GUANGZHOU, China, Aug. 19, 2020 /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
second quarter ended June 30,
2020.
Second Quarter 2020 Highlights
- Total net revenue for the second quarter of 2020
increased by 6.0% year over year to RMB24.1
billion (US$3.4 billion) from
RMB22.7 billion in the prior year
period.
- GMV[1] for the second quarter of 2020
increased by 9% year over year to RMB38.4
billion from RMB35.1 billion
in the prior year period.
- Gross profit for the second quarter of 2020 was
RMB4.9 billion (US$699.2 million), as compared with RMB5.1 billion in the prior year period.
- Net income attributable to Vipshop's shareholders for
the second quarter of 2020 increased by 88.9% year over year to
RMB1.5 billion (US$217.5 million) from RMB813.5 million in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the second quarter of 2020
increased by 24.3% year over year to RMB1.3
billion (US$186.9 million)
from RMB1.1 billion in the prior year
period.
- The number of active customers[3] for the
second quarter of 2020 increased by 17% year over year to 38.8
million from 33.1 million in the prior year period.
- Total orders[4] for the second quarter of
2020 increased by 15% year over year to 170.5 million from 147.8
million in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We are delighted to have
delivered solid financial and operational results in the second
quarter of 2020, driven by our strong merchandising capability. In
particular, our number of active customers during the quarter
increased by 17% year over year to 38.8 million from 33.1 million
in the same period last year. We have seen strong recovery in
demand for apparel since early May and ran a successful promotional
campaign in June after daily life in China has returned to normal. Looking ahead,
we will continue to focus on enhancing our product offerings,
working more effectively with our suppliers to provide our
customers with top-notch apparel assortments. We believe that we
are well positioned to continue to gain market share in
China's discount retail
segment."
Mr. Donghao Yang, Chief Financial
Officer of Vipshop, further commented, "We finished the second
quarter of 2020 with healthy topline growth and improved
year-over-year net margin attributable to Vipshop's shareholders.
During the quarter, repeat customers as a percentage of total
active customers increased to 90% from 87% in the prior year
period, representing a meaningful enhancement in our customer
stickiness. These successes were made possible by our team's solid
execution in optimizing our product assortment to meet our
customers' needs. Looking ahead, we will continue to execute on our
merchandising strategy, aiming to deliver strong topline growth
balanced with solid profitability."
Second Quarter 2020 Financial Results
REVENUE
Total net revenue for the second quarter of 2020 increased by
6.0% year over year to RMB24.1
billion (US$3.4 billion) from
RMB22.7 billion in the prior year
period, primarily driven by the growth in the number of total
active customers.
GROSS PROFIT
Gross profit for the second quarter of 2020 was RMB4.9 billion (US$699.2
million), as compared with 5.1 billion in the prior year
period. Gross margin for the second quarter of 2020 was 20.5%, as
compared with 22.4% in the prior year period, primarily
attributable to the Company's strategy to reinvest into discounts
and coupons during this year's June promotional event.
OPERATING EXPENSES
Total operating expenses for the second quarter of 2020
decreased to RMB3.8 billion
(US$540.0 million) from RMB4.2 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
second quarter of 2020 decreased to 15.8% from 18.5% in the prior
year period.
- Fulfillment expenses for the second quarter of
2020 decreased to RMB1.7 billion
(US$237.3 million) from RMB2.2 billion in the prior year period. As a
percentage of total net revenue, fulfillment expenses for the
second quarter of 2020 decreased to 7.0% from 9.7% in the prior
year period, primarily attributable to the change in fulfillment
logistic arrangement.
- Marketing expenses for the second quarter of 2020
were RMB1.0 billion (US$145.6 million), as compared with RMB877.6 million in the prior year period. As a
percentage of total net revenue, marketing expenses for the second
quarter of 2020 were 4.3%, as compared with 3.9% in the prior year
period.
- Technology and content expenses for the second
quarter of 2020 decreased to RMB305.4
million (US$43.2 million) from
RMB422.3 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the second quarter of 2020 decreased to 1.3%
from 1.9% in the prior year period.
