GUANGZHOU, China, Nov. 13, 2019 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), a leading online discount retailer for brands
in China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
third quarter ended September 30,
2019.
Third Quarter 2019 Highlights
- Total net revenue for the third quarter of 2019
increased by 10.0% year over year to RMB19.6
billion (US$2.7 billion) from
RMB17.8 billion in the prior year
period.
- GMV[1] for the third quarter of
2019 increased by 17% year over year to RMB31.7 billion from RMB27.2 billion in the prior year period.
- Gross profit for the third quarter of 2019 increased by
16.6% year over year to RMB4.2
billion (US$592.4 million)
from RMB3.6 billion in the prior year
period.
- Net income attributable to Vipshop's shareholders for
the third quarter of 2019 increased by 282.7% year over year to
RMB875.5 million (US$122.5 million) from RMB228.7 million in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the third quarter of 2019
increased by 140.2% year over year to RMB1.2
billion (US$168.3 million)
from RMB500.8 million in the prior
year period.
- The number of active customers[3] for the
third quarter of 2019 increased by 21% year over year to 32.0
million from 26.5 million in the prior year period.
- Total orders[4] for the third quarter of 2019
increased by 33% year over year to 127.6 million from 95.7 million
in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We are pleased to have
delivered strong operational and financial results for the third
quarter of 2019. Our total active customers increased by 21% year
over year, demonstrating their healthy growth momentum backed by
the successful execution of our merchandising strategy. The robust
growth in the number of total active customers continued to drive
our topline growth, represented by a 10% year-over-year growth for
the third quarter of 2019. Going forward, we will continue to focus
on procuring deep discount products and offering superior value to
our customers, further expanding our market share in China's discount retail segment. We are
confident that we will continue to drive long-term value creation
and deliver solid return to all our shareholders."
Mr. Donghao Yang, Chief Financial
Officer of Vipshop, further commented, "In the third quarter of
2019, we delivered solid topline growth with substantial
year-over-year improvement in our bottom-line. These successes are
the result of our focus on the highly profitable apparel-related
categories, of which the GMV grew by 29% year over year, including
GMV from the newly acquired Shan Shan Outlets. As we continue to
execute on our merchandising strategy and further improve our
procurement and negotiation capabilities, we believe we will see
further improvement in our financial results and key operating
metrics over time."
Third Quarter 2019 Financial Results
REVENUE
Total net revenue for the third quarter of 2019 increased by
10.0% year over year to RMB19.6
billion (US$2.7 billion) from
RMB17.8 billion in the prior year
period, primarily driven by the growth in the number of total
active customers.
GROSS PROFIT
Gross profit for the third quarter of 2019 increased by 16.6%
year over year to RMB4.2 billion
(US$592.4 million) from RMB3.6 billion in the prior year period. Gross
margin for the third quarter of 2019 increased to 21.6% from 20.4%
in the prior year period.
OPERATING EXPENSES
Total operating expenses for the third quarter of 2019 decreased
to RMB3.4 billion (US$473.4 million) from RMB3.5 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
third quarter of 2019 decreased to 17.3% from 19.4% in the prior
year period, primarily attributable to more effective cost
control.
- Fulfillment expenses for the third quarter of
2019 decreased to RMB1.6 billion
(US$221.0 million) from RMB1.8 billion in the prior year period. As a
percentage of total net revenue, fulfillment expenses for the third
quarter of 2019 decreased to 8.1% from 9.9% in the prior year
period.
- Marketing expenses for the third quarter of 2019
were RMB721.3 million (US$100.9 million), as compared with RMB578.4 million in the prior year period. As a
percentage of total net revenue, marketing expenses for the third
quarter of 2019 were 3.7%, as compared with 3.2% in the prior year
period.
- Technology and content expenses for the third
quarter of 2019 decreased to RMB400.7
million (US$56.1 million) from
RMB490.8 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the third quarter of 2019 decreased to 2.0%
from 2.8% in the prior year period.
