Conference Call to Be Held at 7:30
A.M. U.S. Eastern Time on May 23,
2023
GUANGZHOU, China, May 23, 2023
/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 quarter ended
March 31, 2023.
First Quarter 2023 Highlights
- Total net revenues for the first quarter of 2023
increased by 9.1% year over year to RMB27.5
billion (US$4.0 billion) from
RMB25.2 billion in the prior year
period.
- GMV[1] for the first quarter of 2023
increased by 14.0% year over year to RMB48.5
billion from RMB42.6 billion
in the prior year period.
- Gross profit for the first quarter of 2023 increased by
17.9% year over year to RMB5.9
billion (US$859.8 million)
from RMB5.0 billion in the prior year
period.
- Net income attributable to Vipshop's shareholders for
the first quarter of 2023 increased by 69.6% year over year to
RMB1.9 billion (US$270.7 million) from RMB1.1 billion in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the first quarter of 2023
increased by 45.8% year over year to RMB2.1
billion (US$301.3 million)
from RMB1.4 billion in the prior year
period.
- The number of active customers[3] for the
first quarter of 2023 increased by 4.0% year over year to 43.8
million from 42.2 million in the prior year period.
- Total orders[4] for the first quarter of 2023
increased by 10.8% year over year to 184.4 million from 166.4
million in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We started 2023 with solid
business momentum as we continued to execute our merchandising
strategy diligently and effectively. Our abundant and diverse
assortments at great value caters well to consumer appetite for
discretionary spending along with a rebound in social activities
post the pandemic. In the first quarter, we focused more on
building our strategic and long-term capabilities in merchandise
expansion, customer engagement and service excellence that truly
differentiate us. We are reinforcing our value-for-money perception
across our merchandise offerings to keep Vipshop top-of-mind among
customers. In addition, we are positioned to expand the base of
high-value customers and Super VIP members. We are confident about
our goal to stay on quality and consistent growth path for the long
term."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "We are pleased to deliver a
strong set of first quarter results. The revenue rise was driven by
healthy customer growth with increased spending. Profitabiliy was
exceptionally strong because of sales increase and efficiency
gains. In addition, we continued to proactively return value to
shareholders, with a new share repurchase program in place after we
fully utilized the remaining amount under the previous US$1 billion program during the first quarter.
Looking ahead, we believe we are in a great shape to achieve solid
topline expansion while sustaining healthy profitability."
First Quarter 2023 Financial Results
REVENUES
Total net revenues for the first quarter of 2023 increased by
9.1% year over year to RMB27.5
billion (US$4.0 billion) from
RMB25.2 billion in the prior year
period, primarily attributable to the growth in active customers
and spending driven by the recovery in consumption of discretionary
categories.
GROSS PROFIT
Gross profit for the first quarter of 2023 increased by 17.9%
year over year to RMB5.9 billion
(US$859.8 million) from RMB5.0 billion in the prior year period. Gross
margin for the first quarter of 2023 increased to 21.4% from 19.8%
in the prior year period.
OPERATING EXPENSES
Total operating expenses for the first quarter of 2023 increased
by 4.2% year over year to RMB4.1
billion (US$591.4 million)
from RMB3.9 billion in the prior year
period. As a percentage of total net revenues, total operating
expenses for the first quarter of 2023 decreased to 14.7% from
15.4% in the prior year period.
- Fulfillment expenses for the first quarter of
2023 increased by 5.2% year over year to RMB1.8 billion (US$259.7
million) from RMB1.7 billion
in the prior year period. As a percentage of total net revenues,
fulfillment expenses for the first quarter of 2023 decreased to
6.5% from 6.7% in the prior year period.
- Marketing expenses for the first quarter of 2023
increased by 10.2% year over year to RMB836.9 million (US$121.9
million) from RMB759.3 million
in the prior year period. As a percentage of total net revenues,
marketing expenses for the first quarter of 2023 was 3.0%, which
stayed flat as compared with the prior year period.
- Technology and content expenses for the first
quarter of 2023 increased by 0.6% year over year to RMB392.8 million (US$57.2
million) from RMB390.4 million
in the prior year period. As a percentage of total net revenues,
technology and content expenses for the first quarter of 2023
decreased to 1.4% from 1.5% in the prior year period.
