GUANGZHOU, China, Aug. 10, 2015 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), a leading online discount retailer for brands
in China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
second quarter ended June 30,
2015.
Second Quarter 2015 Highlights
- Total net revenue increased by 77.6% to RMB9.0 billion (US$1.5
billion) from RMB5.1 billion
in the prior year period.
- Gross profit increased by 78.6% to RMB2.3 billion (US$363.0
million) from RMB1.3 billion
in the prior year period. Gross margin increased to 25.0% from
24.8% in the prior year period.
- Income from operations increased by 192.5% to
RMB437.8 million (US$70.6 million) from RMB149.6 million in the prior year period.
Operating margin increased to 4.9% from 2.9% in the prior year
period.
- Non-GAAP income from operations[1] increased by 113.0%
to RMB568.6 million (US$91.7 million) from RMB267.0 million in the prior year period.
Non-GAAP operating margin[2] increased to 6.3% from 5.3% in the
prior year period.
- Net income attributable to Vipshop's shareholders
increased by 147.2% to RMB399.3
million (US$64.4 million) from
RMB161.5 million in the prior year
period. Net income margin attributable to Vipshop's shareholders
increased to 4.4% from 3.2% in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[3] increased by 96.6% to RMB517.6 million (US$83.5
million) from RMB263.2 million
in the prior year period. Non-GAAP net income margin attributable
to Vipshop's shareholders[4] increased to 5.7% from 5.2% in the
prior year period.
Mr. Eric Shen, chairman and chief
executive officer of Vipshop, stated, "We delivered strong second
quarter financial and operating results, which were mainly driven
by mobile expansion, enhanced operating leverage and the continued
growth in the numbers of customers and orders in our core flash
sales business. Our smooth and swift execution on the mobile front
– with 76% of our gross merchandise value now coming from mobile
devices – has helped set us apart in the market, and further
clarifies the unique value of our flash sale model for on-the-go
shoppers. Our cross-border expansion, supplier financing
initiatives and logistical enhancements have further improved our
ecosystem for brands and customers. Going forward, we will focus on
expanding our market share and scaling our operations through
enhancing the customer shopping experience, attracting new
customers and elevating our brand value in China and globally."
Mr. Donghao Yang, chief financial
officer of Vipshop, commented, "Vipshop continued to deliver strong
overall results in the second quarter, with mobile adoption
accelerating and margins strengthening across the board. What was
particularly encouraging was the scale effect we successfully
achieved as fulfillment and G&A expenses came down as a
percentage of revenues, leading operating margin to expand sharply
to 4.9% from 2.9% a year ago. In order to further improve
fulfillment efficiency, we continue to enhance and expand our
logistical capabilities. With approximately 1.4 million square
meters of warehouse capacity as of June 30,
2015 and construction of a new warehouse in Sichuan Province underway, we are on track to
meet our 1.5 million-square-meter target by year end. We also
continue to expand our local delivery and services network, which
we are currently utilizing to deliver over 70% of our total orders
across almost all provinces in mainland China."
Second Quarter 2015 Financial Results
REVENUE
Total net revenue for the second quarter of 2015 increased by
77.6% to RMB9.0 billion (US$1.5 billion) from RMB5.1 billion in the prior year period,
primarily driven by the growth in the numbers of total active
customers, repeat customers, total orders, as well as the
increasing revenue contribution from the mobile platform.
The number of active customers[5] for the second quarter of 2015
increased by 47.2% to 14.2 million from 9.7 million in the prior
year period. The number of total orders[6] for the second quarter
of 2015 increased by 55.2% to 44.9 million from 28.9 million in the
prior year period[7].
In an effort to increase focus on its core flash sales business,
and attract and maintain high-quality long-term customers, the
Company began to substantially scale down its lower-margin
group-buy business in the third quarter of 2014. As a result,
revenue contribution from the group-buy business decreased to 0.2%
of Vipshop's total net revenues in the second quarter of 2015 from
5.5% the prior year period. Furthermore, the active customers and
orders for the group-buy business as a percent of Vipshop's total
active customers and total orders decreased to 0.8% and 0.7%,
respectively, in the second quarter of 2015 from 22.2% and 13.2%,
respectively, in the prior year period. Excluding the impact of the
group-buy business and Lefeng, the number of total customers and
total orders for Vipshop's core flash sales business increased by
84.4% and 86.1% year over year, respectively. On the mobile
platform, the number of total active customers and total orders for
Vipshop's core flash sales business increased by 185.7% and 194.1%
year over year, respectively.
