GUANGZHOU, China, May 17, 2016 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), a leading online discount retailer for brands
in China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
first quarter ended March 31,
2016.
First Quarter 2016 Highlights
- Total net revenue increased by 41% to RMB12.17 billion (US$1.89
billion), primarily attributable to a 52% year-over-year
increase in the number of active customers[1] to 19.7 million and a
53% year-over-year increase in total orders[2] to 58.7
million.
- Gross profit increased by 38% to RMB2.96 billion (US$458
million) from RMB2.14 billion
in the prior year period.
- Income from operations increased by 51% to RMB596 million (US$92
million) from RMB395 million
in the prior year period. Operating margin increased to 4.9%
from 4.6% in the prior year period.
- Non-GAAP income from operations[3] increased by 48% to
RMB765 million (US$119 million) from RMB517 million in the prior year period.
Non-GAAP operating margin[4] increased to 6.3% from 6.0% in
the prior year period.
- Net income attributable to Vipshop's shareholders
increased by 29% to RMB475 million
(US$74 million) from RMB368 million in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholder[5] increased by 28% to RMB623 million (US$97
million) from RMB487 million
in the prior year period.
Mr. Eric Shen, chairman and chief
executive officer of Vipshop, stated, "Our first quarter results
demonstrate the continued power of our platform to attract and
retain customers and suppliers alike. We will continue to focus on
driving top-line growth and market share expansion by balancing
both customer acquisition growth and profitability. After several
quarters of fine-tuning our strategy of balancing revenue growth
and marketing and promotion expenses, we now have improved control
between these competing levers and aim to achieve more stabilized
growth going forward. We believe that, by providing our nearly 20
million active customers with seamless end-to-end shopping
experience and diverse and affordable products, our platform will
continue to grow and generate significant value for our
stakeholders going forward."
Mr. Donghao Yang, chief financial
officer of Vipshop, commented, "During this quarter, we continued
to deliver strong absolute growth in revenues, active customers and
total orders. The strong operating leverage of our model allows us
to reinvest profit in top-line and market share expansion while
maintaining stable gross margins and expanding operating margins.
Looking ahead, we will continue to diversify our product offering
and further improve our logistics capabilities, in order to ensure
an excellent end-to-end user experience and to deliver enduring
value to our loyal shareholders."
First Quarter 2016 Financial Results
REVENUE
Total net revenue for the first quarter of 2016 increased by 41%
to RMB12.17 billion (US$1.89 billion) from RMB8.61 billion in the prior year period,
primarily driven by the growth in the numbers of total active
customers, repeat customers, and total orders.
The number of active customers for the first quarter of 2016
increased by 52% to 19.7 million from 12.9 million in the prior
year period. The number of total orders for the first quarter of
2016 increased by 53% to 58.7 million from 38.5 million in the
prior year period.
GROSS PROFIT
Gross profit for the first quarter of 2016 increased by 38% to
RMB2.96 billion (US$458 million) from RMB2.14 billion in the prior year period. Gross
margin was 24.3%, as compared with 24.9% in the prior year
period.
OPERATING INCOME AND EXPENSES
Total operating expenses for the first quarter of 2016 were
RMB2.39 billion (US$371 million), as compared with RMB1.76 billion in the prior year period. As a
percentage of total net revenue, total operating expenses decreased
to 19.7% from 20.5% in the prior year period.
- Fulfillment expenses for the first quarter of
2016 were RMB1.08 billion
(US$167 million), as compared with
RMB806 million in the prior year
period, primarily reflecting the increase in sales volume and
number of orders fulfilled. As a percentage of total net revenue,
fulfillment expenses decreased to 8.9% from 9.4% in the prior year
period, primarily reflecting the scale effect associated with the
growth in total net revenue.
- Marketing expenses for the first quarter of 2016
were RMB604 million (US$94 million), as compared with RMB403 million in the prior year period,
reflecting the Company's strategy to drive long-term growth through
increasing investments to strengthen its brand awareness, attract
new users and expand market share. As a percentage of total net
revenue, marketing expenses were 5.0%, as compared with 4.7% in the
prior year period.
