Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on November 14, 2023
GUANGZHOU, China, Nov. 14,
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 September 30, 2023.
Third Quarter 2023 Highlights
- Total net revenues for the third quarter of 2023
increased by 5.3% year over year to RMB22.8
billion (US$3.1 billion) from
RMB21.6 billion in the prior year
period.
- GMV[1] for the third quarter of 2023
increased by 13.1% year over year to RMB42.5
billion from RMB37.6 billion
in the prior year period.
- Gross profit for the third quarter of 2023
increased by 14.9% year over year to RMB5.4
billion (US$737.6 million)
from RMB4.7 billion in the prior year
period.
- Net income attributable to Vipshop's
shareholders for the third quarter of 2023 was
RMB1.2 billion (US$165.6 million), as compared with RMB1.7 billion in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the third
quarter of 2023 increased by 15.5% year over year to RMB1.8
billion (US$252.3 million) from
RMB1.6 billion in the prior year
period.
- The number of active customers[3] for
the third quarter of 2023 increased by 3.5% year over year to
42.5 million from 41.0 million in the prior year period.
- Total orders[4] for the third quarter of
2023 increased by 6.9% year over year to 179.9 million from 168.3
million in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We had a decent quarter,
primarily driven by the sustained momentum in the apparel category.
During the quarter, we advanced our strategic priority of growing
mindshare for Vipshop to become the go-to online shopping platform
for apparel. We are encouraged to see that our professional
merchandising team is skilled at both developing a rich and diverse
mix of branded merchandise and identifying opportunities with brand
partners in customized products. While growing our merchandise
selections, we are committed to providing our users with
affordability and elevating their shopping experience enabled by a
comprehensive suite of core capabilities. With these competencies,
we are confident to achieve stable and sustainable growth, which we
believe is well supported by our unique business model."
Mr. Mark Wang, Chief Financial
Officer of Vipshop, further commented, "We are delighted to see
that third-quarter results exceeded our expectations. With a
continued focus on high-quality growth, we delivered strong margins
due to efficiency improvements along with a favorable category mix.
Moreover, we remain committed to executing our share repurchase
program. As we see opportunity for our value-for-money offerings
ahead, we are positive on the long-term growth outlook as well as
shareholder value creation."
Third Quarter 2023 Financial Results
REVENUES
Total net revenues for the third quarter of 2023 increased by
5.3% year over year to RMB22.8
billion (US$3.1 billion) from
RMB21.6 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 third quarter of 2023 increased by 14.9%
year over year to RMB5.4 billion
(US$737.6 million) from RMB4.7 billion in the prior year period. Gross
margin for the third quarter of 2023 increased to 23.6% from 21.7%
in the prior year period.
OPERATING EXPENSES
Total operating expenses for the third quarter of 2023 increased
by 9.6% year over year to RMB4.0
billion (US$549.3 million)
from RMB3.7 billion in the prior year
period. As a percentage of total net revenues, total operating
expenses for the third quarter of 2023 was 17.6%, as compared with
16.9% in the prior year period.
- Fulfillment expenses for the
third quarter of 2023 increased by 9.5% year over year to
RMB1.8 billion (US$242.9 million) from RMB1.6 billion in the prior year period. As a
percentage of total net revenues, fulfillment expenses for the
third quarter of 2023 was 7.8%, as compared with 7.5% in the prior
year period.
- Marketing expenses for the
third quarter of 2023 increased by 17.0% year over year to
RMB669.6 million (US$91.8 million) from RMB572.4 million in the prior year period. As a
percentage of total net revenues, marketing expenses for the third
quarter of 2023 was 2.9%, as compared with 2.6% in the prior year
period.
- Technology and content expenses for the
third quarter of 2023 increased by 10.3% year over year to
RMB435.3 million (US$59.7 million) from RMB394.8 million in the prior year period. As a
percentage of total net revenues, technology and content expenses
for the third quarter of 2023 was 1.9%, as compared with 1.8% in
the prior year period.
- General and administrative expenses for the
third quarter of 2023 increased by 5.5% year over year to
RMB1.13 billion (US$155.0 million) from RMB1.07 billion in the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the third quarter of 2023 was 5.0%, which stayed
flat as compared with that in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the third quarter of 2023 increased
by 34.8% year over year to RMB1.5
billion (US$210.2 million)
from RMB1.1 billion in the prior year
period. Operating margin for the third quarter of 2023 increased to
6.7% from 5.3% in the prior year period.
Non-GAAP income from operations[5] for the third
quarter of 2023, which excluded share-based compensation expenses,
increased by 33.0% year over year to RMB2.1
billion (US$284.2 million)
from RMB1.6 billion in the prior year
period. Non-GAAP operating margin[6] for the third
quarter of 2023 increased to 9.1% from 7.2% in the prior year
period.
