JD.com, Inc. (NASDAQ: JD and HKEX: 9618), China’s leading
technology driven e-commerce company transforming to become the
leading supply chain-based technology and service provider, today
announced its unaudited financial results for the quarter and the
full year ended December 31, 2020.
Fourth Quarter and Full Year 2020
Highlights
- Net
revenues for the fourth quarter of 2020 were RMB224.3
billion (US$134.4 billion), an increase of 31.4% from the fourth
quarter of 2019. Net service revenues for the fourth quarter of
2020 were RMB32.1 billion (US$4.9 billion), an increase of 53.2%
from the fourth quarter of 2019. Net revenues for
the full year of 2020 were RMB745.8 billion (US$114.3 billion), an
increase of 29.3% from the full year of 2019. Net service revenues
for the full year of 2020 were RMB93.9 billion (US$14.4 billion),
an increase of 42.0% from the full year of 2019.
- Income
from operations for the fourth quarter of 2020 was
RMB594.9 million (US$91.2 million), compared to RMB529.5 million
for the same period last year.
Non-GAAP2 income from
operations for the fourth quarter of 2020 was RMB1,213.5
million (US$186.0 million), compared to RMB704.0 million for the
fourth quarter of 2019. Income from operations for
the full year of 2020 was RMB12.3 billion (US$1.9 billion),
compared to RMB9.0 billion for the full year of 2019.
Non-GAAP income from operations for the full year
of 2020 was RMB15.3 billion (US$2.4 billion) with a non-GAAP
operating margin of 2.1%, as compared to RMB8.9 billion for the
full year of 2019 with a non-GAAP operating margin of 1.5%.
- Net
income attributable to ordinary
shareholders for the fourth quarter of 2020 was RMB24.3
billion (US$3.7 billion), compared to RMB3.6 billion for the same
period last year. Non-GAAP net income
attributable to ordinary shareholders for the
fourth quarter of 2020 increased by 194% to RMB2.4 billion (US$0.4
billion) from RMB0.8 billion for the same period last year.
Net income attributable to ordinary
shareholders for the full year of 2020 was RMB49.4 billion
(US$7.6 billion), compared to RMB12.2 billion for the full year of
2019. Non-GAAP net income attributable to
ordinary shareholders for the full year of 2020 was
RMB16.8 billion (US$2.6 billion), compared to RMB10.7 billion for
the full year of 2019.
- Diluted
net income per ADS for the fourth quarter of 2020 was
RMB15.18 (US$2.33), compared to RMB2.44 for the fourth quarter of
2019. Non-GAAP diluted net income per ADS for the
fourth quarter of 2020 was RMB1.49 (US$0.23), compared to RMB0.54
for the same period last year. Diluted net income per
ADS for the full year of 2020 was RMB31.68 (US$4.86),
compared to RMB8.21 for the full year of 2019. Non-GAAP
diluted net income per ADS for the full year of 2020 was
RMB10.56 (US$1.62), compared to RMB7.25 for the full year of
2019.
-
Operating cash flow for the full year of 2020
increased to RMB42.5 billion (US$6.5 billion) from RMB24.8 billion
for the full year of 2019. Free cash flow, which
excludes the impact from JD Baitiao receivables included in the
operating cash flow, for the full year of 2020 increased to RMB34.9
billion (US$5.4 billion), compared to RMB19.5 billion for the full
year of 2019.
- Annual
active customer accounts3 increased by
30.3% to 471.9 million in 2020 from 362.0 million in 2019.
“JD saw accelerated revenue and user growth
during the fourth quarter driven by our long-term operating
philosophy and customer-centric value proposition despite the
ongoing market challenges,” said Richard Liu, Chairman and Chief
Executive Officer of JD.com. “During this quarter, JD continued its
strategic transformation into a supply chain-based technology and
service company with increasingly diversified sources of revenues.
With a strong momentum going into 2021 and with our recently
optimized organizational structure, JD will continue to invest in
innovative, high potential businesses to drive long-term
sustainable growth.”
“We are pleased to conclude the year on a strong
note with another quarter of solid top and bottom-line results as
well as excellent cash flow,” said Sandy Xu, Chief Financial
Officer of JD.com. “Our operational efficiency continued to improve
driven by technology and innovation. We have also made progress in
a number of new businesses that we have been incubating, including
the successful IPO of JD Health, the submission of JD Logistics’s
listing application to the Hong Kong Stock Exchange and the
progress of JD Property’s series A financing.”
Business Highlights
Environment, Social and
Governance
- In the fourth
quarter, JD Logistics became the first Chinese logistics company to
join the Science Based Targets initiative (SBTi) with a commitment
to reducing its carbon emissions by 50% compare to 2019 by 2030.
SBTi is a partnership between CDP (Carbon Disclosure Project), the
United Nations Global Compact (UNGC), World Resources Institute
(WRI) and the World Wide Fund for Nature (WWF) driving ambitious
climate action in the private sector by enabling companies to set
science-based emissions reduction targets. JD Logistics is
dedicated to deploying more new energy vehicles, promoting
renewable energies & environmentally friendly materials and
enabling partners to implement environmentally friendly
practices.
- In November, JD
Logistics’s courier Xuewen Song received China’s 2020 “National
Model Workers” award, the nation’s highest recognition for
outstanding work ethics and contributions to the country and
society. Since joining JD.com in 2011, Mr. Song has traveled
320,000 kilometers and delivered 300,000 packages with zero errors,
complaints, and safety incidents.
JD Retail
- Multiple
renowned fashion and luxury brands launched flagship stores on
JD.com, including Hermès Group’s luxury shoe brand John Lobb,
Italian luxury brand Stefano Ricci, British designer brand Vivienne
Westwood, LVMH Group’s fashion brand JW Anderson, designer
accessories brand Anya Hindmarch, French silverware and jewelry
brand Christofle and Japanese streetwear label White
Mountaineering. Furthermore, Prada and Miu Miu became the first
batch of luxury brands to partner with JD.com to implement
pioneering omni-channel initiatives. Customers on JD platforms now
have access to a wider range of Prada and Miu Miu products,
including exclusive items from their physical stores. The
initiatives also help to improve the operational efficiency and
inventory management capability of these brands’ physical
stores.
- In the fourth
quarter, JD Retail received multiple prestigious awards from
influential advertising organizations, including Effie Awards
(Greater China), Modern Advertising Awards, and ROI Awards, for its
innovation and contribution in supporting brands in their marketing
strategies.
JD Health
- On December 8,
2020, JD Health successfully listed on the Main Board of the Hong
Kong Stock Exchange under the stock code “6618,” with a global
offering of 439,185,000 new shares (including a full exercise of
the over-allotment option). Gross proceeds from this offering,
before deducting underwriting fees and offering expenses, amounted
to approximately HK$31 billion. As a technology-driven platform
centered on the supply chain of pharmaceutical and healthcare
products and strengthened by healthcare services, JD Health strives
to improve user experience and provide easily accessible,
convenient, high-quality yet affordable healthcare products and
services, encompassing a user’s full life span.
