Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on February 23, 2023
GUANGZHOU, China, Feb. 23,
2023 /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 and full year ended December 31,
2022.
Fourth Quarter and Full Year 2022 Highlights
- Total net revenues for the fourth quarter of 2022 were
RMB31.8 billion (US$4.6 billion), as compared with RMB34.1 billion in the prior year period.
Total net revenues for the full year of 2022 were
RMB103.2 billion (US$15.0 billion), as compared with RMB117.1 billion in the prior year.
- GMV[1] for the fourth quarter of 2022
was RMB54.4 billion, as compared with
RMB57.0 billion in the prior year
period. GMV for the full year of 2022 was RMB175.2 billion, as compared with RMB191.5 billion in the prior year.
- Gross profit for the fourth quarter of 2022 increased by
2.8% year over year to RMB6.9 billion
(US$1.0 billion) from RMB6.7 billion in the prior year period. Gross
profit for the full year of 2022 was RMB21.6 billion (US$3.1
billion), as compared with RMB23.1
billion in the prior year.
- Net income attributable to Vipshop's shareholders for
the fourth quarter of 2022 increased by 57.9% year over year to
RMB2.2 billion (US$323.9 million) from RMB1.4 billion in the prior year period. Net
income attributable to Vipshop's shareholders for the full year
of 2022 increased by 34.6% year over year to RMB6.3 billion (US$913.2
million) from RMB4.7 billion
in the prior year.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the fourth quarter of
2022 increased by 23.9% year over year to RMB2.2 billion (US$323.5
million) from RMB1.8 billion
in the prior year period. Non-GAAP net income attributable to
Vipshop's shareholders for the full year of 2022 increased by
13.7% year over year to RMB6.8
billion (US$991.3 million)
from RMB6.0 billion in the prior
year.
- The number of active customers[3] for the
fourth quarter of 2022 was 47.7 million, as compared with 49.2
million in the prior year period. The number of active
customers for the full year of 2022 was 84.8 million, as
compared with 93.9 million in the prior year.
- Total orders[4] for the fourth quarter of
2022 increased to 218.5 million from 216.9 million in the prior
year period. Total orders for the full year of 2022 were
739.5 million, as compared with 786.6 million in the prior
year.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We had another quarter of
strong earnings to finish off an extremely challenging year. Our
business fundamentals are now stronger with the capabilities that
we have built in merchandising, operations, and technologies in the
past year. We have gained momentum with brand partners, securing a
consistent flow of quality merchandise at exceptional values to our
platform. We have won loyalty from customers, growing the
high-value customer base all year long. And we have stepped up
efforts in sustainability that benefits all stakeholders. Our sharp
execution in 2022 gives us confidence as we look ahead for the
post-pandemic opportunities. We believe that we are now in a
healthier position than before to achieve both growth and
profitability."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "We are pleased to deliver
the most profitable quarter in the past two years as we continued
with topline recovery. For the full year, we achieved record-high
net income with solid margin expansion through consistent efforts
to optimize operating efficiency. In addition, we remain committed
to delivering value to our shareholders, with a total
of US$952 million of ADSs repurchased under our share
buyback programs throughout 2022.
Looking ahead into 2023, we are confident about regaining growth
while sustaining healthy profitability."
Fourth Quarter 2022 Financial Results
REVENUES
Total net revenues for the fourth quarter of 2022 were
RMB31.8 billion (US$4.6 billion), as compared with RMB34.1 billion in the prior year period,
primarily attributable to short-term disruptions on economic
activities from the surge of COVID-19 infections nationwide.
GROSS PROFIT
Gross profit for the fourth quarter of 2022 increased by 2.8%
year over year to RMB6.9 billion
(US$1.0 billion) from RMB6.7 billion in the prior year period. Gross
margin for the fourth quarter of 2022 increased to 21.7% from 19.7%
in the prior year period.
OPERATING EXPENSES
Total operating expenses for the fourth quarter of 2022
decreased by 6.5% year over year to RMB4.6
billion (US$673.9 million)
from RMB5.0 billion in the prior year
period. As a percentage of total net revenues, total operating
expenses for the fourth quarter of 2022 was 14.6%, which stayed
flat as compared with the prior year period.