- Technology and content expenses for the first
quarter of 2016 were RMB327 million
(US$51 million), as compared with
RMB256 million in the prior year
period, reflecting the Company's continued efforts to invest in
human capital and advanced technologies such as data analytics,
which can help improve the ability to predict consumer behavior and
further enhance user experience. As a percentage of total net
revenue, technology and content expenses decreased to 2.7% from
3.0% in the prior year period, primarily reflecting the scale
effect associated with the growth in total net revenue.
- General and administrative expenses for the first
quarter of 2016 were RMB382 million
(US$59 million), as compared with
RMB297 million in the prior year
period. As a percentage of total net revenue, general and
administrative expenses decreased to 3.1% from 3.4% in the prior
year period, primarily reflecting the scale effect associated with
the growth in total net revenue.
Income from operations for the first quarter of 2016 increased
by 51% to RMB596 million
(US$92 million) from RMB395 million in the prior year period due to
the growing scale of the Company's operations and decrease in
fulfillment, technology and content and general and administrative
expenses as a percentage of total net revenue. Operating margin
increased to 4.9% from 4.6% 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 48% to
RMB765 million (US$119 million) from RMB517 million in the prior year period. Non-GAAP
operating income margin increased to 6.3% from 6.0% in the prior
year period.
NET INCOME
Net income attributable to Vipshop's shareholders increased by
29% to RMB475 million (US$74 million) from RMB368
million in the prior year period. Net margin attributable to
Vipshop's shareholders was 3.9%, as compared with 4.3% in the prior
year period. Net income attributable to Vipshop's shareholders per
diluted ADS[6] increased to
RMB0.80 (US$0.12) from RMB0.61 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders,
which excludes share-based compensation expenses, impairment loss
of investments, and amortization of intangible assets resulting
from a business acquisition and equity method investments,
increased by 28% to RMB623 million
(US$97 million) from RMB487 million in the prior year period. Non-GAAP
net margin attributable to Vipshop's shareholders was 5.1%, as
compared with 5.7% in the prior year period. Non-GAAP net income
attributable to Vipshop's shareholders per diluted ADS increased to
RMB1.04 (US$0.16) from RMB0.81 in the prior year period.
For the quarter ended March 31,
2016, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 621,386,550.
BALANCE SHEET AND CASH FLOW
As of March 31, 2016, the Company
had cash and cash equivalents of RMB3.57
billion (US$554 million) and
held-to-maturity securities of RMB704
million (US$109 million).
For the quarter ended March 31,
2016, operating cash was RMB153
million, and free cash flow[7], a non-GAAP measurement of liquidity, was
as follows:
|
For the three months
ended
|
|
March 31,
2015
RMB'000
|
March 31,
2016
RMB'000
|
March 31,
2016
US$'000
|
Net cash from
operating activities
|
493,289
|
153,211
|
23,761
|
Add: Impact from
Internet financing activities[8]
|
64,281
|
309,209
|
47,954
|
Less: Capital
expenditures
|
(456,872)
|
(660,594)
|
(102,449)
|
Free cash flow
in/(out)
|
100,698
|
(198,174)
|
(30,734)
|
|
|
|
|
|
Business Outlook
For the second quarter of 2016, the Company expects its total
net revenue to be between RMB12.3 billion
and RMB12.8 billion, representing a year-over-year growth
rate of approximately 37% to 42%. 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
RMB6.4480 to US$1.00, the effective noon buying rate for
March 31, 2016 as set forth in the
H.10 statistical release of the Federal Reserve Board.
Conference Call Information
The Company will hold a conference call on Wednesday, May 18, 2016 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss its financial
results and operating performance for the first quarter of
2016.