- General and administrative expenses for the first
quarter of 2023 decreased by 0.7% year over year to RMB1.0 billion (US$152.6
million) from RMB1.1 billion
in the prior year period. As a percentage of total net revenues,
general and administrative expenses for the first quarter of 2023
decreased to 3.8% from 4.2% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the first quarter of 2023 increased
by 54.8% year over year to RMB2.0
billion (US$289.1 million)
from RMB1.3 billion in the prior year
period. Operating margin for the first quarter of 2023 increased to
7.2% from 5.1% in the prior year period.
Non-GAAP income from operations[5] for the first
quarter of 2023, which excluded share-based compensation expenses,
increased by 50.6% year over year to RMB2.3
billion (US$333.4 million)
from RMB1.5 billion in the prior year
period. Non-GAAP operating income margin[6] for the
first quarter of 2023 increased to 8.3% from 6.0% in the prior year
period.
NET INCOME
Net income attributable to Vipshop's shareholders for the first
quarter of 2023 increased by 69.6% year over year to RMB1.9 billion (US$270.7
million) from RMB1.1 billion
in the prior year period. Net margin attributable to Vipshop's
shareholders for the first quarter of 2023 increased to 6.8% from
4.3% in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[7] for the first quarter of
2023 increased to RMB3.16
(US$0.46) from RMB1.61 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the first quarter of 2023, which excluded (i) share-based
compensation expenses, (ii) investment loss (gain) and revaluation
of investments excluding dividends, (iii) reconciling items on the
share of equity method investments, and (iv) tax effects on
non-GAAP adjustments, increased by 45.8% year over year to
RMB2.1 billion (US$301.3 million) from RMB1.4 billion in the prior year period. Non-GAAP
net margin attributable to Vipshop's shareholders[8] for
the first quarter of 2023 increased to 7.5% from 5.6% in the prior
year period. Non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS[9] for the first quarter of
2023 increased to RMB3.52
(US$0.51) from RMB2.09 in the prior year period.
For the quarter ended March 31,
2023, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 588,062,755.
BALANCE SHEET AND CASH FLOW
As of March 31, 2023, the Company
had cash and cash equivalents and restricted cash of RMB18.9 billion (US$2.8
billion) and short term investments of RMB1.5 billion (US$217.0
million).
For the quarter ended March 31,
2023, net cash generated from operating activities was
RMB460.7 million (US$67.1 million), and free cash
flow[10], a non-GAAP measurement of liquidity, was as
follows:
For the three months
ended
|
|
Mar 31, 2022
|
|
Mar 31, 2023
|
|
Mar 31, 2023
|
|
|
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
Net cash (used in)
generated from operating activities
|
(1,196,285)
|
|
460,713
|
|
67,085
|
Reconciling
items:
|
|
|
|
|
|
Net impact
from Internet financing activities[11]
|
139,862
|
|
(45,653)
|
|
(6,648)
|
Capital
expenditures
|
(645,684)
|
|
(1,102,128)
|
|
(160,482)
|
Free cash
outflow
|
(1,702,107)
|
|
(687,068)
|
|
(100,045)
|
|
|
|
|
|
|
For the trailing twelve
months ended
|
|
Mar 31, 2022
|
|
Mar 31, 2023
|
|
Mar 31, 2023
|
|
|
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
Net cash generated from
operating activities
|
5,987,379
|
|
12,176,690
|
|
1,773,063
|
Reconciling
items:
|
|
|
|
|
|
Net impact
from Internet financing activities
|
104,171
|
|
223,035
|
|
32,476
|
Capital
expenditures
|
(3,490,880)
|
|
(3,559,033)
|
|
(518,235)
|
Free cash
inflow
|
2,600,670
|
|
8,840,692
|
|
1,287,304
|
Share Repurchase Program
As of March 31, 2023, the Company
had fully utilized its US$1 billion
share repurchase program announced on March
31, 2022.
On March 30, 2023, the Company's
board of directors authorized a new share repurchase program under
which the Company may repurchase up to US$500 million of its ADSs or Class A ordinary
shares for a 24-month period until the close of business on
March 31, 2025, U.S. Eastern Time. On
May 22, 2023, the Company's board of
directors approved an increase in the authorized amount under the
current share repurchase program by US$500
million such that the Company may repurchase up to
US$1 billion of its ADSs or Class A
ordinary shares thereunder.
Management Change
The Company also announced today that it has appointed Mr.
Mark Wang as its chief financial
officer, effective May 24, 2023. Mr.
Wang will succeed Mr. David Cui, who
has decided to resign from this position for personal reasons.