GROSS PROFIT
Gross profit for the second quarter of 2015 increased by 78.6%
to RMB2.3 billion (US$363.0 million) from RMB1.3 billion in the prior year period,
primarily attributable to the increased bargaining power with its
suppliers due to the expanding scale of the business, as well as
the growth of its marketplace platforms. Gross margin increased to
25.0% in the second quarter of 2015 from 24.8% in the prior year
period.
OPERATING INCOME AND EXPENSES
Total operating expenses for the second quarter of 2015 were
RMB1.9 billion (US$299.1 million), as compared with the
RMB1.1 billion in the prior year
period. As a percentage of total net revenue, total operating
expenses decreased to 20.6% from 22.5% in the prior year
period.
- Fulfillment expenses for the second quarter of
2015 were RMB819.6 million
(US$132.2 million), as compared with
RMB513.4 million in the prior year
period, primarily reflecting the increase in sales volume, and
number of orders fulfilled. As a percentage of total net revenue,
fulfillment expenses decreased to 9.1% from 10.1% in the prior year
period, primarily reflecting the scale effect associated with the
rapid growth in total net revenue and the increase in average
ticket size.
- Marketing expenses for the second quarter of 2015
were RMB502.6 million (US$81.1 million), as compared with RMB274.2 million in the prior year period. As a
percentage of total net revenue, marketing expenses were 5.6%, as
compared with 5.4% in the prior year period, reflecting the
Company's strategy to drive long-term growth through increasing
investments in strengthening its brand awareness, attracting new
users particularly for its mobile application, and expanding market
share especially within product categories such as cosmetics, home
goods, and baby and child care products.
- Technology and content expenses for the second
quarter of 2015 were RMB245.7 million
(US$39.6 million), as compared with
RMB131.0 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses were 2.7%, as compared with 2.6% in the prior year
period, primarily reflecting the Company's continued effort to
expand headcount to better support future growth, as well as its
investments in data analytics, which can help improve the ability
to predict consumer behavior and further enhance user
experience.
- General and administrative expenses for the
second quarter of 2015 were RMB286.7
million (US$46.2 million), as
compared with RMB225.9 million in the
prior year period. As a percentage of total net revenue, general
and administrative expenses decreased to 3.2% from 4.4% in the
prior year period, primarily reflecting the scale effect associated
with the rapid growth in total net revenue.
Income from operations for the second quarter of 2015 increased
by 192.5% to RMB437.8 million
(US$70.6 million) from RMB149.6 million in the prior year period due to
the growing scale of the Company's operations and decrease in
fulfillment, and general and administrative expenses as a
percentage of total net revenue. Operating income margin increased
to 4.9% from 2.9% in the prior year period.
Non-GAAP income from operations, which excludes share-based
compensation expenses and amortization of intangible assets
resulting from a business acquisition, increased by 113.0% to
RMB568.6 million (US$91.7 million) from RMB267.0 million in the prior year
period.Non-GAAP operating income margin increased to 6.3% from 5.3%
in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders increased by
147.2% to RMB399.3 million
(US$64.4 million) from RMB161.5 million in the prior year period. Net
income margin attributable to Vipshop's shareholders increased to
4.4% from 3.2% in the prior year period. Net income attributable to
Vipshop's shareholders per diluted ADS[8] increased to RMB0.66 (US$0.11)
from RMB0.27 in the prior year
period.
Non-GAAP net income attributable to Vipshop's shareholders,
which excludes share-based compensation expenses and amortization
of intangible assets resulting from a business acquisition and
equity method investments, increased by 96.6% to RMB517.6 million (US$83.5
million) from RMB263.2 million
in the prior year period. Non-GAAP net income margin attributable
to Vipshop's shareholders increased to 5.7% from 5.2% in the prior
year period. Non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS increased to RMB0.86 (US$0.14)
from RMB0.44 in the prior year
period.
For the quarter ended June 30,
2015, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 601,002,280.
As of June 30, 2015, the Company
had cash and cash equivalents, and restricted cash of RMB4.4 billion (US$716.2
million) and held-to-maturity securities of RMB2.9 billion (US$462.3
million).
For the quarter ended June 30,
2015, net cash used in operating activities was RMB467.4 million (US$75.4
million), as compared with net cash from operations of
RMB183.7 million in the prior year
period. This was primarily due to the Company substantially
expediting its payments to suppliers, in order to support their
growth and create an ecosystem that will strengthen Vipshop's
competitive advantages. As a result, accounts payable turnover days
decreased to 71 days in the second quarter of 2015, from 80 days in
the prior quarter.
