Conference Call to Be Held at 8:00
A.M. U.S. Eastern Time on August 14,
2018
GUANGZHOU, China, Aug. 13, 2018 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), a leading online discount retailer for brands
in China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
second quarter ended June 30,
2018.
Second Quarter 2018 Highlights
- Total net revenue for the second quarter of 2018
increased by 18.4% year over year to RMB20.7
billion (US$3.1 billion) from
RMB17.5 billion in the prior year
period.
- The number of active customers[1] for the
second quarter of 2018 increased by 6% year over year to 29.8
million from 28.1 million in the prior year period.
- Total orders[2] for the second quarter of
2018 increased by 31% year over year to 111.3 million from 84.8
million in the prior year period.
- Gross profit for the second quarter of 2018 increased by
4.8% year over year to RMB4.0 billion
(US$611.1 million) from RMB3.9 billion in the prior year period.
- Net income attributable to Vipshop's shareholders for
the second quarter of 2018 increased by 76.4% year over year to
RMB681.6 million (US$103.0 million) from RMB386.5 million in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[3] for the second quarter of
2018 was RMB576.9 million
(US$87.2 million), as compared with
RMB672.6 million in the prior year
period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "In the second quarter of
2018, we saw a positive trend in the growth of the number of active
customers and continued improvement in customer stickiness. We
worked closely with our strategic partners, Tencent and JD.com, in order to unlock the value
the strategic alliance presents for all three parties. As such, we
are keenly focused on our merchandising strategy, which will
further fortify our position as China's leading online discount retailer."
Mr. Donghao Yang, Chief Financial
Officer of Vipshop, further commented, "During the quarter, our
average revenue per customer increased by approximately 12% year
over year, which was a testament of the loyalty of our customers.
As we continue to procure desirable products and offer them to our
customers at favorable prices, we believe we will create more
differentiation and further expand our market share over time."
Recent Business Highlights
- In the second quarter of 2018, Vipshop's total active customers
grew by 6% year over year, demonstrating that its collaboration
with Tencent and JD.com are starting
to bear fruit. The number of new customers from these channels
accounted for 24% of Vipshop's total new customers for the quarter.
Vipshop's JD flagship store currently has
approximately 1.5 million followers. The Company's WeChat
mini-program is particularly strong in acquiring new customers and
reactivating dormant customers. The number of new customers from
the Vipshop mini-program increased by more than 500%
sequentially.
- In the second quarter of 2018, Vipshop's average revenue per
customer increased by approximately 12% year over year. During the
quarter, 85% of customers were repeat customers, up from 79% in the
prior year period, and approximately 96% of orders were placed by
repeat customers, up from 93% in the prior year period.
- Vipshop launched approximately 400 official WeChat
mini-programs for brands in the second quarter of 2018, aiming to
capture opportunities present in the WeChat ecosystem with its
brand partners.
- In the second quarter of 2018, Vipshop added a regional
logistics hub in Shenyang, China.
With this addition, the Company currently has six regional
logistics hubs, located in Guangdong, Jiangsu, Sichuan, Tianjin, Hubei, and Liaoning. As of June
30, 2018, Vipshop has approximately 2.9 million square
meters of total warehousing space, of which around 1.8 million
square meters is owned by the Company.
- During the second quarter of 2018, Vipshop delivered
approximately 99% of its orders through its in-house last mile
delivery network, up from 95% in the prior year period. More than
81% of customer returns were handled directly by Vipshop's last
mile delivery network, up from 68% in the prior year period.
- As of June 30, 2018,
approximately 1.9 million customers enrolled in Vipshop's Super VIP
Paid Membership Program, representing a 30% increase sequentially.
In the second quarter of 2018, Vipshop and Tencent Video launched a joint membership
program, offering even more value to all of their paid
members.
- Vipshop recently added a number of popular domestic and
international brands to its platform, including Mulberry and
Repetto.
