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Vipshop Reports Third Quarter 2012 Financial Results

Achieves Non-GAAP Net Income Profitability

GUANGZHOU, China, Nov. 13, 2012 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS) ("Vipshop" or the "Company"), China's leading online discount retailer for brands, today announced its unaudited financial results for the quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Net revenues increased by 197.0% over prior year period to US$155.9 million, primarily attributable to a 173.6% increase in the number of active customers(1) to 1.7 million and a 157.6% increase in total orders(2) to 5.4 million.
  • Gross margin increased to 22.3% from 19.0% in the prior year period and 21.8% in the second quarter of 2012.
  • Non-GAAP loss from operations(3) decreased to US$1.2 million from US$10.7 million in the prior year period. Non-GAAP operating loss margin(4) improved to 0.7% from 20.3% in the prior year period and 2.8% in the second quarter of 2012.
  • Net loss attributable to ordinary shareholders decreased to US$1.5 million from US$17.5 million in the prior year period. Net loss margin improved to 0.9% from 33.4% in the prior year period and 4.3% in the second quarter of 2012.
  • Non-GAAP net income attributable to ordinary shareholders(5) was US$640,542 compared to a non-GAAP net loss of US$10.8 million in the prior year period. Non-GAAP net margin(6) was 0.4% compared with a non-GAAP net loss margin of 20.6% in the prior year period and 3.1% from the second quarter of 2012.

Mr. Eric Shen, Chairman and CEO of Vipshop, stated, "We are very excited to announce that we have achieved profitability on a non-GAAP basis for the first time in our Company's history. Our success was led by exceptional financial and operational results across the board, validating the value proposition we provide to our consumers and brand partners.  Moreover, we believe that this achievement is a testament to our execution capabilities of not only rapidly expanding our business scale but also of consistently improving our bottom line. Building upon our expanding scale and continuous improvement in operational efficiencies, we believe that Vipshop is poised to grow as an industry leader in China's ever-growing e-Commerce market."

Mr. Donghao Yang, CFO of Vipshop, commented, "Not only did our revenue growth exceed our expectations, but we were also able to further expand gross margin to 22.3% during the summer, which is our seasonally low quarter. Through growing leverage in our business model and improved operational expertise, we continue to reduce fulfillment expenses as a percentage of revenues demonstrating the growing strength of our leadership position. As China's retail and e-Commerce industries continue to expand alongside its growing middle class, we are well positioned to benefit from this strong growth trend by providing the increasingly affluent Chinese consumers with their desired branded products at attractive prices."

Third Quarter 2012 Financial Results

NET REVENUES

Net revenues for the third quarter of 2012 increased by 197.0% to US$155.9 million from US$52.5 million in the prior year period, primarily driven by growth in the number of active customers and total orders.

The number of active customers for the third quarter of 2012 increased by 173.6% to 1.7 million from approximately 633,000 in the prior year period. The number of total orders for the third quarter of 2012 increased by 157.6% to 5.4 million from 2.1 million in the prior year period.  This increase was primarily due to the Company's addition of several regional sub-sites in 2011, as well as continued efforts to optimize brand and product selection, increase the number of sales events and increase the number of SKUs available on its website. In addition, the Company's regional warehouse expansion into Shanghai, Chengdu and Beijing has enhanced its ability to accommodate increased demand from end customers.

GROSS PROFIT

Gross profit for the third quarter of 2012 increased by 247.8% to US$34.8 million from US$10.0 million in the prior year period. This reflects both the significant increase in net revenues as well as continued margin expansion. Gross margin increased to 22.3% in the third quarter of 2012 from 19.0% in the prior year period and 21.8% in the second quarter of 2012. This increase is attributable to the Company's increased bargaining power with its suppliers due to increased purchasing scale.

OPERATING EXPENSES

Total operating expenses for the third quarter of 2012 increased by 38.6% to US$38.0 million from US$27.4 million in the prior year period. As a percentage of net revenues, total operating expenses decreased to 24.4% from 52.2% in the prior year period and 25.9% in the second quarter of 2012.

