Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 19, 2022
GUANGZHOU, China, Aug. 19,
2022 /PRNewswire/ -- Vipshop Holdings Limited (NYSE:
VIPS), a leading online discount retailer for brands in
China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
quarter ended June 30, 2022.
Second Quarter 2022 Highlights
- Total net revenues for the second quarter of 2022
were RMB24.5 billion (US$3.7 billion), as compared with RMB29.6 billion in the prior year period.
- GMV[1] for the second quarter of
2022 was RMB40.6 billion, as compared
with RMB48.1 billion in the prior
year period.
- Gross profit for the second quarter of 2022 was
RMB5.0 billion (US$750.1 million), as compared with
RMB6.0 billion in the prior year
period.
- Net income attributable to Vipshop's
shareholders for the second quarter of 2022 increased by
17.4% year over year to RMB1.3
billion (US$191.5 million)
from RMB1.1 billion in the prior year
period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the second quarter of 2022
increased by 8.4% year over year to RMB1.6
billion (US$237.7 million)
from RMB1.5 billion in the prior year
period.
- The number of active customers[3] for
the second quarter of 2022 was 41.7 million, as compared with 51.1
million in the prior year period.
- Total orders[4] for the second quarter
of 2022 were 186.3 million, as compared with 221.5 million in the
prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "Our second quarter results
came in better than expected, driven by improving macro conditions
with the COVID-19 pandemic effectively under control. Our business
demonstrated strong execution and flexibility in helping our brand
partners navigate through an uncertain environment with extensive
support, while securing more supply of merchandise that appeal to
the value of our customers. In addition, we have been refreshing
our brand mix with new trendy and higher-end brands that cater to
different customer groups. Our high-value customers continued to
grow and showed resilient spending power. While macro uncertainties
could linger ahead, we are steadfast in positioning ourselves for
more opportunities in discount retail, adapting our business as
needed to best serve our brand partners and customers."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "In the second quarter, we
delivered solid profitability on top of decent topline performance
that beat our prior guidance, thanks to our relentless efforts to
drive operational efficiency. Our bottom-line and the overall
margins achieved year-over-year increases as a result of effective
cost savings and rational spending. In addition, we were committed
to our share buyback plan and had repurchased US$177.1 million of our ADSs during the quarter.
Looking ahead, we are confident to maintain healthy and sustainable
profitability and create long-term value to our shareholders."
Second Quarter 2022 Financial Results
REVENUES
Total net revenues for the second quarter of 2022 were
RMB24.5 billion (US$3.7 billion), as compared with RMB29.6 billion in the prior year period,
primarily attributable to soft consumer demand for discretionary
categories amid a challenging macro environment with the COVID-19
resurgence in China.
GROSS PROFIT
Gross profit for the second quarter of 2022 was RMB5.0 billion (US$750.1
million), as compared with RMB6.0
billion in the prior year period. Gross margin for the
second quarter of 2022 increased to 20.5% from 20.1% in the prior
year period.
OPERATING EXPENSES
Total operating expenses for the second quarter of 2022
decreased by 18.7% year over year to RMB3.9
billion (US$588.0 million)
from RMB4.8 billion in the prior year
period. As a percentage of total net revenues, total operating
expenses for the second quarter of 2022 decreased to 16.1%
from 16.4% in the prior year period.
- Fulfillment expenses for the
second quarter of 2022 decreased by 13.7% year over year to
RMB1.8 billion (US$265.2 million) from RMB2.1 billion in the prior year period. As a
percentage of total net revenues, fulfillment expenses for the
second quarter of 2022 was 7.2%, as compared with 6.9% in the prior
year period.
- Marketing expenses for the
second quarter of 2022 decreased by 60.5% year over year to
RMB555.6 million (US$82.9 million) from RMB1.4 billion in the prior year period,
primarily attributable to more prudent marketing strategy. As a
percentage of total net revenues, marketing expenses for the
second quarter of 2022 decreased to 2.3% from 4.8% in the
prior year period.