- General and administrative expenses for the
second quarter of 2020 were RMB804.6
million (US$113.9 million), as
compared with RMB706.3 million in the
prior year period. As a percentage of total net revenue, general
and administrative expenses for the second quarter of 2020 were
3.3%, as compared with 3.1% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the second quarter of 2020 increased
by 28.4% year over year to RMB1.2
billion (US$175.5 million)
from RMB965.4 million in the prior
year period. Operating margin for the second quarter of 2020
increased to 5.1% from 4.2% in the prior year period.
Non-GAAP income from operations[5] for the second
quarter of 2020, which excluded share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, increased by 27.1% year over year to RMB1.5 billion (US$211.4
million) from RMB1.2 billion
in the prior year period. Non-GAAP operating income
margin[6] for the second quarter of 2020 increased to
6.2% from 5.2% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the second
quarter of 2020 increased by 88.9% year over year to RMB1.5 billion (US$217.5
million) from RMB813.5 million
in the prior year period. Net margin attributable to Vipshop's
shareholders for the second quarter of 2020 increased to 6.4% from
3.6% in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[7] for the second
quarter of 2020 increased to RMB2.24
(US$0.32) from RMB1.21 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the second quarter of 2020, which excluded (i) share-based
compensation expenses, (ii) amortization of intangible assets
resulting from business acquisitions, (iii) tax effect of
amortization of intangible assets resulting from business
acquisitions, (iv) investment gain and revaluation of investments
excluding dividends, (v) tax effect of investment gain and
revaluation of investments excluding dividends, and (vi) share of
loss in investment of limited partnership that is accounted for as
an equity method investee, increased by 24.3% year over year to
RMB1.3 billion (US$186.9 million) from RMB1.1 billion in the prior year period. Non-GAAP
net margin attributable to Vipshop's
shareholders[8] for the second quarter of 2020
increased to 5.5% from 4.7% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the second quarter of 2020 increased to
RMB1.92 (US$0.27) from RMB1.58 in the prior year period.
For the quarter ended June 30,
2020, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 686,613,335.
BALANCE SHEET AND CASH FLOW
As of June 30, 2020, the Company
had cash and cash equivalents and restricted cash of RMB8.1 billion (US$1.1
billion) and short term investments of RMB5.9 billion (US$840.7
million).
For the quarter ended June 30,
2020, net cash from operating activities was RMB5.1 billion (US$720.3
million), and free cash flow[10], a non-GAAP
measurement of liquidity, was as follows:
For the three months
ended
|
|
Jun 30,
2019
RMB'000
|
Jun 30,
2020
RMB'000
|
Jun 30,
2020
US$'000
|
Net cash from
operating activities
|
3,438,809
|
5,088,869
|
720,283
|
Add: Net impact from
Internet financing
activities[11]
|
(1,254,977)
|
(311,652)
|
(44,111)
|
Less: Capital
expenditures
|
(936,124)
|
(452,630)
|
(64,066)
|
Free cash
inflow
|
1,247,708
|
4,324,587
|
612,106
|
|
|
For the trailing
twelve months ended
|
|
Jun 30,
2019
RMB'000
|
Jun 30,
2020
RMB'000
|
Jun 30,
2020
US$'000
|
Net cash
from operating activities
|
10,207,552
|
11,549,627
|
1,634,744
|
Add: Net impact from
Internet financing
activities[11]
|
(1,829,324)
|
(4,027,419)
|
(570,044)
|
Less: Capital
expenditures
|
(3,954,839)
|
(3,375,199)
|
(477,728)
|
Free cash
inflow
|
4,423,389
|
4,147,009
|
586,972
|
Recent Development
Mr. Donghao Yang will step down
from the Company's Chief Financial Officer position for personal
reasons in November 2020, and the
Company's Board of Directors has appointed Mr. Yang as a new
Non-Executive Director, effective simultaneously with the change of
his position. Mr. Yang has served as the Company's Chief
Financial Officer since 2011 and made significant contributions to
the Company's growth and transformation from a privately held
company into a publicly listed company with effective internal
control and compliance systems in the past nine years. The Company
has already commenced a search process for a new Chief Financial
Officer.