  • Fulfillment expenses increased by 89.8% to US$21.7 million for the third quarter of 2012 from US$11.4 million in the prior year period, primarily reflecting the increase in sales volume and number of orders fulfilled. As a percentage of net revenues, fulfillment expenses decreased to 13.9% from 21.8% in the prior year period and 15.2% in the second quarter of 2012, which reflects the Company's strategy of shifting towards using regional delivery services and capacity expansion of regional warehouses.
  • Marketing expenses increased to US$7.3 million from US$4.6 million in the prior year period. As a percentage of net revenues, marketing expenses decreased to 4.7% from 8.7% in the prior year period and 4.9% in the second quarter of 2012, demonstrating the Company's ability to control marketing expenses and leverage word-of-mouth referrals.
  • Technology and content expenses increased to US$3.2 million from approximately US$1.2 million in the prior year period, primarily reflecting the Company's continued efforts to invest in its website and IT system to better support future growth. As a percentage of net revenues, technology and content expenses remain stable at 2.1% compared with 2.3% in the prior year period and 2.0% in the second quarter of 2012.
  • General and administrative expenses decreased to US$6.3 million from US$10.4 million in the prior year period, primarily due to decreased share-based compensation charges. As a percentage of net revenues, general and administrative expenses was 4.1% compared with 19.7% in the prior year period and 4.1% in the second quarter of 2012, reflecting the Company's increased operational leverage and continued cost-control efforts.

Loss from operations decreased to US$3.3 million from US$17.4 million in the prior year period reflecting the growing scale of the Company's operations, improved gross margin and costs control. Operating loss margin improved to 2.1% from 33.2% in the prior year period and 4.0% in the second quarter of 2012.

Non-GAAP loss from operations, which excludes the impact of share-based compensation expense, decreased to US$1.2 million from US$10.7 million in the prior year period.  Non-GAAP operating loss margin improved to 0.7% from 20.3% in the prior year period and 2.8% in the second quarter of 2012.

NET LOSS

Net loss attributable to ordinary shareholders decreased to US$1.5 million from US$17.5 million in the prior year period. Net loss margin improved to 0.9% from 33.4% in the prior year period and from 4.3% from the second quarter of 2012. Net loss attributable to ordinary shareholders per diluted ADS(7) was US$0.03 compared to US$0.76 in the prior year period.

Non-GAAP net income attributable to ordinary shareholders, which excludes share-based compensation expenses, was US$640,542 compared to a non-GAAP net loss of US$10.8 million in the prior year period. Non-GAAP net margin was 0.4% compared with a non-GAAP net loss margin of 20.6% in the prior year period and a non-GAAP net loss margin of 3.1% from the second quarter of 2012. Non-GAAP net income attributable to ordinary shareholders per diluted ADS was US$0.01 in the third quarter of 2012 compared to a non-GAAP net loss attributable to ordinary shareholders per diluted ADS of US$0.47 in the prior year period.

For the quarter ended September 30, 2012, the Company's weighted average number of ADSs used in computing diluted loss per ADS was 50,569,900.

As of September 30, 2012, the Company had cash and cash equivalents of US$91.9 million and short-term investments of US$40.1 million.

For the third quarter of 2012, net cash from operating activities was US$17.0 million.

Business Outlook

For the fourth quarter of 2012, the Company expects its net revenues to be between US$235 million and US$240 million, representing a year-over-year growth rate of approximately 123% to 128%.As a result, for the full year of 2012, the Company expects its net revenues to be between US$627 million and US$632 million, representing a year-over-year growth rate of approximately 176% to 178%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

Conference Call Information

The Company will hold a conference call on Wednesday, November 14, 2012 at 8:30 am Eastern Time or 9:30 pm Beijing Time to discuss its financial results and operating performance for the third quarter of 2012.

To participate in the call, please dial the following numbers:

United States:                     

+1-646-254-3515

International Toll Free:        

+1-855-500-8701

China Domestic:                 

400-1200654

Hong Kong:                        

+852-3051-2745

Conference ID:                   

#58808563

The replay will be accessible through November 21, 2012 by dialing the following numbers:

United States Toll Free:       

+1-855-452-5696 

International:                       

+61 2 8199 0299

Conference ID:                   

#58808563

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.vipshop.com

About Vipshop Holdings Limited

Vipshop Holdings Limited ("Vipshop" or the "Company") is China's leading online discount retailer for brands. 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 ir.vipshop.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 ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding demand for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of shareholders' equity and comprehensive income (loss), consolidated statements of cash flows, and the detailed notes required by Accounting Standards Codification 270 Interim Reporting ("ASC270"), have not been presented.Vipshop uses non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP net income/(loss) attributable to ordinary shareholders per diluted ADS, non-GAAP income/(loss) from operations, non-GAAP net (loss) margin, and non-GAAP operating (loss) margin, each of which is a non-GAAP financial measure. Non-GAAP net income income/(loss) attributable to ordinary shareholders is net income/(loss) attributable to ordinary shareholders excluding share-based compensation expenses. Non-GAAP income/(loss) from operations is income/(loss) from operations excluding share-based compensation expenses. Non-GAAP operating (loss) margin is non-GAAP income/(loss) from operations as a percentage of net revenues.  Non-GAAP net (loss) margin is non-GAAP net income /(loss) attributable to ordinary shareholders as a percentage of net revenues. The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation expenses, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures have material limitations as an analytical tools. 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/(loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.

