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Vipshop Reports Unaudited Second Quarter 2022 Financial Results

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

 

 

 

Cision
Cision

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SOURCE Vipshop Holdings Limited