JD Logistics
- In January 2021,
JD.com was selected by INFORMS as one of the seven finalists for
the 50th annual Franz Edelman Award for Achievement in Advanced
Analytics, Operations Research and Management Science, the world’s
most prestigious award for achievements in the practice of
analytics and operations research. Along with other seven
world-leading enterprises including Amazon, JD.com was recognized
for its advanced research and self-developed "unmanned" warehouse
scheduling system. JD.com is among the few Chinese companies that
were selected as finalists in the history of the award.
- In January 2021,
JD Logistics signed an agreement with Chinese confectionary
manufacturer Xu Fu Chi. Leveraging JD Logistics’s technology
capabilities, the collaboration will support Xu Fu Chi’s supply
chain management system digitalization efforts and enhance the
confectionary manufacturer’s omni-channel service capabilities
across various distribution channels.
- As of December
31, 2020, JD Logistics operated over 900 warehouses, which covered
an aggregate gross floor area of approximately 21 million square
meters, including warehouse space managed under the JD Logistics
Open Warehouse Platform.
Jingxi Business
- Highlighting the
commitment to enhancing its presence in lower tier cities, JD.com
formed Jingxi Business Group recently, to better serve customer
demands and empower small business owners in lower-tier cities.
Jingxi Business Group mainly consolidates social e-commerce
platform Jingxi, convenience store business Jingxitong (formerly
known as Xintonglu or JD New Markets) and community group purchase
business Jingxi Pinpin. JD.com is also making efforts to strengthen
its supply chain capabilities in lower tier market through business
cooperation and strategic investments. Recently announced
investments in Xingsheng Preference Electronic Business Limited, a
leading community group purchase e-commerce platform based in Hunan
province, and China Dili Group, a wholesale produce market operator
listed in Hong Kong, aim to realize synergies between JD.com and
its investees in lower-tier cities through close collaborations in
technology, supply chain and logistics.
JD Property
- With the
successful launch of two logistics properties core funds (“Core
Funds”), JD Property launched its first logistics properties
development fund (“Development Fund”) with RMB3 billion of assets
under management in the fourth quarter of 2020. The key investors
of Development Fund include GIC, the Singapore sovereign wealth
fund, and Mubadala Investment Company, an Abu Dhabi-based sovereign
investor. Thus far, the total assets under management of Core Funds
and Development Fund has exceeded RMB19 billion.
Other Highlights
- JD.com and JD
Digits became the first group of e-commerce and technology
companies to partner up with the Digital Currency Research
Institute of the People’s Bank of China to test the applications of
the Chinese digital currency e-CNY. JD.com and JD Digits have
already supported the trial launch of the e-CNY in cities including
Beijing, Suzhou and Chengdu. To facilitate the trial launch, JD.com
provided local residents in these cities with application scenario
for e-CNY including its online e-commerce platforms and offline
stores such as JD Home Appliance Stores and JD convenience stores,
while JD Digits provided technology supports and services to
financial institutions and merchants.
Operational Metrics Update
- As of December
31, 2020, JD.com had approximately 310,000 employees excluding
part-time and interns.
Fourth Quarter 2020 Financial Results
Net Revenues. For
the fourth quarter of 2020, JD.com reported net revenues of
RMB224.3 billion (US$34.4 billion), representing a 31.4% increase
from the same period in 2019. Net product revenues increased by
28.4%, while net service revenues increased by 53.2% for the fourth
quarter of 2020, as compared to the same period of 2019.
Cost of
Revenues. Cost of revenues increased by
31.7% to RMB193.2 billion (US$29.6 billion) for the fourth quarter
of 2020 from RMB146.7 billion for the fourth quarter of 2019.
Fulfillment
Expenses. Fulfillment expenses, which
primarily include procurement, warehousing, delivery, customer
service and payment processing expenses, increased by 34.2% to
RMB14.8 billion (US$2.3 billion) for the fourth quarter of 2020
from RMB11.0 billion for the fourth quarter of 2019.
Marketing
Expenses. Marketing expenses increased by
26.7% to RMB10.4 billion (US$1.6 billion) for the fourth quarter of
2020 from RMB8.2 billion for the fourth quarter of 2019.
Research and Development
Expenses. Research and development
expenses increased by 25.4% to RMB4.5 billion (US$0.7 billion) for
the fourth quarter of 2020 from RMB3.6 billion for the fourth
quarter of 2019.
General and Administrative
Expenses. General and
administrative expenses increased by 34.4% to RMB2.0 billion
(US$0.3 billion) for the fourth quarter of 2020 from RMB1.5 billion
for the fourth quarter of 2019. The increase was primarily due to
the increase in share-based compensation expenses in relation to JD
Health’s share incentive plan.
Income from Operations and Non-GAAP
Income from Operations. Income from operations for the
fourth quarter of 2020 was RMB594.9 million (US$91.2 million),
compared to RMB529.5 million for the same period last year.
Non-GAAP income from operations for the fourth quarter of 2020 was
RMB1,213.5 million (US$186.0 million), compared to non-GAAP income
from operations of RMB704.0 million for the fourth quarter of 2019.
Operating margin of JD Retail before unallocated items for the
fourth quarter of 2020 was 1.5%, compared to 1.4% for the fourth
quarter of 2019.
Non-GAAP EBITDA for the fourth
quarter of 2020 was RMB2.7 billion (US$0.4 billion), compared to
RMB2.0 billion for the fourth quarter of 2019.
Others, net. Others are other
non-operating income/(loss), primarily consist of gains/(losses)
from fair value change of long-term investments, gains from
business and investment disposals, impairment of investments,
government incentives, and foreign exchange gains/(losses). In the
fourth quarter of 2020, other non-operating income was RMB21.0
billion (US$3.2 billion), as compared to other non-operating income
of RMB3.6 billion for the fourth quarter of 2019. The substantial
increase was primarily due to increase in the net gain arising from
increases in the market prices of our equity investments in
publicly-traded companies, the net gain for the fourth quarter of
2020 was RMB20.5 billion (US$3.1 billion), as compared to net gain
of RMB4.2 billion for the same period of last year.
Net Income
Attributable to Ordinary Shareholders and
Non-GAAP Net Income Attributable to Ordinary
Shareholders. Net income attributable to
ordinary shareholders for the fourth quarter of 2020 was RMB24.3
billion (US$3.7 billion), compared to RMB3.6 billion for the same
period last year. Non-GAAP net income attributable to ordinary
shareholders for the fourth quarter of 2020 was RMB2.4 billion
(US$0.4 billion), compared to RMB0.8 billion for the same period
last year.
Diluted EPS and Non-GAAP Diluted
EPS. Diluted net income per ADS for the fourth quarter of
2020 was RMB15.18 (US$2.33), compared to RMB2.44 for the fourth
quarter of 2019. Non-GAAP diluted net income per ADS for the fourth
quarter of 2020 was RMB1.49 (US$0.23), compared to RMB0.54 for the
fourth quarter of 2019.
