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Vipshop Reports Unaudited Fourth Quarter and Full Year 2016 Financial Results
Conference Call to be Held at
Fourth Quarter and Full Year 2016 Highlights
- Total net revenue for the fourth quarter of 2016 increased by 36.5% to
RMB18.98 billion (US$2.73 billion ) over the prior year period. Total net revenue for the full year of 2016 increased by 40.8% toRMB56.59 billion (US$8.15 billion ) over the prior year. - The number of active customers[1] for the fourth quarter of 2016 increased by 39% to 27.5 million. The number of active customers for the full year of 2016 increased by 42% to 52.1 million.
- Total orders[2] for the fourth quarter of 2016 increased by 26% to 82.0 million. Total orders for the full year of 2016 increased by 40% to 269.8 million.
- Gross profit for the fourth quarter of 2016 increased by 33.4% to
RMB4.47 billion (US$643.4 million ) fromRMB3.35 billion in the prior year period. Gross profit for the full year of 2016 increased by 37.4% toRMB13.60 billion (US$1.96 billion ) fromRMB9.90 billion in the prior year. - Net income attributable to
Vipshop's shareholders for the fourth quarter of 2016 increased by 51.7% toRMB767.8 million (US$110.6 million ) fromRMB506.2 million in the prior year period. Net income attributable toVipshop's shareholders for the full year of 2016 increased by 28.1% toRMB2.04 billion (US$293.4 million ) fromRMB1.59 billion in the prior year. - Non-GAAP net income attributable to
Vipshop's shareholders[3] for the fourth quarter of 2016 increased by 30.9% toRMB970.3 million (US$139.7 million ) fromRMB741.5 million in the prior year period. Non-GAAP net income attributable toVipshop's shareholders for the full year of 2016 increased by 30.4% toRMB2.87 billion (US$412.9 million ) fromRMB2.20 billion in the prior year.
"We are delighted to have delivered strong operational results with solid customer and market share gain in the year of 2016," said Mr.
Mr.
Recent Business Highlights
- Fitch rated
Vipshop as BBB+,Moody's rated the Company as Baa1, andStandard & Poor's rated the Company as BBB. These solid investment grade ratings from all the "Big Three" global rating agencies are endorsements of the Company's business fundamentals, financial strengths, investment prospects, and future market potential. - In
January 2017 , aVipshop's subsidiary operating its Internet finance business completed its first tranche of Renminbi-denominated asset-backed securities ("ABS") ofRMB300 million , which is listed on theShanghai Stock Exchange inChina . The Company is currently preparing for future follow-on ABS offerings inChina . These transactions represent an important milestone in the Company's plan to further grow this new business with external sources of funding. Vipshop recently introduced local distribution centers inFuzhou ,Hangzhou ,Zhengzhou ,Shenyang andXi'an to cater to more standardized and high frequency purchased products for its cosmetics and baby maternity categories. The local distribution centers allowVipshop to be closer to its customers, shorten delivery time and improve the efficiency of its distribution.- With over 20,000 full time delivery staff and over 2,000 self-operated delivery stations,
Vipshop is now able to deliver more than 90% of its orders through its last mile network. The Company's average delivery time for its in-house last-mile delivery capabilities has been reduced to less than 48 hours. In the fourth quarter of 2016, over 60% ofVipshop's returns were collected by the Company's full time delivery staff, which represents a significant increase from 30% at the beginning of 2016. Vipshop andTencent Qzone co-released a report based upon both companies' big data analytics, which focuses on emerging fashion color trends and identifies fashion preferences forChina's younger generation. The insights were reflected in designerChi Zhang's new collection, which was presented in New York Fashion Week inFebruary 2017 . The collection will also be available exclusively on theVipshop platform in the second half of 2017. This is the first season of a series of cross-industry collaborations initiated byVipshop .- As of
December 2016 , the Company had ten overseas offices for its cross-border business to expand its global merchandising. Currently,Vipshop has leased seven overseas warehouses and is in the process of expanding its international warehouse space. Vipshop added various popular international and domestic brands throughout 2016 including well-known brands like UGG,Tory Burch ,Brooks Brothers , Belle and many others.- In
September 2016 ,Vipshop completed the acquisition of third-party payment license holder, Beifu, and during December, Beifu officially changed its corporate name toZhejiang Vipshop Payment Services Co., Ltd. , marking another important step in expanding the Company's ecosystem.