Mr. Eric Ya Shen, Chairman and
Chief Executive Officer of Vipshop, said, "On behalf of the board
of directors and management team of the Company, I would like to
thank David for his contributions and tireless work at Vipshop over
the past three years, and wish him all the best in his future
endeavors. I would also like to warmly welcome Mark to the Company.
His extensive experience in finance and accounting will make him a
great addition to the Vipshop team."
Mr. David Cui said, "It has been
a valuable experience working at Vipshop. I would like to thank the
board of directors of the Company, Eric and the investment
communities for your trust and support. Together, we have witnessed
Vipshop's solid achievements. I believe the Company has built a
strong foundation and financial position that will support its
long-term growth strategy."
Prior to joining Vipshop, Mr. Wang served as the chief financial
officer of Benlai Group, an online fresh grocery player in
China, from April 2021 to November
2022. From October 2017 to
March 2021, Mr. Wang served as the
vice president in the finance department of Xiaomi Corporation
(HKEX: 1810). Prior to that, Mr. Wang worked at Changyou.com
Limited as a finance director from July
2014 to September 2017. From
April 2013 to June 2014, Mr. Wang was a senior manager in the
finance department of Huawei Technologies Co., Ltd. Prior to that,
Mr. Wang served as a tax manager at PricewaterhouseCoopers
Consultants (Shenzhen) Co., Ltd.
from August 2006 to April 2013. Currently, Mr. Wang has also served
as an independent director of Beijing Kingsoft Office Software,
Inc. (SSE: 688111) since April 2022.
Mr. Wang received a bachelor degree in finance from Beijing
International Studies University.
Business Outlook
For the second quarter of 2023, the Company expects its total
net revenues to be between RMB27.0
billion and RMB28.2 billion,
representing a year-over-year increase of approximately 10% to 15%.
These forecasts reflect the Company's current and preliminary view
on the market and operational conditions, which is subject to
change.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues
generated are denominated in Renminbi. This announcement contains
currency conversions of Renminbi amounts into U.S. dollars solely
for the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.8676 to US$1.00, the effective noon buying rate on
March 31, 2023 as set forth in the
H.10 statistical release of the Federal Reserve Board. No
representation is made that the Renminbi amounts could have been,
or could be, converted, realized or settled into U.S. dollars at
that rate on March 31, 2023, or at
any other rate.
Conference Call Information
The Company will hold a conference call on Tuesday, May 23, 2023 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial
results.
All participants wishing to join the conference call must
pre-register online using the link provided below.
Registration Link:
https://register.vevent.com/register/BIa7b0f3c3d71c4ae9a4e24610c98c4ab5
Once pre-registration has been completed, each participant will
receive dial-in numbers and a unique access PIN via email. To join
the conference, participants should use the dial-in details
followed by the PIN code.
A live webcast of the earnings conference call can be accessed
at https://edge.media-server.com/mmc/p/z9j5ao4g. An archived
webcast will 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 https://ir.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 needs for and market
acceptance of flash sales products and services; competition in the
discount retail industry; the potential impact of the COVID-19 to
Vipshop's business operations and the economy in China and elsewhere generally; 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 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 condensed consolidated financial information is derived from
the Company's unaudited interim condensed consolidated financial
statements prepared in conformity with accounting principles
generally accepted in the United States
of America ("U.S. GAAP"), except that comparative
consolidated statements of income and cash flows for the period
presented and detailed footnote disclosures required by Accounting
Standards Codification 270, Interim Reporting ("ASC270"), have been
omitted. Vipshop uses non-GAAP net income attributable to Vipshop's
shareholders, non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS, non-GAAP income from operations,
non-GAAP operating income margin, non-GAAP net margin attributable
to Vipshop's shareholders, and free cash flow, each of which is a
non-GAAP financial measure. For the periods presented in this press
release, non-GAAP net income attributable to Vipshop's shareholders
is net income attributable to Vipshop's shareholders excluding (i)
share-based compensation expenses, (ii) investment loss (gain) and
revaluation of investments excluding dividends, (iii) reconciling
items on the share of equity method investments, and (iv) tax
effects on non-GAAP adjustments. Non-GAAP net income attributable
to Vipshop's shareholders per diluted ADS is computed using
non-GAAP net income attributable to Vipshop's shareholders divided
by weighted average number of diluted ADS outstanding for computing
diluted earnings per ADS. Non-GAAP income from operations is income
from operations excluding share-based compensation expenses.
