|
|
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Operations |
(In millions, except per share data) |
|
|
For the three months ended |
|
For the nine months ended |
|
September 30,2021 |
September 30,2022 |
September 30,2022 |
|
September 30,2021 |
September 30,2022 |
September 30,2022 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Net
revenues |
|
|
|
|
|
|
|
Net product revenues |
186,008 |
|
197,027 |
|
27,698 |
|
|
580,980 |
|
627,463 |
|
88,207 |
|
Net service revenues |
32,700 |
|
46,508 |
|
6,538 |
|
|
94,705 |
|
123,327 |
|
17,337 |
|
Total net
revenues |
218,708 |
|
243,535 |
|
34,236 |
|
|
675,685 |
|
750,790 |
|
105,544 |
|
Cost of revenues |
(187,616 |
) |
(207,339 |
) |
(29,147 |
) |
|
(583,741 |
) |
(645,254 |
) |
(90,708 |
) |
Fulfillment |
(14,276 |
) |
(14,354 |
) |
(2,018 |
) |
|
(42,728 |
) |
(46,148 |
) |
(6,487 |
) |
Marketing |
(7,769 |
) |
(7,605 |
) |
(1,069 |
) |
|
(25,380 |
) |
(25,787 |
) |
(3,625 |
) |
Research and development |
(4,004 |
) |
(4,116 |
) |
(579 |
) |
|
(12,227 |
) |
(12,527 |
) |
(1,761 |
) |
General and administrative |
(3,050 |
) |
(2,622 |
) |
(369 |
) |
|
(7,825 |
) |
(7,408 |
) |
(1,042 |
) |
Gain on sale of development properties |
579 |
|
1,229 |
|
173 |
|
|
749 |
|
1,229 |
|
173 |
|
Income from
operations(2)(3) |
2,572 |
|
8,728 |
|
1,227 |
|
|
4,533 |
|
14,895 |
|
2,094 |
|
Other
income/(expenses) |
|
|
|
|
|
|
|
Share of results of equity investees |
(1,851 |
) |
377 |
|
53 |
|
|
(646 |
) |
(2,308 |
) |
(324 |
) |
Interest expense |
(276 |
) |
(579 |
) |
(81 |
) |
|
(766 |
) |
(1,408 |
) |
(198 |
) |
Others, net(4) |
(3,061 |
) |
(816 |
) |
(115 |
) |
|
(568 |
) |
(1,128 |
) |
(159 |
) |
Income/(Loss) before
tax |
(2,616 |
) |
7,710 |
|
1,084 |
|
|
2,553 |
|
10,051 |
|
1,413 |
|
Income tax expenses |
(653 |
) |
(1,751 |
) |
(246 |
) |
|
(1,702 |
) |
(3,581 |
) |
(503 |
) |
Net
income/(loss) |
(3,269 |
) |
5,959 |
|
838 |
|
|
851 |
|
6,470 |
|
910 |
|
Net loss attributable to
non-controlling interests shareholders |
(467 |
) |
(4 |
) |
(1 |
) |
|
(765 |
) |
(886 |
) |
(124 |
) |
Net income attributable to
mezzanine equity classified as non-controlling interests
shareholders |
5 |
|
— |
|
— |
|
|
11 |
|
8 |
|
1 |
|
Net income/(loss)
attributable to ordinary shareholders |
(2,807 |
) |
5,963 |
|
839 |
|
|
1,605 |
|
7,348 |
|
1,033 |
|
|
|
|
|
|
|
|
|
Net income/(loss) per
share: |
|
|
|
|
|
|
|
Basic |
(0.90 |
) |
1.91 |
|
0.27 |
|
|
0.52 |
|
2.35 |
|
0.33 |
|
Diluted |
(0.90 |
) |
1.78 |
|
0.25 |
|
|
0.50 |
|
2.22 |
|
0.31 |
|
Net
income/(loss) per
ADS: |
|
|
|
|
|
|
|
Basic |
(1.81 |
) |
3.81 |
|
0.54 |
|
|
1.03 |
|
4.71 |
|
0.66 |
|
Diluted |
(1.81 |
) |
3.57 |
|
0.50 |
|
|
1.00 |
|
4.43 |
|
0.62 |
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Operations |
(In millions, except per share data) |
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September30,2021 |
September30,2022 |
September30,2022 |
|
September30,2021 |
September30,2022 |
September30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
