JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading supply
chain-based technology and service provider, today announced its
unaudited financial results for the three and six months ended June
30, 2022.
Second Quarter 2022
Highlights
- Net
revenues for the second quarter of 2022 were RMB267.6
billion (US$140.0 billion), an increase of 5.4% from the second
quarter of 2021. Net service revenues for the second quarter of
2022 were RMB41.6 billion (US$6.2 billion), an increase of 21.9%
from the second quarter of 2021.
- Income
from operations for the second quarter of 2022 was RMB3.8
billion (US$0.6 billion), compared to RMB0.3 billion for the same
period last year. Non-GAAP2
income from operations was RMB5.8 billion (US$0.9
billion) for the second quarter of 2022, as compared to RMB2.5
billion for the second quarter of 2021. Operating margin of JD
Retail before unallocated items for the second quarter of 2022 was
3.4%, compared to 2.6% for the second quarter of 2021.
- Net
income attributable to ordinary shareholders for the
second quarter of 2022 was RMB4.4 billion (US$0.7 billion),
compared to RMB0.8 billion for the same period last year.
Non-GAAP net income attributable to ordinary
shareholders for the second quarter of 2022 was RMB6.5
billion (US$1.0 billion), as compared to RMB4.6 billion for the
same period last year.
- Diluted
net income per ADS for the second quarter of 2022 was
RMB2.74 (US$0.41), compared to RMB0.50 for the second quarter of
2021. Non-GAAP diluted net income per ADS for the
second quarter of 2022 was RMB4.06 (US$0.61), compared to RMB2.90
for the same period last year.
-
Operating cash flow for the twelve months ended
June 30, 2022 was RMB51.1 billion (US$7.6 billion), compared to
RMB38.9 billion for the twelve months ended June 30, 2021.
Free cash flow, which excludes the impact from JD
Baitiao receivables included in the operating cash flow, for the
twelve months ended June 30, 2022 was RMB27.7 billion (US$4.1
billion), compared to RMB31.9 billion for the twelve months ended
June 30, 2021.
- Annual
active customer accounts3 increased by
9.2% to 580.8 million in the twelve months ended June 30, 2022 from
531.9 million in the twelve months ended June 30, 2021.
_______________________1 The U.S. dollar (US$) amounts disclosed
in this announcement, 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 announcement 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 June 30, 2022, which was RMB6.6981 to
US$1.00. The percentages stated in this announcement are calculated
based on the RMB amounts.2 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 announcement.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.
“JD.com's resilient business model,
industry-leading supply chain capabilities and efficient operations
helped us deliver solid quarterly results amidst ongoing challenges
in the external environment,” said Lei Xu, CEO of JD.com. “We are
encouraged to see our commitment to providing the best possible
user experience while supporting local communities and enterprises
across China translates into increased mindshare, stronger user
engagement and expanding user base, especially in our core JD
Retail business. We will continue to serve our business partners,
customers and society effectively through our supply chain based
infrastructure while innovating to support China's long-term
growth.”
“We were pleased to post topline growth that
outpaced the industry during a challenging period, as well as
healthy profitability and cash flow,” said Sandy Xu, Chief
Financial Officer of JD.com. “Our emphasis on financial discipline
and operational efficiency has allowed us to return to shareholders
in the form of share repurchases as well as a special cash dividend
issued during the quarter. We will continue to focus on generating
strong shareholder returns while maintaining our commitment to
investing for the long term.”
Business Highlights
Environment, Social and
Governance
-
JD.com recently released its second ESG report, highlighting the
company’s progress during 2021 in developing green supply chains,
boosting the real economy and promoting high-quality consumption
and social efficiency. In the report, JD.com proactively disclosed
climate-related information for the first time according to the
standards set by the Task Force on Climate-related Financial
Disclosures (TCFD), an organization created by the Financial
Stability Board in 2015 improving the reporting of climate-related
financial information.
- In June, JD
Logistics pioneered and launched the “Delivered with Original
Package” (DWOP) certification, its proprietary standard for green
packaging. To mark the fifth anniversary of JD’s “Green Stream
Initiative”, JD Logistics partnered with a number of leading brands
and manufacturers to ensure that over 80% of packages for products
sold via e-commerce channels are DWOP compliant by 2030. Over the
past five years, JD Logistics has cooperated with upstream and
downstream partners to promote the environmentally-friendly DWOP
model, with over 10,000 SKUs shipped directly from the factory in
their original packaging. To date, the effort has reduced
disposable package use by over 10 billion pieces, equivalent to
saving approximately 20 million trees.
JD Retail
- During the 618
Grand Promotion, JD.com’s omni-channel supermarket (JD Super)
collaborated with more than 27,000 brands and over 34,000 offline
stores to leverage JD.com’s “one-hour delivery” service to provide
consumers with on-demand shopping options in nearly 400 cities
across China. More than 30,000 partner stores saw increases in
transaction volume of over 500% year-on-year. In particular,
certain omni-channel businesses of retail chains including Walmart,
China Resources Vanguard (CR Vanguard), and Yonghui increased
transaction volume in aggregate by over 660% year-on-year during
the 618 Grand Promotion.