- Technology and content expenses for the
second quarter of 2022 increased by 11.3% year over year to
RMB411.8 million (US$61.5 million) from RMB369.9 million in the prior year period. As a
percentage of total net revenues, technology and content expenses
for the second quarter of 2022 increased to 1.7% from 1.2% in the
prior year period.
- General and administrative expenses for the
second quarter of 2022 were RMB1.2
billion (US$178.4 million), as
compared with RMB1.0 billion in the
prior year period. As a percentage of total net revenues, general
and administrative expenses for the second quarter of 2022 was
4.9%, as compared with 3.4% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the second quarter of 2022 was
RMB1.3 billion (US$189.4 million), as compared with RMB1.5 billion in the prior year period.
Operating margin for the second quarter of 2022 increased to 5.2%
from 5.0% in the prior year period.
Non-GAAP income from operations[5] for the second
quarter of 2022, which excluded share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, was RMB1.6 billion
(US$231.6 million), as compared with
RMB1.7 billion in the prior year
period. Non-GAAP operating margin[6] for the
second quarter of 2022 increased to 6.3% from 5.9% in the
prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the
second quarter of 2022 increased by 17.4% year over year to
RMB1.3 billion (US$191.5 million) from RMB1.1 billion in the prior year period. Net
margin attributable to Vipshop's shareholders for the second
quarter of 2022 increased to 5.2% from 3.7% in the prior year
period. Net income attributable to Vipshop's shareholders per
diluted ADS[7] for the second quarter of 2022
increased to RMB1.97 (US$0.29) from RMB1.56 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the second quarter of 2022, which excluded (i) share-based
compensation expenses, (ii) impairment loss of investment, (iii)
investment loss and revaluation of investments excluding dividends,
(iv) reconciling items on the share of equity method investments,
(v) amortization of intangible assets resulting from business
acquisitions, and (vi) tax effects on non-GAAP adjustments,
increased by 8.4% year over year to RMB1.6
billion (US$237.7 million)
from RMB1.5 billion in the prior year
period. Non-GAAP net margin attributable to Vipshop's
shareholders[8] for the second quarter of 2022
increased to 6.5% from 5.0% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the second quarter of 2022 increased to
RMB2.45 (US$0.37) from RMB2.10 in the prior year period.
For the quarter ended June 30,
2022, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 649,671,995.
BALANCE SHEET AND CASH FLOW
As of June 30, 2022, the Company
had cash and cash equivalents and restricted cash of RMB17.3 billion (US$2.6
billion) and short term investments of RMB4.1 billion (US$615.4
million).
For the quarter ended June 30,
2022, net cash generated from operating activities was
RMB4.5 billion (US$666.7 million), and free cash
flow[10], a non-GAAP measurement of liquidity, was as
follows:
For the three months
ended
|
|
June
30, 2021
RMB'000
|
June
30, 2022
RMB'000
|
June
30, 2022
US$'000
|
Net cash
generated from operating activities
|
1,996,409
|
4,465,779
|
666,723
|
|
Reconciling
items:
Net impact from
Internet financing activities[11]
|
(21,535)
|
107,151
|
15,997
|
|
Capital expenditures
|
(637,190)
|
(1,311,564)
|
(195,811)
|
|
Free cash
inflow
|
1,337,684
|
3,261,366
|
486,909
|
|
For the trailing twelve
months ended
|
|
June
30, 2021
RMB'000
|
June
30, 2022
RMB'000
|
June
30, 2022
US$'000
|
Net cash generated
from operating
activities
|
9,987,575
|
8,456,749
|
1,262,559
|
|
Reconciling
items:
|
|
|
|
|
Net impact from Internet financing
activities[11]
|
(344,367)
|
232,857
|
34,765
|
|
Capital
expenditures
|
(2,497,859)
|
(4,165,254)
|
(621,856)
|
|
Free cash
inflow
|
7,145,349
|
4,524,352
|
675,468
|
|
Share Repurchase Program
On March 31, 2022, the Company
announced a share repurchase program authorized by its board of
directors under which the Company may repurchase up to US$1 billion of its ADSs or Class A ordinary
shares for a 24-month period. As of June 30,
2022, the Company had repurchased US$177.1 million of its ADSs under the
program.