(1) Active customers are defined as any registered member who has purchased products from the Company at least once during the quarter.

(2) Total orders are defined as the total number of orders placed during the quarter.

(3) Non-GAAP income/(loss) from operations is a non-GAAP financial measure, which is defined as income/(loss) from operations excluding share-based compensation expenses. 

(4) Non-GAAP operating (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP income/(loss) from operations as a percentage of net revenues.

(5) Non-GAAP net income/(loss) attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as net income/(loss) attributable to ordinary shareholders excluding share-based compensation expenses. 

(6) Non-GAAP net (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income /(loss) attributable to ordinary shareholders as a percentage of net revenues.

(7) "ADS" is American Depositary Share. Each ADS represents two ordinary shares.

Investor Relations Contact

Vipshop Holdings Limited
Millicent Tu
Tel: +86 (20) 2233-0732
Email: [email protected]   

ICR, Inc.
Jeremy Peruski
Tel: +1 (646) 405-4866
Email: [email protected]

Vipshop Holdings Limited

Condensed Consolidated Statements of Operations

(Amounts in US dollars, except for number of shares and ADS and per share and per ADS data)

 


Three Months Ended


September 30, 2011

 September 30, 2012 

June 30, 2012


USD

 USD 

USD


(Unaudited)

 (Unaudited) 

(Unaudited)





Net revenues

52,507,268

155,944,583

135,279,785

Cost of goods sold

(42,511,012)

(121,180,318)

(105,727,006)

Gross profit

9,996,256

34,764,265

29,552,779

Operating expenses




Fulfillment expenses*

(11,432,449)

(21,703,487)

(20,540,533)

Marketing expenses

(4,559,574)

(7,310,957)

(6,593,048)

Technology and content expenses

(1,190,921)

(3,218,857)

(2,656,044)

General and administrative expenses

(10,352,062)

(6,321,337)

(5,575,356)

Other income

116,386

538,739

369,609

Total operating expenses

(27,418,620)

(38,015,899)

(34,995,372)

Loss from operations

(17,422,364)

(3,251,634)

(5,442,593)

Interest expense

(189,745)

(1,197)

(33,977)

Interest income

13,665

1,372,350

375,826

Exchange (loss) gain

57,158

424,454

(678,866)

Loss before income taxes

(17,541,286)

(1,456,027)

(5,779,610)

Income tax expenses

-

-

-

Net loss

(17,541,286)

(1,456,027)

(5,779,610)

Deemed dividend on issuance of Series A Preferred Shares

-



Net loss attributable to ordinary shareholders

(17,541,286)

(1,456,027)

(5,779,610)





Weighted average numbers of shares used in calculating net loss per share:




-- Basic

46,268,513

101,139,801

101,138,565

-- Diluted

46,268,513

101,139,801

101,138,565





Net loss per share




-- Basic

(0.38)

(0.01)

(0.06)

-- Diluted

(0.38)

(0.01)

(0.06)





Net loss per ADS (2 ordinary shares equal to 1 ADS)




-- Basic

(0.76)

(0.03)

(0.11)

-- Diluted

(0.76)

(0.03)

(0.11)

 

*Including shipping and handling expenses, which amounted US$7.3 million, US$13 million and US$12 million in the three month periods ended September 30, 2011, September 30, 2012 and June 30, 2012, respectively.









Three Months Ended


September 30, 2011

 September 30, 2012 

June 30, 2012


USD

 USD 

USD


(Unaudited)

 (Unaudited) 

(Unaudited)

Share-based compensation charges included are follows




Fulfillment expenses

42,197

79,090

75,540

Marketing expenses

9,316

30,203

29,628

Technology and content expenses

78,639

258,947

212,248

General and administrative expenses

6,611,001

1,728,329

1,286,408

Total

6,741,153

2,096,569

1,603,824


 

Vipshop Holdings Limited

Condensed Consolidated Balance Sheets

(Amounts in US dollars)





As of December 31, 2011

 As of September 30, 2012 


USD

 USD 

ASSETS

(Audited)

 (Unaudited) 