Second Quarter 2018 Financial Results
REVENUE
Total net revenue for the second quarter of 2018 increased by
18.4% year over year to RMB20.7
billion (US$3.1 billion) from
RMB17.5 billion in the prior year
period, primarily driven by the growth in the number of total
active customers and the improvement in average revenue per
customer.
GROSS PROFIT
Gross profit for the second quarter of 2018 increased by 4.8% to
RMB4.0 billion (US$611.1 million) from RMB3.9 billion in the prior year period. Gross
margin for the second quarter of 2018 was 19.5% as compared with
22.0% in the prior year period, primarily attributable to the
Company's investment into promotional activities.
OPERATING INCOME AND EXPENSES
Total operating expenses for the second quarter of 2018 were
RMB3.9 billion (US$592.8 million), as compared with RMB3.4 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
second quarter of 2018 decreased to 18.9% from 19.5% in the prior
year period.
- Fulfillment expenses for the second quarter of
2018 were RMB1.9 billion
(US$286.7 million), as compared with
RMB1.6 billion in the prior year
period, primarily reflecting an increase in sales volume and number
of orders fulfilled. As a percentage of total net revenue,
fulfillment expenses for the second quarter of 2018 decreased to
9.1% from 9.4% in the prior year period.
- Marketing expenses for the second quarter of 2018
were RMB899.6 million (US$135.9 million), as compared with RMB752.1 million in the prior year period. As a
percentage of total net revenue, marketing expenses for the second
quarter of 2018 remained stable at 4.3% year over year.
- Technology and content expenses for the second
quarter of 2018 were RMB510.6 million
(US$77.2 million), as compared with
RMB447.8 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the second quarter of 2018 decreased to 2.5%
from 2.6% in the prior year period.
- General and administrative expenses for the
second quarter of 2018 were RMB615.2
million (US$93.0 million), as
compared with RMB578.8 million in the
prior year period. As a percentage of total net revenue, general
and administrative expenses for the second quarter of 2018
decreased to 3.0% from 3.3% in the prior year period.
Income from operations for the second quarter of 2018 was
RMB400.3 million (US$60.5 million), as compared with RMB621.7 million in the prior year period.
Operating margin for the second quarter of 2018 was 1.9% as
compared with 3.5% in the prior year period.
Non-GAAP income from operations[4] for the second
quarter of 2018, which excludes share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, was RMB594.8 million
(US$89.9 million) as compared with
RMB887.7 million in the prior year
period. Non-GAAP operating income margin[5] for the
second quarter of 2018 was 2.9% as compared with 5.1% in the prior
year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the second
quarter of 2018 increased by 76.4% year over year to RMB681.6 million (US$103.0
million) from RMB386.5 million
in the prior year period. Net margin attributable to Vipshop's
shareholders for the second quarter of 2018 increased to 3.3% from
2.2% in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[6] for the second quarter
of 2018 increased to RMB0.99
(US$0.15) from RMB0.64 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the second quarter of 2018, which excludes share-based compensation
expenses, impairment loss of investments, amortization of
intangible assets resulting from business acquisitions and equity
method investments, net of tax, and gain on disposal or revaluation
of investments, net of tax, was RMB576.9
million (US$87.2 million) as
compared with RMB672.6 million in the
prior year period. Non-GAAP net margin attributable to Vipshop's
shareholders[7] for the second quarter of 2018 was 2.8%
as compared with 3.8% in the prior year period. Non-GAAP net income
attributable to Vipshop's shareholders per diluted
ADS[8] for the second quarter of 2018 was RMB0.84 (US$0.13)
as compared with RMB1.09 in the prior
year period.
For the quarter ended June 30,
2018, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 701,354,977.
BALANCE SHEET AND CASH FLOW
As of June 30, 2018, the Company
had cash and cash equivalents and restricted cash of RMB6.4 billion (US$971.2
million) and short term investments of RMB2.1 billion (US$312.7
million).