- During the
second quarter, to enhance omni-channel retailing, JD.com’s Fashion
and Lifestyle business upgraded to “The J Shop” and launched its
online channel on JD.com’s app and offline pilot stores in cities
including Xi’an, Shenzhen, Chengdu, Yinchuan and Beijing. As a new
retail format that provides curated fashion and lifestyle
collections, The J Shop takes full advantage of JD.com’s
merchandising and service capabilities, intelligent social supply
chain advantages and omni-channel capabilities. It is committed to
meeting consumers’ evolving needs with a one-stop solution that
provides seamless online and offline experience, swift product
updates and turnover and interactive consumer engagement, as well
as full-scope services along the purchasing path.
- In the second
quarter, CELINE, a luxury fashion brand under LVMH, partnered with
JD.com and launched a flagship store on the platform. Others
joining JD.com during the quarter also include French luxury
fashion brand Maison Margiela, French multi-faceted lifestyle brand
Maison Kitsuné, Canadian high-end outerwear and sportswear brand
Moose Knuckles, and Italian streetwear brand GCDS. Meanwhile,
beauty brands such as globally well-known LA MER, ARMANI, Jo Malone
London, Shiseido and M.A.C joined JD.com and opened flagship
stores, further enriching the Company’s offering of leading beauty
and cosmetic products. In terms of home goods, British premium
jewelry box brand WOLF and Italian heritage umbrella brand Pasotti
also opened flagship stores on JD.com in the quarter.
- JD Plus, the
premium membership program of JD.com and the first paid membership
program in China’s e-commerce industry, has exceeded the milestone
of 30 million registered members in July 2022, setting a new record
in scale. JD Plus members are among JD.com’s most active and loyal
users with strong consumption power. Also notably, shopping
frequency and spending of new JD Plus members increased
significantly after joining the program. JD Plus also empowers
vertical industries and upstream supply-chain enterprises to engage
and create value to Plus members online and offline.
JD Health
- In June, JD
Health upgraded its medical services and launched three new online
consultation services: “Expert Consulting”, “Instant Consultation
with JD Doctor” and “Nighttime Consultation” to further address
users’ diverse medical needs. The “Expert Consulting” service
cooperates with leading physicians from multiple “Grade 3A”
hospitals in China; the “Nighttime Consultation” service arranges
on-duty doctors to provide consultation services available
overnight; and the “Instant Consultation with JD Doctor” service
provides users with standardized medical consultation services
through carefully selected in-house and external physicians.
- In June, JD
Health released its “Enterprise Health Strategy” offering corporate
clients a full range of customized online and offline employee
health management and medical services, covering multiple solutions
including corporate emergency rescue management, employee weight
management, and employee mental health management.
- In June, JD
Health jointly built an internet hospital with Hebei Cangzhou
Central Hospital and became one of the first internet hospitals in
Hebei Province to be officially connected with social health
insurance system, enabling social insurance payment for healthcare
services such as online consultation services, prescription
purchases and home delivered services.
JD Logistics
- During the
second quarter, JD Logistics launched two new Asia No.1 smart
industrial parks into operations in the cities of Yiwu and Wenzhou
in Zhejiang Province. Together with the existing Asia No.1 smart
industrial park in Hangzhou, the three smart industrial parks cover
the entire Zhejiang province and drive the same or next-day
delivery ratio of JD Group’s online retail orders within the
province to around 95%, while extending the service to the rest of
Yangtze River Delta region.
- As of June 30,
2022, JD Logistics operated over 1,400 warehouses. Including
warehouse space managed through the Open Warehouse Platform, JD
Logistics’s warehouse network had an aggregate gross floor area of
approximately 26 million square meters.
Dada
- During this
year’s 618 Grand Promotion, in collaboration with more than 150,000
offline stores across all product categories, JD.com’s on-demand
retail services including its Shop Now program and JD Daojia (JDDJ)
provided more local products and one-hour delivery on-demand retail
experiences for consumers in over 1,700 cities and counties across
China. Shop Now and JDDJ altogether achieved a 77% increase
year-over-year, while the number of users who placed orders through
Shop Now increased by over 400% compared to the previous year. In
addition, Dada Now, Dada’s diversified local on-demand delivery
service, provided omni-channel fulfillment services for merchants
in all industries, including small and medium-sized merchants which
delivery volume increased 83% year-on-year.
JD Property
- In July 2022, JD
Property entered into an agreement to set up its third logistics
properties core fund, with a leading global investment institution
as its core investor. Prior to that, JD Property has successfully
completed the fundraising for two logistics properties core funds,
one logistics properties development fund, and one logistics
M&A fund. Upon the completion, the total assets transferred
under management of the aforementioned core funds, development fund
and M&A fund would exceed RMB27.3 billion.
Second Quarter 2022 Financial
Results
Net Revenues. For the
second quarter of 2022, JD.com reported net revenues of RMB267.6
billion (US$40.0 billion), representing a 5.4% increase from the
same period of 2021. Net product revenues increased by 2.9%, while
net service revenues increased by 21.9% for the second quarter of
2022, as compared to the same period of 2021.