- Fulfillment expenses for the fourth quarter of
2022 were RMB2.2 billion
(US$312.8 million), which largely
stayed flat as compared with the prior year period. As a percentage
of total net revenues, fulfillment expenses for the fourth quarter
of 2022 was 6.8%, as compared with 6.4% in the prior year
period.
- Marketing expenses for the fourth quarter of 2022
decreased by 17.6% year over year to RMB944.1 million (US$136.9
million) from RMB1.1 billion
in the prior year period. As a percentage of total net revenues,
marketing expenses for the fourth quarter of 2022 decreased to 3.0%
from 3.4% in the prior year period, primarily attributable to more
prudent marketing strategy.
- Technology and content expenses for the fourth
quarter of 2022 decreased by 7.8% year over year to RMB408.5 million (US$59.2
million) from RMB443.0 million
in the prior year period. As a percentage of total net revenues,
technology and content expenses for the fourth quarter of 2022 was
1.3%, which stayed flat as compared with the prior year
period.
- General and administrative expenses for the
fourth quarter of 2022 decreased by 5.2% year over year to
RMB1.1 billion (US$165.0 million), as compared with RMB1.2 billion in the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the fourth quarter of 2022 was 3.6%, as compared with
3.5% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the fourth quarter of 2022 increased
by 37.1% year over year to RMB2.5
billion (US$363.8 million), as
compared with RMB1.8 billion in the
prior year period. Operating margin for the fourth quarter of 2022
increased to 7.9% from 5.4% in the prior year period.
Non-GAAP income from operations[5] for the fourth
quarter of 2022, which excluded share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, increased by 33.6% year over year to RMB2.8 billion (US$402.2
million) from RMB2.1 billion
in the prior year period. Non-GAAP operating income
margin[6] for the fourth quarter of 2022 increased to
8.7% from 6.1% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the fourth
quarter of 2022 increased by 57.9% year over year to RMB2.2 billion (US$323.9
million) from RMB1.4 billion
in the prior year period. Net margin attributable to Vipshop's
shareholders for the fourth quarter of 2022 increased to 7.0% from
4.1% in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[7] for the fourth quarter
of 2022 increased to RMB3.66
(US$0.53) from RMB2.07 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the fourth quarter of 2022, which excluded (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
investment loss (gain) 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 23.9% year over year to RMB2.2 billion (US$323.5
million) from RMB1.8 billion
in the prior year period. Non-GAAP net margin attributable to
Vipshop's shareholders[8] for the fourth quarter of 2022
increased to 7.0% from 5.3% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the fourth quarter of 2022 increased to
RMB3.65 (US$0.53) from RMB2.64 in the prior year period.
For the quarter ended December 31,
2022, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 610,448,180.
BALANCE SHEET AND CASH FLOW
As of December 31, 2022, the
Company had cash and cash equivalents and restricted cash of
RMB23.1 billion (US$3.3 billion) and short term investments of
RMB1.6 billion (US$231.4 million).
For the quarter ended December 31,
2022, net cash generated from operating activities was
RMB6.5 billion (US$946.1 million), and free cash
flow[10], a non-GAAP measurement of liquidity, was as
follows:
For the three months
ended
|
|
Dec
31, 2021
|
Dec
31, 2022
|
Dec
31, 2022
|
|
RMB'000
|
RMB'000
|
US$'000
|
Net cash
generated from operating activities
|
6,873,191
|
6,525,597
|
946,123
|
Reconciling
items:
|
Net
impact from Internet financing activities[11]
|
(4,926)
|
243,833
|
35,352
|
Capital
expenditures
|
(1,204,433)
|
(587,100)
|
(85,121)
|
Free cash
inflow
|
5,663,832
|
6,182,330
|
896,354
|
Full Year 2022 Financial Results
Total net revenues for the full year of 2022 were RMB103.2 billion (US$15.0
billion), as compared with RMB117.1
billion in the prior year.
Gross profit for the full year of 2022 was RMB21.6 billion (US$3.1
billion), as compared with RMB23.1
billion in the prior year. Gross margin for the full year of
2022 increased to 21.0% from 19.7% in the prior year.
