GUANGZHOU, China, May 19, 2021 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), a leading online discount retailer for brands
in China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
first quarter ended March 31,
2021.
First Quarter 2021 Highlights
- Total net revenue for the first quarter of 2021
increased by 51.1% year over year to RMB28.4
billion (US$4.3 billion) from
RMB18.8 billion in the prior year
period.
- GMV[1] for the first quarter of 2021
increased by 59% year over year to RMB46.1
billion from RMB28.9 billion
in the prior year period.
- Gross profit for the first quarter of 2021 increased by
54.7% year over year to RMB5.6
billion (US$853.9 million)
from RMB3.6 billion in the prior year
period.
- Net income attributable to Vipshop's shareholders for
the first quarter of 2021 increased by 125.7% year over year to
RMB1.5 billion (US$235.9 million) from RMB684.8 million in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the first quarter of
2021 increased by 73.7% year over year to RMB1.7 billion (US$261.4
million) from RMB986.1 million
in the prior year period.
- The number of active customers[3] for the
first quarter of 2021 increased by 54% year over year to 45.8
million from 29.6 million in the prior year period.
- Total orders[4] for the first quarter of 2021
increased by 44% year over year to 175.5 million from 121.7 million
in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We are glad to have
delivered another quarter of strong financial and operational
results in the first quarter of 2021. Our number of active
customers for the quarter grew by 54% year over year to 45.8
million from 29.6 million in the same period last year,
demonstrating continued robust customer acquisition trends. We are
keenly focused on strengthening our leadership in China's discount retail market through the
solid execution of our merchandising strategy. Our close and
long-term relationships with our key suppliers in apparel-related
categories give us the advantage in continuing to deepen our
collaboration with them through Made-for-Vipshop products, which
will further differentiate us from other marketplace platforms and
increase the stickiness of our customers over time."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "During the first quarter of
2021, we delivered strong topline growth and solid profitability,
driven by the robust growth in the number of active customers. In
addition, we generated robust free cash inflow of RMB10.1 billion for the trailing twelve months
ended March 31, 2021, as compared
with RMB2.3 billion in the prior year
period. Looking ahead, we will continue to balance our topline and
bottom-line growth, aiming to grow as fast as possible while
keeping our margins stable. We are committed to delivering
long-term, sustainable shareholder value."
First Quarter 2021 Financial Results
REVENUE
Total net revenue for the first quarter of 2021 increased by
51.1% year over year to RMB28.4
billion (US$4.3 billion) from
RMB18.8 billion in the prior year
period, primarily driven by the growth in the number of total
active customers.
GROSS PROFIT
Gross profit for the first quarter of 2021 increased by 54.7%
year over year to RMB5.6 billion
(US$853.9 million) from RMB3.6 billion in the prior year period. Gross
margin for the first quarter of 2021 increased to 19.7% from 19.2%
in the prior year period.
OPERATING EXPENSES
Total operating expenses for the first quarter of 2021 were
RMB4.4 billion (US$668.7 million), as compared with RMB3.0 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
first quarter of 2021 decreased to 15.4% from 15.9% in the prior
year period.
- Fulfillment expenses for the first quarter of
2021 were RMB1.8 billion
(US$273.7 million), as compared with
RMB1.4 billion in the prior year
period. As a percentage of total net revenue, fulfillment expenses
for the first quarter of 2021 decreased to 6.3% from 7.4% in the
prior year period.
- Marketing expenses for the first quarter of 2021
were RMB1.3 billion (US$197.5 million), as compared with RMB412.3 million in the prior year period. As a
percentage of total net revenue, marketing expenses for the first
quarter of 2021 were 4.6%, as compared with 2.2% in the prior year
period, primarily attributable to increased investment in
advertising activities relating to customer acquisition and
retention.
- Technology and content expenses for the first
quarter of 2021 decreased to RMB337.5
million (US$51.5 million) from
RMB338.4 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the first quarter of 2021 decreased to 1.2%
from 1.8% in the prior year period.
- General and administrative expenses for the first
quarter of 2021 were RMB956.7 million
(US$146.0 million), as compared with
RMB839.2 million in the prior year
period. As a percentage of total net revenue, general and
administrative expenses for the first quarter of 2021 decreased to
3.4% from 4.5% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the first quarter of 2021 increased
by 93.2% year over year to RMB1.5
billion (US$230.7 million)
from RMB782.2 million in the prior
year period. Operating margin for the first quarter of 2021
increased to 5.3% from 4.2% in the prior year period.