Environment, Social and Governance
On July 8, 2022, Vipshop was named
Forbes China's 2022 Best Employer
and 2022 Most Sustainable Employer. The awards recognized the
Company's best practices in talent mangement and its commitment to
sustainable development.
Business Outlook
For the third quarter of 2022, the Company expects its total net
revenues to be between RMB21.2
billion and RMB22.4 billion,
representing a year-over-year decrease rate of approximately 15% 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
RMB6.6981 to US$1.00, the effective noon buying rate on
June 30, 2022 as set forth in the
H.10 statistical release of the Federal Reserve Board. No
representation is made that the Renminbi amounts could have been,
or could be, converted, realized or settled into U.S. dollars at
that rate on June 30, 2022, or at any
other rate.
Conference Call Information
The Company will hold a conference call on Friday, August 19, 2022 at 7:30 am US Eastern Time, 7:30 pm Beijing Time to discuss the financial
results.
All participants wishing to join the conference call must
pre-register online using the link provided below.
Registration Link:
https://register.vevent.com/register/BIb9eec4ae01f249d6bc23e596cc164be4
Once pre-registration has been completed, each participant
will receive dial-in numbers and a unique access PIN via email. To
join the conference, participants should use the dial-in details
followed by the PIN code.
A live webcast of the earnings conference call can be accessed
at https://edge.media-server.com/mmc/p/853ts7kw. An archived
webcast will be available at the Company's investor relations
website at http://ir.vip.com.
[1] "Gross merchandise value (GMV)" is defined as the
total Renminbi value of all products and services sold
through the Company's online sales business, online
marketplace platform, offline stores, Shan Shan Outlets and
city outlets during the relevant period, including through the
Company's websites and mobile apps, third-party websites and mobile
apps, Vipshop offline stores, Vipmaxx offline stores, Shan Shan
Outlets and the city outlets in Hefei, Anhui
province that is operated by the Company, which were fulfilled by
either the Company or its third-party merchants, regardless of
whether or not the goods were delivered or returned. GMV
includes shipping charges paid by buyers to sellers. For prudent
considerations, the Company does not consider products or services
to be sold if the relevant orders were placed and canceled
pre-shipment and only included orders that left the Company's or
other third-party vendors' warehouses.
[2] Non-GAAP net income attributable to Vipshop's shareholders is a
non-GAAP financial measure, which is defined as net income
attributable to Vipshop's shareholders excluding (i) share-based
compensation expenses, (ii) impairment loss of investment, (iii)
investment loss and revaluation of investments excluding dividends,
(iv) reconciling items on the share of equity method investments,
(v) amortization of intangible assets resulting from business
acquisitions, and (vi) tax effects on non-GAAP adjustments.
[3] "Active customers" is defined as registered members
who have purchased from the Company's online sales business or
the Company's online marketplace platforms at least once during the
relevant period.
[4] "Total orders" is defined as the total number of
orders placed during the relevant period, including the orders for
products and services sold through the Company's online sales
business and the Company's online marketplace
platforms (excluding, for the avoidance of doubt, orders from
the Company's offline stores and outlets), net of orders
returned.
[5] Non-GAAP income from operations is a non-GAAP financial
measure, which is defined as income from operations excluding
share-based compensation expenses and amortization of
intangible assets resulting from business acquisitions.
[6] Non-GAAP operating income margin is a non-GAAP financial
measure, which is defined as non-GAAP income from operations as a
percentage of total net revenues.
[7] "ADS" means American depositary share, each of which
represents 0.2 Class A ordinary share.
[8] Non-GAAP net margin attributable to Vipshop's shareholders
is a non-GAAP financial measure, which is defined as non-GAAP
net income attributable to Vipshop's shareholders, as a
percentage of total net revenues.