Cash Flow and Working
Capital
As of December 31, 2020, the company’s cash and
cash equivalents, restricted cash and short-term investments
totaled RMB151.1 billion (US$23.2 billion), compared to RMB64.5
billion as of December 31, 2019. For the fourth quarter of 2020,
free cash flow of the company was as follows:
|
For the three months ended |
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|
RMB |
RMB |
US$ |
|
(In thousands) |
|
|
Net cash provided by operating activities |
3,701 |
|
5,213,568 |
|
799,014 |
|
Add/(Less): Impact from JD
Baitiao receivables included in the operating cash flow |
(311,718 |
) |
207,102 |
|
31,740 |
|
Add/(Less): Capital expenditures |
|
|
|
Capital expenditures for development properties, net of related
sales proceeds* |
1,055,277 |
|
1,125,815 |
|
172,539 |
|
Other capital expenditures** |
(903,487 |
) |
(1,971,418 |
) |
(302,133 |
) |
Free cash flow |
(156,227 |
) |
4,575,067 |
|
701,160 |
|
* Including logistics facilities and other real
estate properties developed by JD Property, which may be sold under
various equity structures. In the fourth quarter of 2020,
approximately RMB3.6 billion proceeds from the sale of development
properties were included in this line, compared to approximately
RMB2.5 billion proceeds in the fourth quarter of 2019.** Including
capital expenditures related to the company’s headquarters in
Beijing and all other CAPEX.
Net cash used in investing activities was
RMB13.7 billion (US$2.1 billion) for the fourth quarter of 2020,
consisting primarily of increase in short-term investments of
RMB12.5 billion, cash paid for investments in equity investees and
purchases of investment securities of RMB7.2 billion and cash paid
for capital expenditures of RMB4.5 billion, partially offset by
cash received from disposal of investment securities of RMB7.0
billion, and proceeds from sale of development properties of RMB3.6
billion.
Net cash provided by financing activities was
RMB23.4 billion (US$3.6 billion) for the fourth quarter of 2020,
consisting primarily of net proceeds of RMB25.8 billion from the
initial public offering of JD Health, partially offset by repayment
of short-term debts of RMB2.9 billion.
Full Year 2020 Financial Results
Net Revenues. For
the full year of 2020, JD.com reported net revenues of RMB745.8
billion (US$114.3 billion), representing a 29.3% increase from the
full year of 2019. Net product revenues increased by 27.6%, while
net service revenues increased by 42.0% for the full year of 2020,
as compared to the full year of 2019.
Cost of
Revenues. Cost of revenues increased by
29.3% to RMB636.7 billion (US$97.6 billion) for the full year of
2020 from RMB492.5 billion for the full year of 2019.
Fulfillment
Expenses. Fulfillment expenses, which
primarily include procurement, warehousing, delivery, customer
service and payment processing expenses, increased by 31.7% to
RMB48.7 billion (US$7.5 billion) for the full year of 2020 from
RMB37.0 billion for the full year of 2019.
Marketing
Expenses. Marketing expenses increased by
22.1% to RMB27.2 billion (US$4.2 billion) for the full year of 2020
from RMB22.2 billion for the full year of 2019.
Research and Development
Expenses. Research and development
expenses increased by 10.5% to RMB16.1 billion (US$2.5 billion) for
the full year of 2020 from RMB14.6 billion for the full year of
2019.
General and Administrative
Expenses. General and
administrative expenses increased by 16.7% to RMB6.4 billion
(US$1.0 billion) for the full year of 2020 from RMB5.5 billion for
the full year of 2019.
Income from Operations and Non-GAAP
Income from Operations. Income from operations for the
full year of 2020 was RMB12.3 billion (US$1.9 billion), compared to
RMB9.0 billion for the full year of 2019. Non-GAAP income from
operations for the full year of 2020 was RMB15.3 billion (US$2.4
billion) with a non-GAAP operating margin of 2.1%, as compared to
non-GAAP income from operations of RMB8.9 billion for the full year
of 2019 with a non-GAAP operating margin of 1.5%. Operating margin
of JD Retail before unallocated items for the full year of 2020 was
2.8%, compared to 2.5% for the full year of 2019.
Non-GAAP EBITDA for the full
year of 2020 was RMB20.7 billion (US$3.2 billion) with a non-GAAP
EBITDA margin of 2.8%, compared to RMB13.8 billion with a non-GAAP
EBITDA margin of 2.4% for the full year of 2019.
Others, net. Others are other
non-operating income/(loss), primarily consist of gains/(losses)
from fair value change of long-term investments, gains from
business and investment disposals, impairment of investments,
government incentives, and foreign exchange gains/(losses). In the
full year of 2020, other non-operating income was RMB32.6 billion
(US$5.0 billion), as compared to other non-operating income of
RMB5.4 billion for the full year of 2019. The substantial increase
was primarily due to the increase in the net gain arising from
increases in the market prices of our equity investments in
publicly-traded companies, the net gain for the full year of 2020
was RMB29.5 billion (US$4.5 billion), as compared to net gain of
RMB3.5 billion for the full year of 2019.
Net Income
Attributable to Ordinary Shareholders and
Non-GAAP Net Income Attributable to Ordinary
Shareholders. Net income attributable to
ordinary shareholders for the full year of 2020 was RMB49.4 billion
(US$7.6 billion), compared to RMB12.2 billion for the full year of
2019. Non-GAAP net income attributable to ordinary shareholders for
the full year of 2020 was RMB16.8 billion (US$2.6 billion),
compared to RMB10.7 billion for the full year of 2019.
Diluted EPS and Non-GAAP Diluted
EPS. Diluted net income per ADS for the full year of 2020
was RMB31.68 (US$4.86), compared to RMB8.21 for the full year of
2019. Non-GAAP diluted net income per ADS for the full year of 2020
was RMB10.56 (US$1.62), compared to RMB7.25 for the full year of
2019.
Cash Flow and Working Capital
For the full year of 2020, free cash flow of the
company was as follows:
|
For the year ended |
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|
RMB |
RMB |
US$ |
|
(In thousands) |
|
|
Net cash provided by operating activities |
24,781,220 |
|
42,544,317 |
|
6,520,202 |
|
Add/(Less): Impact from JD
Baitiao receivables included in the operating cash flow |
(4,233,884 |
) |
47,938 |
|
7,347 |
|
Add/(Less): Capital expenditures |
|
|
|
Capital expenditures for development properties, net of related
sales proceeds* |
2,420,401 |
|
(3,533,666 |
) |
(541,558 |
) |
Other capital expenditures** |
(3,514,741 |
) |
(4,136,344 |
) |
(633,923 |
) |
Free cash flow |
19,452,996 |
|
34,922,245 |
|
5,352,068 |
|
* Including logistics facilities and other real
estate properties developed by JD Property, which may be sold under
various equity structures. For the full year of 2020, approximately
RMB4.8 billion proceeds from the sale of development properties
were included in this line, compared to approximately RMB7.9
billion for the full year of 2019.** Including capital expenditures
related to the company’s headquarters in Beijing and all other
CAPEX.
Net cash used in investing activities was
RMB57.8 billion (US$8.9 billion) for the full year of 2020,
consisting primarily of increase in short-term investments of
RMB35.6 billion, increase in time deposits of RMB5.0 billion, cash
paid for investments in equity investees and purchases of
investment securities of RMB18.1 billion and cash paid for capital
expenditures of RMB12.5 billion, partially offset by cash received
from disposal of investments in equity investees and investment
securities of RMB10.2 billion, and proceeds from sale of
development properties of RMB4.8 billion.