Cost of
Revenues. Cost of revenues increased by
4.3% to RMB231.7 billion (US$34.6 billion) for the second quarter
of 2022 from RMB222.1 billion for the second quarter of 2021.
Fulfillment
Expenses. Fulfillment expenses, which
primarily include procurement, warehousing, delivery, customer
service and payment processing expenses, increased by 11.3% to
RMB16.3 billion (US$2.4 billion) for the second quarter of 2022
from RMB14.6 billion for the second quarter of 2021. Fulfillment
expenses as a percentage of net revenues was 6.1% for the second
quarter of 2022, compared to 5.8% for the same period last year.
The increase was primarily due to the additional cost incurred in
support of the combat against the COVID-19 pandemic in Shanghai and
other several regions in China.
Marketing
Expenses. Marketing expenses was RMB9.5
billion (US$1.4 billion) for the second quarter of 2022, as
compared to RMB10.6 billion for the second quarter of 2021.
Research and Development
Expenses. Research and development
expenses increased by 9.0% to RMB4.0 billion (US$0.6 billion) for
the second quarter of 2022 from RMB3.7 billion for the second
quarter of 2021.
General and Administrative
Expenses. General and administrative
expenses was RMB2.3 billion (US$0.3 billion) for the second quarter
of 2022, as compared to RMB2.6 billion for the second quarter of
2021.
Income from Operations and Non-GAAP
Income from Operations. Income from operations for
the second quarter of 2022 was RMB3.8 billion (US$0.6 billion),
compared to RMB0.3 billion for the same period last year. Non-GAAP
income from operations was RMB5.8 billion (US$0.9 billion) for the
second quarter of 2022, as compared to RMB2.5 billion for the
second quarter of 2021. Operating margin of JD Retail before
unallocated items for the second quarter of 2022 was 3.4%, compared
to 2.6% for the second quarter of 2021.
Non-GAAP EBITDA. Non-GAAP
EBITDA was RMB7.2 billion (US$1.1 billion) for the second quarter
of 2022, compared to RMB3.7 billion for the second quarter of
2021.
Share of Results of Equity
Investees. Share of results of equity investees was a
loss of RMB1.6 billion (US$0.2 billion) for the second quarter of
2022, as compared to an income of RMB0.5 billion for the second
quarter of 2021. The loss for the second quarter of 2022 was
primarily due to non-cash impairment and share of losses from
certain equity investees.
Others, net. Other
non-operating income was RMB3.6 billion (US$0.5 billion) for the
second quarter of 2022, as compared to RMB0.5 billion for the
second quarter of 2021. The increase was primarily due to the fair
value change of investment securities.
Net Income Attributable
to Ordinary Shareholders and Non-GAAP Net
Income Attributable to Ordinary
Shareholders. Net income attributable to
ordinary shareholders for the second quarter of 2022 was RMB4.4
billion (US$0.7 billion), compared to RMB0.8 billion for the same
period last year. Non-GAAP net income attributable to ordinary
shareholders for the second quarter of 2022 was RMB6.5 billion
(US$1.0 billion), as compared to RMB4.6 billion for the same period
last year.
Diluted EPS and Non-GAAP Diluted
EPS. Diluted net income per ADS for the second quarter of
2022 was RMB2.74 (US$0.41), compared to RMB0.50 for the second
quarter of 2021. Non-GAAP diluted net income per ADS for the second
quarter of 2022 was RMB4.06 (US$0.61), compared to RMB2.90 for the
second quarter of 2021.
Cash Flow and Working Capital
As of June 30, 2022, the company’s cash and cash
equivalents, restricted cash and short-term investments totaled
RMB206.8 billion (US$30.9 billion), compared to RMB191.3 billion as
of December 31, 2021. For the second quarter of 2022, free cash
flow of the company was as follows:
|
|
For the three months ended |
|
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
|
(In millions) |
|
|
|
Net cash provided by operating activities |
|
28,890 |
|
33,667 |
|
5,026 |
|
Add: Impact from JD Baitiao
receivables included in the operating cash flow |
|
3,291 |
|
1,802 |
|
269 |
|
(Less)/Add: Capital
expenditures, net of related sales proceeds |
|
|
|
|
Capital expenditures for development properties |
|
(2,874 |
) |
(4,947 |
) |
(739 |
) |
Other capital expenditures* |
|
215 |
|
(513 |
) |
(77 |
) |
Free cash flow |
|
29,522 |
|
30,009 |
|
4,479 |
|
|
|
|
|
|
* Including capital expenditures related to the
company’s headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was
RMB30.9 billion (US$4.6 billion) for the second quarter of 2022,
consisting primarily of increase in short-term investments and cash
paid for capital expenditures.
Net cash used in financing activities was
RMB11.3 billion (US$1.7 billion) for the second quarter of 2022,
consisting primarily of cash paid for dividends, cash paid for
share repurchase, partially offset by the net proceeds from bank
loans and proceeds from the share placement of JD Logistics.