Income from operations for the full year of 2022 increased by
11.0% year over year to RMB6.2
billion (US$898.5 million)
from RMB5.6 billion in the prior
year. Operating margin for the full year increased to 6.0% from
4.8% in the prior year.
Non-GAAP income from operations for the full year of 2022, which
excluded share-based compensation expenses and amortization of
intangible assets resulting from business acquisitions, increased
by 12.1% year over year to RMB7.4
billion (US$1.1 billion) from
RMB6.6 billion in the prior year.
Non-GAAP operating income margin for the full year of 2022
increased to 7.2% from 5.6% in the prior year.
Net income attributable to Vipshop's shareholders for the full
year of 2022 increased by 34.6% year over year to RMB6.3 billion (US$913.2
million) from RMB4.7 billion
in the prior year. Net margin attributable to Vipshop's
shareholders for the full year of 2022 increased to 6.1% from 4.0%
in the prior year. Net income attributable to Vipshop's
shareholders per diluted ADS for the full year of 2022 increased to
RMB9.83 (US$1.43) from RMB6.75 in the prior year.
Non-GAAP net income attributable to Vipshop's shareholders for
the full year of 2022, which excluded (i) share-based compensation
expenses, (ii) impairment loss of investments, (iii) investment
loss(gain) 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 13.7% year over year to RMB6.8
billion (US$991.3 million)
from RMB6.0 billion in the prior
year. Non-GAAP net margin attributable to Vipshop's shareholders
for the full year of 2022 increased to 6.6% from 5.1% in the prior
year. Non-GAAP net income attributable to Vipshop's shareholders
per diluted ADS for the full year of 2022 increased to RMB10.67(US$1.55) from RMB8.67 in the prior year.
For the full year of 2022, the Company's weighted average number
of ADSs used in computing diluted earnings per ADS was
640,786,520.
For the full year of 2022, net cash generated from operating activities was
RMB10.5 billion (US$1.5 billion), and free cash flow, a non-GAAP
measurement of liquidity, was as follows:
For the trailing
twelve months ended
|
|
Dec
31, 2021
|
Dec
31, 2022
|
Dec
31, 2022
|
|
RMB'000
|
RMB'000
|
US$'000
|
Net cash generated
from operating
activities
|
6,744,644
|
10,519,692
|
1,525,212
|
Reconciling
items:
|
Net impact from Internet financing
activities[11]
|
(89,546)
|
408,550
|
59,234
|
Capital
expenditures
|
(3,578,645)
|
(3,102,589)
|
(449,833)
|
Free cash
inflow
|
3,076,453
|
7,825,653
|
1,134,613
|
Share Repurchase Program
During the quarter ended December 31,
2022, the Company repurchased US$317.9 million of its ADSs under its current
US$1 billion share repurchase
program, which is effective through March
2024. As of December 31, 2022,
the Company has an un-utilized amount of US$247.5 million under this program.
Business Outlook
For the first quarter of 2023, the Company expects its total net
revenues to be between RMB25.2
billion and RMB26.5 billion,
representing a year-over-year increase of approximately 0% to 5%.
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
RMB6.8972 to US$1.00, the effective noon buying rate on
December 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 December 30, 2022, or at
any other rate.
Conference Call Information
The Company will hold a conference call on Thursday, February 23, 2023 at 7:30 am U.S. Eastern Time, 8:30 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/BI6984a3247975465ba30e29f8757ef611
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/wo4ejch9. An archived
webcast will be available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit 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 needs 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 investments, (iii) investment loss (gain) 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
investments, (iii) investment loss (gain) 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
investments, (iii) investment loss (gain) 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
[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, Shan Shan Outlets, and other offline
stores during the relevant period, including through the Company's
websites and mobile apps, third-party websites and mobile apps,
Shan Shan Outlets, and other offline stores, 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 investments, (iii) investment loss (gain) 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.