Fourth Quarter 2016 Financial Results
REVENUE
Total net revenue for the fourth quarter of 2016 increased by 36.5% to
The number of active customers for the fourth quarter of 2016 increased by 39% to 27.5 million from 19.8 million in the prior year period. The number of total orders for the fourth quarter of 2016 increased by 26% to 82.0 million from 64.9 million in the prior year period.
GROSS PROFIT
Gross profit for the fourth quarter of 2016 increased by 33.4% to
OPERATING INCOME AND EXPENSES
Total operating expenses for the fourth quarter of 2016 were
- Fulfillment expenses for the fourth quarter of 2016 were
RMB1.65 billion (US$237.2 million ), as compared withRMB1.26 billion 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 8.7% from 9.1% in the prior year period, primarily reflecting the scale effect associated with the growth in total net revenue and improved fulfillment efficiency. - Marketing expenses for the fourth quarter of 2016 were
RMB920.0 million (US$132.5 million ), as compared withRMB714.5 million in the prior year period, reflecting the Company's strategy to drive long-term growth through sustainable investments to strengthen its brand awareness, attract new users and expand market share. As a percentage of total net revenue, marketing expenses decreased to 4.8% from 5.1% in the prior year period, primarily attributable to the Company's strategic balance between promotional activities and sales with its broader marketing efforts. - Technology and content expenses for the fourth quarter of 2016 were
RMB470.9 million (US$67.8 million ), as compared withRMB321.6 million in the prior year period, reflecting the Company's continued efforts to invest in human capital, advanced technologies such as data analytics as well as new business opportunities including the Internet finance unit. As a percentage of total net revenue, technology and content expenses were 2.5% as compared with 2.3% in the prior year period. - General and administrative expenses for the fourth quarter of 2016 were
RMB624.1 million (US$89.9 million ), as compared withRMB421.4 million in the prior year period, primarily due to the build-out of the Internet finance team. As a percentage of total net revenue, general and administrative expenses were 3.3% as compared with 3.0% in the prior year period.
Income from operations for the fourth quarter of 2016 increased by 17.1% to
Non-GAAP income from operations[4], which excludes share-based compensation expenses and amortization of intangible assets resulting from a business acquisition, increased by 20.0% to
NET INCOME
Net income attributable to
Non-GAAP net income attributable to
For the quarter ended
BALANCE SHEET AND CASH FLOW
As of
For the quarter ended
For the three months ended |
|||
Dec 31, 2015 |
Dec 31, 2016 |
Dec 31, 2016 |
|
RMB'000 |
RMB'000 |
US$'000 |
|
Net cash from operating activities |
1,604,236 |
801,536 |
115,445 |
Add: Impact from Internet financing activities[9] |
353,390 |
1,338,966 |
192,851 |
Less: Capital expenditures |
(1,765,484) |
(711,711) |
(102,508) |
Free cash flow in |
192,142 |
1,428,791 |
205,788 |
For the twelve months ended |
|||
Dec 31, 2015 |
Dec 31, 2016 |
Dec 31, 2016 |
|
RMB'000 |
RMB'000 |
US$'000 |
|
Net cash from operating activities |
1,915,086 |
2,831,413 |
407,808 |
Add: Impact from Internet financing activities[9] |
636,997 |
2,588,854 |
372,873 |
Less: Capital expenditures |
(4,184,425) |
(2,790,627) |
(401,934) |
Free cash flow (out) /in |
(1,632,342) |
2,629,640 |
378,747 |
Full Year 2016 Financial Results
Total net revenues increased by 40.8% year over year for the full year of 2016 to
The number of active customers for the full year of 2016 increased by 42% to 52.1 million from 36.6 million in the prior year. The number of total orders for the full year of 2016 increased by 40% to 269.8 million from 193.1 million in the prior year.