CURRENT ASSETS



Cash and cash equivalents

44,954,778

91,875,685

Restricted deposits

14,214,585

-

Short-term investments

-

40,098,385

Accounts receivable

4,150,664

2,831,356

Amounts due from  related parties

2,101,853

477,634

Other receivables

9,410,481

6,222,200

Inventories

69,742,200

90,325,964

Advance to suppliers

12,626,286

18,397,721

Prepaid expenses

1,077,194

861,213

Total current assets

158,278,041

251,090,158

NON-CURRENT ASSETS



Property and equipment, net

9,148,162

8,489,609

Deposits for property, plant and equipment

-

724,463

Other assets

9,117

6,380

Total non-current assets

9,157,279

9,220,452

TOTAL ASSETS

167,435,320

260,310,610




LIABILITIES AND  EQUITY 



CURRENT LIABILITIES



Accounts payable (Including accounts
payable of the VIE without recourse to the
Company of $2,243,711 and $137,331 as of
December 31, 2011 and September 30,2012 ,
respectively) 

88,020,376

105,315,761

Advance from customers (Including advance from customers of the VIE without recourse to the Company of $15,378,465 and $34,183,215 as of December 31, 2011 and September 30,2012 , respectively)

15,381,357

34,254,432

Accrued expenses and other current liabilities((Including accrued expenses and other current liabilities of the VIE without recourse to the Company of $11,825,417 and $16,061,844 as of December 31, 2011 and September 30,2012 , respectively)

26,666,502

37,086,069

Amounts due to related parties(Including amounts due to related parties of the VIE without recourse to the Company of $2,992,516 and $665,049 as of December 31, 2011 and September 30,2012 , respectively)

3,797,508

1,590,227

Deferred income ((Including  deferred income of the VIE without recourse to the Company of $2,569,655 and $7,419,825 as of December 31, 2011 and September 30,2012 , respectively))

2,569,655

8,459,309

Bank borrowings

12,710,720

-

Total current liabilities

149,146,118

186,705,798

Total liabilities                                                                                               

149,146,118

186,705,798




EQUITY:



Ordinary shares (US$0.0001 par value,471,620,833 shares authorized and 46,234,650 shares issued and outstanding as of December 31,2011;US$0.0001 par value, 101,159,707 shares issued and outstanding as of September 30,2012)

4,624

10,116

Series A convertible preference shares (US$0.0001 par value:20,212,500 shares authorized, issued and outstanding as of December 31,2011; nil authorized, issued and outstanding as of September 30,2012)

20,113,898

-

Series B convertible preference shares(US$0.0001 par value:8,166,667 shares authorized, issued and outstanding as of December 31,2011; nil authorized, issued and outstanding as of September 30,2012)

41,147,021

-

Additional paid-in capital

124,341,953

256,369,162

Accumulated losses

(166,553,261)

(182,375,137)

Accumulated other comprehensive income (loss)

(765,033)

(399,329)

Total shareholders' equity

18,289,202

73,604,812

TOTAL LIABILITIES AND  EQUITY 

167,435,320

260,310,610

 

 

Vipshop Holdings Limited

Reconciliations of GAAP and Non-GAAP Results






 Three Months Ended 


 September 30, 2011 

 September 30, 2012 

 June 30, 2012 


 USD 

 USD 

 USD 


 (Unaudited) 

 (Unaudited) 

 (Unaudited) 

Loss from operations

(17,422,364)

(3,251,634)

(5,442,593)

Share-based compensation expenses

6,741,153

2,096,569

1,603,824

Non-GAAP income/loss from operation

(10,681,211)

(1,155,065)

(3,838,769)









Net loss attributable to ordinary shareholders                       

(17,541,286)

(1,456,027)

(5,779,610)

Share-based compensation expenses

6,741,153

2,096,569

1,603,824

Non-GAAP net income/loss

(10,800,133)

640,542

(4,175,786)





Non-GAAP weighted average numbers of shares used in calculating net income (loss) per share:




-- Basic

46,268,513

101,139,801

101,138,565

-- Diluted

46,268,513

102,440,611

101,138,565





Non-GAAP net income/loss per share




-- Basic

(0.23)

0.01

(0.04)

-- Diluted

(0.23)

0.01

(0.04)





Non-GAAP net income/loss per ADS (2 ordinary shares equal to 1 ADS)




-- Basic

(0.47)

0.01

(0.08)

-- Diluted

(0.47)

0.01

(0.08)

 

SOURCE Vipshop Holdings Limited

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WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...