Business Outlook
For the third quarter of 2015, the Company expects its total net
revenue to be between RMB9.1 billion and
RMB9.3 billion, representing a year-over-year growth rate of
approximately 71% to 74%. These forecasts reflect the Company's
current and preliminary view on the market and operational
conditions, which is subject to change.
Exchange Rate
This announcement contains currency conversions of certain
Renminbi amounts into U.S. dollars at specified rates solely for
the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.2000 to US$1.00, the effective noon buying rate for
June 30, 2015 as set forth in the
H.10 statistical release of the Federal Reserve Board.
Conference Call Information
The Company will hold a conference call on Tuesday, August 11, 2015 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss its financial
results and operating performance for the second quarter 2015.
United
States:
|
+1-845-675-0438
|
International Toll
Free:
|
+1-855-500-8701
|
China
Domestic:
|
400-1200654
|
Hong Kong:
|
+852-3018-6776
|
Conference
ID:
|
#97698899
|
The replay will be accessible through August 19, 2015 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61 2 90034211
|
Conference
ID:
|
#97698899
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit www.vip.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
Vipshop's filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and Vipshop does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"), except that the consolidated
statement of shareholders' equity, consolidated statements of cash
flows, and the detailed notes required by Accounting Standards
Codification 270 Interim Reporting ("ASC270"), have not been
presented. Vipshop uses non-GAAP net income attributable to
Vipshop's shareholders, non-GAAP net income per diluted ADS,
non-GAAP income from operations, non-GAAP net income margin, and
non-GAAP operating income margin, each of which is a non-GAAP
financial measure. Non-GAAP net income attributable to Vipshop's
shareholders is net income attributable to Vipshop's shareholders
excluding share-based compensation expenses and amortization of
intangible assets resulting from a business acquisition and equity
method investments. Non-GAAP net income per diluted ADS is non-GAAP
net income divided by weighted average number of diluted ADS.
Non-GAAP income from operations is income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from a business acquisition. Non-GAAP operating
income margin is non-GAAP income from operations as a percentage of
total net revenue. Non-GAAP net income margin is non-GAAP net
income as a percentage of total net revenue. The Company believes
that separate analysis and exclusion of the non-cash impact of
share-based compensation and amortization of intangible assets adds
clarity to the constituent parts of its performance. The Company
reviews these non-GAAP financial measures together with GAAP
financial measures to obtain a better understanding of its
operating performance. It uses these non-GAAP financial measures
for planning, forecasting and measuring results against the
forecast. The Company believes that non-GAAP financial measures are
useful supplemental information for investors and analysts to
assess its operating performance without the effect of non-cash
share-based compensation expenses and amortization of intangible
assets, which have been and will continue to be significant
recurring expenses in its business. However, the use of non-GAAP
financial measures has material limitations as an analytical tool.
One of the limitations of using non-GAAP financial measures is that
they do not include all items that impact the Company's net income
for the period. In addition, because non-GAAP financial measures
are not measured in the same manner by all companies, they may not
be comparable to other similar titled measures used by other
companies. In light of the foregoing limitations, you should not
consider non-GAAP financial measure in isolation from or as an
alternative to the financial measure prepared in accordance with
U.S. GAAP.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
[1]
|
Non-GAAP income from
operations is a non-GAAP financial measure, which is defined as
income from operations excluding share-based compensation expenses
and amortization of intangible assets resulting from a business
acquisition.
|
|
|
[2]
|
Non-GAAP operating
income margin is a non-GAAP financial measure, which is defined as
non-GAAP income from operations as a percentage of total net
revenues.
|
|
|
[3]
|
Non-GAAP net income
attributable to Vipshop's shareholders is a non-GAAP financial
measure, which is defined as net income attributable to Vipshop's
shareholders excluding share-based compensation expenses and
amortization of intangible assets resulting from a business
acquisition and equity method investments.
|
|
|
[4]
|
Non-GAAP net income
margin attributable to Vipshop's shareholders is a non-GAAP
financial measure, which is defined as Non-GAAP net income
attributable to Vipshop's shareholders as a percentage of total net
revenues.
|
|
|
[5]
|
Beginning in the
first quarter of 2015, the Company has updated its definition of
"active customers" from "registered members who have purchased
products from the Company at least once during the relevant period"
to "registered members who have purchased from the Company or the
Company's online marketplace platforms at least once during the
relevant period." The active customer figures in 2014 and 2015
include active Lefeng customers after the Lefeng acquisition was
completed in February 2014.