- General and administrative expenses for the third
quarter of 2019 were RMB681.6 million
(US$95.4 million), as compared with
RMB624.8 million in the prior year
period. As a percentage of total net revenue, general and
administrative expenses for the third quarter of 2019 remained
stable at 3.5% year over year.
INCOME FROM OPERATIONS
Income from operations for the third quarter of 2019 increased
by 229.7% year over year to RMB1.2
billion (US$163.6 million)
from RMB354.7 million in the prior
year period. Operating margin for the third quarter of 2019
increased to 6.0% from 2.0% in the prior year period.
Non-GAAP income from operations[5] for the third
quarter of 2019, which excludes share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, increased by 151.5% year over year to RMB1.4 billion (US$192.6
million) from RMB547.2 million
in the prior year period. Non-GAAP operating income
margin[6] for the third quarter of 2019 increased to
7.0% from 3.1% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the third
quarter of 2019 increased by 282.7% year over year to RMB875.5 million (US$122.5
million) from RMB228.7 million
in the prior year period. Net margin attributable to Vipshop's
shareholders for the third quarter of 2019 increased to 4.5% from
1.3% in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[7] for the third
quarter of 2019 increased to RMB1.30
(US$0.18) from RMB0.34 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the third quarter of 2019, which excludes (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 gain (loss) in investment of limited partnership
that is accounted for as an equity method investee, increased by
140.2% year over year to RMB1.2
billion (US$168.3 million)
from RMB500.8 million in the prior
year period. Non-GAAP net margin attributable to Vipshop's
shareholders[8] for the third quarter of 2019
increased to 6.1% from 2.8% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the third quarter of 2019 increased to
RMB1.78 (US$0.25) from RMB0.75 in the prior year period.
For the quarter ended September 30,
2019, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 675,289,380.
BALANCE SHEET AND CASH FLOW
As of September 30, 2019, the
Company had cash and cash equivalents and restricted cash of
RMB6.6 billion (US$928.0 million) and short term investments of
RMB57.5 million (US$8.1 million).
For the quarter ended September 30,
2019, net cash from operating activities was RMB2.1 billion (US$289.3
million), and free cash flow[10], a non-GAAP
measurement of liquidity, was as follows:
For the three months
ended
|
|
Sep 30,
2018
RMB'000
|
Sep 30,
2019
RMB'000
|
Sep 30,
2019
US$'000
|
Net cash
from operating activities
|
221,037
|
2,067,480
|
289,251
|
Add: Impact from
Internet financing activities[11]
|
(427,526)
|
(1,837,974)
|
(257,142)
|
Less: Capital
expenditures
|
(1,009,475)
|
(1,094,668)
|
(153,150)
|
Free cash flow
out
|
(1,215,964)
|
(865,162)
|
(121,041)
|
|
|
For the trailing
twelve months ended
|
|
Sep 30,
2018
RMB'000
|
Sep 30,
2019
RMB'000
|
Sep 30,
2019
US$'000
|
Net cash
from operating activities
|
767,985
|
12,053,995
|
1,686,416
|
Add: Impact from
Internet financing activities[11]
|
1,059,238
|
(3,239,772)
|
(453,261)
|
Less: Capital
expenditures
|
(3,191,761)
|
(4,040,032)
|
(565,221)
|
Free cash flow
(out)/in
|
(1,364,538)
|
4,774,191
|
667,934
|
Business Outlook
For the fourth quarter of 2019, the Company expects its total
net revenue to be between RMB26.1
billion and RMB27.4 billion,
representing a year-over-year growth rate of approximately 0% to
5%. 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
RMB7.1477 to US$1.00, the effective noon buying rate on
September 30, 2019 as set forth in
the H.10 statistical release of the Federal Reserve Board. No
representation is made that the Renminbi amounts could have been,
or could be, converted, realized or settled into U.S. dollars at
that rate on September 30, 2019, or
at any other rate.