Net cash provided by financing activities was
RMB71.1 billion (US$10.9 billion) for the full year of 2020,
consisting primarily of net proceeds of RMB32.1 billion from the
non-redeemable series B preference share financing of JD Health
together with the initial public offering of JD Health, net
proceeds of RMB31.3 billion from the company’s Hong Kong Listing,
and net proceeds of RMB6.8 billion from the issuance of unsecured
senior notes.
Supplemental Information
The table below sets forth the segment operating results:
|
For the three months ended |
|
For the year ended |
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(In thousands) |
|
(In thousands) |
Net revenues: |
|
|
|
|
|
|
|
JD Retail |
163,077,792 |
|
208,594,963 |
|
31,968,577 |
|
|
552,245,141 |
|
702,929,619 |
|
107,728,677 |
|
New businesses* |
7,438,919 |
|
15,834,704 |
|
2,426,774 |
|
|
23,932,278 |
|
42,790,954 |
|
6,558,001 |
|
Inter-segment |
(159,034 |
) |
(240,938 |
) |
(36,925 |
) |
|
(435,364 |
) |
(724,639 |
) |
(111,056 |
) |
Total segment net
revenues |
170,357,677 |
|
224,188,729 |
|
34,358,426 |
|
|
575,742,055 |
|
744,995,934 |
|
114,175,622 |
|
Unallocated items** |
326,361 |
|
139,426 |
|
21,368 |
|
|
1,146,429 |
|
805,952 |
|
123,518 |
|
Total consolidated net
revenues |
170,684,038 |
|
224,328,155 |
|
34,379,794 |
|
|
576,888,484 |
|
745,801,886 |
|
114,299,140 |
|
|
|
|
|
|
|
|
|
Operating income/(loss): |
|
|
|
|
|
|
|
JD Retail |
2,296,181 |
|
3,041,388 |
|
466,113 |
|
|
13,775,339 |
|
19,484,484 |
|
2,986,128 |
|
New businesses* |
(777,753 |
) |
(718,682 |
) |
(110,144 |
) |
|
(1,022,281 |
) |
(2,498,850 |
) |
(382,964 |
) |
Including: gain on sale of development properties |
814,412 |
|
1,109,179 |
|
169,989 |
|
|
3,884,709 |
|
1,648,747 |
|
252,682 |
|
Total segment operating
income |
1,518,428 |
|
2,322,706 |
|
355,969 |
|
|
12,753,058 |
|
16,985,634 |
|
2,603,164 |
|
Unallocated items** |
(988,881 |
) |
(1,727,759 |
) |
(264,790 |
) |
|
(3,758,178 |
) |
(4,642,814 |
) |
(711,544 |
) |
Total consolidated operating
income |
529,547 |
|
594,947 |
|
91,179 |
|
|
8,994,880 |
|
12,342,820 |
|
1,891,620 |
|
* New businesses of the company include
logistics services provided to third parties, overseas business,
technology initiatives, as well as asset management services to
logistics property investors and sale of development properties by
JD Property.
JD Property develops and manages logistics
facilities and other real estate properties. By leveraging its fund
management platform, JD Property can realize development profits
and recycle capital from mature properties to fund new developments
and scale the business.
** Unallocated items include share-based
compensation, amortization of intangible assets resulting from
assets and business acquisitions, effects of business cooperation
arrangements, and impairment of goodwill and intangible assets,
which are not allocated to segments.The table below sets forth the
revenue information:
|
For the three months ended |
|
For the year ended |
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|
December 31, 2019 |
December 31, 2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(In thousands) |
|
(In thousands) |
|
|
|
|
Electronics and home appliance
revenues |
92,730,981 |
115,819,247 |
17,750,076 |
|
328,703,453 |
400,927,285 |
61,444,794 |
General merchandise
revenues |
56,981,112 |
76,380,715 |
11,705,857 |
|
182,030,514 |
250,951,955 |
38,460,070 |
Net product revenues |
149,712,093 |
192,199,962 |
29,455,933 |
|
510,733,967 |
651,879,240 |
99,904,864 |
|
|
|
|
|
|
|
|
Marketplace and advertising
revenues |
13,472,797 |
17,480,690 |
2,679,033 |
|
42,680,212 |
53,472,718 |
8,195,053 |
Logistics and other service
revenues |
7,499,148 |
14,647,503 |
2,244,828 |
|
23,474,305 |
40,449,928 |
6,199,223 |
Net service revenues |
20,971,945 |
32,128,193 |
4,923,861 |
|
66,154,517 |
93,922,646 |
14,394,276 |
|
|
|
|
|
|
|
|
Total net revenues |
170,684,038 |
224,328,155 |
34,379,794 |
|
576,888,484 |
745,801,886 |
114,299,140 |
|
|
|
|
|
|
|
|
Recent Development
JD Logistics
On February 16, 2021, JD Logistics, through its
joint sponsors, submitted a listing application form (Form A1) to
the Hong Kong Stock Exchange to apply for the listing of, and
permission to deal in, the JD Logistics’s shares (representing
ordinary shares with a par value of US$0.000025 each in the share
capital of JD Logistics) on the Main Board of the Hong Kong Stock
Exchange. Please note that there is no assurance as to whether or
when the proposed listing may take place.
JD Property
On March 10, 2021, JD Property, the
infrastructure asset management and integrated service platform
within and a subsidiary of JD.com, entered into definitive
agreements for the non-redeemable series A preferred share
financing with co-lead investors Hillhouse Capital and Warburg
Pincus, among others. The total amount expected to be raised is
approximately US$700 million, subject to customary closing
conditions. JD.com will remain the majority shareholder of JD
Property after the completion of this transaction. By leveraging
Warburg Pincus and Hillhouse Capital’s industry expertise and
resources, JD Property will further strengthen its infrastructure
property management capabilities and its position as a leading
player in high-quality infrastructure properties development and
operations.
Conference Call
JD.com’s management will hold a conference call
at 7:00 am, Eastern Time on March 11, 2021, (8:00 pm, Beijing/Hong
Kong Time on March 11, 2021) to discuss the fourth quarter and full
year 2020 financial results.
Please register in advance of the conference
using the link provided below and dial in 10 minutes prior to the
call, using participant dial-in numbers, Direct Event passcode and
unique registrant ID which would be provided upon registering. You
will be automatically linked to the live call after completion of
this process, unless required to provide the conference ID below
due to regional restrictions.
PRE-REGISTER LINK:
http://apac.directeventreg.com/registration/event/2584734
CONFERENCE ID: 2584734
A telephone replay will be available from 10:00
am, Eastern Time on March 11, 2021 through 8:59 am, Eastern Time on
March 19, 2021. The dial-in details are as follows:
US Toll Free: |
+1-855-452-5696 or +1-646-254-3697 |
International |
+61-2-8199-0299 |
Passcode: |
2584734 |
Additionally, a live and archived webcast of the conference call
will also be available on the company’s investor relations website
at http://ir.jd.com.