|
Vipshop
Holdings Limited
|
Unaudited
Condensed Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except for share and per share data)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
31,2021
|
Dec
31,2022
|
Dec
31,2022
|
|
Dec
31,2021
|
Dec
31,2022
|
Dec
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
|
|
|
Product
revenues
|
32,276,319
|
29,914,304
|
4,337,166
|
|
111,256,902
|
97,250,078
|
14,099,936
|
Other revenues
(1)
|
1,855,354
|
1,843,456
|
267,276
|
|
5,802,776
|
5,902,411
|
855,769
|
Total net
revenues
|
34,131,673
|
31,757,760
|
4,604,442
|
|
117,059,678
|
103,152,489
|
14,955,705
|
Cost of
revenues
|
(27,418,277)
|
(24,857,565)
|
(3,604,008)
|
|
(93,953,121)
|
(81,536,409)
|
(11,821,668)
|
Gross
profit
|
6,713,396
|
6,900,195
|
1,000,434
|
|
23,106,557
|
21,616,080
|
3,134,037
|
Operating
expenses:
|
|
|
|
|
|
|
|
Fulfillment
expenses (2)
|
(2,183,570)
|
(2,157,586)
|
(312,821)
|
|
(7,652,504)
|
(7,247,210)
|
(1,050,747)
|
Marketing
expenses
|
(1,145,834)
|
(944,051)
|
(136,875)
|
|
(5,089,213)
|
(2,831,316)
|
(410,502)
|
Technology and
content expenses
|
(443,011)
|
(408,543)
|
(59,233)
|
|
(1,517,307)
|
(1,605,422)
|
(232,764)
|
General and
administrative expenses
|
(1,200,449)
|
(1,137,858)
|
(164,974)
|
|
(4,189,690)
|
(4,459,518)
|
(646,569)
|
Total operating
expenses
|
(4,972,864)
|
(4,648,038)
|
(673,903)
|
|
(18,448,714)
|
(16,143,466)
|
(2,340,582)
|
Other operating
income
|
89,183
|
257,062
|
37,270
|
|
924,579
|
724,832
|
105,091
|
Income from
operations
|
1,829,715
|
2,509,219
|
363,801
|
|
5,582,422
|
6,197,446
|
898,546
|
Investment gain
and revaluation of investments
|
92,232
|
257,064
|
37,271
|
|
85,685
|
546,031
|
79,167
|
Impairment loss
of investments
|
(217,046)
|
(34,347)
|
(4,980)
|
|
(414,780)
|
(93,904)
|
(13,615)
|
Interest
expense
|
(4,899)
|
(4,311)
|
(625)
|
|
(14,461)
|
(24,258)
|
(3,517)
|
Interest
income
|
194,870
|
198,255
|
28,744
|
|
671,461
|
764,018
|
110,772
|
Exchange (loss)
gain
|
(34,451)
|
160,542
|
23,276
|
|
(37,052)
|
687,871
|
99,732
|
Income before
income tax expense and share of (loss) income of equity
method investees
|
1,860,421
|
3,086,422
|
447,487
|
|
5,873,275
|
8,077,204
|
1,171,085
|
Income tax
expenses
|
(390,691)
|
(903,839)
|
(131,044)
|
|
(1,222,704)
|
(1,758,810)
|
(255,003)
|
Share of (loss)
income of equity method investees
|
(47,023)
|
59,176
|
8,580
|
|
42,303
|
(6,559)
|
(951)
|
Net
income
|
1,422,707
|
2,241,759
|
325,023
|
|
4,692,874
|
6,311,835
|
915,131
|
Net income attributable
to non-controlling interests
|
(7,938)
|
(7,998)
|
(1,160)
|
|
(11,801)
|
(13,019)
|
(1,888)
|
Net income
attributable to Vipshop's shareholders
|
1,414,769
|
2,233,761
|
323,863
|
|
4,681,073
|
6,298,816
|
913,243
|
|
|
|
|
|
|
-
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
—Basic
|
135,695,489
|
121,010,371
|
121,010,371
|
|
136,175,112
|
127,235,048
|
127,235,048
|
—Diluted
|
136,631,560
|
122,089,636
|
122,089,636
|
|
138,745,022
|
128,157,304
|
128,157,304
|
|
|
|
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
10.43
|
18.46
|
2.68
|
|
34.38
|
49.51
|
7.18
|
Net income
attributable to Vipshop's shareholders——Diluted
|
10.35
|
18.30
|
2.65
|
|
33.74
|
49.15
|
7.13
|
|
|
|
|
|
|
|
|
Net earnings per
ADS (1 ordinary share equals to 5 ADSs)
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
2.09
|
3.69
|
0.54
|
|
6.88
|
9.90
|
1.44
|
Net income
attributable to Vipshop's shareholders——Diluted
|
2.07
|
3.66
|
0.53
|
|
6.75
|
9.83
|
1.43
|
(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.