Conference Call Information
The Company will hold a conference call on Wednesday, November 13, 2019 at 7:30 am Eastern Time or 8:30 pm Beijing Time to discuss its financial
results and operating performance for the third quarter of
2019.
United
States:
|
+1-845-675-0437
|
International Toll
Free:
|
+1-866-519-4004
|
Mainland China
Domestic:
|
400-6208-038
|
Hong
Kong:
|
+852-3018-6771
|
Conference
ID:
|
#2094304
|
The replay will be accessible through November 21, 2019 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
#2094304
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit www.vip.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
Vipshop's filings with the SEC. All information provided in this
press release is as of the date of this press release, and Vipshop
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from
the Company's unaudited interim condensed consolidated financial
statements prepared in conformity with accounting principles
generally accepted in the United States
of America ("U.S. GAAP"), except that comparative
consolidated statements of income and cash flows for the 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
gain (loss) in investment of limited partnership that is accounted
for as an equity method investee. Non-GAAP net income attributable
to Vipshop's shareholders per diluted ADS is computed using
non-GAAP net income attributable to Vipshop's shareholders divided
by weighted average number of diluted ADS outstanding for computing
diluted earnings per ADS. Non-GAAP income from operations is income
from operations excluding share-based compensation expenses and
amortization of intangible assets resulting from business
acquisitions. Non-GAAP operating income margin is non-GAAP income
from operations as a percentage of total net revenue. Non-GAAP net
margin attributable to Vipshop's shareholders is non-GAAP net
income attributable to Vipshop's shareholders as a percentage of
total net revenue. Free cash flow is net cash from operating
activities adding back the impact from Internet financing
activities and less capital expenditures, which include purchase
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 gain (loss) in investment of limited partnership
that is accounted for as an equity method investee adds clarity to
the constituent parts of its performance. The Company reviews these
non-GAAP financial measures together with GAAP financial measures
to obtain a better understanding of its operating performance. It
uses these non-GAAP financial measures for planning, forecasting
and measuring results against the forecast. The Company believes
that non-GAAP financial measures are useful supplemental
information for investors and analysts to assess its operating
performance without the effect of (1) non-cash share-based
compensation expenses, (2) impairment loss of investments, (3)
amortization of intangible assets resulting from business
acquisitions, (4) investment gain and revaluation of investments
excluding dividends, and (5) share of gain (loss) in investment of
limited partnership that is accounted for as an equity method
investee. Free cash flow enables the Company to assess liquidity
and cash flow, taking into account the impact from Internet
financing activities and the financial resources needed for the
expansion of fulfillment infrastructure and technology platform.
Share-based compensation expenses and amortization of intangible
assets have been and will continue to be significant recurring
expenses in its business. However, the use of non-GAAP financial
measures has material limitations as an analytical tool. One of the
limitations of using non-GAAP financial measures is that they do
not include all items that impact the Company's net income for the
period. In addition, because non-GAAP financial measures are not
measured in the same manner by all companies, they may not be
comparable to other similar titled measures used by other
companies. One of the key limitations of free cash flow is that it
does not represent the residual cash flow available for
discretionary expenditures.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
[1] "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
gain (loss) in investment of limited partnership that is accounted
for as an equity method investee.
|
[3] "Active customers"
is defined as registered members who have purchased from the
Company or the Company's online marketplace platforms at least once
during the relevant period.