[9] Non-GAAP net income attributable to Vipshop's shareholders
per diluted ADS is a non-GAAP financial measure, which is defined
as non-GAAP net income attributable to Vipshop's shareholders,
divided by the weighted average number of diluted ADS outstanding
for computing diluted earnings per ADS.
[10] Free cash flow is a non-GAAP financial measure, which is
defined as net cash from operating activities adding back the
impact from Internet financing activities and less capital
expenditures, which include purchase and deposits of property and
equipment and land use rights.
[11] Net impact from Internet financing activities represents
net cash flow relating to the Company's financial products, which
are primarily consumer financing and supplier financing that the
Company provides to its customers and suppliers.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant discount to retail prices. Since
it was founded in August 2008, the
Company has rapidly built a sizeable and growing base of customers
and brand partners. For more information, please visit
https://ir.vip.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; the potential impact of the COVID-19 to
Vipshop's business operations and the economy in China and elsewhere generally; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in Vipshop's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and Vipshop does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from
the Company's unaudited interim condensed consolidated financial
statements prepared in conformity with accounting principles
generally accepted in the United States
of America ("U.S. GAAP"), except that comparative
consolidated statements of income and cash flows for the period
presented and detailed footnote disclosures required by Accounting
Standards Codification 270, Interim Reporting ("ASC270"), have been
omitted. Vipshop uses non-GAAP net income attributable to Vipshop's
shareholders, non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS, non-GAAP income from operations,
non-GAAP operating income margin, non-GAAP net margin attributable
to Vipshop's shareholders, and free cash flow, each of which is a
non-GAAP financial measure. Non-GAAP net income attributable to
Vipshop's shareholders is net income attributable to Vipshop's
shareholders excluding (i) share-based compensation expenses, (ii)
impairment loss of investment, (iii) investment loss and
revaluation of investments excluding dividends, (iv) reconciling
items on the share of equity method investments, (v) amortization
of intangible assets resulting from business acquisitions, and (vi)
tax effects on non-GAAP adjustments. Non-GAAP net income
attributable to Vipshop's shareholders per diluted ADS is computed
using non-GAAP net income attributable to Vipshop's shareholders
divided by weighted average number of diluted ADS outstanding for
computing diluted earnings per ADS. Non-GAAP income from operations
is income from operations excluding share-based compensation
expenses and amortization of intangible assets resulting from
business acquisitions. Non-GAAP operating income margin is non-GAAP
income from operations as a percentage of total net revenues
Non-GAAP net margin attributable to Vipshop's shareholders is
non-GAAP net income attributable to Vipshop's shareholders as a
percentage of total net revenues Free cash flow is net cash from
operating activities adding back the impact from Internet financing
activities and less capital expenditures, which include purchase
and deposits of property and equipment and land use rights. Impact
from Internet financing activities added back or deducted from free
cash flow contains changes in the balances of financial products,
which are primarily consumer financing and supplier financing that
the Company provides to customers and suppliers. The Company
believes that separate analysis and exclusion of the non-cash
impact of (i) share-based compensation, (ii) impairment loss of
investment, (iii) investment loss and revaluation of investments
excluding dividends, (iv) reconciling items on the share of equity
method investments, (v) amortization of intangible assets resulting
from business acquisitions, and (vi) tax effects on non-GAAP
adjustments add clarity to the constituent parts of its
performance. The Company reviews these non-GAAP financial measures
together with GAAP financial measures to obtain a better
understanding of its operating performance. It uses these non-GAAP
financial measures for planning, forecasting and measuring results
