GUANGZHOU, China, Nov. 17, 2015 /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,
2015.
Third Quarter 2015 Highlights
- Total net revenue increased by 63% to RMB8.67 billion (US$1.36
billion) from RMB5.33 billion
in the prior year period.
- Gross profit increased by 63% to RMB2.16 billion (US$339
million) from RMB1.33 billion
in the prior year period. Gross margin remained stable at 24.9%, as
compared to the prior year period.
- Income from operations increased by 241% to RMB436 million (US$69
million) from RMB128 million
in the prior year period. Operating margin increased to 5.0% from
2.4% in the prior year period.
- Non-GAAP income from operations[1] increased by 131% to RMB587 million (US$92
million) from RMB254 million
in the prior year period. Non-GAAP operating margin[2] increased to 6.8% from 4.8% in the prior
year period.
- Net income attributable to Vipshop's shareholders
increased by 90% to RMB317 million
(US$50 million) from RMB167 million in the prior year period. Net
income margin attributable to Vipshop's shareholders increased to
3.7% from 3.1% in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[3] increased by
62% to RMB453 million (US$71 million) from RMB279
million in the prior year period. Non-GAAP net income margin
attributable to Vipshop's shareholders[4] remained stable at 5.2%, as compared to
the prior year period.
Mr. Eric Shen, chairman and chief
executive officer of Vipshop, stated, "Even though we are
disappointed that we didn't achieve our revenue guidance for the
third quarter 2015, we firmly believe that the business
fundamentals and growth dynamics of our platform, in terms of
orders, customers and revenues, remain solid. We added 5.4 million
new active customers[5] in the
third quarter, bringing our number of total active customers to
14.6 million. Customer loyalty and buying activity also continued
to strengthen during the quarter: Customers made 3.1 purchases and
spent RMB595 on average, up from 2.9
purchases and RMB541, respectively,
in the prior year period; and 92.5% of our total orders were made
by repeat customers. Our GMV from mobile rose to 79% in the third
quarter, up from 57% one year ago, further demonstrating the strong
appeal of our flash sale offering to on-the-go shoppers. Our
cross-border e-commerce business continued to ramp up, with 164%
sequential growth. Overall, our cross-border initiatives, supplier
and consumer financing programs and logistical enhancements further
characterize our platform as an ecosystem designed to drive value
for global brands and customers alike."
Mr. Donghao Yang, chief financial
officer of Vipshop, commented, "Unfortunately, our forecast for the
third quarter did not hold up due to unexpected seasonal patterns
this year especially late into the quarter, as well as new customer
acquisition growth being slightly softer than expected. This was
partly due to our conservative approach in optimizing our marketing
budget allocation and not investing more aggressively into new user
acquisition, leading us to miss our top-line guidance. However, we
still managed to increase revenues by over 63% year over year, as
well as expand our operating margin to 5.0% from 2.4% in the prior
year period. By the close of the third quarter, our warehouse
capacity reached 1.6 million square meters, and our total orders
covered by our network of in-house and invested couriers reached
80%; in both cases we met our year-end targets one quarter ahead of
time. We are also announcing that our board of directors has given
us an additional authorization to repurchase up to $300 million of our ADSs. We believe that this
initiative demonstrates our confidence in the long-term outlook for
our business. Looking ahead, we remain confident in our ability to
continue to scale our platform in terms of revenue, order and
customer growth as well as logistical expansion and optimization,
as we build upon our proven model and create enduring value for our
shareholders."
Third Quarter 2015 Financial Results
REVENUE
Total net revenue for the third quarter of 2015 increased by 63%
to RMB8.67 billion (US$1.36 billion) from RMB5.33 billion in the prior year period,
primarily driven by the growth in the numbers of total active
customers, repeat customers, total orders, as well as the
increasing revenue contribution from the mobile platform.
The number of active customers[6] for the third quarter of 2015 increased
by 48% to 14.6 million from 9.8 million in the prior year period.
The number of total orders[7] for
the third quarter of 2015 increased by 58% to 44.8 million from
28.3 million in the prior year period[8].
