Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 19, 2022
GUANGZHOU, China, May 19, 2022 /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 quarter ended March 31, 2022.
First Quarter 2022 Highlights
- Total net revenues for the first quarter of 2022 were
RMB25.2 billion (US$4.0 billion), as compared with RMB28.4 billion in the prior year period.
- GMV[1] for the first quarter of 2022
was RMB42.6 billion, as compared with
RMB46.1 billion in the prior year
period.
- Gross profit for the first quarter of 2022 was
RMB5.0 billion (US$790.1 million), as compared with RMB5.6 billion in the prior year period.
- Net income attributable to Vipshop's shareholders for
the first quarter of 2022 was RMB1.1
billion (US$172.8 million), as
compared with RMB1.5 billion in the
prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the first quarter of
2022 was RMB1.4 billion (US$223.8 million), as compared with RMB1.7 billion in the prior year period.
- The number of active customers[3] for the
first quarter of 2022 was 42.2 million, as compared with 45.8
million in the prior year period.
- Total orders[4] for the first quarter of 2022
were 166.4 million, as compared with 175.5 million in the prior
year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "Our business demonstrated
strong execution and operational agility in the first quarter,
against a challenging macro environment and prolonged COVID-19
impact. We continued to execute on our merchandising strategy to
support core brand partners, bring in new and trendy brands, as
well as expand high-value customer base. Besides, by leveraging our
merchandising capabilities, we expanded non-apparel product
offerings to quickly address the changing consumer demand, which
partially offset the sluggish demand in discretionary items. We are
pleased that our proven business model enabled us to sustain a
healthy level of profits. While we remain cautious amid ongoing
uncertainties, we are firmly committed to our strategic positioning
as a discount platform for branded products, looking to create
exceptional value for both brand partners and customers."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "In the first quarter, we
achieved resilient margins thanks to our initiatives to manage cost
and expenses with greater discipline. Looking forward, we will
continue to optimize operational efficiency and deliver healthy and
sustainable profitability. Besides, we fully utilized the remaining
amount under the US$500 million share
repurchase program during the first quarter, and announced another
US$1 billion program in March 2022. This demonstrates our confidence in
our long-term business potential and value creation to our
shareholders."
First Quarter 2022 Financial Results
REVENUES
Total net revenues for the first quarter of 2022 were
RMB25.2 billion (US$4.0 billion), as compared with RMB28.4 billion in the prior year period,
primarily attributable to soft consumer demand for discretionary
categories and adverse impact on warehousing and logistics networks
caused by COVID-19 resurgence in China.
GROSS PROFIT
Gross profit for the first quarter of 2022 was RMB5.0 billion (US$790.1
million), as compared with RMB5.6
billion in the prior year period. Gross margin for the first
quarter of 2022 increased to 19.8% from 19.7% in the prior year
period.
OPERATING EXPENSES
Total operating expenses for the first quarter of 2022
decreased by 11.0% year over year to RMB3.9
billion (US$615.1 million)
from RMB4.4 billion in the prior year
period. As a percentage of total net revenues, total operating
expenses for the first quarter of 2022 was 15.4%, which stayed
flat as compared with the prior year period.
- Fulfillment expenses for the first quarter of
2022 decreased by 5.5% year over year to RMB1.7 billion (US$267.4
million) from RMB1.8 billion
in the prior year period. As a percentage of total net revenues,
fulfillment expenses for the first quarter of 2022 was 6.7%, as
compared with 6.3% in the prior year period.
- Marketing expenses for the first quarter of 2022
decreased by 41.3% year over year to RMB759.3 million (US$119.8
million) from RMB1.3 billion
in the prior year period, primarily attributable to more prudent
marketing strategy. As a percentage of total net revenues,
marketing expenses for the first quarter of 2022 decreased to 3.0%
from 4.6% in the prior year period.
- Technology and content expenses for the first
quarter of 2022 increased to RMB390.4
million (US$61.6 million) from
RMB337.5 million in the prior year
period. As a percentage of total net revenues, technology and
content expenses for the first quarter of 2022 increased to 1.5%
from 1.2% in the prior year period.