For the twelve months ended June 30, 2022, free
cash flow of the company was as follows:
|
|
For the twelve months ended |
|
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
|
(In millions) |
|
|
|
Net cash provided by operating activities |
|
38,851 |
|
51,102 |
|
7,629 |
|
Add/(Less): Impact from JD
Baitiao receivables included in the operating cash flow |
|
1,938 |
|
(1,956 |
) |
(292 |
) |
Less: Capital expenditures,
net of related sales proceeds |
|
|
|
|
Capital expenditures for development properties |
|
(4,483 |
) |
(16,637 |
) |
(2,483 |
) |
Other capital expenditures |
|
(4,433 |
) |
(4,849 |
) |
(724 |
) |
Free cash flow |
|
31,873 |
|
27,660 |
|
4,130 |
|
|
|
|
|
|
|
|
|
Supplemental Information
The company reported four segments since the
first quarter of 2022, JD Retail, JD Logistics, Dada and New
businesses. JD Retail mainly consists of online retail, online
marketplace and marketing services in China. JD Logistics includes
both internal and external logistics businesses. Dada is a local
on-demand delivery and retail platform in China. New businesses
mainly include JD Property, Jingxi, overseas businesses and
technology initiatives.
The table below sets forth the segment operating
results:
|
For the three months ended |
|
For the six months ended |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(In millions) |
|
(In millions) |
Net revenues: |
|
|
|
|
|
|
|
JD Retail |
232,557 |
|
241,557 |
|
36,064 |
|
|
418,353 |
|
459,081 |
|
68,539 |
|
JD Logistics |
26,061 |
|
31,272 |
|
4,669 |
|
|
48,472 |
|
58,623 |
|
8,752 |
|
Dada |
— |
|
2,281 |
|
341 |
|
|
— |
|
2,969 |
|
443 |
|
New businesses |
6,963 |
|
6,265 |
|
935 |
|
|
12,118 |
|
12,020 |
|
1,795 |
|
Inter-segment* |
(11,920 |
) |
(13,775 |
) |
(2,057 |
) |
|
(22,241 |
) |
(25,438 |
) |
(3,798 |
) |
Total segment net
revenues |
253,661 |
|
267,600 |
|
39,952 |
|
|
456,702 |
|
507,255 |
|
75,731 |
|
Unallocated items** |
139 |
|
— |
|
— |
|
|
275 |
|
— |
|
— |
|
Total consolidated net
revenues |
253,800 |
|
267,600 |
|
39,952 |
|
|
456,977 |
|
507,255 |
|
75,731 |
|
|
|
|
|
|
|
|
|
Operating income/(loss): |
|
|
|
|
|
|
|
JD Retail |
5,987 |
|
8,173 |
|
1,220 |
|
|
13,327 |
|
16,064 |
|
2,398 |
|
JD Logistics |
(357 |
) |
36 |
|
5 |
|
|
(1,830 |
) |
(625 |
) |
(93 |
) |
Dada |
— |
|
(424 |
) |
(63 |
) |
|
— |
|
(616 |
) |
(92 |
) |
New businesses |
(3,020 |
) |
(2,032 |
) |
(303 |
) |
|
(5,302 |
) |
(4,418 |
) |
(660 |
) |
Including: gain on sale of
development properties |
87 |
|
— |
|
— |
|
|
170 |
|
— |
|
— |
|
Total segment operating
income |
2,610 |
|
5,753 |
|
859 |
|
|
6,195 |
|
10,405 |
|
1,553 |
|
Unallocated items** |
(2,309 |
) |
(1,995 |
) |
(298 |
) |
|
(4,234 |
) |
(4,239 |
) |
(632 |
) |
Total consolidated operating
income |
301 |
|
3,758 |
|
561 |
|
|
1,961 |
|
6,166 |
|
921 |
|
|
|
|
|
|
|
|
|
* The inter-segment eliminations mainly consist
of revenues from supply chain solutions and logistics services
provided by JD Logistics to JD Retail, on-demand delivery and
retail services provided by Dada to JD Retail and JD Logistics, and
property leasing services provided by JD Property to JD
Logistics.
** 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 six months ended |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(In millions) |
|
(In millions) |
|
|
|
|
|
|
Electronics and home appliances revenues |
136,774 |
136,618 |
20,397 |
|
240,779 |
254,986 |
38,068 |
General merchandise revenues |
82,916 |
89,402 |
13,347 |
|
154,193 |
175,450 |
26,194 |
Net product revenues |
219,690 |
226,020 |
33,744 |
|
394,972 |
430,436 |
64,262 |
|
|
|
|
|
|
|
|
Marketplace and marketing revenues |
18,985 |
20,742 |
3,097 |
|
33,105 |
38,418 |
5,736 |
Logistics and other service revenues |
15,125 |
20,838 |
3,111 |
|
28,900 |
38,401 |
5,733 |
Net service revenues |
34,110 |
41,580 |
6,208 |
|
62,005 |
76,819 |
11,469 |
|
|
|
|
|
|
|
|
Total net revenues |
253,800 |
267,600 |
39,952 |
|
456,977 |
507,255 |
75,731 |
|
|
|
|
|
|
|
|
Conference Call
JD.com’s management will hold a conference call
at 8:00 am, Eastern Time on August 23, 2022, (8:00 pm, Beijing/Hong
Kong Time on August 23, 2022) to discuss its financial results for
the three and six months ended June 30, 2022.
