GUANGZHOU, China, Nov. 14, 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
third quarter ended September 30,
2018.
Third Quarter 2018 Highlights
- Total net revenue for the third quarter of 2018
increased by 16.4% year over year to RMB17.8
billion (US$2.6 billion) from
RMB15.3 billion in the prior year
period.
- The number of active customers[1] for the
third quarter of 2018 increased by 11% year over year to 26.5
million from 23.8 million in the prior year period.
- Total orders[2] for the third quarter of 2018
increased by 29% year over year to 95.7 million from 74.0 million
in the prior year period.
- Gross profit for the third quarter of 2018 increased by
3.8% year over year to RMB3.6 billion
(US$528.7 million) from RMB3.5 billion in the prior year period.
- Net income attributable to Vipshop's shareholders for
the third quarter of 2018 was RMB228.7
million (US$33.3 million), as
compared with RMB338.1 million in the
prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[3] for the third quarter of 2018 was
RMB500.8 million (US$72.9 million), as compared with RMB559.8 million in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "In the third quarter of
2018, we saw healthy growth in the number of active customers,
which increased by over 11% year over year. Further, our average
revenue per customer continued to improve year over year, which
proves our operational strengths and execution capability. We
remain focused on our merchandising strategy, aiming to further
deepen our expertise in the field of discount retailing."
Mr. Donghao Yang, Chief Financial
Officer of Vipshop, further commented, "During the third quarter,
our average revenue per customer increased by 5% year over year,
driven by the strong improvement in the number of average orders
per customer. We continue to execute on our merchandising strategy,
which will create sustainable shareholder value in the long
term."
Recent Business Highlights
- In the third quarter of 2018, Vipshop's total active customers
grew by 11% year over year. The number of new customers from
Tencent and JD.com accounted for
approximately 22% of Vipshop's total new customers during the
quarter.
- In the third quarter of 2018, Vipshop's average revenue per
customer increased by approximately 5% year over year. The
Company's customer stickiness continued to improve. Specifically,
around 85% of customers during this quarter were repeat customers,
and 96% of orders were placed by repeat customers.
- As of September 30, 2018,
approximately 2.3 million customers enrolled in Vipshop's Super VIP
Paid Membership Program, representing a 21% increase quarter over
quarter.
- In September 2018, Vipshop's
Internet finance subsidiary completed its first offering of
asset-backed notes ("ABN") in an aggregate principal amount of
RMB520 million. The Company will
continue to seek external sources of funding to support its
Internet finance business.
- During the third quarter of 2018, Vipshop added approximately
40,000 square meters of warehousing space. As of September 30, 2018, the Company has approximately
2.9 million square meters of total warehousing space, of which
around 1.8 million square meters is owned by Vipshop.
Third Quarter 2018 Financial Results
REVENUE
Total net revenue for the third quarter of 2018 increased by
16.4% year over year to RMB17.8
billion (US$2.6 billion) from
RMB15.3 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 third quarter of 2018 increased by 3.8% to
RMB3.6 billion (US$528.7 million) from RMB3.5 billion in the prior year period. Gross
margin for the third quarter of 2018 was 20.4% as compared with
22.9% in the prior year period, primarily attributable to the
Company's investment into promotional activities.
OPERATING EXPENSES
Total operating expenses for the third quarter of 2018 were
RMB3.5 billion (US$503.3 million), as compared with RMB3.2 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
third quarter of 2018 decreased to 19.4% from 20.6% in the prior
year period.
- Fulfillment expenses for the third quarter of
2018 were RMB1.8 billion
(US$256.7 million), as compared with
RMB1.7 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 third quarter of 2018 decreased to
9.9% from 10.9% in the prior year period.
- Marketing expenses for the third quarter of 2018
were RMB578.4 million (US$84.2 million), as compared with RMB478.4 million in the prior year period. As a
percentage of total net revenue, marketing expenses for the third
quarter of 2018 were 3.2%, as compared with 3.1% in the prior year
period.
- Technology and content expenses for the third
quarter of 2018 were RMB490.8 million
(US$71.5 million), as compared with
RMB455.0 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the third quarter of 2018 decreased to 2.8%
from 3.0% in the prior year period.