Non-GAAP operating income margin is non-GAAP income from operations
as a percentage of total net revenues. Non-GAAP net margin
attributable to Vipshop's shareholders is non-GAAP net income
attributable to Vipshop's shareholders as a percentage of total net
revenues. Free cash flow is net cash from operating activities
adding back the impact from internet financing activities and less
capital expenditures, which include purchase and deposits of
property and equipment and land use rights. Impact from internet
financing activities added back or deducted from free cash flow
contains changes in the balances of financial products, which are
primarily consumer financing and supplier financing that the
Company provides to customers and suppliers. The Company believes
that separate analysis and exclusion of the non-cash impact of (i)
share-based compensation expenses, (ii) investment loss (gain) and
revaluation of investments excluding dividends, (iii) reconciling
items on the share of equity method investments, and (iv) tax
effects on non-GAAP adjustments add 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 (i) share-based compensation expenses, (ii)
investment loss (gain) and revaluation of investments excluding
dividends, (iii) reconciling items on the share of equity method
investments, and (iv) tax effects on non-GAAP adjustments. 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, technology platform and Shan Shan Outlets.
Share-based compensation expenses 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.
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.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
[1] "Gross
merchandise value (GMV)" is defined as the total Renminbi value of
all products and services sold through the Company's online sales
business, online marketplace platform, Shan Shan Outlets, and other
offline stores during the relevant period, including through the
Company's websites and mobile apps, third-party websites and mobile
apps, Shan Shan Outlets, and other offline stores, which were
fulfilled by either the Company or its third-party merchants,
regardless of whether or not the goods were delivered or returned.
GMV includes shipping charges paid by buyers to sellers. For
prudent considerations, the Company does not consider products or
services to be sold if the relevant orders were placed and canceled
pre-shipment and only included orders that left the Company's or
other third-party vendors' warehouses.
|
[2] Non-GAAP
net income attributable to Vipshop's shareholders is a non-GAAP
financial measure, which, for the periods presented in this press
release, is defined as net income attributable to Vipshop's
shareholders excluding (i) share-based compensation expenses, (ii)
investment loss (gain) and revaluation of investments excluding
dividends, (iii) reconciling items on the share of equity method
investments, and (iv) tax effects on non-GAAP
adjustments.
|
[3] "Active
customers" is defined as registered members who have purchased from
the Company's online sales business or the Company's online
marketplace platforms at least once during the relevant
period.
|
[4] "Total
orders" is defined as the total number of orders placed during the
relevant period, including the orders for products and services
sold through the Company's online sales business and the Company's
online marketplace platforms (excluding, for the avoidance of
doubt, orders from the Company's offline stores and outlets), net
of orders returned.
|
[5] Non-GAAP
income from operations is a non-GAAP financial measure, which is
defined as income from operations excluding share-based
compensation expenses.
|
[6] 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.
|
[7] "ADS"
means American depositary share, each of which represents 0.2 Class
A ordinary share.
|
[8] Non-GAAP
net 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.
|
[9] Non-GAAP
net income attributable to Vipshop's shareholders per diluted ADS
is a non-GAAP financial measure, which is defined as non-GAAP net
income attributable to Vipshop's shareholders, divided by the
weighted average number of diluted ADS outstanding for computing
diluted earnings per ADS.
|
[10] Free
cash flow is a non-GAAP financial measure, which is defined as net
cash from operating activities adding back the impact from Internet
financing activities and less capital expenditures, which include
purchase and deposits of property and equipment and land use
rights.
|
[11] Net
impact from Internet financing activities represents net cash flow
relating to the Company's financial products, which are primarily
consumer financing and supplier financing that the Company provides
to its customers and suppliers.