Business Outlook
For the third quarter of 2020, the Company expects its total net
revenue to be between RMB20.6 billion
and RMB21.6 billion, representing a
year-over-year growth rate of approximately 5% to 10%. 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
RMB7.0651 to US$1.00, the effective noon buying rate on
June 30, 2020 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 June 30, 2020, or at any
other rate.
Conference Call Information
The Company will hold a conference call on Wednesday, August 19, 2020 at 7:30 am Eastern Time or 7:30 pm Beijing Time to discuss its financial
results and operating performance for the second quarter of
2020.
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
|
#2094639
|
Registration
Link
|
http://apac.directeventreg.com/registration/event/2094639
|
The replay will be accessible through August 27, 2020 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
#2094639
|
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)
amortization of intangible assets resulting from business
acquisitions, (iii) tax effect of amortization of intangible assets
resulting from business acquisitions, (iv) investment gain and
revaluation of investments excluding dividends, (v) tax effect of
investment gain and revaluation of investments excluding dividends,
and (vi) share of 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) amortization of intangible assets resulting from
business acquisitions, (c) investment gain and revaluation of
investments excluding dividends, and (d) share of 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) amortization of
intangible assets resulting from business acquisitions, (3)
investment gain and revaluation of investments excluding dividends,
and (4) share of 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) amortization
of intangible assets resulting from business acquisitions, (iii)
tax effect of amortization of intangible assets resulting from
business acquisitions, (iv) investment gain and revaluation of
investments excluding dividends, (v) tax effect of investment gain
and revaluation of investments excluding dividends, and (vi) share
of 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'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
|
|
June 30,
2019
|
March 31,
2020
|
June 30,
2020
|
June 30,
2020
|
|
RMB'000
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
Product
revenues
|
21,721,951
|
17,964,195
|
23,213,007
|
3,285,588
|
Other
revenues(1)
|
1,021,767
|
828,660
|
897,660
|
127,055
|
Total net
revenues
|
22,743,718
|
18,792,855
|
24,110,667
|
3,412,643
|
Cost of
revenues
|
(17,654,577)
|
(15,175,739)
|
(19,170,864)
|
(2,713,460)
|
Gross
profit
|
5,089,141
|
3,617,116
|
4,939,803
|
699,183
|
Operating
expenses:
|
|
|
|
|
Fulfillment
expenses(2)
|
(2,198,543)
|
(1,393,690)
|
(1,676,229)
|
(237,255)
|
Marketing
expenses
|
(877,573)
|
(412,305)
|
(1,028,903)
|
(145,632)
|
Technology and
content expenses
|
(422,314)
|
(338,398)
|
(305,381)
|
(43,224)
|
General and
administrative expenses
|
(706,252)
|
(839,220)
|
(804,619)
|
(113,886)
|
Total operating
expenses
|
(4,204,682)
|
(2,983,613)
|
(3,815,132)
|
(539,997)
|
Other operating
income
|
80,904
|
148,688
|
115,336
|
16,325
|
Income from
operations
|
965,363
|
782,191
|
1,240,007
|
175,511
|
Investment gain and
revaluation of investments
|
15,012
|
42,553
|
551,443
|
78,052
|
Impairment loss of
investments
|
0
|
(5,046)
|
0
|
0
|
Interest
expense
|
(12,194)
|
(35,395)
|
(21,070)
|
(2,982)
|
Interest
income
|
41,732
|
81,190
|
100,286
|
14,195
|
Foreign exchange gain
(loss)
|
30,920
|
48,754
|
(14,272)
|
(2,020)
|
Income before income
tax expense and share of (loss) gain of equity method
investees
|
1,040,833
|
914,247
|
1,856,394
|
262,756
|
Income tax
expenses
|
(213,392)
|
(172,716)
|
(324,883)
|
(45,984)
|
