JD.com, Inc. (NASDAQ: JD and HKEX: 9618), a leading supply
chain-based technology and service provider, today announced its
unaudited financial results for the three months and six months
ended June 30, 2021.
Second Quarter 2021
Highlights
- Net
revenues for the second quarter of 2021 were RMB253.8
billion (US$139.3 billion), an increase of 26.2% from the second
quarter of 2020. Net service revenues for the second quarter of
2021 were RMB34.1 billion (US$5.3 billion), an increase of 49.2%
from the second quarter of 2020.
- Income
from operations for the second quarter of 2021 was
RMB300.8 million (US$46.6 million), compared to RMB5.0 billion for
the same period last year.
Non-GAAP2 income from
operations for the second quarter of 2021 was RMB2.5
billion (US$0.4 billion), compared to RMB5.6 billion for the second
quarter of 2020. Operating margin of JD Retail before unallocated
items for the second quarter of 2021 was 2.6%, remained stable
compared with the second quarter of 20203.
- Net
income attributable to ordinary
shareholders for the second quarter of 2021 was RMB794.3
million (US$123.0 million), compared to RMB16.4 billion for the
same period last year. Non-GAAP net income
attributable to ordinary shareholders for the
second quarter of 2021 was RMB4.6 billion (US$0.7 billion),
compared to RMB5.9 billion for the same period last year.
- Diluted
net income per ADS for the second quarter of 2021 was
RMB0.50 (US$0.08), compared to RMB10.47 for the second quarter of
2020. Non-GAAP diluted net income per ADS for the
second quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51
for the same period last year.
-
Operating cash flow for the twelve months ended
June 30, 2021 increased to RMB38.9 billion (US$6.0 billion) from
RMB26.3 billion for the twelve months ended June 30, 2020. Free
cash flow, which excludes the impact from JD Baitiao receivables
included in the operating cash flow, for the twelve months ended
June 30, 2021 increased to RMB31.9 billion (US$4.9 billion),
compared to RMB22.7 billion for the twelve months ended June 30,
2020.
- Annual
active customer accounts4 increased by
27.4% to 531.9 million in the twelve months ended June 30, 2021
from 417.4 million in the twelve months ended June 30, 2020.
_________________________________________
1 The U.S. dollar (US$) amounts disclosed in
this press release, except for those transaction amounts that were
actually settled in U.S. dollars, are presented solely for the
convenience of the readers. The conversion of Renminbi (RMB) into
US$ in this press release is based on the exchange rate set forth
in the H.10 statistical release of the Board of Governors of the
Federal Reserve System as of June 30, 2021, which was RMB6.4566 to
US$1.00. The percentages stated in this press release are
calculated based on the RMB amounts.2 See the sections entitled
“Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and
Non-GAAP Results” for more information about the non-GAAP measures
referred to in this press release.3 Operating margin of JD Retail
before unallocated items for the second quarter of 2020 was
retrospectively adjusted to conform to current period presentation
of segment information.4 Annual active customer accounts are
customer accounts that made at least one purchase during the twelve
months ended on the respective dates, whether through online retail
or online marketplace.
“Over the past 18 years since our founding,
JD.com has always placed the interests of our customers, partners
and employees foremost while upholding our long-standing business
principle of doing business the right way,” said Richard Liu,
Chairman and Chief Executive Officer of JD.com. “Today, JD has
become China’s leading supply chain-based technology and service
company, serving a growing base of millions of partners and 532
million customers. With hundreds of thousands of full-time
employees and our next generation smart supply chain and
infrastructure network, JD has become a new type of real-economy
based enterprise supporting China’s development for the
long-term.”
“We are pleased to deliver another quarter of
healthy growth even compared to last year’s high base,” said Sandy
Xu, Chief Financial Officer of JD.com. “Our consistent execution
and successful 618 Grand Promotion helped us to add over 32 million
new users in Q2, the largest single quarter increase in JD.com’s
history. We are also encouraged by the continued diversification of
our revenue streams, reflecting our open ecosystem strategy of
empowering customers and business partners through JD.com’s supply
chain-based technology and infrastructure.”