against the forecast. The Company believes that non-GAAP financial
measures are useful supplemental information for investors and
analysts to assess its operating performance without the effect of
(i) share-based compensation expenses, (ii) impairment loss of
investment, (iii) investment loss and revaluation of investments
excluding dividends, (iv) reconciling items on the share of
equity method investments, (v) amortization of intangible assets
resulting from business acquisitions, and (vi) tax effects on
non-GAAP adjustments. Free cash flow enables the Company to assess
liquidity and cash flow, taking into account the impact from
Internet financing activities and the financial resources needed
for the expansion of fulfillment infrastructure,technology platform
and Shan Shan Outlets. Share-based compensation expenses have been
and will continue to be significant recurring expenses in its
business. However, the use of non-GAAP financial measures has
material limitations as an analytical tool. One of the limitations
of using non-GAAP financial measures is that they do not include
all items that impact the Company's net income for the period. In
addition, because non-GAAP financial measures are not measured in
the same manner by all companies, they may not be comparable to
other similar titled measures used by other companies. One of the
key limitations of free cash flow is that it does not represent the
residual cash flow available for discretionary expenditures.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
Vipshop
Holdings Limited
|
Unaudited
Condensed Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except for share and per share data)
|
|
|
Three Months
Ended
|
|
June
30,2021
|
March
31,2022
|
June
30,2022
|
June
30,2022
|
|
RMB'000
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
Product
revenues
|
28,226,826
|
23,926,432
|
23,160,136
|
3,457,717
|
Other revenues
(1)
|
1,380,876
|
1,318,086
|
1,375,118
|
205,300
|
Total net
revenues
|
29,607,702
|
25,244,518
|
24,535,254
|
3,663,017
|
Cost of
revenues
|
(23,650,875)
|
(20,236,053)
|
(19,510,909)
|
(2,912,902)
|
Gross
profit
|
5,956,827
|
5,008,465
|
5,024,345
|
750,115
|
Operating
expenses:
|
|
|
|
|
Fulfillment
expenses (2)
|
(2,057,504)
|
(1,694,943)
|
(1,776,011)
|
(265,151)
|
Marketing
expenses
|
(1,407,584)
|
(759,275)
|
(555,570)
|
(82,944)
|
Technology and
content expenses
|
(369,936)
|
(390,371)
|
(411,756)
|
(61,474)
|
General and
administrative expenses
|
(1,011,849)
|
(1,054,714)
|
(1,195,167)
|
(178,434)
|
Total operating
expenses
|
(4,846,873)
|
(3,899,303)
|
(3,938,504)
|
(588,003)
|
Other operating
income
|
360,554
|
173,452
|
182,444
|
27,238
|
Income from
operations
|
1,470,508
|
1,282,614
|
1,268,285
|
189,350
|
Investment loss
and revaluation of investments
|
(74,173)
|
(34,458)
|
(7,344)
|
(1,096)
|
Impairment loss
of investments
|
(161,734)
|
0
|
(50,000)
|
(7,465)
|
Interest
expense
|
(1,614)
|
(4,735)
|
(6,494)
|
(970)
|
Interest
income
|
160,114
|
199,694
|
189,982
|
28,364
|
Exchange
gain(loss)
|
(50,684)
|
(12,182)
|
217,299
|
32,442
|
Income before
income tax expense and share of income (loss) of equity
method investees
|
1,342,417
|
1,430,933
|
1,611,728
|
240,625
|
Income tax
expenses
|
(312,749)
|
(291,843)
|
(296,717)
|
(44,299)
|
Share of income
(loss) of equity method investees
|
55,596
|
(43,006)
|
(27,885)
|
(4,163)
|
Net
income
|
1,085,264
|
1,096,084
|
1,287,126
|
192,163
|
Net loss(income)
attributable to non-controlling interests
|
7,218
|
(421)
|
(4,236)
|
(632)
|
Net income
attributable to Vipshop's shareholders
|
1,092,482
|
1,095,663
|
1,282,890
|
191,531
|
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
—Basic
|
137,142,451
|
135,256,731
|
129,149,941
|
129,149,941
|
—Diluted
|
140,259,115
|
136,053,727
|
129,934,399
|
129,934,399
|
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
7.97
|
8.10
|
9.93
|
1.48
|
Net income
attributable to Vipshop's shareholders——Diluted
|
7.79
|
8.05
|
9.87
|
1.47
|
|
|
|
|
|
Net earnings per
ADS (1 ordinary share equals to 5 ADSs)
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
1.59
|
1.62
|
1.99
|
0.30
|
Net income
attributable to Vipshop's shareholders——Diluted
|
1.56
|
1.61
|
1.97
|
0.29
|
(1) Other revenues
primarily consist of product promotion and online advertising
revenues, lease income mainly earned from the Shan Shan Outlets
,fees charged to
third-party merchants which the Company provides platform access
for sales of their products, revenue from third-party logistics
services, loan facilitation service income
and membership fee income.