|
[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, 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 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] 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 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
|
|
September
30,2018
|
September
30,2019
|
September
30,2019
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
Product
revenues
|
17,028,266
|
18,477,421
|
2,585,086
|
Other
revenues(1)
|
803,318
|
1,135,559
|
158,871
|
Total net
revenues
|
17,831,584
|
19,612,980
|
2,743,957
|
Cost of
revenues
|
(14,200,146)
|
(15,378,956)
|
(2,151,595)
|
Gross
profit
|
3,631,438
|
4,234,024
|
592,362
|
Operating
expenses:
|
|
|
|
Fulfillment
expenses(2)
|
(1,762,849)
|
(1,579,981)
|
(221,048)
|
Marketing
expenses
|
(578,446)
|
(721,334)
|
(100,918)
|
Technology and
content expenses
|
(490,775)
|
(400,677)
|
(56,057)
|
General and
administrative expenses(3)
|
(624,759)
|
(681,568)
|
(95,355)
|
Total operating
expenses
|
(3,456,829)
|
(3,383,560)
|
(473,378)
|
Other operating
income
|
180,097
|
318,943
|
44,622
|
Income from
operations
|
354,706
|
1,169,407
|
163,606
|
Investment gain and
revaluation of investments
|
(89,341)
|
(31,636)
|
(4,426)
|
Impairment loss of
investments
|
0
|
(83,616)
|
(11,698)
|
Interest
expense
|
(53,784)
|
(27,087)
|
(3,790)
|
Interest
income
|
49,660
|
34,448
|
4,819
|
Foreign exchange
gain
|
57,175
|
44,938
|
6,287
|
Income before income
tax expense and share of gain (loss) of equity method
investees
|
318,416
|
1,106,454
|
154,798
|
Income tax
expenses(4)
|
(102,800)
|
(212,463)
|
(29,725)
|
Share of gain (loss)
of equity method investees
|
10,491
|
(12,393)
|
(1,734)
|
Net income
|
226,107
|
881,598
|
123,339
|
Net gain (loss)
attributable to non-controlling interests
|
2,641
|
(6,124)
|
(857)
|
Net income
attributable to Vipshop's shareholders
|
228,748
|
875,474
|
122,482
|
|
|
|
|
Shares used in
calculating earnings per share(5):
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
--Basic
|
132,508,059
|
133,689,150
|
133,689,150
|
--Diluted
|
133,710,240
|
135,057,876
|
135,057,876
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
Net income
attributable to Vipshop's shareholders--Basic
|
1.73
|
6.55
|
0.92
|
Net income
attributable to Vipshop's shareholders--Diluted
|
1.71
|
6.48
|
0.91
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders--Basic
|
0.35
|
1.31
|
0.18
|
Net income
attributable to Vipshop's shareholders--Diluted
|
0.34
|
1.30
|
0.18
|
(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, and inventory and
warehouse management services to certain suppliers.
|
(2) Fulfillment
expenses include shipping and handling expenses, which amounted
RMB 1.06 billion and RMB 1.0 billion
in the three month periods ended September 30,2018 and September
30,2019, respectively.
|
(3) General and
administrative expenses include amortization of intangible assets
resulting from business
acquisitions, which amounted to RMB 0.6 million and RMB0.3 million
in the three month periods ended
September 30,2018 and September 30,2019,
respectively.
|
(4) Income tax
expenses include income tax benefits of RMB 0.2 million and RMB 0.1
million related to the
reversal of deferred tax liabilities, which was recognized on
business acquisitions for the three month periods
ended September 30,2018 and September 30,2019,
respectively.
|
(5) Authorized
share capital is re-classified and re-designated into Class A
ordinary shares and Class B
ordinary shares, with each Class A ordinary share being entitled to
one vote and each Class B ordinary share
being entitled to ten votes on all matters that are subject to
shareholder vote.