In an effort to increase focus on its core flash sales business,
the Company began to substantially scale down its lower-margin
group-buy business in the third quarter of 2014. Excluding the
impact of the group-buy business and Lefeng, the number of total
customers and total orders for Vipshop's core flash sales business
increased by 71% and 75% year over year, respectively. On the
mobile platform, the number of total active customers and total
orders for Vipshop's core flash sales business increased by 137%
and 141% year over year, respectively.
GROSS PROFIT
Gross profit for the third quarter of 2015 increased by 63% to
RMB2.16 billion (US$339 million) from RMB1.33 billion in the prior year period,
primarily attributable to the expanding scale of the business.
Gross margin remained stable at 24.9%, as compared with the prior
year period.
OPERATING INCOME AND EXPENSES
Total operating expenses for the third quarter of 2015 were
RMB1.80 billion (US$283 million), as compared with the
RMB1.24 billion in the prior year
period. As a percentage of total net revenue, total operating
expenses decreased to 20.7% from 23.3% in the prior year period.
- Fulfillment expenses for the third quarter of
2015 were RMB778 million
(US$122 million), as compared with
RMB509 million in the prior year
period, primarily reflecting the increase in sales volume, and
number of orders fulfilled. As a percentage of total net revenue,
fulfillment expenses decreased to 9.0% from 9.6% in the prior year
period, primarily reflecting the scale effect associated with the
growth in total net revenue and the increase in average ticket
size.
- Marketing expenses for the third quarter of 2015
were RMB470 million (US$74 million), as compared with RMB284 million in the prior year period,
reflecting the Company's strategy to drive long-term growth through
increasing investments in strengthening its brand awareness,
attracting new users and expanding market share. As a percentage of
total net revenue, marketing expenses were 5.4%, as compared to
5.3% in the prior year period.
- Technology and content expenses for the third
quarter of 2015 were RMB253 million
(US$40 million), as compared with
RMB190 million in the prior year
period, reflecting the Company's continued efforts to invest in
human capital and advanced technologies such as data analytics,
which can help improve the ability to predict consumer behavior and
further enhance user experience. As a percentage of total net
revenue, technology and content expenses decreased to 2.9% from
3.6% in the prior year period, primarily reflecting the scale
effect associated with the growth in total net revenue.
- General and administrative expenses for the third
quarter of 2015 were RMB297 million
(US$47 million), as compared with
RMB259 million in the prior year
period. As a percentage of total net revenue, general and
administrative expenses decreased to 3.4% from 4.9% in the prior
year period, primarily reflecting the scale effect associated with
the growth in total net revenue.
Income from operations for the third quarter of 2015 increased
by 241% to RMB436 million
(US$69 million) from RMB128 million in the prior year period due to
the growing scale of the Company's operations and decrease in
fulfillment, technology and content and general and administrative
expenses as a percentage of total net revenue. Operating income
margin increased to 5.0% from 2.4% in the prior year period.
Non-GAAP income from operations, which excludes share-based
compensation expenses and amortization of intangible assets
resulting from a business acquisition, increased by 131% to
RMB587 million (US$92 million) from RMB254
million in the prior year period.Non-GAAP operating income
margin increased to 6.8% from 4.8% in the prior year period.
NET INCOME
Exchange loss was RMB57 million
(US$9 million), as compared to an
exchange gain of RMB21 million in the
prior year period, primarily driven by the weakening value of the
Renminbi relative to the U.S. dollar.
Net income attributable to Vipshop's shareholders increased by
90% to RMB317 million (US$50 million) from RMB167
million in the prior year period. Net income margin
attributable to Vipshop's shareholders increased to 3.7% from 3.1%
in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[9]
increased to RMB0.53 (US$0.08) from RMB0.28 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders,
which excludes share-based compensation expenses and amortization
of intangible assets resulting from a business acquisition and
equity method investments, increased by 62% to RMB453 million (US$71
million) from RMB279 million
in the prior year period. Non-GAAP net income margin attributable
to Vipshop's shareholders remained stable at 5.2%, as compared to
the prior year period. The stagnant growth in non-GAAP net income
margin was primarily attributable to the relatively large exchange
loss in the period. Non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS increased to RMB0.76 (US$0.12)
from RMB0.47 in the prior year
period.
For the quarter ended September 30,
2015, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 599,346,325.
As of September 30, 2015, the
Company had cash and cash equivalents, and restricted cash of
RMB3.54 billion (US$558 million) and held-to-maturity securities
of RMB2.58 billion (US$406 million).