Non-GAAP income from operations[5]for the first
quarter of 2021, which excluded share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, increased by 66.0% year over year to RMB1.7 billion (US$265.2
million) from RMB1.0 billion
in the prior year period. Non-GAAP operating income
margin[6] for the first quarter of 2021 increased to
6.1% from 5.6% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the first
quarter of 2021 increased by 125.7% year over year to RMB1.5 billion (US$235.9
million) from RMB684.8 million
in the prior year period. Net margin attributable to Vipshop's
shareholders for the first quarter of 2021 increased to 5.4% from
3.6% in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[7] for the first
quarter of 2021 increased to RMB2.18
(US$0.33) from RMB1.00 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the first quarter of 2021, which excluded (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
amortization of intangible assets resulting from business
acquisitions, (iv) tax effect of amortization of intangible assets
resulting from business acquisitions, (v) investment gain and
revaluation of investments excluding dividends, (vi) tax effect of
investment gain and revaluation of investments excluding dividends,
and (vii) share of loss (gain) in investment of limited
partnerships that are accounted for as equity method investees,
increased by 73.7% year over year to RMB1.7
billion (US$261.4 million)
from RMB986.1 million in the prior
year period. Non-GAAP net margin attributable to Vipshop's
shareholders[8] for the first quarter of 2021
increased to 6.0% from 5.2% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the first quarter of 2021 increased to
RMB2.41 (US$0.37) from RMB1.44 in the prior year period.
For the quarter ended March 31,
2021, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 709,213,000.
BALANCE SHEET AND CASH FLOW
As of March 31, 2021, the Company
had cash and cash equivalents and restricted cash of RMB15.1 billion (US$2.3
billion) and short term investments of RMB3.7 billion (US$568.2
million).
For the quarter ended March 31,
2021, net cash used in operating activities was RMB439.0 million (US$67.0
million), and free cash flow[10], a non-GAAP
measurement of liquidity, was as follows:
For the three months
ended
|
|
Mar 31,
2020
RMB'000
|
Mar 31,
2021
RMB'000
|
Mar 31,
2021
US$'000
|
|
Net cash used
in operating activities
|
(1,698,611)
|
(439,020)
|
(67,008)
|
|
Reconciling
items:
Net
impact from Internet financing activities[11]
|
(645,838)
|
(53,855)
|
(8,220)
|
|
Capital
expenditures
|
(692,045)
|
(733,448)
|
(111,946)
|
|
Free cash
outflow
|
(3,036,494)
|
(1,226,323)
|
(187,174)
|
|
For the trailing
twelve months ended
|
|
Mar 31,
2020
RMB'000
|
Mar 31,
2021
RMB'000
|
Mar 31,
2021
US$'000
|
|
Net cash
from operating activities
|
6,266,508
|
13,080,035
|
1,996,403
|
|
Reconciling
items:
Net
impact from Internet financing activities[11]
|
(104,832)
|
(634,484)
|
(96,841)
|
|
Capital
expenditures
|
(3,888,818)
|
(2,313,299)
|
(353,078)
|
|
Free cash
inflow
|
2,272,858
|
10,132,252
|
1,546,484
|
|
Business Outlook
For the second quarter of 2021, the Company expects its total
net revenue to be between RMB28.9
billion and RMB30.1 billion,
representing a year-over-year growth rate of approximately 20% to
25%. These forecasts reflect the Company's current and preliminary
view on the market and operational conditions, which is subject to
change.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues
generated are denominated in Renminbi. This announcement contains
currency conversions of Renminbi amounts into U.S. dollars solely
for the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.5518 to US$1.00, the effective noon buying rate on
March 31, 2021 as set forth in the
H.10 statistical release of the Federal Reserve Board. No
representation is made that the Renminbi amounts could have been,
or could be, converted, realized or settled into U.S. dollars at
that rate on March 31, 2021, or at
any other rate.
Conference Call Information
The Company will hold a conference call on Wednesday, May 19, 2021 at 7:30 am Eastern Time or 7:30 pm Beijing Time to discuss its financial
results and operating performance for the first quarter of
2021.