United States:
+1-845-675-0438
International Toll Free: +1-855-500-8701
China Domestic: +86-400-1200654
Hong Kong: +852-3018-6776
Conference ID: #7061812
The replay will be accessible through May
25, 2016 by dialing the following numbers:
United States Toll Free: +1-855-452-5696
International: +61-2-90034211
Conference ID: #7061812
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit www.vip.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
Vipshop's filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and Vipshop does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"), except that the consolidated
statement of shareholders' equity, consolidated statements of cash
flows, and the detailed notes required by Accounting Standards
Codification 270 Interim Reporting ("ASC270"), have not been
presented. Vipshop uses non-GAAP net income attributable to
Vipshop's shareholders, non-GAAP net income per diluted ADS,
non-GAAP income from operations, non-GAAP net income margin, and
non-GAAP operating income margin, free cash flow, each of which is
a non-GAAP financial measure. Non-GAAP net income attributable to
Vipshop's shareholders is net income attributable to Vipshop's
shareholders excluding share-based compensation expenses,
impairment loss of investments, and amortization of intangible
assets resulting from a business acquisition and equity method
investments. Non-GAAP net income per diluted ADS is non-GAAP net
income divided by weighted average number of diluted ADS. Non-GAAP
income from operations is income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from a business acquisition. Non-GAAP operating
income margin is non-GAAP income from operations as a percentage of
total net revenue. Non-GAAP net income margin is non-GAAP net
income as a percentage of total net revenue. Free cash flow is the
operating cash flow adding back the impact from Internet financing
activities and less capital expenditures, which include purchase of
property and equipment, purchase and deposits of land use rights,
and purchase of other assets. The Company believes that separate
analysis and exclusion of the non-cash impact of share-based
compensation, impairment loss of investments and amortization of
intangible assets adds clarity to the constituent parts of its
performance. The Company reviews these non-GAAP financial measures
together with GAAP financial measures to obtain a better
understanding of its operating performance. It uses these non-GAAP
financial measures for planning, forecasting and measuring results
against the forecast. The Company believes that non-GAAP financial
measures are useful supplemental information for investors and
analysts to assess its operating performance without the effect of
non-cash share-based compensation expenses, impairment loss of
investments, and amortization of intangible assets. Free cash flow
enables the Company to assess liquidity and cash flow, taking into
account the impact from Internet financing activities and the
financial resources needed for the expansion of fulfillment
infrastructure and technology platform. Share-based compensation
expenses and amortization of intangible assets have been and will
continue to be significant recurring expenses in its business.
However, the use of non-GAAP financial measures has material
limitations as an analytical tool. One of the limitations of using
non-GAAP financial measures is that they do not include all items
that impact the Company's net income for the period. In addition,
because non-GAAP financial measures are not measured in the same
manner by all companies, they may not be comparable to other
similar titled measures used by other companies. One of the key
limitations of free cash flow is that it does not represent the
residual cash flow available for discretionary expenditures. In
light of the foregoing limitations, you should not consider
non-GAAP financial measure in isolation from or as an alternative
to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
[1]
|
"Active customers"
are defined as registered members who have purchased from the
Company or the Company's online marketplace platforms at least once
during the relevant period.
|
[2]
|
"Total orders" are
defined as the total number of orders placed during the relevant
period, including the orders for products and services sold in the
Company's online sales business and on the Company's online
marketplace platforms, net of orders returned.
|
[3]
|
Non-GAAP income from
operations is a non-GAAP financial measure, which is defined as
income from operations excluding share-based compensation expenses
and amortization of intangible assets resulting from a business
acquisition.
|
[4]
|
Non-GAAP operating
income margin is a non-GAAP financial measure, which is defined as
non-GAAP income from operations as a percentage of total net
revenues.
|
[5]
|
Non-GAAP net income
attributable to Vipshop's shareholders is a non-GAAP financial
measure. Effective from the fourth quarter of 2015, the non-GAAP
net income attributable to Vipshop's shareholders is defined as net
income attributable to Vipshop's shareholders excluding share-based
compensation expenses, impairment loss of investments, and
amortization of intangible assets resulting from a business
acquisition and equity method investments.