|
Vipshop
Holdings Limited
|
Unaudited
Condensed Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except for share and per share data)
|
|
|
Three Months
Ended
|
|
March 31,
2022
|
March 31,
2023
|
March 31,
2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
Product
revenues
|
23,926,432
|
25,937,830
|
3,776,841
|
Other
revenues(1)
|
1,318,086
|
1,598,553
|
232,767
|
Total net
revenues
|
25,244,518
|
27,536,383
|
4,009,608
|
Cost of
revenues
|
(20,236,053)
|
(21,631,820)
|
(3,149,837)
|
Gross
profit
|
5,008,465
|
5,904,563
|
859,771
|
Operating
expenses:
|
|
|
|
Fulfillment
expenses(2)
|
(1,694,943)
|
(1,783,831)
|
(259,746)
|
Marketing
expenses
|
(759,275)
|
(836,894)
|
(121,861)
|
Technology and
content expenses
|
(390,371)
|
(392,763)
|
(57,191)
|
General and
administrative expenses
|
(1,054,714)
|
(1,047,672)
|
(152,553)
|
Total operating
expenses
|
(3,899,303)
|
(4,061,160)
|
(591,351)
|
Other operating
income
|
173,452
|
142,289
|
20,719
|
Income from
operations
|
1,282,614
|
1,985,692
|
289,139
|
Investment (loss)
gain and revaluation of investments
|
(34,458)
|
41,980
|
6,113
|
Interest
expense
|
(4,735)
|
(5,706)
|
(831)
|
Interest
income
|
199,694
|
221,965
|
32,321
|
Exchange
loss
|
(12,182)
|
(8,187)
|
(1,192)
|
Income before
income tax expense and share of (loss) income of equity method
investees
|
1,430,933
|
2,235,744
|
325,550
|
Income tax
expenses
|
(291,843)
|
(390,144)
|
(56,809)
|
Share of (loss)
income of equity method investees
|
(43,006)
|
31,807
|
4,631
|
Net
income
|
1,096,084
|
1,877,407
|
273,372
|
Net income attributable
to non-controlling interests
|
(421)
|
(18,676)
|
(2,719)
|
Net income
attributable to Vipshop's shareholders
|
1,095,663
|
1,858,731
|
270,653
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
—Basic
|
135,256,731
|
115,930,812
|
115,930,812
|
—Diluted
|
136,053,727
|
117,612,551
|
117,612,551
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
8.10
|
16.03
|
2.33
|
Net income
attributable to Vipshop's shareholders——Diluted
|
8.05
|
15.80
|
2.30
|
|
|
|
|
Net earnings per
ADS (1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
1.62
|
3.21
|
0.47
|
Net income
attributable to Vipshop's shareholders——Diluted
|
1.61
|
3.16
|
0.46
|
(1) Other
revenues primarily consist of product promotion and online
advertising revenues, lease income mainly earned from the Shan Shan
Outlets,
fees charged to third-party merchants which the Company
providesplatform access for sales of their products, revenue from
third-party logistics
services, loan facilitation service income and membership fee
income.
|
(2)
Fulfillment expenses include shipping and handling expenses, which
amounted RMB1.2 billion and RMB 1.3 billion in the three
month periods
ended March 31,2022 and March 31,2023,
respectively.
|
(3)
Authorized share capital is 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.
|
|
|
Three Months
Ended
|
|
March 31,
2022
|
March 31,
2023
|
March 31,
2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included in the operating
expenses as follows:
|
|
|
|
Fulfillment
expenses
|
18,267
|
15,370
|
2,238
|
Marketing
expenses
|
2,365
|
9,328
|
1,358
|
Technology and
content expenses
|
55,207
|
61,366
|
8,936
|
General and
administrative expenses
|
161,832
|
218,080
|
31,755
|
Total
|
237,671
|
304,144
|
44,287
|
|
Vipshop
Holdings Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
December 31,
2022
|
March 31,
2023
|
March 31,
2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
21,938,653
|
17,982,966
|
2,618,523
|
Restricted
cash
|
1,164,748
|
937,419
|
136,499
|
Short term
investments
|
1,595,904
|
1,490,093
|
216,974
|
Accounts receivable,
net
|
567,730
|
597,229
|
86,963
|
Amounts due from
related parties,net
|
670,187
|
197,558
|
28,767
|
Other receivables and
prepayments,net
|
2,280,449
|
2,189,043
|
318,749
|
Loan
receivables,net
|
882
|
914
|
133
|
Inventories
|
5,515,880
|
4,055,696
|
590,555
|
Total current
assets
|
33,734,433
|
27,450,918
|
3,997,163
|
NON-CURRENT
ASSETS
|
|
|
|
Property and equipment,
net
|
16,225,589
|
16,369,365
|
2,383,564
|
Deposits for property
and equipment
|
296,717
|
414,502
|
60,356
|
Land use rights,
net
|
7,638,506