NET INCOME
Net income attributable to Vipshop's shareholders for the
third quarter of 2023 was RMB1.2
billion (US$165.6 million), as
compared with RMB1.7 billion in the
prior year period. Net margin attributable to Vipshop's
shareholders for the third quarter of 2023 was 5.3%, as
compared with 7.8% in the prior year period. Net income
attributable to Vipshop's shareholders per diluted
ADS[7] for the third quarter of 2023 was
RMB2.19 (US$0.30), as compared with RMB2.70 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the third quarter of 2023, which excluded (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
investment (gain) loss and revaluation of investments excluding
dividends, (iv) reconciling items on the share of equity method
investments, and (v) tax effects on non-GAAP adjustments, increased
by 15.5% year over year to RMB1.8
billion (US$252.3 million)
from RMB1.6 billion in the prior year
period. Non-GAAP net margin attributable to Vipshop's
shareholders[8] for the third quarter of 2023
increased to 8.1% from 7.4% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the third quarter of 2023 increased to
RMB3.33 (US$0.46) from RMB2.56 in the prior year period.
For the quarter ended September 30,
2023, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 552,080,770.
BALANCE SHEET AND CASH FLOW
As of September 30, 2023, the
Company had cash and cash equivalents and restricted cash of
RMB19.6 billion (US$2.7 billion) and short term investments of
RMB451.9 million (US$61.9 million).
For the quarter ended September 30,
2023, net cash generated from operating activities was
RMB1.2 billion (US$165.0 million), and free cash
flow[10], a non-GAAP measurement of liquidity, was as
follows:
For the three months
ended
|
|
|
Sept
30, 2022
RMB'000
|
Sept
30, 2023
RMB'000
|
Sept
30, 2023
US$'000
|
|
Net cash
generated from operating activities
|
724,601
|
1,204,020
|
165,025
|
|
Reconciling
items:
|
|
|
|
|
Net
impact from internet financing activities[11]
|
(82,296)
|
(102,537)
|
(14,054)
|
|
Capital expenditures
|
(558,241)
|
(1,071,555)
|
(146,869)
|
|
Free
cash inflow
|
84,064
|
29,928
|
4,102
|
|
For the trailing twelve
months ended
|
|
|
Sept
30, 2022
RMB'000
|
Sept
30, 2023
RMB'000
|
Sept
30, 2023
US$'000
|
|
Net cash
generated from operating activities
|
10,867,286
|
12,243,732
|
1,678,143
|
|
Reconciling
items:
|
|
|
|
|
Net
impact from internet financing activities
|
159,791
|
295,072
|
40,443
|
|
Capital expenditures
|
(3,719,922)
|
(4,419,331)
|
(605,720)
|
|
Free cash
inflow
|
7,307,155
|
8,119,473
|
1,112,866
|
|
Share Repurchase Program
During the quarter ended September 30,
2023, the Company repurchased US$13.4
million of its ADSs under its current US$1 billion share repurchase program, which is
effective through March 2025. As of
September 30, 2023, the Company had
an unutilized amount of US$551.5
million under this program.
Environment, Social and Governance
On August 28, 2023, Vipshop
released its 2022 Environment, Social, and Governance (ESG) Report.
As outlined in the report, Vipshop defines its ESG strategy with
the goal of "co-creation of a new sustainable life" to explore a
path of sustainable development across five core areas: New
Sustainable Choices, Happy Consumption, Proactive Inclusivity,
Beautiful Society, and Dependable Compliance. Besides, the Company
also pledges to achieve carbon neutrality in its own operations and
a 50% reduction in Scope 3 carbon emission intensity no later than
2030.
As a result of the Company's efforts, Vipshop's MSCI ESG rating
was elevated from "A" to "AA" in October
2023, making it a leader among over 300 companies in the
consumer discretionary industry.
Full ESG Report of the Company can be accessed at
https://ir.vip.com/sustainability.
Business Outlook
For the fourth quarter of 2023, the Company expects its total
net revenues to be between RMB31.8
billion and RMB33.3 billion,
representing a year-over-year increase of approximately 0% to 5%.
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
RMB7.2960 to US$1.00, the effective noon buying rate on
September 29, 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 September 29, 2023, or
at any other rate.