Please register in advance of the conference
using the link provided below and dial in 15 minutes prior to the
call, using participant dial-in numbers, the Passcode and unique
access PIN 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:
https://s1.c-conf.com/diamondpass/10024459-3m5ld2.html
CONFERENCE ID: 10024459
A telephone replay will be available for one
week until August 30, 2022. The dial-in details are as follows:
US: |
+1-855-883-1031 |
International: |
+61-7-3107-6325 |
Hong Kong: |
800-930-639 |
Mainland China: |
400-120-9216 |
Passcode: |
10024459 |
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 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.
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 and others, 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 RelationsSean Zhang+86
(10) 8912-6804IR@JD.com
Media Relations+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 announcements made on the
website of The Stock Exchange of Hong Kong Limited (the “Hong Kong
Stock Exchange”), 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; laws, regulations and governmental policies relating to the
industries in which JD.com or its business partners operate;
potential changes in laws, regulations and governmental policies or
changes in the interpretation and implementation of laws,
regulations and governmental policies that could adversely affect
the industries in which JD.com or its business partners operate,
including, among others, initiatives to enhance supervision of
companies listed on an overseas exchange and tighten scrutiny over
data privacy and data security; risks associated with JD.com’s
acquisitions, investments and alliances, including fluctuation in
the market value of JD.com’s investment portfolio; impact of the
COVID-19 pandemic; natural disasters and geopolitical events;
change in tax rates and financial risks; intensity of competition;
and general market and economic conditions in China and globally.
Further information regarding these and other risks is included in
JD.com’s filings with the SEC and the announcements on the website
of the Hong Kong Stock Exchange. All information provided herein is
as of the date of this announcement, and JD.com undertakes no
obligation to update any forward-looking statement, except as
required under applicable law.
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In millions, except otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
70,767 |
78,821 |
11,768 |
Restricted cash |
|
5,926 |
5,743 |
857 |
Short-term investments |
|
114,564 |
122,223 |
18,247 |
Accounts receivable, net (including JD Baitiao of RMB2.5 billion
and RMB3.2 billion as of December 31, 2021 and June 30, 2022,
respectively)(1) |
|
11,900 |
15,841 |
2,365 |
Advance to suppliers |
|
3,959 |
2,537 |
379 |
Inventories, net |
|
75,601 |
76,029 |
11,351 |
Prepayments and other current assets |
|
11,455 |
18,998 |
2,837 |
Amount due from related parties |
|
5,500 |
3,679 |
549 |
Assets held for sale |
|
— |
120 |
18 |
Total current assets |
|
299,672 |
323,991 |
48,371 |
Non-current assets |
|
|
|
|
Property, equipment and software, net |
|
32,944 |
44,569 |
6,654 |
Construction in progress |
|
5,817 |
8,036 |
1,200 |
Intangible assets, net |
|
5,837 |
7,507 |
1,121 |
Land use rights, net |
|
14,328 |
27,884 |
4,163 |
Operating lease right-of-use assets |
|
19,987 |
20,165 |
3,011 |
Goodwill |
|
12,433 |
18,560 |
2,771 |
Investment in equity investees |
|
63,222 |
55,893 |
8,345 |
Investment securities |
|
19,088 |
17,518 |
2,615 |
Deferred tax assets |
|
1,111 |
1,072 |
160 |
Other non-current assets |
|
21,804 |
28,213 |
4,211 |
Amount due from related parties |
|
264 |
303 |
45 |
Total non-current assets |
|
196,835 |
229,720 |
34,296 |
Total assets |
|
496,507 |
553,711 |
82,667 |
|
|
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In millions, except otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Short-term debts |
|
4,368 |
13,754 |
2,053 |
Accounts payable |
|
140,484 |
159,932 |
23,877 |
Advance from customers |
|
29,106 |
30,768 |
4,594 |