|
|
|
[6]
|
Beginning in the
first quarter of 2015, the Company has updated its definition of
"total orders" from "the total number of orders placed during the
relevant period" to "the total number of orders placed during the
relevant period, including the orders for products and services
sold in the Company's online sales business and on the Company's
online marketplace platforms, net of orders returned." The total
order figures in 2014 and 2015 include orders attributable to
Lefeng after the Lefeng acquisition was completed in February
2014.
|
|
|
[7]
|
The prior year period
figures of active customers, total orders and repeat customers in
this release have also been revised to reflect the broadened
definitions to ensure comparability.
|
|
|
[8]
|
"ADS" means American
Depositary Share. Effective November 3, 2014, the Company changed
its ADS to Class A Ordinary Share ("Share") ratio from one ADS
representing two ordinary shares to five ADSs representing one
ordinary share. The computation of GAAP and non-GAAP income per
diluted ADS have been adjusted retroactively for all periods
presented to reflect this change.
|
|
|
Vipshop Holdings
Limited
|
Condensed
Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except per share data)
|
|
Three Months
Ended
|
|
June
30,2014
|
June
30,2015
|
June
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
Product
revenues
|
5,000,844
|
8,829,714
|
1,424,147
|
Other revenues
(1)
|
78,042
|
188,408
|
30,388
|
Total net
revenues
|
5,078,886
|
9,018,122
|
1,454,535
|
Cost of goods
sold
|
(3,818,868)
|
(6,767,452)
|
(1,091,525)
|
Gross
profit
|
1,260,019
|
2,250,670
|
363,010
|
Operating
expenses
|
|
|
|
Fulfillment
expenses(2)
|
(513,385)
|
(819,612)
|
(132,194)
|
Marketing
expenses
|
(274,208)
|
(502,566)
|
(81,059)
|
Technology and
content expenses
|
(131,020)
|
(245,695)
|
(39,628)
|
General and
administrative expenses(3)
|
(225,910)
|
(286,743)
|
(46,249)
|
Total operating
expenses
|
(1,144,524)
|
(1,854,616)
|
(299,130)
|
Other
income
|
34,144
|
41,714
|
6,728
|
Income from
operations
|
149,639
|
437,768
|
70,608
|
Interest
expenses
|
(28,679)
|
(16,981)
|
(2,739)
|
Interest
income
|
82,301
|
75,750
|
12,218
|
Exchange
gain
|
4,377
|
19,959
|
3,219
|
Income before income
taxes and share of loss of affiliates
|
207,638
|
516,496
|
83,306
|
Income tax
expense(4)
|
(57,988)
|
(112,603)
|
(18,162)
|
Share of loss of
affiliates
|
(11,184)
|
(19,922)
|
(3,213)
|
Net income
|
138,466
|
383,971
|
61,931
|
Net loss attributable
to noncontrolling interests
|
23,079
|
15,320
|
2,471
|
Net income
attributable to Vipshop's shareholders
|
161,545
|
399,291
|
64,402
|
|
|
|
|
Shares used in
calculating earnings per share(5):
|
|
|
|
Class A ordinary
shares:
|
|
|
|
-- Basic
|
96,704,297
|
99,369,295
|
99,369,295
|
-- Diluted
|
102,917,277
|
103,690,098
|
103,690,098
|
|
|
|
|
Class B ordinary
shares:
|
|
|
|
-- Basic
|
16,510,358
|
16,510,358
|
16,510,358
|
-- Diluted
|
16,510,358
|
16,510,358
|
16,510,358
|
|
|
|
|
Net earnings per
Class A share
|
|
|
|
Net income
attributable to Vipshop's shareholders -- Basic
|
1.46
|
3.45
|
0.56
|
Net income
attributable to Vipshop's shareholders -- Diluted
|
1.37
|
3.32
|
0.54
|
|
|
|
|
Net earnings per
Class B share
|
|
|
|
Net income
attributable to Vipshop's shareholders -- Basic
|
1.46
|
3.45
|
0.56
|
Net income
attributable to Vipshop's shareholders -- Diluted
|
1.37
|
3.32
|
0.54
|
|
|
|
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders -- Basic
|
0.29
|
0.69
|
0.11
|
Net income
attributable to Vipshop's shareholders -- Diluted
|
0.27
|
0.66
|
0.11
|
|
(1)Other revenues
primarily consist of revenues from product promotion and online
advertising, fees charged to third-party merchants which the
Company provides platform access for sales of their
products.