For the quarter ended September 30,
2015, net cash from operating activities was RMB285 million (US$45
million).
Recent Developments
In the third quarter of 2015, the Company invested RMB837 million (US$132
million) in securing land for future office space in the
Pazhou Internet Innovation Zone in order to accommodate future work
force expansion and reduce long-term operating costs.
Share Repurchase Program
On November 17, 2015, the
Company's board of directors has approved a share repurchase
program whereby the Company may purchase its own ADSs with an
aggregate value of up to US$300
million over the next 24-month period, ending on
November 16, 2017. The Company
expects to fund the repurchase out of its existing cash balance,
including cash generated from its operations.
The Company expects to effect the proposed share repurchase on
the open market at prevailing market prices, in negotiated
transactions off the market, and/or in other legally permissible
means from time to time as market conditions warrant in compliance
with applicable requirements of Rule 10b5-1 and/or Rule 10b-18
under the U.S. Securities Exchange Act of 1934, as amended, at
times and in such amounts as the Company deems appropriate. The
share repurchase program does not obligate the Company to acquire
any particular number of ADSs and may be suspended, terminated or
extended at any time at the Company's discretion without prior
notice.
Business Outlook
For the fourth quarter of 2015, the Company expects its total
net revenue to be between RMB12.0 billion
and RMB12.5 billion, representing a year-over-year growth
rate of approximately 43% to 49%. These forecasts reflect the
Company's current and preliminary view on the market and
operational conditions, which is subject to change.
Exchange Rate
This announcement contains currency conversions of certain
Renminbi amounts into U.S. dollars at specified rates solely for
the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.3556 to US$1.00, the effective noon buying rate for
September 30, 2015 as set forth in
the H.10 statistical release of the Federal Reserve Board.
Conference Call Information
The Company will hold a conference call on Wednesday, November 18, 2015 at 8:00 am Eastern Time or 9:00 pm Beijing Time to discuss its financial
results and operating performance for the third quarter 2015.
United States:
+1-845-675-0438
International Toll Free: +1-855-500-8701
China Domestic: 400-1200654
Hong Kong: +852-3018-6776
Conference ID: #75283218
The replay will be accessible through November 25, 2015 by dialing the following
numbers:
United States Toll Free: +1-855-452-5696
International: +61 2 90034211
Conference ID: #75283218
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 and in the attachments 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 unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"), except that the consolidated
statement of shareholders' equity, consolidated statements of cash
flows, and the detailed notes required by Accounting Standards
Codification 270 Interim Reporting ("ASC270"), have not been
presented. Vipshop uses non-GAAP net income attributable to
Vipshop's shareholders, non-GAAP net income per diluted ADS,
non-GAAP income from operations, non-GAAP net income margin, and
non-GAAP operating income margin, 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 share-based compensation expenses and amortization of
intangible assets resulting from a business acquisition and equity
method investments. Non-GAAP net income per diluted ADS is non-GAAP
net income divided by weighted average number of diluted ADS.
Non-GAAP income from operations is income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from a business acquisition. Non-GAAP operating
income margin is non-GAAP income from operations as a percentage of
total net revenue. Non-GAAP net income margin is non-GAAP net
income as a percentage of total net revenue. The Company believes
that separate analysis and exclusion of the non-cash impact of
share-based compensation and amortization of intangible assets 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 non-cash
share-based compensation expenses and amortization of intangible
assets, which 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. In light of the foregoing limitations, you should not
consider non-GAAP financial measure in isolation from or as an
alternative to the financial measure prepared in accordance with
U.S. GAAP.
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]
|
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 a business
acquisition.
|
|
|
[2]
|
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.
|
|
|
[3]
|
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 share-based compensation expenses and
amortization of intangible assets resulting from a business
acquisition and equity method investments.
|
|
|
[4]
|
Non-GAAP net income
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.
|
|
|
[5]
|
"New active
customers" refer to any customer who, for a given period, (i) is an
active customer during such period, and (ii) had not purchased
products from the Company or its online marketplace platforms prior
to such period.