All participants wishing to join the conference call must
pre-register online using the link provided below. Once
pre-registration has been complete, participants will receive
dial-in numbers, a passcode, and a unique registrant ID. To join
the conference, simply dial the number in the calendar invite you
receive after pre-registration, enter the passcode followed by your
PIN, and you will join the conference instantly.
Conference
ID
|
#7584923
|
Registration
Link
|
http://apac.directeventreg.com/registration/event/7584923
|
The replay will be accessible through May
27, 2021 by dialing the following numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
#7584923
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit www.vip.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; the potential impact of the COVID-19 to
Vipshop's business operations and the economy in China and elsewhere generally; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in Vipshop's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and Vipshop does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from
the Company's unaudited interim condensed consolidated financial
statements prepared in conformity with accounting principles
generally accepted in the United States
of America ("U.S. GAAP"), except that comparative
consolidated statements of income and cash flows for the period
presented and detailed footnote disclosures required by Accounting
Standards Codification 270, Interim Reporting ("ASC270"), have been
omitted. Vipshop uses non-GAAP net income attributable to Vipshop's
shareholders, non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS, non-GAAP income from operations,
non-GAAP operating income margin, non-GAAP net margin attributable
to Vipshop's shareholders, and free cash flow, each of which is a
non-GAAP financial measure. Non-GAAP net income attributable to
Vipshop's shareholders is net income attributable to Vipshop's
shareholders excluding (i) share-based compensation expenses,
(ii) impairment loss of investments, (iii) amortization of
intangible assets resulting from business acquisitions, (iv) tax
effect of amortization of intangible assets resulting from business
acquisitions, (v) investment gain and revaluation of investments
excluding dividends, (vi) tax effect of investment gain and
revaluation of investments excluding dividends, and (vii) share of
loss (gain) in investment of limited partnerships that are
accounted for as equity method investees. Non-GAAP net income
attributable to Vipshop's shareholders per diluted ADS is computed
using non-GAAP net income attributable to Vipshop's shareholders
divided by weighted average number of diluted ADS outstanding for
computing diluted earnings per ADS. Non-GAAP income from operations
is income from operations excluding share-based compensation
expenses and amortization of intangible assets resulting from
business acquisitions. Non-GAAP operating income margin is non-GAAP
income from operations as a percentage of total net revenue.
Non-GAAP net margin attributable to Vipshop's shareholders is
non-GAAP net income attributable to Vipshop's shareholders as a
percentage of total net revenue. Free cash flow is net cash from
operating activities adding back the impact from Internet financing
activities and less capital expenditures, which include purchase
and deposits of property and equipment and land use rights, and
purchase of other assets. Impact from Internet financing activities
added back or deducted from free cash flow contains changes in the
balances of financial products, which are primarily consumer
financing and supplier financing that the Company provides to
customers and suppliers. The Company believes that separate
analysis and exclusion of the non-cash impact of (a) share-based
compensation, (b) impairment loss of investments, (c) amortization
of intangible assets resulting from business acquisitions, (d)
investment gain and revaluation of investments excluding dividends,
and (e) share of loss (gain) in investment of limited partnerships
that are accounted for as equity method investees add clarity to
the constituent parts of its performance. The Company reviews these
non-GAAP financial measures together with GAAP financial measures
to obtain a better understanding of its operating performance. It
uses these non-GAAP financial measures for planning, forecasting
and measuring results against the forecast. The Company believes
that non-GAAP financial measures are useful supplemental
information for investors and analysts to assess its operating
performance without the effect of (1) non-cash share-based
compensation expenses, (2) impairment loss of investments, (3)
amortization of intangible assets resulting from business
acquisitions, (4) investment gain and revaluation of investments
excluding dividends, and (5) share of loss (gain) in investment of
limited partnerships that are accounted for as equity method
investees. Free cash flow enables the Company to assess liquidity
and cash flow, taking into account the impact from Internet
financing activities and the financial resources needed for the
expansion of fulfillment infrastructure and technology platform.