- General and administrative expenses for the third
quarter of 2018 were RMB624.8 million
(US$91.0 million), as compared with
RMB546.6 million in the prior year
period. As a percentage of total net revenue, general and
administrative expenses for the third quarter of 2018 decreased to
3.5% from 3.6% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the third quarter of 2018 was
RMB354.7 million (US$51.6 million), as compared with RMB448.2 million in the prior year period.
Operating margin for the third quarter of 2018 was 2.0% as compared
with 2.9% in the prior year period.
Non-GAAP income from operations[4] for the third
quarter of 2018, which excludes share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, was RMB547.2 million
(US$79.7 million), as compared with
RMB703.2 million in the prior year
period. Non-GAAP operating income margin[5] for the
third quarter of 2018 was 3.1% as compared with 4.6% in the prior
year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the third
quarter of 2018 was RMB228.7 million
(US$33.3 million), as compared with
RMB338.1 million in the prior year
period. Net margin attributable to Vipshop's shareholders for the
third quarter of 2018 was 1.3%, as compared with 2.2% in the prior
year period. Net income attributable to Vipshop's shareholders per
diluted ADS[6] for the third quarter of 2018 was
RMB0.34 (US$0.05), as compared with RMB0.56 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the third quarter of 2018, which excludes (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
amortization of intangible assets resulting from business
acquisitions and equity method investments, (iv) tax effect of
amortization of intangible assets resulting from business
acquisitions, (v) gain on disposal, revaluation and value changes
of investments, and (vi) share of result in investment of limited
partnership that is accounted for as an equity method investee, was
RMB500.8 million (US$72.9 million), as compared with RMB559.8 million in the prior year period.
Non-GAAP net margin attributable to Vipshop's
shareholders[7] for the third quarter of 2018 was 2.8%,
as compared with 3.7% in the prior year period. Non-GAAP net income
attributable to Vipshop's shareholders per diluted
ADS[8] for the third quarter of 2018 was RMB0.75 (US$0.11),
as compared with RMB0.91 in the prior
year period.
For the quarter ended September 30,
2018, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 668,551,200.
BALANCE SHEET AND CASH FLOW
As of September 30, 2018, the
Company had cash and cash equivalents and restricted cash of
RMB6.5 billion (US$951.4 million) and short term investments of
RMB1.9 billion (US$276.9 million).
For the quarter ended September 30,
2018, net cash from operating activities was RMB221.0 million (US$32.2
million), and free cash flow[9], a non-GAAP
measurement of liquidity, was as follows:
For the three months
ended
|
|
Sep 30,
2017
RMB'000
|
Sep 30,
2018
RMB'000
|
Sep 30,
2018
US$'000
|
Net cash (used
in)/from operating activities
|
(359,678)
|
221,037
|
32,184
|
|
Add: Impact from
Internet financing activities[10]
|
503,416
|
(427,526)
|
(62,249)
|
|
Less: Capital
expenditures
|
(719,081)
|
(1,009,475)
|
(146,982)
|
|
Free cash flow
out
|
(575,343)
|
(1,215,964)
|
(177,047)
|
|
For the trailing
twelve months ended
|
|
Sep 30,
2017
RMB'000
|
Sep 30,
2018
RMB'000
|
Sep 30,
2018
US$'000
|
Net cash from
operating activities
|
904,849
|
767,985
|
111,821
|
|
Add: Impact from
Internet financing activities[10]
|
2,903,516
|
1,059,238
|
154,228
|
|
Less: Capital
expenditures
|
(2,690,145)
|
(3,191,761)
|
(464,729)
|
|
Free cash flow
in/(out)
|
1,118,220
|
(1,364,538)
|
(198,680)
|
|
Business Outlook
For the fourth quarter of 2018, the Company expects its total
net revenue to be between RMB26.1
billion and RMB27.3 billion,
representing a year-over-year growth rate of approximately 8% to
13%. 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
RMB6.8680 to US$1.00, the effective noon buying rate for
September 28, 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 September 28, 2018, or
at any other rate.