|
|
|
[6]
|
Beginning in the
first quarter of 2015, the Company has updated its definition of
"active customers" from "registered members who have purchased
products from the Company at least once during the relevant period"
to "registered members who have purchased from the Company or the
Company's online marketplace platforms at least once during the
relevant period." The active customer figures in 2014 and 2015
include active Lefeng customers after the Lefeng acquisition was
completed in February 2014.
|
|
|
[7]
|
Beginning in the
first quarter of 2015, the Company has updated its definition of
"total orders" from "the total number of orders placed during the
relevant period" to "the total number of orders placed during the
relevant period, including the orders for products and services
sold in the Company's online sales business and on the Company's
online marketplace platforms, net of orders returned." The total
order figures in 2014 and 2015 include orders attributable to
Lefeng after the Lefeng acquisition was completed in February
2014.
|
|
|
[8]
|
The prior year period
figures of active customers, total orders and repeat customers in
this release have also been revised to reflect the broadened
definitions to ensure comparability.
|
|
|
[9]
|
"ADS" means American
Depositary Share. Effective November 3, 2014, the Company changed
its ADS to Class A Ordinary Share ("Share") ratio from one ADS
representing two ordinary shares to five ADSs representing one
ordinary share. The computation of GAAP and non-GAAP income per
diluted ADS have been adjusted retroactively for all periods
presented to reflect this change.
|
Vipshop Holdings
Limited
|
Condensed
Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except per share data)
|
|
Three Months
Ended
|
|
September
30,2014
|
September
30,2015
|
September
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
Product
revenues
|
5,192,259
|
8,508,687
|
1,338,770
|
Other revenues
(1)
|
137,886
|
162,558
|
25,577
|
Total net
revenues
|
5,330,145
|
8,671,245
|
1,364,347
|
Cost of goods
sold
|
(4,004,433)
|
(6,514,921)
|
(1,025,068)
|
Gross
profit
|
1,325,712
|
2,156,324
|
339,279
|
Operating
expenses
|
|
|
|
Fulfillment
expenses(2)
|
(509,459)
|
(778,099)
|
(122,426)
|
Marketing
expenses
|
(284,370)
|
(469,615)
|
(73,890)
|
Technology and
content expenses
|
(189,644)
|
(253,075)
|
(39,819)
|
General and
administrative expenses(3)
|
(259,055)
|
(296,630)
|
(46,672)
|
Total operating
expenses
|
(1,242,528)
|
(1,797,419)
|
(282,807)
|
Other
income
|
44,538
|
77,156
|
12,140
|
Income from
operations
|
127,722
|
436,061
|
68,612
|
Other non-operating
income
|
15,765
|
0
|
0
|
Interest
expenses
|
(23,803)
|
(22,499)
|
(3,540)
|
Interest
income
|
71,194
|
62,819
|
9,884
|
Exchange gain
(loss)
|
21,457
|
(56,886)
|
(8,951)
|
Income before income
taxes and share of loss of affiliates
|
212,335
|
419,495
|
66,005
|
Income tax
expense(4)
|
(62,752)
|
(93,204)
|
(14,665)
|
Share of loss of
affiliates
|
(12,596)
|
(33,438)
|
(5,261)
|
Net income
|
136,987
|
292,853
|
46,079
|
Net loss attributable
to noncontrolling interests
|
30,104
|
23,845
|
3,752
|
Net income
attributable to Vipshop's shareholders
|
167,091
|
316,698
|
49,831
|
|
|
|
|
Shares used in
calculating earnings per share(5):
|
|
|
|
Class A ordinary
shares:
|
|
|
|
—Basic
|
97,215,769
|
99,665,268
|
99,665,268
|
—Diluted
|
102,910,238
|
103,358,907
|
103,358,907
|
|
|
|
|
Class B ordinary
shares:
|
|
|
|
—Basic
|
16,510,358
|
16,510,358
|
16,510,358
|
—Diluted
|
16,510,358
|
16,510,358
|
16,510,358
|
|
|
|
|
Net earnings per
Class A share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
1.47
|
2.73
|
0.43
|
Net income
attributable to Vipshop's shareholders——Diluted
|
1.40
|
2.64
|
0.42
|
|
|
|
|
Net earnings per
Class B share
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
1.47
|
2.73
|
0.43
|
Net income
attributable to Vipshop's shareholders——Diluted
|
1.40
|
2.64
|
0.42
|
|
|
|
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
0.29
|
0.55
|
0.09
|
Net income
attributable to Vipshop's shareholders——Diluted
|
0.28
|
0.53
|
0.08
|
(1)Other revenues
primarily consist of revenues from product promotion and online
advertising, fees charged to third-party merchants which the
Company provides platform access for sales of their
products.