|
(2) Including
shipping and handling expenses, which amounted RMB 245 million and
RMB 301 million in the three month periods ended June 30, 2014 and
June 30, 2015, respectively.
|
(3)Including
amortization of intangible assets resulting from a business
acquisition, which amounted to RMB 62 million and RMB 61 million in
the three months period ended June 30, 2014 and June 30, 2015,
respectively.
|
(4)Included income
tax benefits of RMB 15 million and RMB 15 million related to the
reversal of deferred tax liabilities, which was recognized on the
businss acquisition of Lefeng for the three months period ended
June 30, 2014 and June 30, 2015, respectively.
|
(5) Authorized
share capital are re-classified and re-designated into Class A
ordinary shares and Class B ordinary shares, with each Class A
ordinary share being entitled to one vote and each Class B ordinary
share being entitled to ten votes on all matters that are subject
to shareholder vote.
|
|
|
|
|
|
|
|
|
Net income
|
138,466
|
383,971
|
61,931
|
Other comprehensive
income, net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
(976)
|
(15,797)
|
(2,548)
|
Unrealized gain or
loss of available-for-sales securities
|
|
(918)
|
(148)
|
Comprehensive
income
|
137,490
|
367,256
|
59,235
|
Less: Comprehensive
loss attributable to non-controlling interests
|
(23,261)
|
(16,273)
|
(2,625)
|
Comprehensive income
attributable to Vipshop's shareholders
|
160,751
|
383,529
|
61,860
|
|
|
|
|
|
Three Months
Ended
|
|
June
30,2014
|
June
30,2015
|
June
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Share-based
compensation charges included are follows
|
|
|
|
Fulfillment
expenses
|
2,247
|
4,149
|
669
|
Marketing
expenses
|
4,506
|
4,176
|
674
|
Technology and
content expenses
|
27,053
|
31,085
|
5,014
|
General and
administrative expenses
|
22,321
|
30,808
|
4,969
|
Total
|
56,127
|
70,218
|
11,326
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,2014
|
June
30,2015
|
June
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
4,790,751
|
4,430,522
|
714,600
|
Restricted
cash
|
400
|
9,700
|
1,565
|
Held-to-maturity
securities
|
3,768,338
|
2,866,146
|
462,282
|
Accounts receivable,
net
|
155,099
|
419,859
|
67,719
|
Amounts due from
related parties
|
30,991
|
20,866
|
3,366
|
Other
receivables
|
550,122
|
645,762
|
104,155
|
Inventories
|
3,588,304
|
2,719,500
|
438,628
|
Advance to
suppliers
|
81,952
|
90,375
|
14,577
|
Prepaid
expenses
|
21,348
|
35,288
|
5,692
|
Deferred tax
assets
|
233,149
|
260,365
|
41,994
|
Total current
assets
|
13,220,454
|
11,498,383
|
1,854,578
|
NON-CURRENT
ASSETS
|
|
|
-
|
Property and
equipment, net
|
1,911,453
|
2,570,392
|
414,579
|
Deposits for property
and equipment
|
207,509
|
232,657
|
37,525
|
Prepaid land use
right
|
81,991
|
169,283
|
27,303
|
Intangible assets,
net
|
1,038,949
|
902,776
|
145,609
|
Investment in
affiliates
|
287,390
|
357,894
|
57,725
|
Other
investments
|
102,792
|
436,613
|
70,422
|
Available-for-sale
securities investment, non-current
|
|
61,821
|
9,971
|
Other long-term
assets
|
40,503
|
104,235
|
16,812
|
Goodwill
|
60,000
|
64,819
|
10,455
|
Total non-current
assets
|
3,730,587
|
4,900,490
|
790,401
|
TOTAL
ASSETS
|
16,951,041
|
16,398,873
|
2,644,979
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable
(Including accounts payable of the VIE without recourse to the
Company of RMB 7,490 and RMB 14,942 as of December 31, 2014
and June 30, 2015, respectively)
|
6,121,256
|
4,740,239
|
764,555
|
Advance from
customers (Including advance from customers of the VIE
without recourse to the Company of RMB 1,217,429 and RMB 607,928 as
of December 31, 2014 and June 30, 2015,
respectively)
|
1,422,935
|
1,243,044
|
200,491
|
Accrued expenses and
other current liabilities (Including accrued expenses and other
current liabilities of the VIE without recourse to the Company of
RMB 944,097 and RMB 793,497 as of December 31, 2014 and June
30,2015, respectively)
|
2,340,755
|
2,311,201
|
372,774
|
Amounts due to