|
|
|
|
Three Months
Ended
|
|
September
30,2018
|
September
30,2019
|
September
30,2019
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses included are as follows
|
|
|
|
Fulfillment
expenses
|
21,085
|
31,676
|
4,432
|
Marketing
expenses
|
11,839
|
11,500
|
1,609
|
Technology and
content expenses
|
61,447
|
61,780
|
8,643
|
General and
administrative expenses
|
97,542
|
101,693
|
14,227
|
Total
|
191,913
|
206,649
|
28,911
|
|
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
December
31,2018
|
September
30,2019
|
September
30,2019
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
(2)
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
9,540,556
|
5,728,009
|
801,378
|
Restricted
cash
|
497,916
|
904,887
|
126,598
|
Short term
investments
|
2,321,244
|
57,545
|
8,051
|
Accounts receivable,
net
|
5,674,731
|
2,453,795
|
343,299
|
Amounts due from
related parties
|
17,475
|
156,398
|
21,881
|
Other receivables and
prepayments,net
|
3,594,736
|
2,878,489
|
402,715
|
Loan
receivables,net
|
310,873
|
537,181
|
75,154
|
Inventories
|
5,368,106
|
5,276,858
|
738,260
|
Total current
assets
|
27,325,637
|
17,993,162
|
2,517,336
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
8,531,483
|
10,612,995
|
1,484,813
|
Deposits for property
and equipment
|
176,556
|
153,958
|
21,540
|
Land use rights,
net
|
3,885,578
|
5,422,934
|
758,696
|
Intangible assets,
net
|
353,108
|
350,688
|
49,063
|
Investment in equity
method investees
|
667,427
|
3,161,483
|
442,308
|
Other
investments
|
1,470,551
|
2,034,235
|
284,600
|
Other long-term
assets
|
396,447
|
406,599
|
56,885
|
Goodwill
|
367,106
|
371,274
|
51,943
|
Deferred tax assets,
net
|
388,770
|
504,577
|
70,593
|
Operating lease
right-of-use assets(1)
|
0
|
1,371,128
|
191,828
|
Total non-current
assets
|
16,237,026
|
24,389,871
|
3,412,269
|
TOTAL
ASSETS
|
43,562,663
|
42,383,033
|
5,929,605
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
1,343,160
|
1,303,925
|
182,426
|
Accounts
payable
|
11,630,172
|
10,171,812
|
1,423,089
|
Advance from
customers
|
1,473,134
|
1,025,203
|
143,431
|
Accrued expenses and
other current liabilities
|
5,512,605
|
5,523,983
|
772,834
|
Amounts due to
related parties
|
323,108
|
527,109
|
73,745
|
Deferred
income
|
367,512
|
382,825
|
53,559
|
Securitization
debt
|
969,000
|
233,018
|
32,600
|
Convertible senior
notes
|
4,327,268
|
0
|
0
|
Operating lease
liabilities(1)
|
0
|
307,889
|
43,075
|
Total current
liabilities
|
25,945,959
|
19,475,764
|
2,724,759
|
NON-CURRENT
LIABILITIES
|
|
|
|
Long term
loans
|
0
|
340,000
|
47,568
|
Deferred tax
liability
|
4,960
|
118,440
|
16,570
|
Deferred income-non
current
|
400,951
|
671,384
|
93,930
|
Operating lease
liabilities(1)
|
0
|
1,070,595
|
149,782
|
Total non-current
liabilities
|
405,911
|
2,200,419
|
307,850
|
TOTAL
LIABILITIES
|
26,351,870
|
21,676,183
|
3,032,609
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares authorized, and
116,395,883 and 117,289,337 shares issued and outstanding as of
December 31,
2018 and September 30,2019, respectively)
|
75
|
76
|
11
|
Class B ordinary
shares (US$0.0001 par value, 16,510,358 shares authorized, and
16,510,358 and 16,510,358 shares issued and outstanding as of
December 31, 2018
and September 30,2019, respectively)
|
11
|
11
|
2
|
Additional paid-in
capital
|
9,385,216
|
10,018,197
|
1,401,597
|
Retained
earnings
|
7,907,396
|
10,468,671
|
1,464,621
|
Accumulated other
comprehensive loss
|
(30,883)
|
(39,913)
|
(5,583)
|
Non-controlling
interests
|
(51,022)
|
259,808
|
36,348
|
Total shareholders'
equity
|
17,210,793
|
20,706,850
|
2,896,996
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
43,562,663
|
42,383,033
|
5,929,605
|
|
|
|
(1) On
January 1, 2019, the Company adopted ASU 2016-02, "Leases (Topic
842)" and associated ASUs
related to Topic 842 using the modified retrospective transition,
under which the new standard was applied to
leases existing at the date of initial adoption, and prior periods
were not restated.