Business Highlights
Environment, Social and
Governance
- In response to
the severe flooding in the central China province of Henan, JD.com
donated over 20 truckloads of rescue supplies and daily necessities
dispatched from JD.com’s closest warehouse. Furthermore, JD Health
opened a free 24-hour hotline for medical consultation and donated
healthcare supplies for disinfection and epidemic prevention. The
emergency efforts reflect the company’s longstanding policy of
immediately donating goods to disaster areas from the nearest
JD.com’s warehouse. JD Retail also assisted merchants in the
affected regions through fee relief and additional insurance to
accelerate the disaster recovery effort.
- On June 18,
JD.com published its Sustainability Report discussing the company’s
achievements from 2018 to 2020 in creating a low-carbon enterprise
through environmentally friendly logistics, procurement and
facilities. Since 2017, JD.com has been gradually replacing
traditional fuel-combustion trucks with new energy vehicles
reducing carbon dioxide emissions by more than 120,000 tons each
year.
- In June, JD
Logistics and P&G Beauty completed an environmentally friendly
soccer field made from recycled plastic bottles at the Nanjing
Foreign Language School, representing a milestone for JD.com’s
Green Stream Initiative on its 4th anniversary. Last year, P&G
Beauty joined JD Logistics’s bottle recycling program as a
strategic partner to recycle plastic P&G brand products in
Shanghai and Guangzhou. As of June 2021, over 20,000 families have
participated in the program.
JD Retail
- JD.com’s 618
Grand Promotion reported outstanding results. During the 18-day
sale from June 1 to 18, over 236 brands achieved sales of over
RMB100 million. Order requests from 92% of districts and counties
and 84% of small towns were fulfilled on the same or next day.
Omni-channel also played an integral part in the 618 Grand
Promotion with over one thousand digital and computer stores
supporting on-demand consumption and one-hour delivery
service.
- LVMH group
expanded its innovative partnerships with JD.com in the second
quarter. Leveraging the JD.com mini-app, LVMH’s BVLGARI brand
provided customers with a new shopping experience featuring a full
suite of products including selected jewelry and watches. This
represents the first time BVLGARI has collaborated with a
third-party online retailer in its history of 137 years. Berluti,
the top luxury menswear fashion house under the LVMH group, also
established its first official global flagship store on JD.com
during the period.
- Several
internationally renowned beauty brands recently launched official
flagship stores on JD.com including LVMH Group’s Guerlain in early
August, as well as LVMH Group’s Givenchy Beauty and Benefit, Estee
Lauder Companies’ Estee Lauder, Clinique and Origins, and L’Oreal's
Kiehl's in July. The addition of these brands further enriches JD
Beauty's high-quality product suite and ensures a best-of-class
shopping experience for customers with services provided by JD
Logistics.
JD Health
- As an important
platform for healthcare brands to expand online sales channels and
accelerate digitalization, in the second quarter, JD Health closely
cooperated with leading global pharmaceutical companies. JD Health
deepened its cooperation with UCB China and became its strategic
partner for the distribution of UCB China’s anti-allergic drug
Zyrtec (cetirizine hydrochloride tablet and drops). JD Health
facilitated the expansion and maintenance of multiple sales
channels for Zyrtec including online, offline small and medium
sized chain pharmacies as well as individual pharmacies. JD Health
also officially launched the AstraZeneca direct sales flagship
store, Sanofi direct sales flagship store and other brand stores in
order to provide more convenient and professional online and
offline integrated healthcare services to patients with chronic
diseases.
- In order to
address the need for supply chains for certain special drugs, in
the second quarter, JD Health partnered with JD Logistics to
establish “cold chain” capabilities covering over 100 cities in 12
provincial-level administrative regions across China. With such
capabilities, JD Pharmacy is able to expand its business into
special drugs for rare diseases. A number of cold chain products
from Eli Lilly and Company, Novartis, Sanofi and other brands
became available through JD Pharmacy.