related parties (Including amounts due to related parties of the
VIE without recourse to the Company of RMB 2,474 and RMB 33,497 as
of December 31, 2014 and June 30, 2015, respectively)
|
75,784
|
155,452
|
25,073
|
Deferred income
(Including deferred income of the VIE without recourse to the
Company of RMB 178,920 and RMB 199,353 as of December 31, 2014 and
June 30, 2015, respectively)
|
194,560
|
292,684
|
47,207
|
Short term loans
(Including short term loans of the VIE without recourse to
the Company of nil as of December 31, 2014 and June 30,
2015)
|
-
|
6,000
|
968
|
Total current
liabilities
|
10,155,290
|
8,748,620
|
1,411,068
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
242,697
|
212,616
|
34,293
|
Convertible senior
notes
|
3,854,985
|
3,868,137
|
623,893
|
Total non-current
liabilities
|
4,097,682
|
4,080,753
|
658,186
|
Total
liabilities
|
14,252,973
|
12,829,373
|
2,069,254
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares authorized, and
99,475,664 and 98,028,314 shares issued and outstanding as of June
30, 2015 and December 31, 2014, respectively)
|
63
|
64
|
10
|
Class B ordinary
shares (US$0.0001 par value, 16,510,358 shares authorized, and
16,510,358 and 16,510,358 shares issued and outstanding as of June
30, 2015 and December 31, 2014, respectively)
|
11
|
11
|
2
|
Additional paid-in
capital
|
2,538,217
|
2,679,358
|
432,154
|
Retained
earnings
|
26,544
|
793,345
|
127,959
|
Accumulated other
comprehensive income (loss)
|
(10,711)
|
(11,555)
|
(1,864)
|
Non-controlling
interests
|
143,944
|
108,277
|
17,464
|
Total shareholders'
equity
|
2,698,068
|
3,569,500
|
575,725
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
16,951,041
|
16,398,873
|
2,644,979
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
|
|
|
Three Months
Ended
|
|
June
30,2014
|
June
30,2015
|
June
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Income from
operations
|
149,639
|
437,768
|
70,608
|
Share-based
compensation expenses
|
56,127
|
70,218
|
11,326
|
Amortization of
intangible assets resulting from a business acquisition
|
61,224
|
60,628
|
9,779
|
Non-GAAP income from
operations
|
266,990
|
568,614
|
91,713
|
|
|
|
|
|
|
|
|
Net income
|
138,466
|
383,971
|
61,931
|
Share-based
compensation expenses
|
56,127
|
70,218
|
11,326
|
Amortization of
intangible assets resulting from a business acquisition and equity
method investments (net of tax)
|
57,055
|
59,434
|
9,586
|
Non-GAAP net
income
|
251,648
|
513,623
|
82,843
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
161,545
|
399,291
|
64,402
|
Share-based
compensation expenses
|
56,127
|
70,218
|
11,326
|
Amortization of
intangible assets resulting from a business acquisition and equity
method investments (exclude non-controlling interests and net of
tax)
|
45,576
|
48,118
|
7,761
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
263,248
|
517,627
|
83,489
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Basic common
shares:
|
|
|
|
Class A ordinary
shares:
|
|
|
|
-- Basic
|
96,704,297
|
99,369,295
|
99,369,295
|
-- Diluted
|
102,917,277
|
103,690,098
|
103,690,098
|
|
|
|
|
Class B ordinary
shares:
|
|
|
|
-- Basic
|
16,510,358
|
16,510,358
|
16,510,358
|
-- Diluted
|
16,510,358
|
16,510,358
|
16,510,358
|
|
|
|
|
Non-GAAP net income
per Class A share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders -- Basic
|
2.33
|
4.47
|
0.72
|
Non-GAAP net income
attributable to Vipshop's shareholders -- Diluted
|
2.20
|
4.31
|
0.69
|
|
|
|
|
Non-GAAP net income
per Class B share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders -- Basic
|
2.33
|
4.47
|
0.72
|
Non-GAAP net income
attributable to Vipshop's shareholders -- Diluted
|
2.20
|
4.31
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders -- Basic
|
0.47
|
0.89
|
0.14
|
Non-GAAP net income
attributable to Vipshop's shareholders -- Diluted
|
0.44
|
0.86
|
0.14
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2015-financial-results-300126046.html
SOURCE Vipshop Holdings Limited