Share-based compensation expenses and amortization of intangible
assets have been and will continue to be significant recurring
expenses in its business. However, the use of non-GAAP financial
measures has material limitations as an analytical tool. One of the
limitations of using non-GAAP financial measures is that they do
not include all items that impact the Company's net income for the
period. In addition, because non-GAAP financial measures are not
measured in the same manner by all companies, they may not be
comparable to other similar titled measures used by other
companies. One of the key limitations of free cash flow is that it
does not represent the residual cash flow available for
discretionary expenditures.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
[1] "Gross
merchandise value (GMV)" is defined as the total Renminbi
value of all products and services sold through the Company's
online sales business, online marketplace platform, offline
stores, and Shan Shan Outlets during the relevant period, including
through the Company's websites and mobile apps, third-party
websites and mobile apps, Vipshop offline stores and Vipmaxx
offline stores, as well as Shan Shan Outlets that were fulfilled by
either the Company or its third-party merchants, regardless of
whether or not the goods were delivered or returned. GMV
includes shipping charges paid by buyers to sellers. For prudent
considerations, the Company does not consider products or services
to be sold if the relevant orders were placed and canceled
pre-shipment and only included orders that left the Company's or
other third-party vendors' warehouses.
|
[2] Non-GAAP net income
attributable to Vipshop's shareholders is a non-GAAP financial
measure, which is defined as net income attributable to Vipshop's
shareholders excluding (i) share-based compensation expenses, (ii)
impairment loss of investments, (iii) amortization of intangible
assets resulting from business acquisitions, (iv) tax effect of
amortization of intangible assets resulting from business
acquisitions, (v) investment gain and revaluation of investments
excluding dividends, (vi) tax effect of investment gain and
revaluation of investments excluding dividends, and (vii) share of
loss (gain) in investment of limited partnerships that are
accounted for as equity method investees.
|
[3] "Active
customers" is defined as registered members who have purchased
from the Company's online sales business or the Company's
online marketplace platforms at least once during the relevant
period.
|
[4] "Total
orders" is defined as the total number of orders placed during
the relevant period, including the orders for products and services
sold through the Company's online sales business and the
Company's online marketplace platforms (excluding, for the
avoidance of doubt, orders from the Company's offline stores and
outlets), net of orders returned.
|
[5] Non-GAAP
income from operations is a non-GAAP financial measure, which is
defined as income from operations excluding share-based
compensation expenses and amortization of intangible
assets resulting from business acquisitions.
|
[6] Non-GAAP
operating income margin is a non-GAAP financial measure, which is
defined as non-GAAP income from operations as a percentage of total
net revenues.
|
[7] "ADS" means
American depositary share, each of which represents 0.2 Class A
ordinary share.
|
[8] Non-GAAP net
margin attributable to Vipshop's shareholders is a non-GAAP
financial measure, which is defined as non-GAAP net income
attributable to Vipshop's shareholders, as a percentage of total
net revenues.
|
[9] Non-GAAP net
income attributable to Vipshop's shareholders per diluted ADS is a
non-GAAP financial measure, which is defined as non-GAAP net income
attributable to Vipshop's shareholders, divided by the weighted
average number of diluted ADS outstanding for computing diluted
earnings per ADS.
|
[10] Free cash
flow is a non-GAAP financial measure, which is defined as net cash
from (used in) operating activities adding back the impact from
Internet financing activities and less capital expenditures, which
include purchase and deposits of property and equipment and land
use rights, and purchase of other assets.
|
[11] Net impact
from Internet financing activities represents net cash flow
relating to the Company's financial products, which are primarily
consumer financing and supplier financing that the Company provides
to its customers and suppliers.