- General and administrative expenses for the first
quarter of 2022 were RMB1.1 billion
(US$166.4 million), as compared with
RMB956.7 million in the prior year
period. As a percentage of total net revenues, general and
administrative expenses for the first quarter of 2022 was 4.2%, as
compared with 3.4% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the first quarter of 2022 was
RMB1.3 billion (US$202.3 million), as compared with RMB1.5 billion in the prior year period.
Operating margin for the first quarter of 2022 was 5.1%, as
compared with 5.3% in the prior year period.
Non-GAAP income from operations[5] for the first quarter of
2022, which excluded share-based compensation expenses and
amortization of intangible assets resulting from business
acquisitions, was RMB1.5 billion
(US$239.8 million), as compared with
RMB1.7 billion in the prior year
period. Non-GAAP operating margin[6] for the first quarter of
2022 was 6.0%, as compared with 6.1% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the
first quarter of 2022 was RMB1.1
billion (US$172.8 million), as
compared with RMB1.5 billion in the
prior year period. Net margin attributable to Vipshop's
shareholders for the first quarter of 2022 was 4.3%, as
compared with 5.4% in the prior year period. Net income
attributable to Vipshop's shareholders per diluted ADS[7] for
the first quarter of 2022 was RMB1.61 (US$0.25),
as compared with RMB2.18 in the prior
year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the first quarter of 2022, which excluded (i) share-based
compensation expenses, (ii) investment gain (loss) and revaluation
of investments excluding dividends, (iii) reconciling items on the
share of equity method investments, (iv) amortization of intangible
assets resulting from business acquisitions, and (v) tax effects on
non-GAAP adjustments, was RMB1.4
billion (US$223.8 million), as
compared with RMB1.7 billion in the
prior year period. Non-GAAP net margin attributable to Vipshop's
shareholders[8] for the first quarter of 2022 was 5.6%,
as compared with 6.0% in the prior year period. Non-GAAP net income
attributable to Vipshop's shareholders per diluted ADS[9] for
the first quarter of 2022 was RMB2.09 (US$0.33),
as compared with RMB2.41 in the prior
year period.
For the quarter ended March 31,
2022, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 680,268,635.
BALANCE SHEET AND CASH FLOW
As of March 31, 2022, the Company
had cash and cash equivalents and restricted cash of RMB14.3 billion (US$2.3
billion) and short term investments of RMB5.0 billion (US$791.8
million).
For the quarter ended March 31,
2022, net cash used in operating activities was RMB1.2 billion (US$188.7 million), and free cash flow[10], a
non-GAAP measurement of liquidity, was as follows:
For the three months
ended
|
|
Mar 31, 2021
RMB'000
|
Mar 31, 2022
RMB'000
|
Mar 31, 2022
US$'000
|
Net cash used
in operating activities
|
(439,020)
|
(1,196,285)
|
(188,709)
|
|
Reconciling
items:
Net impact from
Internet financing
activities[11]
|
(53,855)
|
139,862
|
22,063
|
|
Capital
expenditures
|
(733,448)
|
(645,684)
|
(101,854)
|
|
Free cash
outflow
|
(1,226,323)
|
(1,702,107)
|
(268,500)
|
|
For the trailing twelve
months ended
|
|
Mar 31, 2021
RMB'000
|
Mar 31, 2022
RMB'000
|
Mar 31, 2022
US$'000
|
Net cash generated
from operating activities
|
13,080,035
|
5,987,379
|
944,486
|
Reconciling
items:
|
|
|
|
Net impact
from Internet financing activities[11]
|
(634,484)
|
104,171
|
16,433
|
Capital
expenditures
|
(2,313,299)
|
(3,490,880)
|
(550,673)
|
Free cash
inflow
|
10,132,252
|
2,600,670
|
410,246
|
Share Repurchase Program
As of March 31, 2022, the Company
had fully utilized its US$500 million
share repurchase program that it announced on March 30, 2021, resulting in repurchases of
7,514,514 Class A ordinary shares in aggregate.