|
(2)
Fulfillment expenses include shipping and handling expenses, which
amounted RMB 1.5 billion, RMB 1.2 billion and RMB 1.3
billion in the three month periods
ended June 30,2021,March 31,2022 and June 30,2022,
respectively.
|
(3) Authorized share
capital is re-classified and re-designated into Class A ordinary
shares and Class B ordinary shares, with each Class A ordinary
share being entitled
to one vote and each Class B ordinary share being entitled to ten
votes on all matters that are subject to shareholder
vote.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
June
30,2021
|
March
31,2022
|
June
30,2022
|
June
30,2022
|
|
RMB'000
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included in the operating expenses as
follows:
|
|
|
|
|
Fulfillment
expenses
|
22,336
|
18,267
|
19,362
|
2,891
|
Marketing
expenses
|
4,153
|
2,365
|
3,839
|
573
|
Technology and
content expenses
|
67,238
|
55,207
|
68,930
|
10,291
|
General and
administrative expenses
|
163,899
|
161,832
|
190,668
|
28,466
|
Total
|
257,626
|
237,671
|
282,799
|
42,221
|
Vipshop Holdings
Limited
|
Unaudited Condensed
Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
December
31,2021
|
June
30,2022
|
June
30,2022
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
|
16,297,410
|
16,289,127
|
2,431,903
|
Restricted
cash
|
|
873,859
|
1,058,136
|
157,976
|
Short term
investments
|
|
5,381,618
|
4,121,790
|
615,367
|
Accounts receivable,
net
|
|
459,128
|
324,108
|
48,388
|
Amounts due from
related parties,net
|
|
637,825
|
1,014,094
|
151,400
|
Other receivables and
prepayments,net
|
|
2,326,866
|
2,108,054
|
314,724
|
Loan
receivables,net
|
|
131
|
84
|
13
|
Inventories
|
|
6,865,108
|
5,197,534
|
775,971
|
Total current
assets
|
|
32,841,945
|
30,112,927
|
4,495,742
|
NON-CURRENT
ASSETS
|
|
|
|
|
Property and equipment,
net
|
|
14,376,712
|
14,855,278
|
2,217,835
|
Deposits for property
and equipment
|
|
382,121
|
260,780
|
38,933
|
Land use rights,
net
|
|
6,612,165
|
7,127,268
|
1,064,073
|
Intangible assets,
net
|
|
320,943
|
338,507
|
50,538
|
Investment in equity
method investees
|
|
2,476,868
|
2,637,931
|
393,833
|
Other
investments
|
|
2,482,911
|
2,358,148
|
352,062
|
Other long-term
assets
|
|
296,366
|
70,888
|
10,583
|
Goodwill
|
|
589,165
|
589,165
|
87,960
|
Deferred tax assets,
net
|
|
760,023
|
885,470
|
132,197
|
Operating lease
right-of-use assets
|
|
1,148,322
|
732,726
|
109,393
|
Total non-current
assets
|
|
29,445,596
|
29,856,161
|
4,457,407
|
TOTAL
ASSETS
|
|
62,287,541
|
59,969,088
|
8,953,149
|
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Short term
loans
|
|
1,975,184
|
1,778,639
|
265,544
|
Accounts
payable
|
|
13,144,935
|
12,293,624
|
1,835,390
|
Advance from
customers
|
|
1,828,781
|
1,317,910
|
196,759
|
Accrued expenses
and other current liabilities
|
|
7,658,677
|
7,296,673
|
1,089,365
|
Amounts due to
related parties
|
|
429,088
|
124,921
|
18,650
|
Deferred
income
|
|
449,693
|
379,651
|
56,680
|
Operating lease
liabilities
|
|
284,659
|
112,464
|
16,790
|
Total current
liabilities
|
|
25,771,017
|
23,303,882
|
3,479,178
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
Deferred tax
liability
|
|
437,202
|
419,270
|
62,595
|
Deferred income-non
current
|