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except for share and per share data)
|
|
|
Three Months
Ended
|
|
March
31,2020
|
March
31,2021
|
March
31,2021
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
Product
revenues
|
17,964,195
|
27,221,752
|
4,154,851
|
Other revenues
(1)
|
828,660
|
1,176,745
|
179,606
|
Total net
revenues
|
18,792,855
|
28,398,497
|
4,334,457
|
Cost of
revenues
|
(15,175,739)
|
(22,803,674)
|
(3,480,520)
|
Gross
profit
|
3,617,116
|
5,594,823
|
853,937
|
Operating
expenses:
|
|
|
|
Fulfillment expenses
(2)
|
(1,393,690)
|
(1,793,138)
|
(273,686)
|
Marketing
expenses
|
(412,305)
|
(1,294,068)
|
(197,513)
|
Technology and
content expenses
|
(338,398)
|
(337,516)
|
(51,515)
|
General and
administrative expenses
|
(839,220)
|
(956,688)
|
(146,019)
|
Total operating
expenses
|
(2,983,613)
|
(4,381,410)
|
(668,733)
|
Other operating
income
|
148,688
|
298,000
|
45,484
|
Income from
operations
|
782,191
|
1,511,413
|
230,688
|
Investment gain and
revaluation of investments
|
42,553
|
97,936
|
14,948
|
Impairment loss of
investments
|
(5,046)
|
0
|
0
|
Interest
expense
|
(35,395)
|
(3,696)
|
(564)
|
Interest
income
|
81,190
|
153,424
|
23,417
|
Foreign exchange
gain
|
48,754
|
30,950
|
4,724
|
Income before income
tax expense and share of gain of equity method investees
|
914,247
|
1,790,027
|
273,213
|
Income tax
expenses
|
(172,716)
|
(306,959)
|
(46,851)
|
Share of (loss) gain
of equity method investees
|
(60,639)
|
64,642
|
9,866
|
Net income
|
680,892
|
1,547,710
|
236,228
|
Net loss(income)
attributable to non-controlling interests
|
3,933
|
(2,240)
|
(342)
|
Net income
attributable to Vipshop's shareholders
|
684,825
|
1,545,470
|
235,886
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
—Basic
|
134,326,928
|
136,459,216
|
136,459,216
|
—Diluted
|
136,909,242
|
141,842,600
|
141,842,600
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
5.10
|
11.33
|
1.73
|
Net income
attributable to Vipshop's shareholders——Diluted
|
5.00
|
10.90
|
1.66
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
1.02
|
2.27
|
0.35
|
Net income
attributable to Vipshop's shareholders——Diluted
|
1.00
|
2.18
|
0.33
|
|
|
|
|
(1) Other revenues
primarily consist of revenues from third-party logistics services,
product promotion and online advertising, fees charged to
third-party
merchants which the Company provides platform access for sales of
their products, interest income from microcredit and consumer
financing services,
inventory and warehouse management services to certain
suppliers, loan facilitation service income, and lease income
earned from the Shan Shan
Outlets.
|
|
|
|
(2) Fulfillment
expenses include shipping and handling expenses, which amounted
RMB 0.8 billion and RMB 1.2 billion in the three month
periods ended
March 31,2020 and March 31,2021, respectively.
|
|
|
|
(3) Authorized
share capital is re-classified and re-designated into Class A
ordinary shares and Class B ordinary shares, with each Class A
ordinary share
being entitled to one vote and each Class B ordinary share being
entitled to ten votes on all matters that are subject to
shareholder vote.
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,2020
|
March
31,2021
|
March
31,2021
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included in the operating expenses as
follows:
|
|
|
|
Fulfillment
expenses
|
27,215
|
19,750
|
3,014
|
Marketing
expenses
|
3,939
|
4,289
|
655
|
Technology and
content expenses
|
44,402
|
52,581
|
8,025
|
General and
administrative expenses
|
171,455
|
143,517
|
21,905
|
Total
|
247,011
|
220,137
|
33,599
|
|
|
|
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,2020
|
March
31,2021
|
March
31,2021
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
11,995,415
|
14,435,039
|
2,203,217
|
Restricted
cash
|
815,906
|
652,129
|
99,534
|
Short term
investments
|
7,328,719
|
3,722,773
|
568,206
|
Accounts receivable,
net
|
334,529
|
404,021
|
61,666
|
Amounts due from
related parties
|
333,539
|
377,222
|
57,575
|
Other receivables and
prepayments,net
|
2,286,359
|
2,148,554
|
327,933
|
Loan
receivables,net
|
27,258
|
13,773
|
2,102
|
Inventories
|
7,642,509
|
5,818,758
|
888,116
|
Assets held for
sale
|
408,748
|
19,528
|
2,981
|
Total current
assets
|
31,172,982
|
27,591,797
|
4,211,330
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