Gross profit increased by 37.4% to
Income from operations for the full year of 2016 increased by 30.8% to
Non-GAAP income from operations for the full year of 2016 increased by 32.4% to
Net income attributable to
Non-GAAP net income attributable to
For the full year ended
For the full year of 2016, net cash from operating activities was
Business Outlook
For the first quarter of 2017, the Company expects its total net revenue to be between
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
Conference Call Information
The Company will hold a conference call on
United States: |
+1-845-675-0438 |
International Toll Free: |
+1-855-500-8701 |
China Domestic: |
400-1200-654 |
Hong Kong: |
+852-3018-6776 |
Conference ID: |
#67006640 |
The replay will be accessible through
United States Toll Free: |
+1-855-452-5696 |
International: |
+61-2-9003-4211 |
Conference ID: |
#67006640 |
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
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
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in
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] |
Active customers are defined as registered members who have purchased from the Company or the Company's online marketplace platforms at least once during the relevant period. |
[2] |
Total orders are defined as 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. |
[3] |
Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure. Effective from the fourth quarter of 2015, the non-GAAP net income attributable to Vipshop's shareholders is defined as net income attributable to Vipshop's shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets resulting from business acquisitions and equity method investments. |
[4] |
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. |
[5] |
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. |
[6] |
ADS means American depositary share, each of which represents 0.2 Class A ordinary share. |
[7] |
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. |
[8] |
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 weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. |
[9] |
Free cash flow is a non-GAAP financial measure, which means the operating cash flow adding back the impact from Internet financing activities and less capital expenditures, which include purchase of property and equipment, purchase and deposits of land use rights, and purchase of other assets. |
Vipshop Holdings Limited |
|||||||
Condensed Consolidated Statements of Income and Comprehensive Income |
|||||||
(In thousands, except per share data) |
|||||||
Three Months Ended |
Twelve Months Ended |
||||||
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
||
RMB'000 |
RMB'000 |
USD'000 |
RMB |
RMB |
USD |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Product revenues |
13,657,163 |
18,501,672 |
2,664,795 |
39,409,961 |
55,281,900 |
7,962,250 |
|
Other revenues (1) |
243,983 |
478,514 |
68,920 |
793,251 |
1,309,402 |
188,593 |
|
Total net revenues |
13,901,146 |
18,980,186 |
2,733,715 |
40,203,212 |
56,591,302 |
8,150,843 |
|
Cost of goods sold |
(10,552,727) |
(14,513,037) |
(2,090,312) |
(30,306,723) |
(42,994,688) |
(6,192,523) |
|
Gross profit |
3,348,419 |
4,467,149 |
643,403 |
9,896,489 |
13,596,614 |
1,958,320 |
|
Operating expenses |
|||||||
Fulfillment expenses(2) |
(1,263,359) |
(1,646,760) |
(237,183) |
(3,667,031) |
(4,904,526) |
(706,399) |
|
Marketing expenses |
(714,520) |
(920,009) |
(132,509) |
(2,089,348) |
(2,837,680) |
(408,711) |
|
Technology and content expenses |
(321,602) |
(470,915) |
(67,826) |
(1,076,520) |
(1,563,582) |
(225,203) |
|
General and administrative expenses(3) |
(421,401) |
(624,102) |
(89,889) |
(1,301,472) |
(1,941,146) |
(279,583) |
|
Total operating expenses |
(2,720,882) |
(3,661,786) |
(527,407) |
(8,134,371) |
(11,246,934) |
(1,619,896) |
|
Other income |
174,223 |
133,564 |
19,237 |
308,431 |
358,029 |
51,567 |
|
Income from operations |
801,760 |
938,927 |
135,233 |
2,070,549 |
2,707,709 |
389,991 |
|
Impairment loss of investments |
(89,749) |
- |
- |
(99,749) |
(114,574) |
(16,502) |
|
Interest expenses |
(24,441) |
(20,932) |
(3,015) |
(85,762) |
(85,195) |
(12,271) |
|
Interest income |
46,844 |
29,103 |
4,192 |