|
|
|
(2) Including
shipping and handling expenses, which amounted RMB 244 million and
RMB 361 million in the three month periods ended September 30, 2014
and September 30, 2015, respectively.
|
|
(3)Including
amortization of intangible assets resulting from a business
acquisition, which amounted to RMB 61 million and RMB 74 million in
the three months period ended September 30, 2014 and September 30,
2015, respectively.
|
|
(4)Included income
tax benefits of RMB 15 million and RMB 19 million related to the
reversal of deferred tax liabilities, which was recognized on the
businss acquisition of Lefeng for the three months period ended
September 30, 2014 and September 30, 2015,
respectively.
|
|
(5) Authorized
share capital are 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.
|
|
|
|
|
|
|
|
|
|
|
Net income
|
136,987
|
292,853
|
46,078
|
Other comprehensive
income, net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
41,534
|
(37,371)
|
(5,880)
|
Unrealized gain or
loss of available-for-sales securities
|
-
|
(15,419)
|
(2,426)
|
Comprehensive
income
|
178,521
|
240,063
|
37,772
|
Less: Comprehensive
loss attributable to non-controlling interests
|
(30,218)
|
(19,302)
|
(3,037)
|
Comprehensive income
attributable to Vipshop's shareholders
|
208,739
|
259,365
|
40,809
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,2014
|
September
30,2015
|
September
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Share-based
compensation charges included are follows
|
|
|
|
Fulfillment
expenses
|
3,329
|
4,496
|
707
|
Marketing
expenses
|
4,853
|
4,346
|
684
|
Technology and
content expenses
|
30,601
|
33,112
|
5,210
|
General and
administrative expenses
|
26,844
|
34,427
|
5,417
|
Total
|
65,627
|
76,381
|
12,018
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
December
31,2014
|
September
30,2015
|
September
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
4,790,751
|
3,543,372
|
557,520
|
Restricted
cash
|
400
|
-
|
-
|
Held-to-maturity
securities
|
3,768,338
|
2,582,450
|
406,327
|
Accounts receivable,
net
|
155,099
|
592,260
|
93,187
|
Amounts due from
related parties
|
30,991
|
13,201
|
2,077
|
Other
receivables
|
550,122
|
814,076
|
128,088
|
Inventories
|
3,588,304
|
2,781,181
|
437,594
|
Advance to
suppliers
|
81,952
|
90,547
|
14,247
|
Prepaid
expenses
|
21,348
|
45,046
|
7,088
|
Deferred tax
assets
|
233,149
|
258,417
|
40,660
|
Total current
assets
|
13,220,454
|
10,720,550
|
1,686,788
|
NON-CURRENT
ASSETS
|
|
|
-
|
Property and
equipment, net
|
1,911,453
|
2,584,530
|
406,654
|
Deposits for property
and equipment
|
207,509
|
440,349
|
69,285
|
Prepaid land use
right
|
81,991
|
198,121
|
31,172
|
Intangible assets,
net
|
1,038,949
|
836,903
|
131,680
|
Investment in
affiliates
|
287,390
|
379,887
|
59,772
|
Other
investments
|
102,792
|
460,883
|
72,516
|
Available-for-sale
securities investment, non-current
|
|
47,555
|
7,482
|
Other long-term
assets
|
40,503
|
1,041,491
|
163,870
|
Goodwill
|
60,000
|
64,819
|
10,199
|
Total non-current
assets
|
3,730,587
|
6,054,538
|
952,630
|
TOTAL
ASSETS
|
16,951,041
|
16,775,088
|
2,639,418
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Accounts payable
(Including accounts payable of the VIE without recourse to the
Company of RMB 7,490 and RMB 13,480 as of December 31,
2014 and September 30, 2015, respectively)
|
6,121,256
|
4,448,870
|
699,992
|
Advance from
customers (Including advance from customers of the VIE
without recourse to the Company of RMB 1,217,429 and RMB
732,073 as of December 31, 2014 and September 30, 2015,
respectively)
|
1,422,935
|
1,660,604
|
261,282
|
Accrued expenses and
other current liabilities(Including accrued expenses and other
current liabilities of the VIE without recourse to the Company of
RMB 944,097 and RMB 760,162 as of December 31, 2014 and
September 30,2015, respectively)
|
2,340,756
|