Share of (loss) gain
of equity method investees
|
(9,572)
|
(60,639)
|
7,588
|
1,074
|
Net income
|
817,869
|
680,892
|
1,539,099
|
217,846
|
Net (gain) loss
attributable to non-controlling interests
|
(4,351)
|
3,933
|
(2,179)
|
(308)
|
Net income
attributable to Vipshop's shareholders
|
813,518
|
684,825
|
1,536,920
|
217,538
|
|
|
|
|
|
Shares used in
calculating earnings per share(3):
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
—Basic
|
133,403,777
|
134,326,928
|
134,956,142
|
134,956,142
|
—Diluted
|
134,648,293
|
136,909,242
|
137,322,667
|
137,322,667
|
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
|
Net income
attributable to Vipshop's shareholders--Basic
|
6.10
|
5.10
|
11.39
|
1.61
|
Net income
attributable to Vipshop's shareholders--Diluted
|
6.04
|
5.00
|
11.19
|
1.58
|
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
|
Net income
attributable to Vipshop's shareholders--Basic
|
1.22
|
1.02
|
2.28
|
0.32
|
Net income
attributable to Vipshop's shareholders--Diluted
|
1.21
|
1.00
|
2.24
|
0.32
|
(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 1.21 billion, RMB 0.8 billion, and RMB 1.1
billion in the three month periods ended June 30,2019,
March 31,2020 and June 30,2020, 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
|
|
June 30,
2019
|
March 31,
2020
|
June 30,
2020
|
June 30,
2020
|
|
RMB'000
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses included are as follows
|
|
|
|
|
Fulfillment
expenses
|
37,497
|
27,215
|
25,905
|
3,667
|
Marketing
expenses
|
10,970
|
3,939
|
4,661
|
660
|
Technology and
content expenses
|
58,010
|
44,402
|
45,201
|
6,398
|
General and
administrative expenses
|
103,048
|
171,455
|
172,136
|
24,364
|
Total
|
209,525
|
247,011
|
247,903
|
35,089
|
|
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
December 31,
2019
|
June 30,
2020
|
June 30,
2020
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
|
6,573,808
|
7,395,029
|
1,046,698
|
Restricted
cash
|
|
1,145,477
|
704,630
|
99,734
|
Short term
investments
|
|
3,052,726
|
5,939,873
|
840,734
|
Accounts receivable,
net
|
|
1,295,766
|
537,530
|
76,082
|
Amounts due from
related parties
|
|
47,964
|
359,327
|
50,859
|
Other receivables and
prepayments,net
|
|
2,897,893
|
2,480,658
|
351,114
|
Loan
receivables,net
|
|
306,115
|
90,401
|
12,795
|
Inventories
|
|
7,708,292
|
5,764,895
|
815,968
|
Total current
assets
|
|
23,028,041
|
23,272,343
|
3,293,984
|
NON-CURRENT
ASSETS
|
|
|
|
|
Property and
equipment, net
|
|
11,256,810
|
12,391,200
|
1,753,860
|
Deposits for property
and equipment
|
|
101,800
|
62,283
|
8,816
|
Land use rights,
net
|
|
5,541,108
|
5,874,963
|
831,547
|
Intangible assets,
net
|
|
337,310
|
360,309
|
50,998
|
Investment in equity
method investees
|
|
3,112,952
|
2,119,858
|
300,046
|
Other
investments
|
|
2,002,756
|
2,502,921
|
354,265
|
Other long-term
assets
|
|
608,073
|
488,708
|
69,172
|
Amounts due from
related party-non current
|
|
102,000
|
59,446
|
8,414
|
Goodwill
|
|
236,711
|
369,902
|
52,356
|
Deferred tax assets,
net
|
|
539,561
|
612,344
|
86,672
|
Operating lease
right-of-use assets
|
|
1,715,556
|
1,988,535
|
281,459
|
Total non-current
assets
|
|
25,554,637
|
26,830,469
|
3,797,605
|
TOTAL
ASSETS
|
|
48,582,678
|
50,102,812
|
7,091,589
|
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Short term
loans
|
|
1,093,645
|
1,850,828
|
261,968
|
Accounts
payable
|
|
13,792,200
|
11,901,904
|
1,684,605
|
Advance from
customers
|
|
1,233,165
|
1,053,406
|
149,100
|
Accrued expenses and
other current liabilities
|
|
6,534,575
|
5,872,404
|
831,185
|
Amounts due to
related parties
|
|
532,788
|
337,595
|
47,784
|
Deferred
income
|
|
405,994
|
324,510
|
45,931
|
Operating lease
liabilities
|
|
333,268
|
291,701
|
41,288
|
Total current
liabilities
|
|
23,925,635
|
21,632,348
|
3,061,861