267,208 |
107,044 |
15,418 |
|
Exchange (loss) gain |
(73,307) |
46,650 |
6,719 |
(101,726) |
51,100 |
7,360 |
|
Income before income taxes and share of loss of affiliates |
661,107 |
993,748 |
143,129 |
2,050,520 |
2,666,084 |
383,996 |
|
Income tax expense(4) |
(162,748) |
(207,188) |
(29,841) |
(457,745) |
(601,828) |
(86,681) |
|
Share of loss of affiliates |
(7,777) |
(23,356) |
(3,364) |
(84,063) |
(71,489) |
(10,297) |
|
Net income |
490,582 |
763,204 |
109,924 |
1,508,712 |
1,992,767 |
287,018 |
|
Net loss attributable to noncontrolling interests |
15,584 |
4,579 |
660 |
80,952 |
44,050 |
6,345 |
|
Net income attributable to Vipshop's shareholders |
506,166 |
767,783 |
110,584 |
1,589,664 |
2,036,817 |
293,363 |
|
Shares used in calculating earnings per share(5): |
|||||||
Class A and Class B ordinary shares: |
|||||||
—Basic |
115,997,137 |
116,562,400 |
116,562,400 |
115,736,092 |
115,958,088 |
115,958,088 |
|
—Diluted |
125,656,590 |
125,369,397 |
125,369,397 |
120,168,063 |
125,817,183 |
125,817,183 |
|
Net earnings per Class A and Class B share |
|||||||
Net income attributable to Vipshop's shareholders——Basic |
4.36 |
6.59 |
0.95 |
13.74 |
17.57 |
2.53 |
|
Net income attributable to Vipshop's shareholders——Diluted |
4.22 |
6.29 |
0.91 |
13.23 |
16.86 |
2.43 |
|
Net earnings per ADS (1 ordinary share equals to 5 ADSs) |
|||||||
Net income attributable to Vipshop's shareholders——Basic |
0.87 |
1.32 |
0.19 |
2.75 |
3.51 |
0.51 |
|
Net income attributable to Vipshop's shareholders——Diluted |
0.84 |
1.26 |
0.18 |
2.65 |
3.37 |
0.49 |
|
(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, and inventory and warehouse management services to certain suppliers. |
(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, and inventory and warehouse management services to certain suppliers. |
||||||
(2) Including shipping and handling expenses, which amounted RMB 647million and RMB 856 million in the three month periods ended December 31, 2015 and December 31, 2016, respectively. |
(2) Including shipping and handling expenses, which amounted RMB 1.71 billion and RMB 2.58 billion in the twelve month periods ended December 31,2015 and 2016, respectively. |
||||||
(3)Including amortization of intangible assets resulting from business acquisitions, which amounted to RMB 72 million and RMB 78 million in the three months period ended December 31, 2015 and December 31, 2016, respectively. |
(3)Including amortization of intangible assets resulting from business acquisitions, which amounted to RMB 265 million and RMB 310 million in the twelve months period ended December 31, 2015 and December 31, 2016, respectively. |
||||||
(4)Included income tax benefits of RMB 18 million and RMB 20 million related to the reversal of deferred tax liabilities, which was recognized on business acquisitions for the three months period ended December 31, 2015 and December 31, 2016, respectively. |
(4)Included income tax benefits of RMB 67 million and RMB 80 million related to the reversal of deferred tax liabilities, which was recognized on business acquisitions for the twelve months period ended December 31, 2015 and December 31, 2016, 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. |
(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 |
490,582 |
763,204 |
109,924 |
1,508,712 |
1,992,767 |
287,018 |
|
Other comprehensive loss(income), net of tax: |
|||||||
Foreign currency translation adjustments |
(2,815) |
(252,028) |
(36,300) |
(55,653) |
(288,955) |
(41,618) |
|
Unrealized (loss) gain from available-for-sale securities |
(8,233) |
9,628 |
1,387 |
(7,783) |
(17,042) |
(2,455) |
|
Reclassification adjustment for losses included in net income |
- |
- |
- |
- |
36,567 |
5,267 |
|
Comprehensive income |
479,534 |
520,804 |
75,011 |
1,445,276 |
1,723,337 |
248,212 |
|
Less: Comprehensive loss attributable to noncontrolling interests |
(22,048) |
(4,649) |
(670) |
(84,119) |
(40,854) |
(5,884) |
|
Comprehensive income attributable to Vipshop's shareholders |
501,582 |
525,453 |
75,681 |
1,529,395 |
1,764,191 |
254,096 |
|
Three Months Ended |
Twelve Months Ended |
||||||
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
||
RMB'000 |
RMB'000 |
USD'000 |
RMB'000 |
RMB'000 |