Deferred revenues |
|
3,458 |
4,717 |
704 |
Taxes payable |
|
2,568 |
2,629 |
392 |
Amount due to related parties |
|
519 |
315 |
47 |
Accrued expenses and other current liabilities |
|
34,468 |
36,487 |
5,449 |
Operating lease liabilities |
|
6,665 |
6,861 |
1,024 |
Liabilities held for sale |
|
— |
23 |
3 |
Total current liabilities |
|
221,636 |
255,486 |
38,143 |
Non-current liabilities |
|
|
|
|
Deferred revenues |
|
1,297 |
1,183 |
177 |
Unsecured senior notes |
|
9,386 |
9,847 |
1,470 |
Deferred tax liabilities |
|
1,897 |
5,049 |
754 |
Long-term borrowings |
|
— |
14,812 |
2,211 |
Operating lease liabilities |
|
13,721 |
13,806 |
2,061 |
Other non-current liabilities |
|
1,786 |
1,600 |
239 |
Total non-current liabilities |
|
28,087 |
46,297 |
6,912 |
Total liabilities |
|
249,723 |
301,783 |
45,055 |
(1) JD Technology performs credit risk assessment services for JD
Baitiao business and absorbs the credit risk of the underlying
Baitiao receivables. Facilitated by JD Technology, the company
periodically securitizes Baitiao receivables through the transfer
of those assets to securitization plans and derecognizes the
related Baitiao receivables through sales type arrangements. |
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In millions, except otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
Convertible redeemable
non-controlling interests |
|
1,212 |
467 |
70 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value,
100,000 shares authorized, 3,178 shares issued and 3,123 shares
outstanding as of June 30, 2022) |
|
208,912 |
201,316 |
30,056 |
Non-controlling interests |
|
36,660 |
50,145 |
7,486 |
Total shareholders’ equity |
|
245,572 |
251,461 |
37,542 |
Total liabilities,
mezzanine equity and shareholders’ equity |
|
496,507 |
553,711 |
82,667 |
|
|
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Operations |
(In millions, except per share data) |
|
|
For the three months ended |
|
For the six months ended |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Net
revenues |
|
|
|
|
|
|
|
Net product revenues |
219,690 |
|
226,020 |
|
33,744 |
|
|
394,972 |
|
430,436 |
|
64,262 |
|
Net service revenues |
34,110 |
|
41,580 |
|
6,208 |
|
|
62,005 |
|
76,819 |
|
11,469 |
|
Total net
revenues |
253,800 |
|
267,600 |
|
39,952 |
|
|
456,977 |
|
507,255 |
|
75,731 |
|
Cost of revenues |
(222,071 |
) |
(231,706 |
) |
(34,593 |
) |
|
(396,125 |
) |
(437,915 |
) |
(65,379 |
) |
Fulfillment |
(14,649 |
) |
(16,308 |
) |
(2,435 |
) |
|
(28,453 |
) |
(31,793 |
) |
(4,747 |
) |
Marketing |
(10,612 |
) |
(9,477 |
) |
(1,415 |
) |
|
(17,611 |
) |
(18,182 |
) |
(2,714 |
) |
Research and development |
(3,693 |
) |
(4,027 |
) |
(601 |
) |
|
(8,223 |
) |
(8,411 |
) |
(1,256 |
) |
General and administrative |
(2,561 |
) |
(2,324 |
) |
(347 |
) |
|
(4,774 |
) |
(4,788 |
) |
(714 |
) |
Gain on sale of development properties |
87 |
|
— |
|
— |
|
|
170 |
|
— |
|
— |
|
Income from
operations(2)(3) |
301 |
|
3,758 |
|
561 |
|
|
1,961 |
|
6,166 |
|
921 |
|
Other
income/(expenses) |
|
|
|
|
|
|
|
Share of results of equity investees |
523 |
|
(1,604 |
) |
(239 |
) |
|
1,205 |
|
(2,685 |
) |
(401 |
) |
Interest expense |
(233 |
) |
(484 |
) |
(72 |
) |
|
(491 |
) |
(828 |
) |
(124 |
) |
Others, net(4) |
456 |
|
3,586 |
|
535 |
|
|
2,494 |
|
(312 |
) |
(47 |
) |
Income before
tax |
1,047 |
|
5,256 |
|
785 |
|
|
5,169 |
|
2,341 |
|
349 |
|
Income tax expenses |
(569 |
) |
(1,227 |
) |
(184 |
) |
|
(1,049 |
) |
(1,831 |
) |
(273 |
) |
Net
income |
478 |
|
4,029 |
|
601 |
|
|
4,120 |
|
510 |
|
76 |
|
Net loss attributable to non-controlling interests
shareholders |
(320 |
) |
(350 |
) |
(52 |
) |
|
(299 |
) |
(883 |
) |
(132 |
) |
Net income attributable to mezzanine equity classified as
non-controlling interests shareholders |
4 |
|
3 |
|
— |
|
|
7 |
|
8 |
|
1 |
|
Net income attributable to ordinary
shareholders |
794 |
|
4,376 |
|
653 |
|
|
4,412 |
|
1,385 |
|
207 |
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
0.26 |
|
1.40 |
|
0.21 |
|
|
1.42 |
|
0.45 |
|
0.07 |
|
Diluted |
0.25 |
|
1.37 |
|
0.20 |
|
|
1.38 |
|
0.43 |
|