For the quarter ended June 30,
2018, net cash used in operating activities was RMB502.2 million (US$75.9
million), and free cash flow[9], a non-GAAP
measurement of liquidity, was as follows:
For the three months
ended
|
|
Jun 30,
2017
RMB'000
|
Jun 30,
2018
RMB'000
|
Jun 30,
2018
US$'000
|
Net cash used in
operating activities
|
(273,753)
|
(502,235)
|
(75,900)
|
Add: Impact from
Internet financing activities[10]
|
783,610
|
469,515
|
70,955
|
Less: Capital
expenditures
|
(673,891)
|
(870,103)
|
(131,493)
|
Free cash flow
out
|
(164,034)
|
(902,823)
|
(136,438)
|
For the trailing twelve months ended
|
Jun 30,
2017
RMB'000
|
Jun 30,
2018
RMB'000
|
Jun 30,
2018
US$'000
|
Net cash from
operating activities
|
1,914,083
|
187,270
|
28,301
|
Add: Impact from
Internet financing activities[10]
|
2,850,206
|
1,990,180
|
300,763
|
Less: Capital
expenditures
|
(2,801,534)
|
(2,901,367)
|
(438,465)
|
Free cash flow
in/(out)
|
1,962,755
|
(723,917)
|
(109,401)
|
Business Outlook
For the third quarter of 2018, the Company expects its total net
revenue to be between RMB17.3 billion
and RMB18.1 billion, representing a
year-over-year growth rate of approximately 13% to 18%. 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 RMB 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
RMB6.6171 to US$1.00, the effective noon buying rate for
June 29, 2018 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 June 29, 2018, or at any
other rate.
Conference Call Information
The Company will hold a conference call on Tuesday, August 14, 2018 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss its financial
results and operating performance for the second quarter of
2018.
United
States:
|
+1-845-675-0438
|
International Toll
Free:
|
+1-855-500-8701
|
China
Domestic:
|
400-1200-654
|
Hong
Kong:
|
+852-3018-6776
|
Conference
ID:
|
#9653299
|
The replay will be accessible through August 22, 2018 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-9003-4211
|
Conference
ID:
|
#9653299
|
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 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 the consolidated
statements of cash flows, and the detailed footnote disclosure
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. 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, amortization
of intangible assets resulting from business acquisitions and
equity method investments, net of tax, and gain on disposal or
revaluation of investments, net of tax. 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 and amortization of intangible assets resulting from
business acquisitions. Non-GAAP operating income margin is non-GAAP
income from operations as a percentage of total net revenue.
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 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. 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, supplier financing and cooperative lending that the
Company provides to customers, suppliers and individuals. The
Company believes that separate analysis and exclusion of the
non-cash impact of share-based compensation, impairment loss of
investments, amortization of intangible assets, and gain on
disposal or revaluation of investments 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, amortization of
intangible assets and gain on disposal or revaluation of
investments. 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.
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 net income
attributable to Vipshop's shareholders is a non-GAAP financial
measure, which is defined as net income attributable to Vipshop's
shareholders excluding share-based compensation expenses,
impairment loss of investments, amortization of intangible assets
resulting from business acquisitions and equity method investments,
net of tax, and gain on disposal or revaluation of investments, net
of tax.
|
[4]
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 business acquisitions.
|
[5]
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.
|
[6] "ADS"
means American depositary share, each of which represents 0.2 Class
A ordinary share.
|
[7]
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.
|
[8]
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 weighted average number of diluted ADS outstanding for computing
diluted earnings per ADS.
|
[9] Free
cash flow is a non-GAAP financial measure, which means 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.
|
[10]
Impact from Internet financing activities represents net cash flow
relating to the Company's financial products, which are primarily
consumer financing, supplier financing and cooperative lending that
the Company provides to customers, suppliers and
individuals.