Conference Call Information
The Company will hold a conference call on Thursday, November 15, 2018 at 8:00 am Eastern Time or 9:00 pm Beijing Time to discuss its financial
results and operating performance for the third 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:
|
#9978308
|
The replay will be accessible through November 23, 2018 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-9003-4211
|
Conference ID:
|
#9978308
|
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 comparative
consolidated statements of income and cash flows for the nine-month
period ended September 30, 2018 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. 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) amortization of intangible
assets resulting from business acquisitions and equity method
investments, (iv) tax effect of amortization of intangible assets
resulting from business acquisitions, (v) gain on disposal,
revaluation and fair value changes of investments, and (vi) share
of result in investment of limited partnership that is accounted
for as an equity method investee. 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 net cash from operating
activities 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 (a) share-based compensation, (b) impairment
loss of investments, (c) amortization of intangible assets, (d)
gain on disposal, revaluation and fair value changes of
investments, and (e) share of result in investment of limited
partnership that is accounted for as an equity method investee 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 (1) non-cash
share-based compensation expenses, (2) impairment loss of
investments, (3) amortization of intangible assets, (4) gain on
disposal, revaluation and fair value changes of investments, and
(5) share of result in investment of limited partnership that is
accounted for as an equity method investee. 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" is 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" is 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 (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
amortization of intangible assets resulting from business
acquisitions and equity method investments, (iv) tax effect of
amortization of intangible assets resulting from business
acquisitions, (v) gain on disposal, revaluation and value changes
of investments, and (vi) share of result in investment of limited
partnership that is accounted for as an equity method
investee.
|
[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 the weighted average number of diluted ADS outstanding for
computing diluted earnings per ADS.
|
[9] 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 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 for share and per share data)
|
|
Three Months
Ended
|
|
September
30,2017
|
September
30,2018
|
September
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
Product
revenues
|
14,900,789
|
17,028,266
|
2,479,363
|
Other revenues
(1)
|
412,368
|
803,318
|
116,965
|
Total net
revenues
|
15,313,157
|
17,831,584
|
2,596,328
|
Cost of
revenues
|
(11,813,674)
|
(14,200,146)
|
(2,067,581)
|
Gross
profit
|
3,499,483
|
3,631,438
|
528,747
|
Operating
expenses:
|
|
|
|
Fulfillment expenses
(2)
|
(1,674,261)
|
(1,762,849)
|
(256,676)
|
Marketing
expenses
|
(478,424)
|
(578,446)
|
(84,223)
|
Technology and
content expenses
|
(455,039)
|
(490,775)
|
(71,458)
|
General and
administrative expenses (3)
|
(546,575)
|
(624,759)
|
(90,967)
|
Total operating
expenses
|
(3,154,299)
|
(3,456,829)
|
(503,324)
|
Other operating
income
|
103,017
|
180,097
|
26,223
|
Income from
operations
|
448,201
|
354,706
|
51,646
|
Gain on disposal or
revaluation of investments
|
0
|
(89,341)
|
(13,008)
|
Interest
expense
|
(18,675)
|
(53,784)
|
(7,831)
|
Interest
income
|
18,549
|
49,660
|
7,231
|
Foreign exchange
(loss) gain
|
(26,950)
|
57,175
|
8,325
|
Income before income
taxes and share of result of equity method investees
|
421,125
|
318,416
|
46,363
|
Income tax expenses
(4)
|
(101,676)
|
(102,800)
|
(14,968)
|
Share of result of
equity method investees
|
(993)
|
10,491
|
1,528
|
Net income
|
318,456
|
226,107
|
32,923
|
Net loss attributable
to noncontrolling interests
|
19,599
|
2,641
|
385
|
Net income
attributable to Vipshop's shareholders
|
338,055