13,584,459
|
13,567,591
|
2,070,819
|
Deposits for property
and equipment
|
73,718
|
78,468
|
11,977
|
Land use rights,
net
|
6,062,792
|
5,961,466
|
909,897
|
Intangible assets,
net
|
333,022
|
326,910
|
49,896
|
Investment in equity
method investees
|
1,949,787
|
1,974,677
|
301,395
|
Other
investments
|
2,861,034
|
3,024,524
|
461,633
|
Other long-term
assets
|
100,328
|
303,923
|
46,388
|
Goodwill
|
593,662
|
593,662
|
90,611
|
Deferred tax assets,
net
|
628,267
|
660,529
|
100,816
|
Operating lease
right-of-use assets
|
1,580,763
|
1,463,294
|
223,342
|
Total non-current
assets
|
27,767,832
|
27,955,044
|
4,266,774
|
TOTAL
ASSETS
|
58,940,814
|
55,546,841
|
8,478,104
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
1,043,426
|
122,438
|
18,688
|
Accounts
payable
|
15,191,313
|
10,788,863
|
1,646,702
|
Advance from
customers
|
1,558,891
|
1,473,117
|
224,842
|
Accrued expenses and
other current liabilities
|
7,696,996
|
7,489,426
|
1,143,110
|
Amounts due to
related parties
|
444,100
|
512,360
|
78,201
|
Deferred
income
|
334,431
|
324,951
|
49,597
|
Operating lease
liabilities
|
299,791
|
301,109
|
45,958
|
Total current
liabilities
|
26,568,948
|
21,012,264
|
3,207,098
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
432,995
|
435,485
|
66,468
|
Deferred income-non
current
|
1,070,891
|
1,055,681
|
161,128
|
Operating lease
liabilities
|
1,360,946
|
1,250,183
|
190,815
|
Other long term
liabilities
|
121,245
|
147,622
|
22,531
|
Total non-current
liabilities
|
2,986,077
|
2,888,971
|
440,942
|
TOTAL
LIABILITIES
|
29,555,025
|
23,901,235
|
3,648,040
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares authorized, and
119,223,484
and 121,962,190 shares issued and outstanding as of December 31,
2020 and March 31,2021,
respectively)
|
77
|
79
|
12
|
Class B ordinary
shares (US$0.0001 par value, 16,510,358 shares authorized, and
16,510,358
and 15,560,358 shares issued and outstanding as of December 31,
2020 and March 31,2021,
respectively)
|
11
|
11
|
2
|
Additional paid-in
capital
|
10,816,185
|
11,453,486
|
1,748,143
|
Retained
earnings
|
17,740,415
|
19,285,885
|
2,943,601
|
Accumulated other
comprehensive loss
|
(58,954)
|
(53,783)
|
(8,208)
|
Non-controlling
interests
|
888,055
|
959,928
|
146,514
|
Total shareholders'
equity
|
29,385,789
|
31,645,606
|
4,830,064
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
58,940,814
|
55,546,841
|
8,478,104
|
Vipshop Holdings
Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,2020
|
March
31,2021
|
March
31,2021
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
782,191
|
1,511,413
|
230,688
|
Share-based
compensation expenses
|
247,011
|
220,137
|
33,599
|
Amortization of
intangible assets resulting from business
acquisitions
|
17,689
|
5,896
|
900
|
Non-GAAP income from
operations
|
1,046,891
|
1,737,446
|
265,187
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
684,825
|
1,545,470
|
235,886
|
Share-based
compensation expenses
|
247,011
|
220,137
|
33,599
|
Impairment loss of
investments
|
5,046
|
0
|
0
|
Investment gain and
revaluation of investments excluding dividends
|
(9,895)
|
(54,111)
|
(8,259)
|
Share of loss(gain)
in investment of limited partnerships that are accounted for as an
equity
method investee
|
56,327
|
(9,972)
|
(1,522)
|
Tax effect of
investment gain and revaluation of investments excluding
dividends
|
(10,468)
|
6,747
|
1,030
|
Amortization of
intangible assets resulting from business
acquisitions
|
17,689
|
5,896
|
900
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
(4,422)
|
(1,474)
|
(225)
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
986,113
|
1,712,693
|
261,409
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
—Basic
|
134,326,928
|
136,459,216
|
136,459,216
|
—Diluted
|
136,909,242
|
141,842,600
|
141,842,600
|
|
|
|
|
Non-GAAP net income
per Class A and Class B ordinary share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
7.34
|
12.55
|
1.92
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
7.20
|
12.07
|
1.84
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
1.47
|
2.51
|
0.38
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
1.44
|
2.41
|
0.37
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-first-quarter-2021-financial-results-301294573.html
SOURCE Vipshop Holdings Limited