|
[6]
|
"ADS" means American
depositary share, each of which represents 0.2 Class A ordinary
share.
|
[7]
|
As used in this press
release, free cash flow is defined as operating cash flow adding
back the impact from internet financing activities and less capital
expenditures, which include purchase of property and equipment,
purchase and deposits of land use rights and purchase of other
assets.
|
[8]
|
Impact from Internet
financing activities added back to free cash flow contains changes
in the balances of financial products, which are primarily "Weipin
Spend" and "Wei Yidai" that the Company provides to customers and
suppliers respectively.
|
Vipshop Holdings
Limited
|
Condensed
Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except per share data)
|
|
Three Months
Ended
|
|
March
31,2015
|
March
31,2016
|
March
31,2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
Product
revenues
|
8,414,397
|
11,924,439
|
1,849,324
|
Other revenues
(1)
|
198,302
|
244,655
|
37,943
|
Total net
revenues
|
8,612,699
|
12,169,094
|
1,887,267
|
Cost of goods
sold
|
(6,471,623)
|
(9,213,001)
|
(1,428,815)
|
Gross
profit
|
2,141,076
|
2,956,093
|
458,452
|
Operating
expenses
|
|
|
|
Fulfillment
expenses(2)
|
(805,961)
|
(1,079,428)
|
(167,405)
|
Marketing
expenses
|
(402,647)
|
(603,812)
|
(93,643)
|
Technology and
content expenses
|
(256,148)
|
(326,674)
|
(50,663)
|
General and
administrative expenses(3)
|
(296,698)
|
(382,288)
|
(59,288)
|
Total operating
expenses
|
(1,761,454)
|
(2,392,202)
|
(370,999)
|
Other
income
|
15,338
|
32,175
|
4,990
|
Income from
operations
|
394,960
|
596,066
|
92,443
|
Impairment loss of
investments
|
(10,000)
|
-
|
-
|
Interest
expenses
|
(21,841)
|
(22,417)
|
(3,477)
|
Interest
income
|
81,795
|
27,757
|
4,305
|
Exchange gain
(loss)
|
8,508
|
(6,845)
|
(1,062)
|
Income before income
taxes and share of loss of affiliates
|
453,422
|
594,561
|
92,209
|
Income tax
expense(4)
|
(89,190)
|
(131,029)
|
(20,321)
|
Share of loss of
affiliates
|
(22,926)
|
(16,849)
|
(2,613)
|
Net income
|
341,306
|
446,683
|
69,275
|
Net loss attributable
to noncontrolling interests
|
26,203
|
27,885
|
4,325
|
Net income
attributable to Vipshop's shareholders
|
367,509
|
474,568
|
73,600
|
|
|
|
|
Shares used in
calculating earnings per share(5):
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
—Basic
|
114,941,893
|
115,241,944
|
115,241,944
|
—Diluted
|
119,540,587
|
124,277,310
|
124,277,310
|
|
|
|
|
Net earnings per
Class A and Class B share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
3.20
|
4.12
|
0.64
|
Net income
attributable to Vipshop's shareholders——Diluted
|
3.07
|
3.99
|
0.62
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
0.64
|
0.82
|
0.13
|
Net income
attributable to Vipshop's shareholders——Diluted
|
0.61
|
0.80
|
0.12
|
(1) Other revenues
primarily consist of revenues from third-party logistics services,
product promotion and online advertising, fees charged to
third-party merchants which the Company provides platform access
for sales of their products,and inventory and warehouse management
services to certain suppliers.
|
|
|
(2) Including
shipping and handling expenses, which amounted RMB 405 million and
RMB 562 million in the three month periods ended March 31,
2015 and March 31, 2016, respectively.
|
|
|
(3)Including
amortization of intangible assets resulting from a business
acquisition, which amounted to RMB 58 million and RMB 77 million in
the three months period ended March 31, 2015 and March 31, 2016,
respectively.