(2) Includes share-based compensation expenses as follows: |
Cost of revenues |
|
(32 |
) |
(40 |
) |
(6 |
) |
|
(69 |
) |
(100 |
) |
(14 |
) |
Fulfillment |
|
(265 |
) |
(257 |
) |
(36 |
) |
|
(607 |
) |
(684 |
) |
(96 |
) |
Marketing |
|
(164 |
) |
(174 |
) |
(25 |
) |
|
(413 |
) |
(472 |
) |
(66 |
) |
Research and development |
|
(472 |
) |
(416 |
) |
(58 |
) |
|
(1,350 |
) |
(1,156 |
) |
(163 |
) |
General and administrative |
|
(1,410 |
) |
(1,097 |
) |
(154 |
) |
|
(3,680 |
) |
(3,000 |
) |
(422 |
) |
|
|
|
|
|
|
|
|
|
(3) Includes amortization of business cooperation arrangement and
intangible assets resulting from assets and business acquisitions
as follows: |
Fulfillment |
|
(56 |
) |
(107 |
) |
(15 |
) |
|
(164 |
) |
(287 |
) |
(41 |
) |
Marketing |
|
(216 |
) |
(221 |
) |
(31 |
) |
|
(637 |
) |
(657 |
) |
(92 |
) |
Research and development |
|
(26 |
) |
(83 |
) |
(12 |
) |
|
(78 |
) |
(181 |
) |
(25 |
) |
General and administrative |
|
(77 |
) |
(32 |
) |
(4 |
) |
|
(231 |
) |
(128 |
) |
(18 |
) |
|
|
|
|
|
|
|
|
|
(4) Others are
other non-operating income/(loss), primarily consist of
gains/(losses) from fair value change of long-term investments,
gains/(losses) from business and investment disposals, impairment
of investments, government incentives, foreign exchange
gains/(losses), interest income and gains/(losses) from fair value
change of short-term investments. |
JD.com, Inc. |
Unaudited Non-GAAP Net Income Per Share and Per ADS |
(In millions, except per share data) |
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September30,2021 |
September30,2022 |
September30,2022 |
|
September30,2021 |
September30,2022 |
September30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders |
|
5,048 |
10,040 |
1,411 |
|
13,642 |
20,561 |
2,890 |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares: |
|
|
|
|
|
|
|
|
Basic |
|
3,106 |
3,129 |
3,129 |
|
3,106 |
3,122 |
3,122 |
Diluted |
|
3,187 |
3,181 |
3,181 |
|
3,195 |
3,182 |
3,182 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
Basic |
|
1.63 |
3.21 |
0.45 |
|
4.39 |
6.59 |
0.93 |
Diluted |
|
1.58 |
3.14 |
0.44 |
|
4.26 |
6.43 |
0.90 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
3.25 |
6.42 |
0.90 |
|
8.78 |
13.17 |
1.85 |
Diluted |
|
3.16 |
6.27 |
0.88 |
|
8.53 |
12.86 |
1.81 |
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of Cash Flows
and Free Cash Flow |
(In millions) |
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September30,2021 |
September30,2022 |
September30,2022 |
|
September30,2021 |
September30,2022 |
September30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
14,448 |
|
9,151 |
|
1,286 |
|
|
35,829 |
|
39,333 |
|
5,529 |
|
Net cash used in investing activities |
|
(29,757 |
) |
(9,754 |
) |
(1,371 |
) |
|
(55,463 |
) |
(36,118 |
) |
(5,077 |
) |
Net cash provided by financing activities |
|
6,078 |
|
4,029 |
|
566 |
|
|
22,930 |
|
5,415 |
|
761 |
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
311 |
|
1,799 |
|
253 |
|
|
(61 |
) |
4,466 |
|
628 |
|