|
1,026,155
|
1,395,111
|
208,285
|
Operating lease
liabilities
|
|
952,813
|
686,965
|
102,561
|
Other long term
liabilities
|
|
272,038
|
-
|
-
|
Total non-current
liabilities
|
|
2,688,208
|
2,501,346
|
373,441
|
TOTAL
LIABILITIES
|
|
28,459,225
|
25,805,228
|
3,852,619
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
Class A ordinary shares
(US$0.0001 par value, 483,489,642 shares
authorized,122,975,885 and 123,597,713 shares issued,of which
120,232,895 and 111,561,045 shares were outstanding as of
December
31,2021 and June 30,2022, respectively)
|
|
80
|
80
|
12
|
Class B ordinary shares
(US$0.0001 par value, 16,510,358 shares
authorized, and 15,560,358 and 15,560,358 shares issued and
outstanding
as of December 31, 2021 and June 30,2022,
respectively)
|
|
11
|
11
|
2
|
Treasury shares,at
cost(2,742,990 and 12,036,668 Class A shares as of
December 31, 2021 and June 30,2022, respectively )
|
|
-1,927,719
|
-4,358,656
|
-650,730
|
Additional paid-in
capital
|
|
12,227,637
|
12,649,250
|
1,888,483
|
Retained
earnings
|
|
22,421,488
|
24,800,041
|
3,702,549
|
Accumulated other
comprehensive loss
|
|
-88,599
|
-237,746
|
-35,495
|
Non-controlling
interests
|
|
1,195,418
|
1,310,880
|
195,709
|
Total shareholders'
equity
|
|
33,828,316
|
34,163,860
|
5,100,530
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
62,287,541
|
59,969,088
|
8,953,149
|
Vipshop Holdings
Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,2021
|
June
30,2022
|
June
30,2022
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
|
1,470,508
|
1,268,285
|
189,350
|
Share-based
compensation expenses
|
|
257,626
|
282,799
|
42,221
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
5,896
|
-
|
-
|
Non-GAAP income
from operations
|
|
1,734,030
|
1,551,084
|
231,571
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
|
1,092,482
|
1,282,890
|
191,530
|
Share-based
compensation expenses
|
|
257,626
|
282,799
|
42,221
|
Impairment loss
of investments
|
|
161,734
|
50,000
|
7,465
|
Investment loss
and revaluation of investments excluding dividends
|
|
103,043
|
9,884
|
1,476
|
Reconciling items
on the share of equity method investments(4)
|
|
(50,009)
|
(31,777)
|
(4,744)
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
5,896
|
-
|
0
|
Tax effects on
non-GAAP adjustments
|
|
(101,261)
|
(1,387)
|
(207)
|
Non-GAAP net
income attributable to Vipshop's shareholders
|
|
1,469,511
|
1,592,409
|
237,741
|
(4) To exclude the
GAAP to non-GAAP reconciling items relating to investment loss and
revaluation of investments on the share of equity method
investments.
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
—Basic
|
|
137,142,451
|
129,149,941
|
129,149,941
|
—Diluted
|
|
140,259,115
|
129,934,399
|
129,934,399
|
|
|
|
|
|
Non-GAAP net
income per Class A and Class B ordinary share
|
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
|
10.72
|
12.33
|
1.84
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
|
10.48
|
12.26
|
1.83
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
|
2.14
|
2.47
|
0.37
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
|
2.10
|
2.45
|
0.37
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2022-financial-results-301609060.html
SOURCE Vipshop Holdings Limited