0.06 |
|
Net income per
ADS: |
|
|
|
|
|
|
|
Basic |
0.51 |
|
2.80 |
|
0.42 |
|
|
2.84 |
|
0.89 |
|
0.13 |
|
Diluted |
0.50 |
|
2.74 |
|
0.41 |
|
|
2.76 |
|
0.85 |
|
0.13 |
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Operations |
(In millions, except per share data) |
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
(2) Includes share-based compensation expenses as follows: |
Cost of revenues |
|
(15 |
) |
(28 |
) |
(4 |
) |
|
(36 |
) |
(59 |
) |
(9 |
) |
Fulfillment |
|
(170 |
) |
(200 |
) |
(30 |
) |
|
(341 |
) |
(427 |
) |
(64 |
) |
Marketing |
|
(129 |
) |
(149 |
) |
(22 |
) |
|
(249 |
) |
(298 |
) |
(44 |
) |
Research and development |
|
(453 |
) |
(325 |
) |
(49 |
) |
|
(878 |
) |
(740 |
) |
(110 |
) |
General and administrative |
|
(1,310 |
) |
(875 |
) |
(130 |
) |
|
(2,271 |
) |
(1,904 |
) |
(285 |
) |
|
|
|
|
|
|
|
|
|
(3) Includes amortization of business cooperation arrangement and
intangible assets resulting from assets and business acquisitions
as follows: |
Fulfillment |
|
(56 |
) |
(107 |
) |
(16 |
) |
|
(108 |
) |
(180 |
) |
(27 |
) |
Marketing |
|
(212 |
) |
(219 |
) |
(33 |
) |
|
(421 |
) |
(436 |
) |
(65 |
) |
Research and development |
|
(26 |
) |
(60 |
) |
(9 |
) |
|
(51 |
) |
(98 |
) |
(15 |
) |
General and administrative |
|
(77 |
) |
(32 |
) |
(5 |
) |
|
(154 |
) |
(97 |
) |
(14 |
) |
|
|
|
|
|
|
|
|
|
(4) Others are
other non-operating income/(loss), primarily consist of
gains/(losses) from fair value change of long-term investments,
gains/(losses) from business and investment disposals, impairment
of investments, government incentives, interest income and foreign
exchange gains/(losses). |
JD.com, Inc. |
Unaudited Non-GAAP Net Income Per Share and Per ADS |
(In millions, except per share data) |
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders |
|
4,627 |
6,489 |
969 |
|
8,594 |
10,521 |
1,571 |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares: |
|
|
|
|
|
|
|
|
Basic |
|
3,106 |
3,121 |
3,121 |
|
3,106 |
3,119 |
3,119 |
Diluted |
|
3,190 |
3,176 |
3,176 |
|
3,199 |
3,182 |
3,182 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
Basic |
|
1.49 |
2.08 |
0.31 |
|
2.77 |
3.37 |
0.50 |
Diluted |
|
1.45 |
2.03 |
0.30 |
|
2.68 |
3.29 |
0.49 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
2.98 |
4.16 |
0.62 |
|
5.53 |
6.75 |
1.01 |
Diluted |
|
2.90 |
4.06 |
0.61 |
|
5.37 |
6.58 |
0.98 |
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of Cash Flows
and Free Cash Flow |
(In millions) |
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
28,890 |
|
33,667 |
|
5,026 |
|
|
21,381 |
|
30,182 |
|
4,506 |
|
Net cash used in investing
activities |
|
(18,074 |
) |
(30,926 |
) |
(4,617 |
) |
|
(25,705 |
) |
(26,364 |
) |
(3,936 |
) |
Net cash provided by/(used in)
financing activities |
|
17,443 |
|
(11,309 |
) |
(1,688 |
) |
|
16,851 |
|
1,386 |
|
207 |
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(968 |
) |
3,126 |
|
466 |
|
|
(372 |
) |
2,668 |
|
398 |
|
Net increase/(decrease) in
cash, cash equivalents and restricted cash |
|
27,291 |
|
(5,442 |
) |
(813 |
) |
|
12,155 |
|
7,872 |
|
1,175 |
|
Cash, cash equivalents and
restricted cash at beginning of period(5) |
|
75,499 |
|
90,006 |
|
13,438 |
|
|
90,635 |
|
76,692 |
|
11,450 |
|
Cash, cash equivalents and
restricted cash at end of period(5) |
|
102,790 |
|
84,564 |
|
12,625 |
|
|
102,790 |
|
84,564 |
|
12,625 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
28,890 |
|
33,667 |
|
5,026 |
|
|
21,381 |
|
30,182 |
|
4,506 |
|
Add: Impact from JD Baitiao
receivables included in the operating cash flow |
|
3,291 |
|
1,802 |
|
269 |
|
|
4,516 |
|
68 |
|
10 |
|
(Less)/Add: Capital
expenditures, net of related sales proceeds |
|
|
|
|
|
|
|
|
Capital expenditures for development properties |
|
(2,874 |
) |
(4,947 |
) |
(739 |
) |
|
(4,497 |
) |
(7,623 |
) |
(1,138 |
) |
Other capital expenditures |
|
215 |
|
(513 |
) |
(77 |
) |
|
(1,620 |
) |
(1,415 |
) |
(211 |
) |
Free cash flow |
|
29,522 |
|
30,009 |
|
4,479 |
|
|
19,780 |
|
21,212 |
|
3,167 |
|
|
(5) Including
cash, cash equivalents and restricted cash classified as assets