|
|
(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 RMB1.5 billion and RMB 1.5 billion in the three month
periods ended December 31,2021 and December 31,2022,
respectively.
|
|
(2)
Fulfillment expenses include shipping and handling
expenses, which amounted RMB5.2 billion and RMB 5.1
billion in the twelve month periods ended December
31,2021 and December 31,2022, 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.
|
|
(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
|
|
Twelve Months
Ended
|
|
Dec
31,2021
|
Dec
31,2022
|
Dec
31,2022
|
|
Dec
31,2021
|
Dec
31,2022
|
Dec
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included in the operating
expenses as follows:
|
|
|
|
|
|
|
|
Fulfillment
expenses
|
18,867
|
16,913
|
2,452
|
|
88,985
|
74,063
|
10,738
|
Marketing
expenses
|
2,571
|
4,489
|
651
|
|
26,834
|
14,630
|
2,121
|
Technology and
content expenses
|
59,809
|
52,588
|
7,625
|
|
252,730
|
242,714
|
35,190
|
General and
administrative expenses
|
165,469
|
191,191
|
27,720
|
|
641,464
|
876,174
|
127,033
|
Total
|
246,716
|
265,181
|
38,448
|
|
1,010,013
|
1,207,581
|
175,082
|
Vipshop
Holdings Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
Dec
31,2021
|
Dec
31,2022
|
Dec
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
16,297,410
|
21,938,653
|
3,180,806
|
Restricted
cash
|
873,859
|
1,164,748
|
168,873
|
Short term
investments
|
5,381,618
|
1,595,904
|
231,384
|
Accounts receivable,
net
|
459,128
|
567,730
|
82,313
|
Amounts due from
related parties,net
|
637,825
|
670,187
|
97,168
|
Other receivables and
prepayments,net
|
2,326,866
|
2,280,449
|
330,634
|
Loan
receivables,net
|
131
|
882
|
128
|
Inventories
|
6,865,108
|
5,515,880
|
799,727
|
Total current
assets
|
32,841,945
|
33,734,433
|
4,891,033
|
NON-CURRENT
ASSETS
|
|
|
|
Property and equipment,
net
|
14,376,712
|
16,225,589
|
2,352,489
|
Deposits for property
and equipment
|
382,121
|
296,717
|
43,020
|
Land use rights,
net
|
6,612,165
|
7,638,506
|
1,107,479
|
Intangible assets,
net
|
320,943
|
336,599
|
48,802
|
Investment in equity
method investees
|
2,476,868
|
2,162,872
|
313,587
|
Other
investments
|
2,482,911
|
2,660,305
|
385,709
|
Other long-term
assets
|
296,366
|
91,762
|
13,304
|
Goodwill
|
589,165
|
755,213
|
109,496
|
Deferred tax assets,
net
|
760,023
|
681,770
|
98,847
|
Operating lease
right-of-use assets
|
1,148,322
|
891,744
|
129,291
|
Total non-current
assets
|
29,445,596
|
31,741,077
|
4,602,024
|
TOTAL
ASSETS
|
62,287,541
|
65,475,510
|
9,493,057
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
1,975,184
|
2,687,438
|
389,642
|
Accounts
payable
|
13,144,935
|
15,018,138
|
2,177,425
|
Advance from
customers
|
1,828,781
|
1,737,424
|
251,903
|
Accrued expenses
and other current liabilities
|
7,658,677
|
8,394,742
|
1,217,121
|
Amounts due to
related parties
|
429,088
|
151,736
|
22,000
|
Deferred
income
|
449,693
|
400,207
|
58,025
|
Operating lease
liabilities
|
284,659
|
136,435
|
19,781
|
Total current
liabilities
|
25,771,017
|
28,526,120
|
4,135,897
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
437,202
|
573,734
|
83,184
|
Deferred income-non
current
|
1,026,155
|
1,469,685
|
213,084
|
Operating lease
liabilities
|
952,813
|
832,928
|
120,763
|
Other long term
liabilities
|
272,038
|
-
|
-
|
Total non-current
liabilities
|
2,688,208
|
2,876,347
|
417,031
|
TOTAL
LIABILITIES
|
28,459,225
|
31,402,467