On March 31, 2022, the Company's
board of directors authorized a new share repurchase program under
which the Company may repurchase up to US$1
billion of its ADSs or Class A ordinary shares for a
24-month period.
Business Outlook
For the second quarter of 2022, the Company expects its total
net revenues to be between RMB22.2
billion and RMB23.7 billion,
representing a year-over-year decrease rate of approximately 25% to
20%. 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
RMB6.3393 to US$1.00, the effective noon buying rate on
March 31, 2022 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, 2022, or at
any other rate.
Conference Call Information
The Company will hold a conference call on Thursday, May 19, 2022 at 7:30 am US Eastern Time, 7:30 pm Beijing Time to discuss the financial
results.
All participants wishing to join the conference call must
pre-register online using the link provided below. Once
pre-registration has been completed, participants will receive
dial-in numbers, a passcode, and a unique registrant ID via email.
To join the conference, participants should use the dial-in details
in the email and then enter the event passcode followed by the
registrant ID.
Conference
ID
|
#9768591
|
Registration
Link
|
https://apac.directeventreg.com/registration/event/9768591
|
A replay of the conference call will be accessible until
May 26, 2022 via the following
dial-in
details:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
#9768591
|
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.
[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, Shan Shan Outlets and city outlets during the relevant
period, including through the Company's websites and mobile apps,
third-party websites and mobile apps, Vipshop offline stores,
Vipmaxx offline stores, Shan Shan Outlets and the city outlets in
Hefei, Anhui province that is operated by the Company, which 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) investment gain (loss) and revaluation of
investments excluding dividends, (iii) reconciling items on the
share of equity method investments, (iv) amortization of intangible
assets resulting from business acquisitions, and (v) tax effects on
non-GAAP adjustments.
|
[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.
|
[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.
|
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 https://ir.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)
investment gain (loss) and revaluation of investments excluding
dividends, (iii) reconciling items on the share of equity method
investments, (iv) amortization of intangible assets resulting from
business acquisitions, and (v) tax effects on non-GAAP adjustments.
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 revenues 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 revenues 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. 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 (i) share-based compensation,
(ii) investment gain (loss) and revaluation of investments
excluding dividends, (iii) reconciling items on the share of equity
method investments, (iv) amortization of intangible assets
resulting from business acquisitions, and (v) tax effects on
non-GAAP adjustments 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
(i) share-based compensation expenses, (ii) investment gain (loss)
and revaluation of investments excluding dividends, (iii)
reconciling items on the share of equity method investments, (iv)
amortization of intangible assets resulting from business
acquisitions, and (v) tax effects on non-GAAP adjustments. 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,technology platform and Shan Shan Outlets.
Share-based compensation expenses 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
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
31,2021
|
March
31,2022
|
March
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
Product
revenues
|
27,221,752
|
23,926,432
|
3,774,302
|
Other revenues
(1)
|
1,176,745