About JD.com
JD.com is a leading technology driven e-commerce
company transforming to become the leading supply chain-based
technology and service provider. The company’s cutting-edge retail
infrastructure seeks to enable consumers to buy whatever they want,
whenever and wherever they want it. The company has opened its
technology and infrastructure to partners, brands and other
sectors, as part of its Retail as a Service offering to help drive
productivity and innovation across a range of industries. JD.com is
the largest retailer in China, a member of the NASDAQ100 and a
Fortune Global 500 company.
Non-GAAP Measures
In evaluating the business, the company
considers and uses non-GAAP measures, such as non-GAAP
income/(loss) from operations, non-GAAP operating margin, non-GAAP
net income/(loss) attributable to ordinary shareholders, non-GAAP
net margin, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA
margin, non-GAAP net income/(loss) per share and non-GAAP net
income/(loss) per ADS, as supplemental measures to review and
assess operating performance. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). The company
defines non-GAAP income/(loss) from operations as income/(loss)
from operations excluding share-based compensation, amortization of
intangible assets resulting from assets and business acquisitions,
effects of business cooperation arrangements, gain on sale of
development properties and impairment of goodwill and intangible
assets. The company defines non-GAAP net income/(loss) attributable
to ordinary shareholders as net income/(loss) attributable to
ordinary shareholders excluding share-based compensation,
amortization of intangible assets resulting from assets and
business acquisitions, effects of business cooperation arrangements
and non-compete agreements, gain/(loss) on disposals/deemed
disposals of investments, reconciling items on the share of equity
method investments, loss/(gain) from fair value change of long-term
investments, impairment of goodwill, intangible assets and
investments, gain and foreign exchange impact in relation to sale
of development properties and tax effects on non-GAAP adjustments.
The company defines free cash flow as operating cash flow adjusting
the impact from JD Baitiao receivables included in the operating
cash flow and capital expenditures, net of the proceeds from sale
of development properties. Capital expenditures include purchase of
property, equipment and software, cash paid for construction in
progress, purchase of intangible assets and land use rights. The
company defines non-GAAP EBITDA as non-GAAP income/(loss) from
operations plus depreciation and amortization excluding
amortization of intangible assets resulting from assets and
business acquisitions. Non-GAAP basic net income/(loss) per share
is calculated by dividing non-GAAP net income/(loss) attributable
to ordinary shareholders by the weighted average number of ordinary
shares outstanding during the periods. Non-GAAP diluted net
income/(loss) per share is calculated by dividing non-GAAP net
income/(loss) attributable to ordinary shareholders by the weighted
average number of ordinary shares and dilutive potential ordinary
shares outstanding during the periods, including the dilutive
effect of share-based awards as determined under the treasury stock
method. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net
income/(loss) per share multiplied by two.
The company presents these non-GAAP financial
measures because they are used by management to evaluate operating
performance and formulate business plans. Non-GAAP income/(loss)
from operations, non-GAAP net income/(loss) attributable to
ordinary shareholders and non-GAAP EBITDA reflect the company’s
ongoing business operations in a manner that allows more meaningful
period-to-period comparisons. Free cash flow enables management to
assess liquidity and cash flow while taking into account the impact
from JD Baitiao receivables included in the operating cash flow and
the demands that the expansion of fulfillment infrastructure and
technology platform has placed on financial resources. The company
believes that the use of the non-GAAP financial measures
facilitates investors to understand and evaluate the company’s
current operating performance and future prospects in the same
manner as management does, if they so choose. The company also
believes that the non-GAAP financial measures provide useful
information to both management and investors by excluding certain
expenses, gain/loss and other items that are not expected to result
in future cash payments or that are non-recurring in nature or may
not be indicative of the company’s core operating results and
business outlook.
The non-GAAP financial measures have limitations
as analytical tools. The company’s non-GAAP financial measures do
not reflect all items of income and expense that affect the
company’s operations or not represent the residual cash flow
available for discretionary expenditures. Further, these non-GAAP
measures may differ from the non-GAAP information used by other
companies, including peer companies, and therefore their
comparability may be limited. The company compensates for these
limitations by reconciling the non-GAAP financial measures to the
nearest U.S. GAAP performance measure, all of which should be
considered when evaluating performance. The company encourages you
to review the company’s financial information in its entirety and
not rely on a single financial measure.
CONTACTS:
Investor RelationsRuiyu
LiSenior Director of Investor Relations+86 (10)
8912-6804IR@JD.com
Media+86 (10)
8911-6155Press@JD.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,” “confident” and
similar statements. Among other things, the business outlook and
quotations from management in this announcement, as well as
JD.com’s strategic and operational plans, contain forward-looking
statements. JD.com 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 JD.com’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: JD.com’s growth strategies; its future business
development, results of operations and financial condition; its
ability to attract and retain new customers and to increase
revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and
services; trends and competition in China’s e-commerce market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to JD.com’s industry and general
economic conditions in China. Further information regarding these
and other risks is included in JD.com’s filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and JD.com undertakes no
obligation to update any forward-looking statement, except as
required under applicable law.