|
|
|
(4)Included income
tax benefits of RMB 15 million and RMB 20 million related to the
reversal of deferred tax liabilities, which was recognized on the
businss acquisition of Lefeng for the three months period ended
March 31, 2015 and March 31, 2016, respectively.
|
|
|
(5) Authorized
share capital are re-classified and re-designated into Class A
ordinary shares and Class B ordinary shares, with each Class A
ordinary share being entitled to one vote and each Class B ordinary
share being entitled to ten votes on all matters that are subject
to shareholder vote.
|
|
|
|
|
|
|
|
|
|
|
Net income
|
341,306
|
446,683
|
69,275
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
330
|
(4,850)
|
(752)
|
Unrealized gain or
loss of available-for-sales securities
|
16,787
|
(29,078)
|
(4,510)
|
Comprehensive
income
|
358,423
|
412,755
|
64,013
|
Less: Comprehensive
loss attributable to non-controlling interests
|
(26,496)
|
(26,434)
|
(4,100)
|
Comprehensive income
attributable to Vipshop's shareholders
|
384,919
|
439,189
|
68,113
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,2015
|
March
31,2016
|
March
31,2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Share-based
compensation charges included are follows
|
|
|
|
Fulfillment
expenses
|
3,761
|
7,125
|
1,105
|
Marketing
expenses
|
3,879
|
9,325
|
1,446
|
Technology and
content expenses
|
27,363
|
35,768
|
5,547
|
General and
administrative expenses
|
29,235
|
39,809
|
6,174
|
Total
|
64,238
|
92,027
|
14,272
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,2015
|
March
31,2016
|
March
31,2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
3,324,384
|
3,572,949
|
554,117
|
Held-to-maturity
securities
|
1,807,403
|
703,668
|
109,130
|
Accounts receivable,
net
|
351,423
|
668,622
|
103,694
|
Amounts due from
related parties
|
31,856
|
10,776
|
1,671
|
Other receivables and
prepayments
|
1,869,461
|
1,485,148
|
230,326
|
Inventories
|
4,566,746
|
2,830,122
|
438,915
|
Deferred tax
assets
|
202,003
|
229,248
|
35,553
|
Total current
assets
|
12,153,276
|
9,500,533
|
1,473,406
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
2,949,604
|
3,306,035
|
512,723
|
Deposits for property
and equipment
|
933,419
|
977,130
|
151,540
|
Land use rights,
net
|
197,462
|
196,288
|
30,442
|
Intangible assets,
net
|
744,369
|
659,218
|
102,236
|
Investment in
affiliates
|
252,706
|
142,897
|
22,161
|
Other
investments
|
489,862
|
487,955
|
75,675
|
Available-for-sale
securities investment, non-current
|
269,736
|
364,825
|
56,580
|
Other long-term
assets
|
1,936,307
|
2,014,077
|
312,357
|
Goodwill
|
108,781
|
342,374
|
53,098
|
Total non-current
assets
|
7,882,246
|
8,490,799
|
1,316,812
|
TOTAL
ASSETS
|
20,035,522
|
17,991,332
|
2,790,218
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable
(Including accounts payable of the VIE without recourse to the
Company of RMB 48,178 and RMB 105,870 as of December
31, 2015 and March 31, 2016, respectively)
|
6,645,262
|
5,154,802
|
799,442
|
Advance from
customers (Including advance from customers of the VIE
without recourse to the Company of RMB 879,848 and RMB
985,465 as of December 31, 2015 and March 31, 2016,
respectively)
|
2,009,578
|
1,732,489
|
268,686
|
Accrued expenses and
other current liabilities(Including accrued expenses and other
current liabilities of the VIE without recourse to the Company of
RMB 1,127,270 and RMB 849,256 as of December 31,
2015 and March 31, 2016, respectively)
|
3,104,622
|
2,512,275
|
389,621
|
Amounts due to
related parties(Including amounts due to related parties of the VIE
without recourse to the Company of RMB 82,994 and RMB
452 as of December 31, 2015 and March 31, 2016,
respectively)
|
206,966
|
48,158
|
7,469
|
Deferred income
(Including deferred income of the VIE without recourse to the
Company of RMB 95,643 and RMB 103,791 as of December 31, 2015