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
Long term
loans
|
|
64,515
|
197,858
|
28,005
|
Deferred tax
liability
|
|
165,098
|
388,251
|
54,953
|
Deferred income-non
current
|
|
782,068
|
926,827
|
131,184
|
Operating lease
liabilities
|
|
1,395,665
|
1,737,726
|
245,959
|
Other long term
liabilities
|
|
0
|
40,085
|
5,674
|
Total non-current
liabilities
|
|
2,407,346
|
3,290,747
|
465,775
|
TOTAL
LIABILITIES
|
|
26,332,981
|
24,923,095
|
3,527,636
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares authorized, and
117,584,362 and 118,686,997 shares issued and outstanding as of
December 31,
2019 and June 30,2020, respectively)
|
|
76
|
77
|
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, 2019
and June 30,2020, respectively)
|
|
11
|
11
|
2
|
Additional paid-in
capital
|
|
9,959,497
|
10,443,055
|
1,478,119
|
Retained
earnings
|
|
11,924,228
|
14,055,203
|
1,989,385
|
Accumulated other
comprehensive loss
|
|
(56,656)
|
(34,342)
|
(4,867)
|
Non-controlling
interests
|
|
422,541
|
715,713
|
101,303
|
Total shareholders'
equity
|
|
22,249,697
|
25,179,717
|
3,563,953
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
48,582,678
|
50,102,812
|
7,091,589
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
Three Months
Ended
|
|
|
June 30,
2019
|
June 30,
2020
|
June 30,
2020
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
|
965,363
|
1,240,007
|
175,511
|
Share-based
compensation expenses
|
|
209,525
|
247,903
|
35,089
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
511
|
5,896
|
835
|
Non-GAAP income from
operations
|
|
1,175,399
|
1,493,806
|
211,435
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
817,869
|
1,539,099
|
217,846
|
Share-based
compensation expenses
|
|
209,525
|
247,903
|
35,089
|
Investment gain and
revaluation of investments excluding dividends
|
|
(2,198)
|
(551,443)
|
(78,052)
|
Share of loss in
investment of limited partnership that is accounted for as an
equity
method investee
|
|
24,218
|
27,739
|
3,926
|
Tax effect of
investment gain and revaluation of investments excluding
dividends
|
|
17,150
|
55,044
|
7,791
|
Amortization of
intangible assets resulting from business acquisitions
|
|
511
|
5,896
|
835
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
|
(128)
|
(1,474)
|
(209)
|
Non-GAAP net
income
|
|
1,066,947
|
1,322,764
|
187,226
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
|
813,518
|
1,536,920
|
217,538
|
Share-based
compensation expenses
|
|
209,525
|
247,903
|
35,089
|
Investment gain and
revaluation of investments excluding dividends
|
|
(2,198)
|
(551,443)
|
(78,052)
|
Share of loss in
investment of limited partnership that is accounted for as an
equity
method investee
|
|
24,218
|
27,739
|
3,926
|
Tax effect of
investment gain and revaluation of investments excluding
dividends
|
|
17,150
|
55,044
|
7,791
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
501
|
5,896
|
835
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
|
(125)
|
(1,474)
|
(209)
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
|
1,062,589
|
1,320,585
|
186,918
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
--Basic
|
|
133,403,777
|
134,956,142
|
134,956,142
|
--Diluted
|
|
134,648,293
|
137,322,667
|
137,322,667
|
|
|
|
|
|
Non-GAAP net income
per Class A and Class B ordinary share
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders--Basic
|
|
7.97
|
9.79
|
1.39
|
Non-GAAP net income
attributable to Vipshop's shareholders--Diluted
|
|
7.89
|
9.62
|
1.36
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders--Basic
|
|
1.59
|
1.96
|
0.28
|
Non-GAAP net income
attributable to Vipshop's shareholders--Diluted
|
|
1.58
|
1.92
|
0.27
|
View original
content:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2020-financial-results-301114644.html
SOURCE Vipshop Holdings Limited