Conference Call Information
The Company will hold a conference call on Tuesday, November 14, 2023 at 7:30 am U.S. Eastern Time, 8:30 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/BI76030433d32e4ded923a0d58ad810740
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/m9sw6aaf. 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 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) impairment loss of
investments, (iii) investment (gain) loss and revaluation of
investments excluding dividends, (iv) reconciling items on the
share of equity method investments, and (v) 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
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) impairment loss of investments, (iii) investment
(gain) loss and revaluation of investments excluding dividends,
(iv) reconciling items on the share of equity method investments,
and (v) 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) impairment loss of investments, (iii) investment
(gain) loss and revaluation of investments excluding dividends,
(iv) reconciling items on the share of equity method investments,
and (v) 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) impairment
loss of investments, (iii) investment (gain) loss and revaluation
of investments excluding dividends, (iv) reconciling items on the
share of equity method investments, and (v) 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 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 ADSs 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
|
|
September
30,2022
|
September
30,2023
|
September
30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
Product
revenues
|
20,249,206
|
21,077,354
|
2,888,892
|
Other revenues
(1)
|
1,365,751
|
1,688,507
|
231,429
|
Total net
revenues
|
21,614,957
|
22,765,861
|
3,120,321
|
Cost of
revenues
|
(16,931,883)
|
(17,384,331)
|
(2,382,721)
|
Gross
profit
|
4,683,074
|
5,381,530
|
737,600
|
Operating
expenses:
|
|
|
|
Fulfillment
expenses (2)
|
(1,618,670)
|
(1,771,903)
|
(242,860)
|
Marketing
expenses
|
(572,421)
|
(669,608)
|
(91,777)
|
Technology and
content expenses
|
(394,752)
|
(435,279)
|
(59,660)
|
General and
administrative expenses
|
(1,071,778)
|
(1,131,241)
|
(155,049)
|
Total operating
expenses
|
(3,657,621)
|
(4,008,031)
|
(549,346)
|
Other operating
income
|
111,874
|
160,165
|
21,952
|
Income from
operations
|
1,137,327
|
1,533,664
|
210,206
|
Investment gain
(loss) and revaluation of investments
|
330,769
|
(94,939)
|
(13,012)
|
Impairment loss
of investments
|
(9,557)
|
-
|
-
|
Interest
expense
|
(8,718)
|
(466)
|
(64)
|
Interest
income
|
176,088
|
166,246
|
22,786
|
Exchange gain
(loss)
|
322,212
|
(33,632)
|
(4,610)
|
Income before
income tax expense and share of income of equity
method investees
|
1,948,121
|
1,570,873
|
215,306
|
Income tax
expenses
|
(266,412)
|
(364,835)
|
(50,005)
|
Share of income
of equity method investees
|
5,155
|
24,528
|
3,362
|
Net
income
|
1,686,864
|
1,230,566
|
168,663
|
Net income attributable
to non-controlling interests
|
(364)
|
(22,274)
|
(3,053)
|
Net income
attributable to Vipshop's shareholders
|
1,686,500
|
1,208,292
|
165,610
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
—Basic
|
123,718,348
|
108,463,991
|
108,463,991
|
—Diluted
|
124,739,925
|
110,416,154
|
110,416,154
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
13.63
|
11.14
|
1.53
|
Net income
attributable to Vipshop's shareholders——Diluted
|
13.52
|
10.94
|
1.50
|
|
|
|
|
Net earnings per
ADS (1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
2.73
|
2.23
|
0.31
|
Net income
attributable to Vipshop's shareholders——Diluted
|
2.70
|
2.19
|
0.30
|
(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 provides platform 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
RMB1.1 billion and RMB 1.2 billion in the three month
periods ended September 30,2022 and September 30,2023,
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
|
|
September
30,2022
|
September
30,2023
|
September
30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included in the
operating expenses as follows:
|
|
|
|
Fulfillment
expenses
|
19,522
|
20,798
|
2,851
|
Marketing
expenses
|
3,938
|
7,985
|
1,094
|
Technology and
content expenses
|
65,989
|
89,333
|
12,244
|
General and
administrative expenses
|
332,483
|
421,423
|
57,761
|
Total
|
421,932
|
539,539
|
73,950
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop
Holdings Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
December
31,2022
|
September
30,2023
|
September
30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
21,938,653
|
18,840,320
|
2,582,281
|
Restricted
cash
|
1,164,748
|
808,728
|
110,845
|
Short term
investments
|
1,595,904
|