and March 31, 2016, respectively)
|
104,531
|
114,989
|
17,833
|
Short term loans
(Including short term loans of the VIE without recourse to
the Company of nil and nil as of December 31, 2015 and March 31,
2016)
|
95,000
|
3,000
|
465
|
Total current
liabilities
|
12,165,959
|
9,565,713
|
1,483,516
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability(Including deferred tax of the VIE without recourse to the
Company of RMB 116 and RMB 916 as of December 31, 2015
and March 31, 2016, respectively)
|
175,416
|
156,474
|
24,267
|
Deferred income-non
current(Including deferred income-non current of the VIE without
recourse to the Company of RMB 3,573 and RMB 2,244 as
of December 31, 2015 and March 31, 2016, respectively)
|
22,699
|
46,806
|
7,259
|
Convertible senior
notes
|
4,058,181
|
4,047,836
|
627,766
|
Total non-current
liabilities
|
4,256,296
|
4,251,116
|
659,292
|
Total
liabilities
|
16,422,255
|
13,816,829
|
2,142,808
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares authorized, and
100,085,519 and 100,758,705 shares issued and outstanding as of
December 31, 2015 and March 31, 2016, respectively)
|
65
|
65
|
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
December 31, 2015 and March 31, 2016, respectively)
|
11
|
11
|
2
|
Treasury shares, at
cost - 1,614,135 shares as of December 31, 2015 and March 31,
2016
|
(844,711)
|
(844,711)
|
(131,004)
|
Additional paid-in
capital
|
2,838,591
|
2,934,718
|
455,136
|
Retained
earnings
|
1,616,209
|
2,090,777
|
324,252
|
Accumulated other
comprehensive income (loss)
|
(70,980)
|
(106,361)
|
(16,495)
|
Non-controlling
interests
|
74,082
|
100,004
|
15,509
|
Total shareholders'
equity
|
3,613,267
|
4,174,503
|
647,410
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
20,035,522
|
17,991,332
|
2,790,218
|
|
|
|
|
Vipshop Holdings
Limited
|
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,2015
|
March
31,2016
|
March
31,2016
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Income from
operations
|
394,960
|
596,066
|
92,443
|
Share-based
compensation expenses
|
64,238
|
92,027
|
14,272
|
Amortization of
intangible assets resulting from a business acquisition
|
58,130
|
77,093
|
11,956
|
Non-GAAP income from
operations
|
517,328
|
765,186
|
118,671
|
|
|
|
|
|
|
|
|
Net income
|
341,306
|
446,683
|
69,275
|
Share-based
compensation expenses
|
64,238
|
92,027
|
14,272
|
Impairment loss of
investments
|
10,000
|
-
|
-
|
Amortization of
intangible assets resulting from a business acquisition and equity
method investments (net of tax)
|
56,161
|
71,065
|
11,021
|
Non-GAAP net
income
|
471,705
|
609,775
|
94,568
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
367,509
|
474,568
|
73,600
|
Share-based
compensation expenses
|
64,238
|
92,027
|
14,272
|
Impairment loss of
investments
|
10,000
|
-
|
-
|
Amortization of
intangible assets resulting from a business acquisition and equity
method investments (exclude non-controlling interests and net of
tax)
|
45,311
|
56,764
|
8,803
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
487,058
|
623,359
|
96,675
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Basic ordinary
shares:
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
—Basic
|
114,941,893
|
115,241,944
|
115,241,944
|
—Diluted
|
119,540,587
|
124,277,310
|
124,277,310
|
|
|
|
|
Non-GAAP net income
per Class A and Class B share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
4.24
|
5.41
|
0.84
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
4.07
|
5.19
|
0.80
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
0.85
|
1.08
|
0.17
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
0.81
|
1.04
|
0.16
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-first-quarter-2016-financial-results-300270283.html
SOURCE Vipshop Holdings Limited