2,184,448
|
343,704
|
Amounts due to
related parties(Including amounts due to related parties of the VIE
without recourse to the Company of RMB 2,474 and RMB
9,161 as of December 31, 2014 and September 30, 2015,
respectively)
|
75,784
|
153,795
|
24,198
|
Deferred income
(Including deferred income of the VIE without recourse to the
Company of RMB 178,920 and RMB 165,361 as of December
31, 2014 and September 30, 2015, respectively)
|
194,560
|
260,225
|
40,944
|
Short term loans
(Including short term loans of the VIE without recourse to
the Company of nil as of December 31, 2014 and September 30,
2015)
|
-
|
6,000
|
944
|
Total current
liabilities
|
10,155,291
|
8,713,942
|
1,371,064
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
242,697
|
197,422
|
31,063
|
Convertible senior
notes
|
3,854,985
|
3,973,420
|
625,184
|
Total non-current
liabilities
|
4,097,682
|
4,170,842
|
656,247
|
Total
liabilities
|
14,252,973
|
12,884,784
|
2,027,311
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares authorized, and
99,818,082 and 98,028,314 shares issued and outstanding as of
September 30, 2015 and December 31, 2014, respectively)
|
63
|
64
|
10
|
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
September 30, 2015 and December 31, 2014, respectively)
|
11
|
11
|
2
|
Additional paid-in
capital
|
2,538,217
|
2,753,440
|
433,231
|
Retained
earnings
|
26,544
|
1,110,044
|
174,656
|
Accumulated other
comprehensive income (loss)
|
(10,711)
|
(66,395)
|
(10,447)
|
Non-controlling
interests
|
143,944
|
93,140
|
14,655
|
Total shareholders'
equity
|
2,698,068
|
3,890,304
|
612,107
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
16,951,041
|
16,775,088
|
2,639,418
|
-
|
-
|
-
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,2014
|
September
30,2015
|
September
30,2015
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Income from
operations
|
127,722
|
436,061
|
68,611
|
Share-based
compensation expenses
|
65,627
|
76,381
|
12,018
|
Amortization of
intangible assets resulting from a business acquisition
|
60,444
|
74,309
|
11,692
|
Non-GAAP income from
operations
|
253,793
|
586,751
|
92,320
|
|
|
|
|
|
|
|
|
Net income
|
136,987
|
292,853
|
46,078
|
Share-based
compensation expenses
|
65,627
|
76,381
|
12,018
|
Amortization of
intangible assets resulting from a business acquisition and equity
method investments (net of tax)
|
58,095
|
73,456
|
11,558
|
Non-GAAP net
income
|
260,709
|
442,690
|
69,654
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
167,091
|
316,698
|
49,830
|
Share-based
compensation expenses
|
65,627
|
76,381
|
12,018
|
Amortization of
intangible assets resulting from a business acquisition and equity
method investments (exclude non-controlling interests and net of
tax)
|
46,762
|
59,589
|
9,376
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
279,480
|
452,668
|
71,224
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Basic common
shares:
|
|
|
|
Class A ordinary
shares:
|
|
|
|
—Basic
|
97,215,769
|
99,665,268
|
99,665,268
|
—Diluted
|
102,910,238
|
103,358,907
|
103,358,907
|
|
|
|
|
Class B ordinary
shares:
|
|
|
|
—Basic
|
16,510,358
|
16,510,358
|
16,510,358
|
—Diluted
|
16,510,358
|
16,510,358
|
16,510,358
|
|
|
|
|
Non-GAAP net income
per Class A share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
2.46
|
3.90
|
0.61
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
2.34
|
3.78
|
0.59
|
|
|
|
|
Non-GAAP net income
per Class B share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
2.46
|
3.90
|
0.61
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
2.34
|
3.78
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
0.49
|
0.78
|
0.12
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
0.47
|
0.76
|
0.12
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-third-quarter-2015-financial-results-300180207.html
SOURCE Vipshop Holdings Limited