|
(2)
At the date of this report, the Company is still in
the process of finalizing the valuation of the assets
acquired and liabilities assumed on the acquisition date. Total
assets acquired of RMB4,784.6
million, assumed liabilities of RMB1,551.1 million,
non-controlling interests of RMB298.7 million and goodwill
of RMB15.2 million relating this acquisitions were
estimated in the financial statements as of September 30,
2019, which can be subject to adjustment upon the completion of its
valuation. Such adjustments may
include reclassifications between property, plant and equipment,
land use right, equity method investments,
non-controlling interests and goodwill and impacts to the
consolidated statements of income are not expected
to be material.
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
Three Months
Ended
|
|
September
30,2018
|
September
30,2019
|
September
30,2019
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
354,706
|
1,169,407
|
163,606
|
Share-based
compensation expenses
|
191,913
|
206,649
|
28,911
|
Amortization of
intangible assets resulting from business
acquisitions
|
607
|
318
|
44
|
Non-GAAP income from
operations
|
547,226
|
1,376,374
|
192,561
|
|
|
|
|
|
|
|
|
Net income
|
226,107
|
881,598
|
123,339
|
Share-based
compensation expenses
|
191,913
|
206,649
|
28,911
|
Impairment loss in
investments
|
0
|
83,616
|
11,698
|
Investment gain and
revaluation of investments excluding dividends
|
89,341
|
20,895
|
2,923
|
Share of gain (loss)
in investment of limited partnership that is accounted for as
an
equity method investee
|
(9,684)
|
33,562
|
4,695
|
Tax effect of
investment gain and revaluation of investments excluding
dividends
|
0
|
(17,516)
|
(2,451)
|
Amortization of
intangible assets resulting from business acquisitions
|
607
|
318
|
44
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
(152)
|
(79)
|
(11)
|
Non-GAAP net
income
|
498,132
|
1,209,043
|
169,148
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
228,748
|
875,474
|
122,482
|
Share-based
compensation expenses
|
191,913
|
206,649
|
28,911
|
Impairment loss in
investments
|
0
|
83,616
|
11,698
|
Investment gain and
revaluation of investments excluding dividends
|
89,341
|
20,895
|
2,923
|
Share of gain (loss)
in investment of limited partnership that is accounted for as
an
equity method investee
|
(9,684)
|
33,562
|
4,695
|
Tax effect of
investment gain and revaluation of investments excluding
dividends
|
0
|
(17,516)
|
(2,451)
|
Amortization of
intangible assets resulting from business
acquisitions
|
597
|
308
|
43
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
(149)
|
(77)
|
(11)
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
500,766
|
1,202,911
|
168,290
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
--Basic
|
132,508,059
|
133,689,150
|
133,689,150
|
--Diluted
|
133,710,240
|
135,057,876
|
135,057,876
|
|
|
|
|
Non-GAAP net income
per Class A and Class B ordinary share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders--Basic
|
3.78
|
9.00
|
1.26
|
Non-GAAP net income
attributable to Vipshop's shareholders--Diluted
|
3.75
|
8.91
|
1.25
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders--Basic
|
0.76
|
1.80
|
0.25
|
Non-GAAP net income
attributable to Vipshop's shareholders--Diluted
|
0.75
|
1.78
|
0.25
|
View original
content:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-third-quarter-2019-financial-results-300957070.html
SOURCE Vipshop Holdings Limited