|
7,592,883
|
1,105,609
|
Intangible assets,
net
|
336,599
|
335,654
|
48,875
|
Investment in equity
method investees
|
2,162,872
|
2,124,163
|
309,302
|
Other
investments
|
2,660,305
|
2,731,199
|
397,693
|
Other long-term
assets
|
91,762
|
109,870
|
15,998
|
Goodwill
|
755,213
|
755,213
|
109,968
|
Deferred tax assets,
net
|
681,770
|
716,196
|
104,286
|
Operating lease
right-of-use assets
|
891,744
|
627,091
|
91,312
|
Total non-current
assets
|
31,741,077
|
31,776,136
|
4,626,963
|
TOTAL
ASSETS
|
65,475,510
|
59,227,054
|
8,624,126
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
2,687,438
|
999,197
|
145,494
|
Accounts
payable
|
15,018,138
|
11,885,773
|
1,730,703
|
Advance from
customers
|
1,737,424
|
1,381,263
|
201,127
|
Accrued expenses
and other current liabilities
|
8,394,742
|
7,812,377
|
1,137,571
|
Amounts due to
related parties
|
151,736
|
95,619
|
13,923
|
Deferred
income
|
400,207
|
360,977
|
52,562
|
Operating lease
liabilities
|
136,435
|
90,801
|
13,222
|
Total current
liabilities
|
28,526,120
|
22,626,007
|
3,294,602
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
573,734
|
567,099
|
82,576
|
Deferred income-non
current
|
1,469,685
|
1,656,233
|
241,166
|
Operating lease
liabilities
|
832,928
|
749,004
|
109,063
|
Total non-current
liabilities
|
2,876,347
|
2,972,336
|
432,805
|
TOTAL
LIABILITIES
|
31,402,467
|
25,598,343
|
3,727,407
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary shares
(US$0.0001 par value, 483,489,642 shares
authorized,124,060,090 and 124,287,437 shares issued,of which
101,621,330 and 97,051,781 shares were outstanding as of
December
31,2022 and March 31,2023, respectively)
|
80
|
80
|
12
|
Class B ordinary shares
(US$0.0001 par value, 16,510,358 shares
authorized, and 15,560,358 and 15,560,358 shares issued and
outstanding
as of December 31, 2022 and March 31,2023,
respectively)
|
11
|
11
|
2
|
Treasury shares,at
cost(22,438,760 and 27,235,656 Class A shares as of
December 31, 2022 and March 31,2023, respectively )
|
(8,352,511)
|
(10,744,453)
|
(1,564,514)
|
Additional paid-in
capital
|
13,091,781
|
13,312,507
|
1,938,451
|
Retained
earnings
|
28,720,304
|
30,579,035
|
4,452,652
|
Accumulated other
comprehensive loss
|
(707,628)
|
(841,251)
|
(122,496)
|
Non-controlling
interests
|
1,321,006
|
1,322,782
|
192,612
|
Total shareholders'
equity
|
34,073,043
|
33,628,711
|
4,896,719
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
65,475,510
|
59,227,054
|
8,624,126
|
|
Vipshop
Holdings Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
Three Months
Ended
|
|
March 31,
2022
|
March 31,
2023
|
March 31,
2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
1,282,614
|
1,985,692
|
289,139
|
Share-based
compensation expenses
|
237,671
|
304,144
|
44,287
|
Non-GAAP income
from operations
|
1,520,285
|
2,289,836
|
333,426
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
1,095,663
|
1,858,731
|
270,653
|
Share-based
compensation expenses
|
237,671
|
304,144
|
44,287
|
Investment loss
(gain) and revaluation of investments excluding
dividends
|
35,735
|
(41,980)
|
(6,113)
|
Reconciling items
on the share of equity method
investments(4)
|
51,514
|
(14,715)
|
(2,143)
|
Tax effects on
non-GAAP adjustments
|
(1,757)
|
(36,958)
|
(5,382)
|
Non-GAAP net
income attributable to Vipshop's shareholders
|
1,418,826
|
2,069,222
|
301,302
|
(4) To
exclude the GAAP to non-GAAP reconciling items relating to
investment loss (gain) and revaluation of investments on the share
of equity
method investments.
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
—Basic
|
135,256,731
|
115,930,812
|
115,930,812
|
—Diluted
|
136,053,727
|
117,612,551
|
117,612,551
|
|
|
|
|
Non-GAAP net
income per Class A and Class B ordinary share
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
10.49
|
17.85
|
2.60
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
10.43
|
17.59
|
2.56
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
2.10
|
3.57
|
0.52
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
2.09
|
3.52
|
0.51
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-first-quarter-2023-financial-results-301831835.html
SOURCE Vipshop Holdings Limited