|
JD.com, Inc. |
Unaudited Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
As of |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
36,971,420 |
86,084,857 |
13,193,082 |
Restricted cash |
2,940,859 |
4,434,448 |
679,609 |
Short-term investments |
24,602,777 |
60,577,110 |
9,283,848 |
Accounts receivable, net (including JD Baitiao of RMB1.0 billion
and RMB0.8 billion as of December 31, 2019 and 2020,
respectively)(1) |
6,190,588 |
7,111,947 |
1,089,954 |
Advance to suppliers |
593,130 |
3,767,933 |
577,461 |
Inventories, net |
57,932,156 |
58,932,519 |
9,031,804 |
Prepayments and other current assets |
5,629,561 |
7,076,590 |
1,084,535 |
Amount due from related parties |
4,234,067 |
6,667,262 |
1,021,803 |
Assets held for sale(2) |
- |
148,592 |
22,773 |
Total current
assets |
139,094,558 |
234,801,258 |
35,984,869 |
Non-current
assets |
|
|
|
Property, equipment and software, net |
20,654,071 |
22,596,570 |
3,463,076 |
Construction in progress |
5,806,308 |
7,906,406 |
1,211,710 |
Intangible assets, net |
4,110,034 |
6,462,888 |
990,481 |
Land use rights, net |
10,891,742 |
11,124,913 |
1,704,968 |
Operating lease right-of-use assets |
8,643,597 |
15,484,082 |
2,373,039 |
Goodwill |
6,643,669 |
10,904,409 |
1,671,174 |
Investment in equity investees |
35,575,807 |
58,501,329 |
8,965,721 |
Investment securities |
21,417,104 |
39,085,150 |
5,990,061 |
Deferred tax assets |
80,556 |
532,746 |
81,647 |
Other non-current assets |
6,806,258 |
13,315,844 |
2,040,740 |
Amount due from related parties |
- |
242,527 |
37,169 |
Assets held for sale(2) |
- |
1,329,672 |
203,781 |
Total non-current
assets |
120,629,146 |
187,486,536 |
28,733,567 |
Total
assets |
259,723,704 |
422,287,794 |
64,718,436 |
|
JD.com, Inc. |
Unaudited Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
As of |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
LIABILITIES |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
90,428,382 |
106,818,425 |
16,370,640 |
Advances from customers |
16,078,619 |
20,998,001 |
3,218,084 |
Deferred revenues |
3,326,594 |
3,417,313 |
523,726 |
Taxes payable |
2,015,788 |
3,029,416 |
464,278 |
Amount due to related parties |
317,978 |
585,324 |
89,705 |
Unsecured senior notes |
- |
3,259,882 |
499,599 |
Accrued expenses and other current liabilities |
24,656,180 |
30,034,571 |
4,602,999 |
Operating lease liabilities |
3,193,480 |
5,513,534 |
844,986 |
Liabilities held for sale(2) |
- |
360,196 |
55,202 |
Total current
liabilities |
140,017,021 |
174,016,662 |
26,669,219 |
Non-current
liabilities |
|
|
|
Deferred revenues |
1,942,635 |
1,617,844 |
247,945 |
Unsecured senior notes |
6,912,492 |
9,594,556 |
1,470,430 |
Deferred tax liabilities |
1,338,988 |
1,921,831 |
294,533 |
Long-term borrowings |
3,139,290 |
2,936,205 |
449,993 |
Operating lease liabilities |
5,523,164 |
10,249,957 |
1,570,875 |
Other non-current liabilities |
225,883 |
331,623 |
50,823 |
Total non-current
liabilities |
19,082,452 |
26,652,016 |
4,084,599 |
Total
liabilities |
159,099,473 |
200,668,678 |
30,753,818 |
(1) JD Digits performs credit risk assessment services for JD
Baitiao business and absorbs the credit risk of the underlying
Baitiao receivables. Facilitated by JD Digits, the company
periodically securitizes Baitiao receivables through the transfer
of those assets to asset-backed securitization plans and
derecognizes the related Baitiao receivables through sales type
arrangements. |
(2) The company entered into definitive agreements to transfer
certain logistic facilities and real estate properties to JD
Logistics Properties Core Fund II, L.P. (the “Core Fund II”). As of
December 31, 2020, the company classified the related undisposed
assets and liabilities as assets and liabilities held for sale
under ASC 360, which included cash of RMB115.9 million. |
|
JD.com, Inc. |
Unaudited Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
As of |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
|
|
|
MEZZANINE
EQUITY |
|
|
|
Convertible redeemable
non-controlling interests |
15,964,384 |
17,133,208 |
2,625,779 |
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value,
100,000,000 shares authorized, 3,129,794 shares issued and
3,103,499 shares outstanding as of December 31, 2020) |
81,855,970 |
187,543,295 |
28,742,270 |
Non-controlling interests |
2,803,877 |
16,942,613 |
2,596,569 |
Total shareholders’
equity |
84,659,847 |
204,485,908 |
31,338,839 |
Total liabilities,
mezzanine equity and shareholders’ equity |
259,723,704 |
422,287,794 |
64,718,436 |
JD.com, Inc. |
Unaudited Condensed Consolidated Statements of Operations |
(In thousands, except per share data and otherwise noted) |
|
|
For the three months ended |
|
For the year ended |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Net
revenues |
|
|
|
|
|
|
|
Net product revenues |
149,712,093 |
|
192,199,962 |
|
29,455,933 |
|
|
510,733,967 |
|
651,879,240 |
|
99,904,864 |
|
Net service revenues |
20,971,945 |
|
32,128,193 |
|
4,923,861 |
|
|
66,154,517 |
|
93,922,646 |
|
14,394,276 |
|
Total net
revenues |
170,684,038 |
|
224,328,155 |
|
34,379,794 |
|
|
576,888,484 |
|
745,801,886 |
|
114,299,140 |
|
Cost of revenues |
(146,685,835 |
) |
(193,185,835 |
) |
(29,607,025 |
) |
|
(492,467,391 |
) |
(636,693,551 |
) |
(97,577,556 |
) |
Fulfillment |
(10,994,766 |
) |
(14,752,007 |
) |
(2,260,844 |
) |
|
(36,968,041 |
) |
(48,700,211 |
) |
(7,463,634 |
) |
Marketing |
(8,225,450 |
) |
(10,423,229 |
) |
(1,597,430 |
) |
|
(22,234,045 |
) |
(27,155,972 |
) |
(4,161,835 |
) |
Research and development |
(3,591,058 |
) |
(4,503,450 |
) |
(690,184 |
) |
|
(14,618,677 |
) |
(16,148,948 |
) |
(2,474,935 |
) |
General and administrative |
(1,471,794 |
) |
(1,977,866 |
) |
(303,121 |
) |
|
(5,490,159 |
) |
(6,409,131 |
) |
(982,242 |
) |
Gain on sale of development properties |
814,412 |
|
1,109,179 |
|
169,989 |
|
|
3,884,709 |
|
1,648,747 |
|
252,682 |
|
Income from
operations(3)(4) |