|
4,552,928
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary shares
(US$0.0001 par value, 483,489,642 shares
authorized,122,975,885 and 124,060,090 shares issued, of which
120,232,895 and 101,621,330 shares were outstanding as of
December
31,2021 and December 31,2022, 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 December 31,2022,
respectively)
|
11
|
11
|
2
|
Treasury shares,at
cost(2,742,990 and 22,438,760 Class A shares as of
December 31, 2021 and December 31,2022, respectively )
|
(1,927,719)
|
(8,352,511)
|
(1,211,000)
|
Additional paid-in
capital
|
12,227,637
|
13,091,781
|
1,898,130
|
Retained
earnings
|
22,421,488
|
28,720,304
|
4,164,053
|
Accumulated other
comprehensive loss
|
(88,599)
|
(707,628)
|
(102,596)
|
Non-controlling
interests
|
1,195,418
|
1,321,006
|
191,528
|
Total shareholders'
equity
|
33,828,316
|
34,073,043
|
4,940,129
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
62,287,541
|
65,475,510
|
9,493,057
|
Vipshop
Holdings Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Dec
31,2021
|
Dec
31,2022
|
Dec
31,2022
|
|
Dec
31,2021
|
Dec
31,2022
|
Dec
31,2022
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
1,829,715
|
2,509,219
|
363,801
|
|
5,582,422
|
6,197,446
|
898,545
|
Share-based
compensation expenses
|
246,716
|
265,181
|
38,448
|
|
1,010,013
|
1,207,581
|
175,082
|
Amortization of
intangible assets resulting from business
acquisitions
|
-
|
-
|
-
|
|
11,792.00
|
-
|
-
|
Non-GAAP income
from operations
|
2,076,431
|
2,774,400
|
402,249
|
|
6,604,227
|
7,405,027
|
1,073,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
1,414,769
|
2,233,761
|
323,863
|
|
4,681,073
|
6,298,816
|
913,243
|
Share-based
compensation expenses
|
246,716
|
265,181
|
38,448
|
|
1,010,013
|
1,207,581
|
175,082
|
Impairment loss
of investments
|
217,046
|
34,347
|
4,980
|
|
414,780
|
93,904
|
13,615
|
Investment loss
(gain) and revaluation of investments excluding
dividends
|
984
|
(257,064)
|
(37,271)
|
|
116,567
|
(533,826)
|
(77,397)
|
Reconciling items
on the share of equity method investments(4)
|
(77,608)
|
(46,430)
|
(6,732)
|
|
(120,621)
|
2,965
|
430
|
Amortization of
intangible assets resulting from business
acquisitions
|
-
|
-
|
-
|
|
11,792
|
-
|
0
|
Tax effects on
non-GAAP adjustments
|
(1,029)
|
1,270
|
184
|
|
(101,925)
|
(232,532)
|
(33,714)
|
Non-GAAP net
income attributable to Vipshop's shareholders
|
1,800,878
|
2,231,065
|
323,472
|
|
6,011,679
|
6,836,908
|
991,259
|
(4) To exclude the
GAAP to non-GAAP reconciling items relating to investment loss
(gain) 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
|
135,695,489
|
121,010,371
|
121,010,371
|
|
136,175,112
|
127,235,048
|
127,235,048
|
—Diluted
|
136,631,560
|
122,089,636
|
122,089,636
|
|
138,745,022
|
128,157,304
|
128,157,304
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per Class A and Class B ordinary share
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
13.27
|
18.44
|
2.67
|
|
44.15
|
53.73
|
7.79
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
13.18
|
18.27
|
2.65
|
|
43.33
|
53.35
|
7.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
2.65
|
3.69
|
0.53
|
|
8.83
|
10.75
|
1.56
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
2.64
|
3.65
|
0.53
|
|
8.67
|
10.67
|
1.55
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2022-financial-results-301754108.html
SOURCE Vipshop Holdings Limited