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except per share data)
|
|
|
Three Months
Ended
|
|
June
30,2017
|
June
30,2018
|
June
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
Product
revenues
|
17,036,222
|
20,103,555
|
3,038,122
|
Other revenues
(1)
|
480,357
|
634,820
|
95,936
|
Total net
revenues
|
17,516,579
|
20,738,375
|
3,134,058
|
Cost of
revenues
|
(13,656,686)
|
(16,694,602)
|
(2,522,948)
|
Gross
profit
|
3,859,893
|
4,043,773
|
611,110
|
Operating
expenses:
|
|
|
|
Fulfillment expenses
(2)
|
(1,644,074)
|
(1,897,097)
|
(286,696)
|
Marketing
expenses
|
(752,148)
|
(899,581)
|
(135,948)
|
Technology and
content expenses
|
(447,820)
|
(510,603)
|
(77,164)
|
General and
administrative expenses (3)
|
(578,783)
|
(615,169)
|
(92,967)
|
Total operating
expenses
|
(3,422,825)
|
(3,922,450)
|
(592,775)
|
Other operating
income
|
184,669
|
278,960
|
42,157
|
Income from
operations
|
621,737
|
400,283
|
60,492
|
Gain on disposal or
revaluation of investments
|
55,615
|
309,059
|
46,706
|
Impairment loss of
investments
|
(103,107)
|
0
|
0
|
Interest
expenses
|
(19,259)
|
(39,003)
|
(5,894)
|
Interest
income
|
29,684
|
62,272
|
9,411
|
Foreign exchange
(loss) gain
|
(36,895)
|
79,557
|
12,023
|
Income before income
taxes and share of result of affiliates
|
547,775
|
812,168
|
122,738
|
Income tax expenses
(4)
|
(169,679)
|
(125,486)
|
(18,964)
|
Share of (loss) gain
of affiliates
|
(7,293)
|
2,092
|
316
|
Net income
|
370,803
|
688,774
|
104,090
|
Net loss (income)
attributable to noncontrolling
interests
|
15,680
|
(7,130)
|
(1,077)
|
Net income
attributable to Vipshop's shareholders
|
386,483
|
681,644
|
103,013
|
|
|
|
|
Shares used in
calculating earnings per share (5):
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
--Basic
|
117,365,737
|
132,138,434
|
132,138,434
|
--Diluted
|
125,870,498
|
140,270,995
|
140,270,995
|
|
|
|
|
Net earnings per
Class A and Class B share
|
|
|
|
Net income
attributable to Vipshop's
shareholders--Basic
|
3.29
|
5.16
|
0.78
|
Net income
attributable to Vipshop's
shareholders--Diluted
|
3.20
|
4.97
|
0.75
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5
ADSs)
|
|
|
|
Net income
attributable to Vipshop's
shareholders--Basic
|
0.66
|
1.03
|
0.16
|
Net income
attributable to Vipshop's
shareholders--Diluted
|
0.64
|
0.99
|
0.15
|
(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)
Fulfillment expenses include shipping and handling expenses,
which
amounted RMB 887 million and RMB 1.14 billion in the three
month
periods ended June 30,2017 and June 30,2018,
respectively.
|
(3)
General and administrative expenses include amortization of
intangible assets resulting from business acquisitions, which
amounted
to RMB 84 million and RMB 0.6 million in the three months
period
ended June 30,2017 and June 30,2018,
respectively.
|
(4)
Income tax expenses include income tax benefits of RMB 21
million
and RMB 0.2 million related to the reversal of deferred tax
liabilities,
which was recognized on business acquisitions for the three
months
period ended June 30,2017 and June 30,2018,
respectively.
|
(5)
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.