529,547 |
|
594,947 |
|
91,179 |
|
|
8,994,880 |
|
12,342,820 |
|
1,891,620 |
|
Other
income/(expenses) |
|
|
|
|
|
|
|
Share of results of equity investees |
(518,211 |
) |
1,679,822 |
|
257,444 |
|
|
(1,738,219 |
) |
4,291,453 |
|
657,694 |
|
Interest income |
594,427 |
|
958,781 |
|
146,940 |
|
|
1,785,572 |
|
2,753,360 |
|
421,971 |
|
Interest expense |
(219,772 |
) |
(296,061 |
) |
(45,373 |
) |
|
(725,010 |
) |
(1,125,181 |
) |
(172,442 |
) |
Others, net |
3,646,984 |
|
21,012,344 |
|
3,220,283 |
|
|
5,375,309 |
|
32,556,439 |
|
4,989,493 |
|
Income before
tax |
4,032,975 |
|
23,949,833 |
|
3,670,473 |
|
|
13,692,532 |
|
50,818,891 |
|
7,788,336 |
|
Income tax benefits/(expenses) |
(479,137 |
) |
331,722 |
|
50,839 |
|
|
(1,802,440 |
) |
(1,481,645 |
) |
(227,072 |
) |
Net
income |
3,553,838 |
|
24,281,555 |
|
3,721,312 |
|
|
11,890,092 |
|
49,337,246 |
|
7,561,264 |
|
Net loss attributable to
non-controlling interests shareholders |
(80,913 |
) |
(46,941 |
) |
(7,194 |
) |
|
(297,163 |
) |
(74,618 |
) |
(11,436 |
) |
Net income attributable to
mezzanine equity classified as non-controlling interests
shareholders |
797 |
|
3,045 |
|
467 |
|
|
3,100 |
|
6,641 |
|
1,018 |
|
Net income
attributable to ordinary shareholders |
3,633,954 |
|
24,325,451 |
|
3,728,039 |
|
|
12,184,155 |
|
49,405,223 |
|
7,571,682 |
|
|
JD.com, Inc. |
Unaudited Condensed Consolidated Statements of Operations |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
(3) Includes
share-based compensation expenses as follows: |
Cost of revenues |
(24,556 |
) |
(32,550 |
) |
(4,989 |
) |
|
(82,243 |
) |
(98,168 |
) |
(15,045 |
) |
Fulfillment |
(136,033 |
) |
(296,175 |
) |
(45,391 |
) |
|
(440,167 |
) |
(646,331 |
) |
(99,055 |
) |
Marketing |
(78,419 |
) |
(128,598 |
) |
(19,709 |
) |
|
(258,860 |
) |
(346,952 |
) |
(53,173 |
) |
Research and development |
(376,212 |
) |
(464,941 |
) |
(71,255 |
) |
|
(1,340,317 |
) |
(1,400,067 |
) |
(214,570 |
) |
General and administrative |
(416,145 |
) |
(572,387 |
) |
(87,721 |
) |
|
(1,573,368 |
) |
(1,664,415 |
) |
(255,083 |
) |
(4) Includes
amortization of business cooperation arrangement and intangible
assets resulting from assets and business acquisitions as
follows: |
Fulfillment |
(41,433 |
) |
(51,584 |
) |
(7,906 |
) |
|
(165,223 |
) |
(192,801 |
) |
(29,548 |
) |
Marketing |
(140,430 |
) |
(218,936 |
) |
(33,553 |
) |
|
(637,374 |
) |
(692,471 |
) |
(106,126 |
) |
Research and development |
(24,700 |
) |
(24,700 |
) |
(3,785 |
) |
|
(99,280 |
) |
(98,800 |
) |
(15,142 |
) |
General and administrative |
(77,314 |
) |
(77,314 |
) |
(11,849 |
) |
|
(307,776 |
) |
(308,761 |
) |
(47,320 |
) |
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
Basic |
1.24 |
|
7.84 |
|
1.20 |
|
|
4.18 |
|
16.35 |
|
2.51 |
|
Diluted |
1.22 |
|
7.59 |
|
1.16 |
|
|
4.11 |
|
15.84 |
|
2.43 |
|
|
|
|
|
|
|
|
|
Net income per
ADS: |
|
|
|
|
|
|
|
Basic |
2.49 |
|
15.68 |
|
2.40 |
|
|
8.37 |
|
32.70 |
|
5.01 |
|
Diluted |
2.44 |
|
15.18 |
|
2.33 |
|
|
8.21 |
|
31.68 |
|
4.86 |
|
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Non-GAAP Net Income Per Share and Per ADS |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders |
810,722 |
2,386,234 |
365,707 |
|
10,749,907 |
16,827,643 |
2,578,951 |
|
|
|
|
|
|
|
|
Weighted average
number of shares: |
|
|
|
|
|
|
|
Basic |
2,923,258 |
3,102,969 |
3,102,969 |
|
2,912,637 |
3,021,809 |
3,021,809 |
Diluted |
2,980,261 |
3,204,906 |
3,204,906 |
|
2,967,322 |
3,109,024 |
3,109,024 |
|
|
|
|
|
|
|
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
Basic |
0.28 |
0.77 |
0.12 |
|
3.69 |
5.57 |
0.85 |
Diluted |
0.27 |
0.74 |
0.11 |
|
3.62 |
5.28 |
0.81 |
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS: |
|
|
|
|
|
|
|
Basic |
0.55 |
1.54 |
0.24 |
|
7.38 |
11.14 |
1.71 |
Diluted |
0.54 |
1.49 |
0.23 |
|
7.25 |
10.56 |
1.62 |
|
|
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Condensed Consolidated Statements of Cash Flows and Free
Cash Flow |
(In thousands) |
|
|
For the three months ended |
|
For the year ended |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
3,701 |
|
5,213,568 |
|
799,014 |
|
|
24,781,220 |
|
42,544,317 |
|
6,520,202 |
|
Net cash provided by/(used in) investing activities |
2,452,444 |
|
(13,705,425 |
) |
(2,100,448 |
) |
|
(25,349,357 |
) |
(57,810,588 |
) |
(8,859,860 |
) |
Net cash provided by financing activities |
3,087,869 |
|
23,412,604 |
|
3,588,139 |
|
|
2,572,467 |
|
71,071,595 |
|
10,892,198 |
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
(390,963 |
) |
(2,971,701 |
) |
(455,433 |
) |
|
405,891 |
|
(5,082,380 |
) |
(778,908 |
) |
Net increase in cash, cash equivalents and restricted cash |
5,153,051 |
|
11,949,046 |
|
1,831,272 |
|
|
2,410,221 |
|
50,722,944 |
|
7,773,632 |
|
Cash, cash equivalents and restricted cash at beginning of
period/year |
34,759,228 |
|
78,686,177 |
|
12,059,184 |
|
|
37,502,058 |
|
39,912,279 |
|
6,116,824 |
|
Cash, cash equivalents and restricted cash at end of period/year
(5) |
39,912,279 |
|
90,635,223 |
|
13,890,456 |
|
|
39,912,279 |
|
90,635,223 |
|
13,890,456 |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
3,701 |
|
5,213,568 |
|
799,014 |
|
|
24,781,220 |
|
42,544,317 |
|
6,520,202 |
|
Add/(Less): Impact from JD Baitiao receivables included in the
operating cash flow |
(311,718 |
) |
207,102 |
|
31,740 |
|
|
(4,233,884 |
) |
47,938 |
|
7,347 |
|
Add/(Less): Capital expenditures |
|
|
|
|
|
|
|
Capital expenditures for development properties, net of related
sales proceeds |
1,055,277 |
|
1,125,815 |
|
172,539 |
|
|
2,420,401 |
|
(3,533,666 |
) |
(541,558 |
) |
Other capital expenditures |
(903,487 |
) |
(1,971,418 |
) |
(302,133 |
) |
|
(3,514,741 |
) |
(4,136,344 |
) |
(633,923 |
) |
Free cash flow |
(156,227 |
) |
4,575,067 |
|
701,160 |
|
|
19,452,996 |
|
34,922,245 |
|
5,352,068 |
|
(5) Including cash, cash equivalents and restricted cash
classified as assets held for sale.