|
1,318,086
|
207,923
|
Total net
revenues
|
28,398,497
|
25,244,518
|
3,982,225
|
Cost of
revenues
|
(22,803,674)
|
(20,236,053)
|
(3,192,159)
|
Gross
profit
|
5,594,823
|
5,008,465
|
790,066
|
Operating
expenses:
|
|
|
|
Fulfillment
expenses (2)
|
(1,793,138)
|
(1,694,943)
|
(267,371)
|
Marketing
expenses
|
(1,294,068)
|
(759,275)
|
(119,773)
|
Technology and
content expenses
|
(337,516)
|
(390,371)
|
(61,580)
|
General and
administrative expenses
|
(956,688)
|
(1,054,714)
|
(166,377)
|
Total operating
expenses
|
(4,381,410)
|
(3,899,303)
|
(615,101)
|
Other operating
income
|
298,000
|
173,452
|
27,361
|
Income from
operations
|
1,511,413
|
1,282,614
|
202,326
|
Investment
gain(loss) and revaluation of investments
|
97,936
|
(34,458)
|
(5,436)
|
Interest
expense
|
(3,696)
|
(4,735)
|
(747)
|
Interest
income
|
153,424
|
199,694
|
31,501
|
Exchange
gain(loss)
|
30,950
|
(12,182)
|
(1,922)
|
Income before
income tax expense and share of income (loss) of equity
method investees
|
1,790,027
|
1,430,933
|
225,722
|
Income tax
expenses
|
(306,959)
|
(291,843)
|
(46,037)
|
Share of income
(loss) of equity method investees
|
64,642
|
(43,006)
|
(6,784)
|
Net
income
|
1,547,710
|
1,096,084
|
172,901
|
Net income
attributable to non-controlling interests
|
(2,240)
|
(421)
|
(66)
|
Net income
attributable to Vipshop's shareholders
|
1,545,470
|
1,095,663
|
172,835
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
—Basic
|
136,459,216
|
135,256,731
|
135,256,731
|
—Diluted
|
141,842,600
|
136,053,727
|
136,053,727
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
11.33
|
8.10
|
1.28
|
Net income
attributable to Vipshop's shareholders——Diluted
|
10.90
|
8.05
|
1.27
|
|
|
|
|
Net earnings per
ADS (1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
2.27
|
1.62
|
0.26
|
Net income
attributable to Vipshop's shareholders——Diluted
|
2.18
|
1.61
|
0.25
|
|
(1) Other revenues
primarily consist of product promotion and online advertising
revenues, lease income mainly earned from the Shan Shan
Outlets ,fees charged to third-party merchants which the Company
provides platform access for sales of their products, revenue from
third-party
logistics services, loan facilitation service income and membership
fee income.
|
(2)
Fulfillment expenses include shipping and handling expenses, which
amounted RMB 1.2 billion and RMB 1.2 billion in the
three month
periods ended March 31,2021 and March 31,2022,
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
31,2021
|
March
31,2022
|
March
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included in the operating
expenses as follows:
|
|
|
|
Fulfillment
expenses
|
19,750
|
18,267
|
2,882
|
Marketing
expenses
|
4,289
|
2,365
|
373
|
Technology and
content expenses
|
52,581
|
55,207
|
8,709
|
General and
administrative expenses
|
143,517
|
161,832
|
25,528
|
Total
|
220,137
|
237,671
|
37,492
|
Vipshop
Holdings Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,2021
|
March
31,2022
|
March
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
16,297,410
|
13,648,072
|
2,152,930
|
Restricted
cash
|
873,859
|
657,137
|
103,661
|
Short term
investments
|
5,381,618
|
5,019,373
|
791,787
|
Accounts receivable,
net
|
459,128
|
419,134
|
66,117
|
Amounts due from
related parties,net
|
637,825
|
660,629
|
104,212
|
Other receivables and
prepayments,net
|
2,326,866
|
2,500,967
|
394,518
|
Loan
receivables,net
|
131
|
99
|
16
|
Inventories
|
6,865,108
|
5,236,163
|
825,984
|
Total current
assets
|
32,841,945
|
28,141,574
|
4,439,225
|
NON-CURRENT
ASSETS
|
|
|
|
Property and equipment,
net
|
14,376,712
|
14,713,745
|
2,321,036
|
Deposits for property
and equipment
|
382,121
|
182,622
|
28,808
|
Land use rights,
net
|
6,612,165
|
6,581,020
|
1,038,130
|
Intangible assets,
net
|
320,943
|
339,474
|
53,551
|
Investment in equity
method investees
|
2,476,868
|
2,583,150
|
407,482
|
Other
investments
|
2,482,911
|
2,271,554
|
358,329
|
Other long-term
assets
|
296,366
|
63,613
|
10,035
|
Goodwill
|
589,165
|
589,165
|
92,939
|
Deferred tax assets,