|
|
|
|
|
|
Net income
|
370,803
|
688,774
|
104,090
|
Other comprehensive
income, net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
99,585
|
12,474
|
1,885
|
Unrealized gain from
available-for-sale
investments
|
13,899
|
0
|
0
|
Reclassification
adjustment for gain included in net income
|
(55,615)
|
0
|
0
|
Comprehensive
income
|
428,672
|
701,248
|
105,975
|
Less: Comprehensive
(loss) gain attributable to
noncontrolling interests
|
(15,680)
|
12,259
|
1,853
|
Comprehensive income
attributable to Vipshop's
shareholders
|
444,352
|
688,989
|
104,122
|
|
|
|
|
|
Three Months
Ended
|
|
June
30,2017
|
June
30,2018
|
June
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses included
are as follows
|
|
|
|
Fulfillment
expenses
|
19,058
|
21,217
|
3,206
|
Marketing
expenses
|
10,387
|
11,501
|
1,738
|
Technology and
content expenses
|
54,331
|
62,542
|
9,452
|
General and
administrative expenses
|
98,012
|
98,658
|
14,909
|
Total
|
181,788
|
193,918
|
29,305
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except per share data)
|
|
|
|
|
|
December
31,2017
|
June
30,2018
|
June
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
9,973,891
|
6,050,756
|
914,412
|
Restricted
cash
|
248,101
|
375,610
|
56,763
|
Short term
investments
|
245,981
|
2,069,249
|
312,712
|
Accounts receivable,
net
|
4,803,527
|
4,589,857
|
693,636
|
Amounts due from
related parties
|
10,191
|
62,994
|
9,520
|
Other receivables and
prepayments,net
|
3,674,196
|
3,964,418
|
599,117
|
Loan
Receivables,net
|
0
|
308,333
|
46,596
|
Inventories
|
6,960,251
|
4,590,483
|
693,730
|
Total current
assets
|
25,916,138
|
22,011,700
|
3,326,486
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
6,660,825
|
7,099,064
|
1,072,836
|
Deposits for property
and equipment
|
307,859
|
407,522
|
61,586
|
Land use rights,
net
|
3,077,770
|
3,479,865
|
525,890
|
Intangible assets,
net
|
400,994
|
354,980
|
53,646
|
Investment in equity
method investees
|
66,334
|
462,474
|
69,891
|
Other
investments
|
387,640
|
875,134
|
132,253
|
Available-for-sale
investments
|
146,282
|
476,259
|
71,974
|
Other long-term
assets
|
366,760
|
253,305
|
38,280
|
Goodwill
|
367,106
|
367,106
|
55,478
|
Deferred tax
assets
|
285,112
|
348,540
|
52,673
|
Total non-current
assets
|
12,066,682
|
14,124,249
|
2,134,507
|
TOTAL
ASSETS
|
37,982,820
|
36,135,949
|
5,460,993
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term loans
(Including short term loans of the
VIE without recourse to the Company of nil and nil
as of December 31, 2017 and June 30, 2018,
respectively)
|
907,310
|
1,509,830
|
228,171
|
Accounts payable
(Including accounts payable of
the VIE without recourse to the Company of RMB
87,926 and RMB 35,588 as of December 31, 2017
and June 30, 2018, respectively)
|
11,445,109
|
8,408,841
|
1,270,774
|
Advance from
customers (Including advance from
customers of the VIE without recourse to the
Company of RMB 965,275 and RMB 703,944 as of
December 31, 2017 and June 30, 2018,
respectively)
|
2,339,914
|
1,074,531
|
162,387
|
Accrued expenses and
other current liabilities
(Including accrued expenses and other current
liabilities of the VIE without recourse to the
Company of RMB 1,618,716 and RMB 1,629,227
as of December 31, 2017 and June 30, 2018,
respectively)
|
3,537,151
|
3,339,296
|
504,646
|
Amounts due to
related parties (Including amounts
due to related parties of the VIE without recourse to
the Company of RMB 616 and RMB 124 as of
December 31, 2017 and June 30, 2018,
respectively)
|
65,022
|
51,321
|
7,756
|
Deferred income
(Including deferred income of the
VIE without recourse to the Company of RMB 54,543
and RMB 85,958 as of December 31, 2017
and June 30, 2018, respectively)
|
203,179
|
260,618
|
39,386
|
Securitization debt
(Including securitization debt of
the VIE without recourse to the Company of nil and
nil as of December 31, 2017 and June 30, 2018,
respectively)
|
760,000
|
950,000
|
143,567
|
Convertible senior
notes
|
0
|
4,164,637
|
629,375
|
Total current