|
JD.com, Inc. |
Supplemental Financial Information and Business Metrics |
|
Q4 2019 |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
|
|
|
|
|
|
Free cash flow (in RMB billions) – trailing twelve months
(“TTM”) |
19.5 |
15.2 |
22.7 |
30.2 |
34.9 |
Inventory turnover days(6) – TTM |
35.8 |
35.4 |
34.8 |
34.3 |
33.3 |
Accounts payable turnover days(7) – TTM |
54.5 |
51.7 |
50.8 |
49.2 |
47.1 |
Accounts receivable turnover days(8) – TTM |
3.2 |
3.1 |
2.9 |
2.8 |
2.7 |
Annual active customer accounts (in millions) |
362.0 |
387.4 |
417.4 |
441.6 |
471.9 |
|
For the year ended |
|
December 31,2018 |
December 31,2019 |
December 31,2020 |
|
|
|
|
GMV(9) (in RMB billions) |
1,676.9 |
2,085.4 |
2,612.5 |
|
(6) TTM inventory turnover days are the quotient of average
inventory over the immediately preceding five quarters, up to and
including the last quarter of the period, to cost of revenues of
retail business for the last twelve months, and then multiplied by
360 days. |
(7) TTM accounts payable turnover days are the quotient of average
accounts payable for retail business over the immediately preceding
five quarters, up to and including the last quarter of the period,
to cost of revenues of retail business for the last twelve months,
and then multiplied by 360 days. |
(8) TTM accounts receivable turnover days are the quotient of
average accounts receivable over the immediately preceding five
quarters, up to and including the last quarter of the annual
period, to total net revenues for the last twelve months and then
multiplied by 360 days. Presented are the accounts receivable
turnover days excluding the impact from JD Baitiao. |
(9) Gross Merchandise Volume (GMV) is the total value of all orders
for products and services placed in the company’s online retail
business and on the company’s online marketplaces, regardless of
whether the goods are sold or delivered or whether the goods are
returned. GMV includes the value from orders placed on the
company’s mobile apps and websites as well as orders placed on
third-party mobile apps and websites that are fulfilled by the
company or by the company’s third-party merchants. The calculation
of GMV includes shipping charges paid by buyers to sellers and for
prudent consideration excludes certain transactions over certain
amounts. The company believes that GMV only provides a measure of
the overall volume of transactions that flow through the company’s
platform in a given period. Therefore, it should not be used as a
financial metric or industry and peer comparisons. |
|
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
Income from operations |
529,547 |
|
594,947 |
|
91,179 |
|
|
8,994,880 |
|
12,342,820 |
|
1,891,620 |
|
Add: Share-based compensation |
1,031,365 |
|
1,494,651 |
|
229,065 |
|
|
3,694,955 |
|
4,155,933 |
|
636,926 |
|
Add: Amortization of intangible assets resulting from assets and
business acquisitions |
147,655 |
|
228,623 |
|
35,038 |
|
|
885,385 |
|
723,420 |
|
110,870 |
|
Add/(Reversal of): Effects of business cooperation
arrangements |
(190,139 |
) |
4,485 |
|
687 |
|
|
(822,161 |
) |
(236,539 |
) |
(36,252 |
) |
Reversal of: Gain on sale of development properties |
(814,412 |
) |
(1,109,179 |
) |
(169,989 |
) |
|
(3,884,709 |
) |
(1,648,747 |
) |
(252,682 |
) |
Non-GAAP income from operations |
704,016 |
|
1,213,527 |
|
185,980 |
|
|
8,868,350 |
|
15,336,887 |
|
2,350,482 |
|
Add: Depreciation and other amortization |
1,261,687 |
|
1,451,079 |
|
222,388 |
|
|
4,942,671 |
|
5,344,234 |
|
819,039 |
|
Non-GAAP EBITDA |
1,965,703 |
|
2,664,606 |
|
408,368 |
|
|
13,811,021 |
|
20,681,121 |
|
3,169,521 |
|
|
|
|
|
|
|
|
|
Total net revenues |
170,684,038 |
|
224,328,155 |
|
34,379,794 |
|
|
576,888,484 |
|
745,801,886 |
|
114,299,140 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin |
0.4 |
% |
0.5 |
% |
0.5 |
% |
|
1.5 |
% |
2.1 |
% |
2.1 |
% |
|
|
|
|
|
|
|
|
Non-GAAP EBITDA margin |
1.2 |
% |
1.2 |
% |
1.2 |
% |
|
2.4 |
% |
2.8 |
% |
2.8 |
% |
|
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders |
3,633,954 |
|
24,325,451 |
|
3,728,039 |
|
|
12,184,155 |
|
49,405,223 |
|
7,571,682 |
|
Add: Share-based compensation |
1,031,365 |
|
1,494,651 |
|
229,065 |
|
|
3,694,955 |
|
4,155,933 |
|
636,926 |
|
Add: Amortization of intangible assets resulting from assets and
business acquisitions |
147,655 |
|
228,623 |
|
35,038 |
|
|
885,385 |
|
723,420 |
|
110,870 |
|
Add: Reconciling items on the share of equity method
investments(10) |
155,358 |
|
357,890 |
|
54,849 |
|
|
456,468 |
|
530,046 |
|
81,233 |
|
Add: Impairment of goodwill, intangible assets, and
investments |
1,000,056 |
|
33,679 |
|
5,162 |
|
|
2,750,769 |
|
695,414 |
|
106,577 |
|
Reversal of: Gain from fair value change of long-term
investments |
(4,210,355 |
) |
(20,474,859 |
) |
(3,137,909 |
) |
|
(3,495,710 |
) |
(29,482,650 |
) |
(4,518,414 |
) |
Reversal of: Gain and foreign exchange impact in relation to sale
of development properties |
(814,412 |
) |
(1,099,100 |
) |
(168,444 |
) |
|
(3,997,416 |
) |
(1,638,668 |
) |
(251,137 |
) |
Reversal of: Gain on disposals/deemed disposals of investments |
(8,891 |
) |
(2,101,380 |
) |
(322,051 |
) |
|
(1,236,726 |
) |
(6,903,937 |
) |
(1,058,075 |
) |
Reversal of: Effects of business cooperation arrangements and
non-compete agreements |
(211,077 |
) |
(15,199 |
) |
(2,330 |
) |
|
(904,284 |
) |
(318,705 |
) |
(48,844 |
) |
Add: Tax effects on non-GAAP adjustments |
87,069 |
|
(363,522 |
) |
(55,712 |
) |
|
412,311 |
|
(338,433 |
) |
(51,867 |
) |
Non-GAAP net income attributable to ordinary
shareholders |
810,722 |
|
2,386,234 |
|
365,707 |
|
|
10,749,907 |
|
16,827,643 |
|
2,578,951 |
|
|
|
|
|
|
|
|
|
Total net revenues |
170,684,038 |
|
224,328,155 |
|
34,379,794 |
|
|
576,888,484 |
|
745,801,886 |
|
114,299,140 |
|
|
|
|
|
|
|
|
|
Non-GAAP net margin |
0.5 |
% |
1.1 |
% |
1.1 |
% |
|
1.9 |
% |
2.3 |
% |
2.3 |
% |
|
|
|
|
|
|
|
|
(10) To exclude the GAAP to non-GAAP reconciling items on the share
of equity method investments, and share of amortization of
intangibles not on their books. |
________________________1 The U.S. dollar (US$)
amounts disclosed in this press release, except for those
transaction amounts that were actually settled in U.S. dollars, are
presented solely for the convenience of the readers. The conversion
of Renminbi (RMB) into US$ in this press release is based on the
exchange rate set forth in the H.10 statistical release of the
Board of Governors of the Federal Reserve System as of December 31,
2020, which was RMB6.5250 to US$1.00. The percentages stated in
this press release are calculated based on the RMB amounts2 See the
sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation
of GAAP and Non-GAAP Results” for more information about the
non-GAAP measures referred to in this press release.3 Annual active
customer accounts are customer accounts that made at least one
purchase during the twelve months ended on the respective dates,
whether through online retail or online marketplace.
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