USD'000 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Share-based compensation charges included are as follows |
|||||||
Fulfillment expenses |
6,259 |
11,021 |
1,587 |
18,665 |
38,428 |
5,535 |
|
Marketing expenses |
7,537 |
9,915 |
1,428 |
19,938 |
38,459 |
5,539 |
|
Technology and content expenses |
34,714 |
56,748 |
8,173 |
126,274 |
183,122 |
26,375 |
|
General and administrative expenses |
43,594 |
63,619 |
9,163 |
138,064 |
215,644 |
31,059 |
|
Total |
92,104 |
141,303 |
20,351 |
302,941 |
475,653 |
68,508 |
|
Vipshop Holdings Limited |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(In thousands, except per share data) |
|||||||
December 31, |
December 31, |
December 31, |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
ASSETS |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||
CURRENT ASSETS |
|||||||
Cash and cash equivalents |
3,324,384 |
4,109,577 |
591,902 |
||||
Held-to-maturity securities |
1,807,403 |
671,776 |
96,756 |
||||
Accounts receivable, net |
351,423 |
2,333,918 |
336,154 |
||||
Amounts due from related parties |
31,856 |
8,352 |
1,203 |
||||
Other receivables and prepayments, net |
1,869,461 |
2,293,825 |
330,380 |
||||
Inventories |
4,566,746 |
4,948,609 |
712,748 |
||||
Deferred tax assets |
202,003 |
214,815 |
30,940 |
||||
Total current assets |
12,153,276 |
14,580,872 |
2,100,083 |
||||
NON-CURRENT ASSETS |
|||||||
Property and equipment, net |
2,949,604 |
4,467,451 |
643,447 |
||||
Deposits for property and equipment |
933,419 |
1,039,793 |
149,761 |
||||
Land use rights, net |
197,462 |
2,399,058 |
345,536 |
||||
Intangible assets, net |
744,369 |
725,147 |
104,443 |
||||
Investment in affiliates |
252,706 |
93,144 |
13,415 |
||||
Other investments |
489,862 |
503,117 |
72,464 |
||||
Available-for-sale securities investments |
269,736 |
407,944 |
58,756 |
||||
Other long-term assets |
1,936,307 |
510,821 |
73,574 |
||||
Goodwill |
108,781 |
367,106 |
52,874 |
||||
Total non-current assets |
7,882,246 |
10,513,581 |
1,514,270 |
||||
TOTAL ASSETS |
20,035,522 |
25,094,453 |
3,614,353 |
||||
LIABILITIES AND EQUITY |
|||||||
CURRENT LIABILITIES |
|||||||
Accounts payable (Including accounts payable of the VIE without recourse to the Company of RMB 48,178 and RMB 22,471 as of December 31, 2015 and December 31, 2016, respectively) |
6,645,262 |
8,333,610 |
1,200,290 |
||||
Advance from customers (Including advance from customers of the VIE without recourse to the Company of RMB 879,848 and RMB 1,211,643 as of December 31, 2015 and December 31, 2016, respectively) |
2,009,578 |
2,699,981 |
388,878 |
||||
Accrued expenses and other current liabilities(Including accrued expenses and other current liabilities of the VIE without recourse to the Company of RMB 1,127,270 and RMB 1,257,667 as of December 31, 2015 and December 31, 2016, respectively) |
3,104,622 |
3,322,599 |
478,554 |
||||
Amounts due to related parties(Including amounts due to related parties of the VIE without recourse to the Company of RMB 82,994 and RMB 591 as of December 31, 2015 and December 31, 2016, respectively) |
206,966 |
52,729 |
7,595 |
||||
Deferred income (Including deferred income of the VIE without recourse to the Company of RMB 95,643 and RMB 16,222 as of December 31, 2015 and December 31, 2016, respectively) |
104,531 |
174,547 |
25,140 |
||||
Short term loans (Including short term loans of the VIE without recourse to the Company of nil and nil as of December 31, 2015 and December 31, 2016) |
95,000 |
- |
- |
||||
Total current liabilities |
12,165,959 |
14,583,466 |
2,100,457 |
||||
NON-CURRENT LIABILITIES |
|||||||
Deferred tax liability(Including deferred tax of the VIE without recourse to the Company of RMB 116 and RMB 4,904 as of December 31, 2015 and December 31, 2016, respectively) |
175,416 |
100,583 |
14,487 |
||||
Deferred income-non current(Including deferred income-non current of the VIE without recourse to the Company of RMB 3,573 and RMB 1,928 as of December 31, 2015 and December 31, 2016, respectively) |
22,699 |
246,902 |
35,561 |
||||
Convertible senior notes |
4,058,181 |
4,381,698 |
631,096 |
||||
Total non-current liabilities |
4,256,296 |
4,729,183 |
681,144 |
||||
Total liabilities |
16,422,255 |
19,312,649 |
2,781,601 |
||||
EQUITY: |