liabilities
|
19,257,685
|
19,759,074
|
2,986,062
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability (Including deferred tax of the
VIE without recourse to the Company of RMB
4,224 and 3,920 as of December 31, 2017 and
June 30, 2018, respectively)
|
17,007
|
5,842
|
883
|
Deferred income-non
current (Including deferred
income-non current of the VIE without recourse to
the Company of RMB 838 and RMB 297 as of
December 31, 2017 and June 30, 2018,
respectively)
|
362,649
|
381,827
|
57,703
|
Convertible senior
notes
|
4,094,903
|
0
|
0
|
Total non-current
liabilities
|
4,474,559
|
387,669
|
58,586
|
TOTAL
LIABILITIES
|
23,732,244
|
20,146,743
|
3,044,648
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value,
483,489,642 shares authorized, and 114,716,587
and 115,865,535 shares issued and outstanding
as of December 31, 2017 and June 30, 2018,
respectively)
|
74
|
75
|
11
|
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, 2017 and June 30, 2018,
respectively)
|
11
|
11
|
2
|
Additional paid-in
capital
|
8,715,995
|
9,084,348
|
1,372,859
|
Retained
earnings
|
5,602,681
|
6,990,775
|
1,056,471
|
Accumulated other
comprehensive loss
|
(24,242)
|
(37,764)
|
(5,708)
|
Noncontrolling
interests
|
(43,943)
|
(48,239)
|
(7,290)
|
Total shareholders'
equity
|
14,250,576
|
15,989,206
|
2,416,345
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
37,982,820
|
36,135,949
|
5,460,993
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
Three Months
Ended
|
|
June
30,2017
|
June
30,2018
|
June
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
621,737
|
400,283
|
60,492
|
Share-based
compensation expenses
|
181,788
|
193,918
|
29,305
|
Amortization of
intangible assets resulting from
business acquisitions
|
84,161
|
607
|
92
|
Non-GAAP income from
operations
|
887,686
|
594,808
|
89,889
|
|
|
|
|
|
|
|
|
Net income
|
370,803
|
688,774
|
104,090
|
Share-based
compensation expenses
|
181,788
|
193,918
|
29,305
|
Impairment loss in
investments
|
103,107
|
0
|
0
|
Gain on disposal,
revaluation and value changes
of investments
|
(55,615)
|
(309,059)
|
(46,706)
|
Tax effect of
investment gain
|
0
|
9,967
|
1,506
|
Amortization of
intangible assets resulting from
business acquisitions and equity method
investments
|
90,129
|
607
|
92
|
Tax effect of
amortization of intangible assets
resulting from business acquisitions
|
(21,040)
|
(152)
|
(23)
|
Non-GAAP net
income
|
669,172
|
584,055
|
88,264
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
386,483
|
681,644
|
103,013
|
Share-based
compensation expenses
|
181,788
|
193,918
|
29,305
|
Impairment loss in
investments
|
103,107
|
0
|
0
|
Gain on disposal,
revaluation and value changes
of investments
|
(55,615)
|
(309,059)
|
(46,706)
|
Tax effect of
investment gain
|
0
|
9,967
|
1,506
|
Amortization of
intangible assets resulting from
business acquisitions and equity method
investments
|
73,826
|
597
|
90
|
Tax effect of
amortization of intangible assets
resulting from business acquisitions
|
(16,965)
|
(149)
|
(23)
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's
shareholders
|
672,624
|
576,918
|
87,185
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Basic ordinary
shares:
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
--Basic
|
117,365,737
|
132,138,434
|
132,138,434
|
--Diluted
|
125,870,498
|
140,270,995
|
140,270,995
|
|
|
|
|
Non-GAAP net income
per Class A and Class B
share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's
shareholders---Basic
|
5.73
|
4.37
|
0.66
|
Non-GAAP net income
attributable to Vipshop's
shareholders--Diluted
|
5.47
|
4.22
|
0.64
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share
equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's
shareholders--Basic
|
1.15
|
0.87
|
0.13
|
Non-GAAP net income
attributable to Vipshop's
shareholders--Diluted
|
1.09
|
0.84
|
0.13
|
View original
content:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2018-financial-results-300695961.html
SOURCE Vipshop Holdings Limited