held for sale of RMB133.6 million, nil and nil as of June 30, 2021,
December 31, 2021 and June 30, 2022, respectively. |
JD.com, Inc. |
Supplemental Financial Information and Business Metrics |
|
|
|
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
|
|
|
|
|
|
|
Free cash flow (in RMB billions) – trailing twelve months
(“TTM”) |
|
31.9 |
28.5 |
26.2 |
27.2 |
27.7 |
Inventory turnover days(6) – TTM |
|
31.0 |
30.1 |
30.3 |
30.2 |
31.5 |
Accounts payable turnover days(7) – TTM |
|
45.8 |
45.5 |
45.3 |
45.0 |
49.4 |
Accounts receivable turnover days(8) – TTM |
|
2.7 |
2.8 |
2.9 |
3.2 |
3.6 |
Annual active customer accounts (in millions) |
|
531.9 |
552.2 |
569.7 |
580.5 |
580.8 |
(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 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. |
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In millions, except percentage data) |
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Income from operations |
|
301 |
|
3,758 |
|
561 |
|
|
1,961 |
|
6,166 |
|
921 |
|
Add: Share-based
compensation |
|
2,077 |
|
1,577 |
|
235 |
|
|
3,775 |
|
3,428 |
|
512 |
|
Add: Amortization of
intangible assets resulting from assets and business
acquisitions |
|
236 |
|
291 |
|
44 |
|
|
467 |
|
549 |
|
82 |
|
(Reversal of)/Add: Effects of
business cooperation arrangements |
|
(4 |
) |
127 |
|
19 |
|
|
(8 |
) |
262 |
|
39 |
|
Reversal of: Gain on sale of
development properties |
|
(87 |
) |
— |
|
— |
|
|
(170 |
) |
— |
|
— |
|
Non-GAAP income from
operations |
|
2,523 |
|
5,753 |
|
859 |
|
|
6,025 |
|
10,405 |
|
1,554 |
|
Add: Depreciation and other amortization |
|
1,224 |
|
1,422 |
|
212 |
|
|
2,662 |
|
2,836 |
|
423 |
|
Non-GAAP EBITDA |
|
3,747 |
|
7,175 |
|
1,071 |
|
|
8,687 |
|
13,241 |
|
1,977 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
253,800 |
|
267,600 |
|
39,952 |
|
|
456,977 |
|
507,255 |
|
75,731 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
margin |
|
1.0 |
% |
2.1 |
% |
2.1 |
% |
|
1.3 |
% |
2.1 |
% |
2.1 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA margin |
|
1.5 |
% |
2.7 |
% |
2.7 |
% |
|
1.9 |
% |
2.6 |
% |
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In millions, except percentage data) |
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
June 30,2021 |
June 30,2022 |
June 30,2022 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders |
|
794 |
|
4,376 |
|
653 |
|
|
4,412 |
|
1,385 |
|
207 |
|
Add: Share-based
compensation |
|
2,077 |
|
1,314 |
|
196 |
|
|
3,775 |
|
2,907 |
|
434 |
|
Add: Amortization of
intangible assets resulting from assets and business
acquisitions |
|
236 |
|
201 |
|
30 |
|
|
467 |
|
399 |
|
60 |
|
(Reversal of)/Add: Reconciling
items on the share of equity method investments(9) |
|
(385 |
) |
441 |
|
66 |
|
|
(1,031 |
) |
830 |
|
124 |
|
Add: Impairment of goodwill,
intangible assets, and investments |
|
267 |
|
1,257 |
|
188 |
|
|
308 |
|
1,257 |
|
188 |
|
Add/(Reversal of): Loss/(Gain)
from fair value change of long-term investments |
|
1,589 |
|
(1,069 |
) |
(160 |
) |
|
766 |
|
165 |
|
25 |
|
Reversal of: Gain on sale of
development properties |
|
(87 |
) |
— |
|
— |
|
|
(170 |
) |
— |
|
— |
|
(Reversal of)/Add: Net
(gain)/loss on disposals/deemed disposals of investments and
others |
|
(16 |
) |
(31 |
) |
(5 |
) |
|
(16 |
) |
3,518 |
|
525 |
|
(Reversal of)/Add: Effects of
business cooperation arrangements and non-compete agreements |
|
(24 |
) |
127 |
|
19 |
|
|
(46 |
) |
250 |
|
37 |
|
Add/(Reversal of): Tax effects
on non-GAAP adjustments |
|
176 |
|
(127 |
) |
(18 |
) |
|
129 |
|
(190 |
) |
(29 |
) |
Non-GAAP net income
attributable to ordinary shareholders |
|
4,627 |
|
6,489 |
|
969 |
|
|
8,594 |
|
10,521 |
|
1,571 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
253,800 |
|
267,600 |
|
39,952 |
|
|
456,977 |
|
507,255 |
|
75,731 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
margin |
|
1.8 |
% |
2.4 |
% |
2.4 |
% |
|
1.9 |
% |
2.1 |
% |
2.1 |
% |
|
(9) 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. |
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