|
228,748
|
33,308
|
|
|
|
|
Shares used in
calculating earnings per share (5):
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
—Basic
|
117,641,548
|
132,508,059
|
132,508,059
|
—Diluted
|
125,535,694
|
133,710,240
|
133,710,240
|
|
|
|
|
Net earnings per
Class A and Class B share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
2.87
|
1.73
|
0.25
|
Net income
attributable to Vipshop's shareholders——Diluted
|
2.79
|
1.71
|
0.25
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
0.57
|
0.35
|
0.05
|
Net income
attributable to Vipshop's shareholders——Diluted
|
0.56
|
0.34
|
0.05
|
(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
948
million and RMB 1.06 billion in the three month periods ended
September 30,2017 and
September 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 September 30,2017 and September
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 September 30,2017
and September 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
|
318,456
|
226,107
|
32,923
|
Other comprehensive
income, net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
92,229
|
19,291
|
2,809
|
Unrealized gain from
available-for-sale investments
|
(1,993)
|
0
|
0
|
Comprehensive
income
|
408,692
|
245,398
|
35,732
|
Less: Comprehensive
loss attributable to noncontrolling interests
|
(19,599)
|
(9,770)
|
(1,423)
|
Comprehensive income
attributable to Vipshop's shareholders
|
428,291
|
255,168
|
37,155
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,2017
|
September
30,2018
|
September
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses included are as follows
|
|
|
|
Fulfillment
expenses
|
17,842
|
21,085
|
3,070
|
Marketing
expenses
|
9,415
|
11,839
|
1,724
|
Technology and
content expenses
|
51,420
|
61,447
|
8,947
|
General and
administrative expenses
|
92,148
|
97,542
|
14,202
|
Total
|
170,825
|
191,913
|
27,943
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,2017
|
September
30,2018
|
September
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
9,973,891
|
6,179,874
|
899,807
|
Restricted
cash
|
248,101
|
354,045
|
51,550
|
Short term
investments
|
245,981
|
1,901,968
|
276,932
|
Accounts receivable,
net
|
4,803,527
|
4,327,326
|
630,071
|
Amounts due from
related parties
|
10,191
|
13,897
|
2,023
|
Other receivables and
prepayments, net
|
3,674,196
|
3,730,176
|
543,124
|
Loan Receivables,
net
|
0
|
309,248
|
45,027
|
Inventories
|
6,960,251
|
4,283,470
|
623,685
|
Total current
assets
|
25,916,138
|
21,100,004
|
3,072,219
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
6,660,825
|
7,665,441
|
1,116,110
|
Deposits for property
and equipment
|
307,859
|
347,188
|
50,552
|
Land use rights,
net
|
3,077,770
|
3,760,913
|
547,599
|
Intangible assets,
net
|
400,994
|
354,044
|
51,550
|
Investment in equity
method investees
|
66,334
|
443,340
|
64,551
|
Other
investments
|
387,640
|
1,025,824
|
149,363
|
Available-for-sale
investments
|
146,282
|
414,687
|
60,380
|
Other long-term
assets
|
366,760
|
299,876
|
43,663
|
Goodwill
|
367,106
|
367,106
|
53,452
|
Deferred tax
assets
|
285,112
|
381,159
|
55,498
|
Total non-current
assets
|
12,066,682
|
15,059,578
|
2,192,718
|
TOTAL
ASSETS
|
37,982,820
|
36,159,582
|
5,264,937
|
|
|
|
|
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 September 30,
2018, respectively)
|
907,310
|
1,722,925
|
250,863
|
Accounts payable
(Including accounts payable of the VIE without recourse
to the Company of RMB 87,926 and RMB 59,342 as of
December 31,
2017 and September 30, 2018, respectively)
|
11,445,109
|
6,930,109
|
1,009,043
|
Advance from
customers (Including advance from customers of the VIE
without recourse to the Company of RMB 965,275 and RMB
862,403 as
of December 31, 2017 and September 30, 2018,
respectively)
|
2,339,914
|
1,317,271
|
191,798
|
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 1,642,652 as of
December 31,
2017 and September 30, 2018, respectively)
|
3,537,151
|
3,240,951
|
471,892
|
Amounts due to
related parties (Including amounts due to related parties
of the VIE without recourse to the Company of RMB 616 and nil as
of
December 31, 2017 and September 30, 2018,
respectively)
|
65,022
|
82,953
|
12,078
|
Deferred income
(Including deferred income of the VIE without recourse to
the Company of RMB 54,543 and RMB 93,148 as of December 31,