Net increase/(decrease) in cash, cash equivalents and restricted
cash |
|
(8,920 |
) |
5,225 |
|
734 |
|
|
3,235 |
|
13,096 |
|
1,841 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
102,790 |
|
84,564 |
|
11,888 |
|
|
90,635 |
|
76,693 |
|
10,781 |
|
Cash, cash equivalents and restricted cash at end of period |
|
93,870 |
|
89,789 |
|
12,622 |
|
|
93,870 |
|
89,789 |
|
12,622 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
14,448 |
|
9,151 |
|
1,286 |
|
|
35,829 |
|
39,333 |
|
5,529 |
|
(Less)/Add: Impact from JD Baitiao receivables included in the
operating cash flow |
|
(3,325 |
) |
(1,506 |
) |
(212 |
) |
|
1,191 |
|
(1,438 |
) |
(202 |
) |
Less: Capital expenditures, net of related sales proceeds |
|
|
|
|
|
|
|
|
Capital expenditures for development properties |
|
(5,147 |
) |
(3,784 |
) |
(532 |
) |
|
(9,644 |
) |
(11,407 |
) |
(1,604 |
) |
Other capital expenditures |
|
(1,820 |
) |
(1,522 |
) |
(213 |
) |
|
(3,440 |
) |
(2,937 |
) |
(412 |
) |
Free cash flow |
|
4,156 |
|
2,339 |
|
329 |
|
|
23,936 |
|
23,551 |
|
3,311 |
|
|
JD.com, Inc. |
Supplemental Financial Information and Business Metrics |
|
|
|
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
|
|
|
|
|
|
|
Free cash flow (in RMB billions) – trailing twelve months
(“TTM”) |
|
28.5 |
26.2 |
27.2 |
27.7 |
25.8 |
Inventory turnover days(5) – TTM |
|
30.1 |
30.3 |
30.2 |
31.5 |
31.7 |
Accounts payable turnover days(6) – TTM |
|
45.5 |
45.3 |
45.0 |
49.4 |
50.4 |
Accounts receivable turnover days(7) – TTM |
|
2.8 |
2.9 |
3.2 |
3.6 |
4.0 |
Annual active customer accounts (in millions) |
|
552.2 |
569.7 |
580.5 |
580.8 |
588.3 |
(5) TTM inventory turnover days are the quotient of average
inventory over the immediately preceding five quarters, up to and
including the last quarter of the period, to cost of revenues of
retail business for the last twelve months, and then multiplied by
360 days.(6) TTM accounts payable turnover days are the quotient of
average accounts payable for retail business over the immediately
preceding five quarters, up to and including the last quarter of
the period, to cost of revenues of retail business for the last
twelve months, and then multiplied by 360 days. (7) TTM accounts
receivable turnover days are the quotient of average accounts
receivable over the immediately preceding five quarters, up to and
including the last quarter of the period, to total net revenues for
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 millions, except percentage data) |
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September30,2021 |
September30,2022 |
September30,2022 |
|
September30,2021 |
September30,2022 |
September30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Income from operations |
|
2,572 |
|
8,728 |
|
1,227 |
|
|
4,533 |
|
14,895 |
|
2,094 |
|
Add: Share-based compensation |
|
2,343 |
|
1,984 |
|
279 |
|
|
6,119 |
|
5,412 |
|
761 |
|
Add: Amortization of intangible assets resulting from assets and
business acquisitions |
|
237 |
|
330 |
|
46 |
|
|
703 |
|
879 |
|
124 |
|
(Reversal of)/Add: Effects of business cooperation