451,929
|
61,942
|
Accounts receivable,
net
|
567,730
|
775,825
|
106,336
|
Amounts due from
related parties,net
|
670,187
|
605,112
|
82,938
|
Other receivables and
prepayments,net
|
2,280,449
|
2,216,154
|
303,749
|
Loan
receivables,net
|
882
|
3,171
|
435
|
Inventories
|
5,515,880
|
4,129,548
|
566,002
|
Total current
assets
|
33,734,433
|
27,830,787
|
3,814,528
|
NON-CURRENT
ASSETS
|
|
|
|
Property and equipment,
net
|
16,225,589
|
16,643,729
|
2,281,213
|
Deposits for property
and equipment
|
296,717
|
191,495
|
26,247
|
Land use rights,
net
|
7,638,506
|
9,872,525
|
1,353,142
|
Intangible assets,
net
|
336,599
|
333,765
|
45,746
|
Investment in equity
method investees
|
2,162,872
|
2,163,765
|
296,569
|
Other
investments
|
2,660,305
|
2,955,383
|
405,069
|
Other long-term
assets
|
91,762
|
182,118
|
24,961
|
Goodwill
|
755,213
|
755,213
|
103,511
|
Deferred tax assets,
net
|
681,770
|
725,103
|
99,384
|
Operating lease
right-of-use assets
|
891,744
|
577,835
|
79,199
|
Total non-current
assets
|
31,741,077
|
34,400,931
|
4,715,041
|
TOTAL
ASSETS
|
65,475,510
|
62,231,718
|
8,529,569
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
2,687,438
|
791,207
|
108,444
|
Accounts
payable
|
15,018,138
|
13,101,454
|
1,795,704
|
Advance from
customers
|
1,737,424
|
1,132,098
|
155,167
|
Accrued expenses
and other current liabilities
|
8,394,742
|
8,486,940
|
1,163,233
|
Amounts due to
related parties
|
151,736
|
173,427
|
23,770
|
Deferred
income
|
400,207
|
416,362
|
57,067
|
Operating lease
liabilities
|
136,435
|
77,108
|
10,569
|
Total current
liabilities
|
28,526,120
|
24,178,596
|
3,313,954
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
573,734
|
549,182
|
75,272
|
Deferred income-non
current
|
1,469,685
|
1,659,907
|
227,509
|
Operating lease
liabilities
|
832,928
|
715,161
|
98,021
|
Total non-current
liabilities
|
2,876,347
|
2,924,250
|
400,802
|
TOTAL
LIABILITIES
|
31,402,467
|
27,102,846
|
3,714,756
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary shares
(US$0.0001 par value, 483,489,642
shares authorized,124,060,090 and 98,735,792 shares issued,of
which 101,621,330 and 92,804,041 shares were outstanding as of
December 31,2022 and September 30,2023,
respectively)
|
80
|
62
|
8
|
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 September 30,2023,
respectively)
|
11
|
11
|
2
|
Treasury shares,at
cost(22,438,760 and 5,931,751 Class A shares
as of December 31, 2022 and September 30,2023,
respectively)
|
(8,352,511)
|
(3,600,773)
|
(493,527)
|
Additional paid-in
capital
|
13,091,781
|
4,193,009
|
574,700
|
Retained
earnings
|
28,720,304
|
33,884,781
|
4,644,296
|
Accumulated other
comprehensive loss
|
(707,628)
|
(694,804)
|
(95,231)
|
Non-controlling
interests
|
1,321,006
|
1,346,586
|
184,565
|
Total shareholders'
equity
|
34,073,043
|
35,128,872
|
4,814,813
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
65,475,510
|
62,231,718
|
8,529,569
|
|
-
|
-
|
-
|
|
|
|
|
Vipshop
Holdings Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,2022
|
September
30,2023
|
September
30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
1,137,327
|
1,533,664
|
210,206
|
Share-based
compensation expenses
|
421,932
|
539,539
|
73,950
|
Non-GAAP income
from operations
|
1,559,259
|
2,073,203
|
284,156
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
1,686,500
|
1,208,292
|
165,610
|
Share-based
compensation expenses
|
421,932
|
539,539
|
73,950
|
Impairment loss
of investments
|
9,557
|
-
|
-
|
Investment (gain)
loss and revaluation of investments excluding
dividends
|
(322,381)
|
95,192
|
13,047
|
Reconciling items
on the share of equity method investments(4)
|
29,658
|
17,717
|
2,428
|
Tax effects on
non-GAAP adjustments
|
(230,658)
|
(19,695)
|
(2,699)
|
Non-GAAP net
income attributable to Vipshop's shareholders
|
1,594,608
|
1,841,045
|
252,336
|
(4) To exclude the
GAAP to non-GAAP reconciling items relating to investment (gain)
loss 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
|
123,718,348
|
108,463,991
|
108,463,991
|
—Diluted
|
124,739,925
|
110,416,154
|
110,416,154
|
|
|
|
|
Non-GAAP net
income per Class A and Class B ordinary share
|
|
|
|
Non-GAAP net
income attributable to Vipshop's shareholders——
Basic
|
12.89
|
16.97
|
2.33
|
Non-GAAP net
income attributable to Vipshop's shareholders——
Diluted
|
12.78
|
16.67
|
2.28
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net
income attributable to Vipshop's shareholders——
Basic
|
2.58
|
3.39
|
0.47
|
Non-GAAP net
income attributable to Vipshop's shareholders——
Diluted
|
2.56
|
3.33
|
0.46
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-third-quarter-2023-financial-results-301987108.html
SOURCE Vipshop Holdings Limited