net
|
760,023
|
723,062
|
114,060
|
Operating lease
right-of-use assets
|
1,148,322
|
886,171
|
139,790
|
Total non-current
assets
|
29,445,596
|
28,933,576
|
4,564,160
|
TOTAL
ASSETS
|
62,287,541
|
57,075,150
|
9,003,385
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
1,975,184
|
1,928,968
|
304,287
|
Accounts
payable
|
13,144,935
|
10,303,527
|
1,625,341
|
Advance from
customers
|
1,828,781
|
1,329,602
|
209,740
|
Accrued expenses
and other current liabilities
|
7,658,677
|
6,497,100
|
1,024,892
|
Amounts due to
related parties
|
429,088
|
353,489
|
55,761
|
Deferred
income
|
449,693
|
399,735
|
63,057
|
Operating lease
liabilities
|
284,659
|
268,012
|
42,278
|
Total current
liabilities
|
25,771,017
|
21,080,433
|
3,325,356
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
437,202
|
427,065
|
67,368
|
Deferred income-non
current
|
1,026,155
|
1,025,383
|
161,750
|
Operating lease
liabilities
|
952,813
|
709,601
|
111,937
|
Other long term
liabilities
|
272,038
|
-
|
-
|
Total non-current
liabilities
|
2,688,208
|
2,162,049
|
341,055
|
TOTAL
LIABILITIES
|
28,459,225
|
23,242,482
|
3,666,411
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary shares
(US$0.0001 par value, 483,489,642 shares
authorized,122,975,885 and 123,170,036 shares issued,of which
120,232,895 and 115,655,522 shares were outstanding as of
December
31,2021 and March 31,2022, respectively)
|
80
|
80
|
13
|
Class B ordinary shares
(US$0.0001 par value, 16,510,358 shares
authorized, and 15,560,358 and 15,560,358 shares issued and
outstanding
as of December 31, 2021 and March 31,2022,
respectively)
|
11
|
11
|
2
|
Treasury shares,at
cost(2,742,990 and 7,514,514 Class A shares as of
December 31, 2021 and March 31,2022, respectively )
|
(1,927,719)
|
(3,187,776)
|
(502,859)
|
Additional paid-in
capital
|
12,227,637
|
12,417,179
|
1,958,762
|
Retained
earnings
|
22,421,488
|
23,517,152
|
3,709,740
|
Accumulated other
comprehensive loss
|
(88,599)
|
(90,001)
|
(14,197)
|
Non-controlling
interests
|
1,195,418
|
1,176,023
|
185,513
|
Total shareholders'
equity
|
33,828,316
|
33,832,668
|
5,336,974
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
62,287,541
|
57,075,150
|
9,003,385
|
Vipshop
Holdings Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,2021
|
March
31,2022
|
March
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
1,511,413
|
1,282,614
|
202,326
|
Share-based
compensation expenses
|
220,137
|
237,671
|
37,492
|
Amortization of
intangible assets resulting from business
acquisitions
|
5,896
|
-
|
-
|
Non-GAAP income
from operations
|
1,737,446
|
1,520,285
|
239,818
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
1,545,470
|
1,095,663
|
172,835
|
Share-based
compensation expenses
|
220,137
|
237,671
|
37,492
|
Investment gain
(loss) and revaluation of investments excluding
dividends
|
(54,111)
|
35,735
|
5,637
|
Reconciling items
on the share of equity method investments(4)
|
(9,972)
|
51,514
|
8,126
|
Amortization of
intangible assets resulting from business
acquisitions
|
5,896
|
-
|
-
|
Tax effects on
non-GAAP adjustments
|
5,273
|
(1,757)
|
(277)
|
Non-GAAP net
income attributable to Vipshop's shareholders
|
1,712,693
|
1,418,826
|
223,813
|
(4) To exclude the
GAAP to non-GAAP reconciling items relating to investment
gain(loss) and evaluation of investments on the share of equity
method investments.
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
—Basic
|
136,459,216
|
135,256,731
|
135,256,731
|
—Diluted
|
141,842,600
|
136,053,727
|
136,053,727
|
|
|
|
|
Non-GAAP net
income per Class A and Class B ordinary share
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
12.55
|
10.49
|
1.65
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
12.07
|
10.43
|
1.65
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
2.51
|
2.10
|
0.33
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
2.41
|
2.09
|
0.33
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-first-quarter-2022-financial-results-301550996.html
SOURCE Vipshop Holdings Limited