arrangements |
|
(10 |
) |
113 |
|
16 |
|
|
(18 |
) |
374 |
|
52 |
|
Reversal of: Gain on sale of development properties |
|
(579 |
) |
(1,229 |
) |
(173 |
) |
|
(749 |
) |
(1,229 |
) |
(173 |
) |
Non-GAAP income from operations |
|
4,563 |
|
9,926 |
|
1,395 |
|
|
10,588 |
|
20,331 |
|
2,858 |
|
Add: Depreciation and other amortization |
|
1,300 |
|
1,537 |
|
216 |
|
|
3,962 |
|
4,373 |
|
615 |
|
Non-GAAP EBITDA |
|
5,863 |
|
11,463 |
|
1,611 |
|
|
14,550 |
|
24,704 |
|
3,473 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
218,708 |
|
243,535 |
|
34,236 |
|
|
675,685 |
|
750,790 |
|
105,544 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin |
|
2.1 |
% |
4.1 |
% |
4.1 |
% |
|
1.6 |
% |
2.7 |
% |
2.7 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA margin |
|
2.7 |
% |
4.7 |
% |
4.7 |
% |
|
2.2 |
% |
3.3 |
% |
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In millions, except percentage data) |
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
|
September30,2021 |
September30,2022 |
September30,2022 |
|
September30,2021 |
September30,2022 |
September30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net income/(loss) attributable to ordinary shareholders |
|
(2,807 |
) |
5,963 |
|
839 |
|
|
1,605 |
|
7,348 |
|
1,033 |
|
Add: Share-based
compensation |
|
1,954 |
|
1,668 |
|
234 |
|
|
5,729 |
|
4,575 |
|
643 |
|
Add: Amortization of
intangible assets resulting from assets and business
acquisitions |
|
193 |
|
221 |
|
31 |
|
|
660 |
|
620 |
|
87 |
|
(Reversal of)/Add: Reconciling
items on the share of equity method investments(8) |
|
(119 |
) |
81 |
|
11 |
|
|
(1,150 |
) |
911 |
|
128 |
|
Add: Impairment of goodwill,
intangible assets, and investments |
|
1,813 |
|
361 |
|
51 |
|
|
2,122 |
|
1,618 |
|
227 |
|
Add: Loss from fair value
change of long-term investments |
|
4,639 |
|
2,779 |
|
391 |
|
|
5,405 |
|
2,944 |
|
414 |
|
Reversal of: Gain on sale of
development properties |
|
(511 |
) |
(1,010 |
) |
(142 |
) |
|
(681 |
) |
(1,010 |
) |
(142 |
) |
(Reversal of)/Add: Net
(gain)/loss on disposals/deemed disposals of investments and
others |
|
(53 |
) |
(27 |
) |
(4 |
) |
|
(69 |
) |
3,491 |
|
491 |
|
(Reversal of)/Add: Effects of
business cooperation arrangements and non-compete agreements |
|
(28 |
) |
113 |
|
16 |
|
|
(76 |
) |
363 |
|
51 |
|
(Reversal of)/Add: Tax effects
on non-GAAP adjustments |
|
(33 |
) |
(109 |
) |
(16 |
) |
|
97 |
|
(299 |
) |
(42 |
) |
Non-GAAP net income
attributable to ordinary shareholders |
|
5,048 |
|
10,040 |
|
1,411 |
|
|
13,642 |
|
20,561 |
|
2,890 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
218,708 |
|
243,535 |
|
34,236 |
|
|
675,685 |
|
750,790 |
|
105,544 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
margin |
|
2.3 |
% |
4.1 |
% |
4.1 |
% |
|
2.0 |
% |
2.7 |
% |
2.7 |
% |
|
(8) To exclude the GAAP to non-GAAP reconciling items on the share
of equity method investments, and share of amortization of
intangibles not on their books. |
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