|||||||
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 100,085,519 and 101,508,264 shares issued and outstanding as of December 31, 2015 and December 31, 2016, respectively) |
65 |
66 |
9 |
||||
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, 2015 and December 31, 2016, respectively) |
11 |
11 |
2 |
||||
Treasury shares, at cost - 1,614,135 shares and - 1,356,918 shares as of December 31, 2015 and December 31, 2016 |
(844,711) |
(707,441) |
(101,893) |
||||
Additional paid-in capital |
2,838,591 |
3,130,126 |
450,832 |
||||
Retained earnings |
1,616,209 |
3,653,026 |
526,145 |
||||
Accumulated other comprehensive loss |
(70,980) |
(343,608) |
(49,490) |
||||
Noncontrolling interests |
74,082 |
49,624 |
7,147 |
||||
Total shareholders' equity |
3,613,267 |
5,781,804 |
832,752 |
||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
20,035,522 |
25,094,453 |
3,614,353 |
||||
- |
- |
- |
|||||
Vipshop Holdings Limited |
|||||||
Reconciliations of GAAP and Non-GAAP Results |
|||||||
Three Months Ended |
Twelve Months Ended |
||||||
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
||
RMB'000 |
RMB'000 |
USD'000 |
RMB'000 |
RMB'000 |
USD'000 |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Income from operations |
801,760 |
938,927 |
135,233 |
2,070,549 |
2,707,709 |
389,991 |
|
Share-based compensation expenses |
92,104 |
141,303 |
20,351 |
302,941 |
475,653 |
68,508 |
|
Amortization of intangible assets resulting from business acquisitions |
71,775 |
78,258 |
11,272 |
264,842 |
309,537 |
44,583 |
|
Non-GAAP income from operations |
965,639 |
1,158,488 |
166,856 |
2,638,332 |
3,492,899 |
503,082 |
|
Net income |
490,582 |
763,204 |
109,924 |
1,508,712 |
1,992,767 |
287,018 |
|
Share-based compensation expenses |
92,104 |
141,303 |
20,351 |
302,941 |
475,653 |
68,508 |
|
Impairment loss in investments |
89,749 |
- |
- |
99,749 |
114,574 |
16,502 |
|
Amortization of intangible assets resulting from business acquisitions and equity method investments |
85,066 |
92,721 |
13,355 |
323,049 |
367,389 |
52,915 |
|
Tax effect of amortization of intangible assets resulting from business acquisitions |
(18,199) |
(20,179) |
(2,906) |
(67,131) |
(79,840) |
(11,499) |
|
Non-GAAP net income |
739,302 |
977,049 |
140,724 |
2,167,320 |
2,870,543 |
413,444 |
|
Net income attributable to Vipshop's shareholders |
506,166 |
767,783 |
110,584 |
1,589,664 |
2,036,817 |
293,363 |
|
Share-based compensation expenses |
92,104 |
141,303 |
20,351 |
302,941 |
475,653 |
68,508 |
|
Impairment loss in investments |
89,749 |
- |
- |
99,749 |
114,574 |
16,502 |
|
Amortization of intangible assets resulting from business acquisitions and equity method investments (excluding noncontrolling interests) |
67,122 |
77,533 |
11,167 |
256,839 |
302,862 |
43,621 |
|
Tax effect of amortization of intangible assets resulting from business acquisitions (excluding noncontrolling interests) |
(13,650) |
(16,340) |
(2,353) |
(50,349) |
(63,273) |
(9,113) |
|
Non-GAAP net income attributable to Vipshop's shareholders |
741,491 |
970,279 |
139,749 |
2,198,844 |
2,866,633 |
412,881 |
|
Shares used in calculating earnings per share: |
|||||||
Basic ordinary shares: |
|||||||
Class A and Class B ordinary shares: |
|||||||
—Basic |
115,997,137 |
116,562,400 |
116,562,400 |
115,736,092 |
115,958,088 |
115,958,088 |
|
—Diluted |
125,656,590 |
125,369,397 |
125,369,397 |
120,168,063 |
125,817,183 |
125,817,183 |
|
Non-GAAP net income per Class A and Class B share |
|||||||
Non-GAAP net income attributable to Vipshop's shareholders——Basic |
6.39 |
8.32 |
1.20 |
19.00 |
24.72 |
3.56 |
|
Non-GAAP net income attributable to Vipshop's shareholders——Diluted |
6.10 |
7.91 |
1.14 |
18.30 |
23.45 |
3.38 |
|
Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) |
|||||||
Non-GAAP net income attributable to Vipshop's shareholders——Basic |
1.28 |
1.66 |
0.24 |
3.80 |
4.94 |
0.71 |
|
Non-GAAP net income attributable to Vipshop's shareholders——Diluted |
1.22 |
1.58 |
0.23 |
3.66 |
4.69 |
0.68 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2016-financial-results-300410193.html
SOURCE
Millicent Tu, Vipshop Holdings Limited, +86-20-2233-0732, IR@vipshop.com; Jeremy Peruski, ICR, Inc., +1-646-405-4866, IR@vipshop.com