2017
and September 30, 2018, respectively)
|
203,179
|
280,265
|
40,807
|
Securitization debt
(Including securitization debt of the VIE without
recourse to the Company of nil and nil as of December
31, 2017 and
September 30, 2018, respectively)
|
760,000
|
950,000
|
138,322
|
Convertible senior
notes
|
0
|
4,322,548
|
629,375
|
Total current
liabilities
|
19,257,685
|
18,847,022
|
2,744,178
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability (Including deferred tax of the VIE without recourse
to
the Company of RMB 4,224 and 3,769 as of December
31, 2017 and
September 30, 2018, respectively)
|
17,007
|
5,111
|
744
|
Deferred income-non
current (Including deferred income-non current of
the VIE without recourse to the Company of RMB 838 and RMB
371 as of
December 31, 2017 and September 30, 2018,
respectively)
|
362,649
|
379,725
|
55,289
|
Securitization debt
(Including securitization debt of the VIE without
recourse to the Company of nil and nil as of December
31, 2017 and
September 30, 2018, respectively)
|
0
|
494,000
|
71,928
|
Convertible senior
notes
|
4,094,903
|
0
|
0
|
Total non-current
liabilities
|
4,474,559
|
878,836
|
127,961
|
TOTAL
LIABILITIES
|
23,732,244
|
19,725,858
|
2,872,139
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares
authorized, and 114,716,587 and 116,082,330 shares issued and
outstanding as of December 31, 2017 and September 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 September 30,
2018,
respectively)
|
11
|
11
|
2
|
Additional paid-in
capital
|
8,715,995
|
9,276,339
|
1,350,661
|
Retained
earnings
|
5,602,681
|
7,219,523
|
1,051,183
|
Accumulated other
comprehensive loss
|
(24,242)
|
(11,344)
|
(1,651)
|
Noncontrolling
interests
|
(43,943)
|
(50,880)
|
(7,408)
|
Total shareholders'
equity
|
14,250,576
|
16,433,724
|
2,392,798
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
37,982,820
|
36,159,582
|
5,264,937
|
Vipshop Holdings
Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,2017
|
September
30,2018
|
September
30,2018
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
448,201
|
354,706
|
51,646
|
Share-based
compensation expenses
|
170,825
|
191,913
|
27,943
|
Amortization of
intangible assets resulting from business
acquisitions
|
84,161
|
607
|
88
|
Non-GAAP income from
operations
|
703,187
|
547,226
|
79,677
|
|
|
|
|
|
|
|
|
Net income
|
318,456
|
226,107
|
32,923
|
Share-based
compensation expenses
|
170,825
|
191,913
|
27,943
|
Gain on disposal,
revaluation and value changes of investments
|
0
|
89,341
|
13,008
|
Share of result in
investment of limited partnership that is accounted for
as an equity method investee
|
0
|
(9,684)
|
(1,410)
|
Amortization of
intangible assets resulting from business acquisitions
and equity method investments
|
84,161
|
607
|
88
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
(21,040)
|
(152)
|
(22)
|
Non-GAAP net
income
|
552,402
|
498,132
|
72,530
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
338,055
|
228,748
|
33,308
|
Share-based
compensation expenses
|
170,825
|
191,913
|
27,943
|
Gain on disposal,
revaluation and value changes of investments
|
0
|
89,341
|
13,008
|
Share of result in
investment of limited partnership that is accounted for
as an equity method investee
|
0
|
(9,684)
|
(1,410)
|
Amortization of
intangible assets resulting from business acquisitions
and equity method investments
|
67,857
|
597
|
87
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
(16,965)
|
(149)
|
(22)
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
559,772
|
500,766
|
72,914
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Basic ordinary
shares:
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
—Basic
|
117,641,548
|
132,508,059
|
132,508,059
|
—Diluted
|
125,535,694
|
133,710,240
|
133,710,240
|
|
|
|
|
Non-GAAP net income
per Class A and Class B share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
4.76
|
3.78
|
0.55
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
4.56
|
3.75
|
0.55
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
0.95
|
0.76
|
0.11
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
0.91
|
0.75
|
0.11
|
View original
content:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-third-quarter-2018-financial-results-300750182.html
SOURCE Vipshop Holdings Limited