JD Logistics
- On May 28, JD
Logistics successfully listed on the Main Board of the Hong Kong
Stock Exchange under the stock code “2618”. Net proceeds from this
offering, including the over-allotment options, amounted to
approximately RMB23.0 billion. After listing in Hong Kong, JD
Logistics will continue to focus on developing its integrated
supply chain, including upgrading and expanding its six logistics
networks, developing advanced technologies to be used in its supply
chain solutions and logistics services, expanding the breadth and
depth of integrated solutions, improving supply chain efficiency
and user experience for customers, and reducing operating
costs.
- JD Logistics
further strengthened its cross regional highway, railway and air
cargo network to enhance its next-morning and next-day delivery
service. As of June 30, 2021, JD Logistics had over 1,000 air cargo
routes and the ability to utilize over 300 railway routes. During
the 618 Grand Promotion, customers enjoyed delivery service within
minutes of order placement in over 200 cities in China.
- In June, JD
Logistics and Xiaomi Youpin jointly launched a warehousing and
distribution center in Tianjin, upgrading the supply chain
cooperation between the two parties. The warehousing center will
provide one-stop logistics services including collection, sorting,
warehousing, packaging, and distribution, covering all categories
of products for its customers.
- As of June 30,
2021, JD Logistics operated approximately 1,200 warehouses, which
covered an aggregate gross floor area of approximately 23 million
square meters, including warehouse space of cloud warehouses
managed under the JD Logistics Open Warehouse Platform.
Other Highlights
- On June 18,
AiHuiShou, a secondhand electronics transactions and services
platform, was officially listed on the New York Stock Exchange
under the stock ticker “RERE”. JD.com’s ownership ratio was
approximately 33.4% after listing. According to the partnership
agreement signed between JD.com and AiHuiShou, the two companies
will cooperate in the areas of user traffic, marketing, R&D,
sales and channel commissions, supply chain and logistics, customer
service and after-sales service.
Operational Metrics Update
- As of June 30,
2021, JD.com had over 320,000 employees, excluding part-time and
interns.
Second Quarter 2021 Financial Results
Net Revenues. For the
second quarter of 2021, JD.com reported net revenues of RMB253.8
billion (US$39.3 billion), representing a 26.2% increase from the
same period in 2020. Net product revenues increased by 23.3%, while
net service revenues increased by 49.2% for the second quarter of
2021, as compared to the same period of 2020.
Cost of
Revenues. Cost of revenues increased by
28.8% to RMB222.1 billion (US$34.4 billion) for the second quarter
of 2021 from RMB172.4 billion for the second quarter of 2020.
Fulfillment
Expenses. Fulfillment expenses, which
primarily include procurement, warehousing, delivery, customer
service and payment processing expenses, increased by 22.5% to
RMB14.6 billion (US$2.3 billion) for the second quarter of 2021
from RMB12.0 billion for the second quarter of 2020. Fulfillment
expenses as a percentage of net revenues was 5.8% for the second
quarter of 2021, compared to 5.9% for the same period last
year.
Marketing
Expenses. Marketing expenses increased by
56.0% to RMB10.6 billion (US$1.6 billion) for the second quarter of
2021 from RMB6.8 billion for the second quarter of 2020.
Research and Development
Expenses. Research and development
expenses was RMB3.7 billion (US$0.6 billion) for the second quarter
of 2021, as compared to RMB3.6 billion for the second quarter of
2020.
General and Administrative
Expenses. General and administrative
expenses increased by 80.0% to RMB2.6 billion (US$0.4 billion) for
the second quarter of 2021 from RMB1.4 billion for the second
quarter of 2020. The increase was primarily due to the increase in
share-based compensation expenses.
Income from Operations and Non-GAAP
Income from Operations. Income from operations for the
second quarter of 2021 was RMB300.8 million (US$46.6 million),
compared to RMB5.0 billion for the same period last year. Non-GAAP
income from operations for the second quarter of 2021 was RMB2.5
billion (US$0.4 billion), compared to non-GAAP income from
operations of RMB5.6 billion for the second quarter of 2020.
Operating margin of JD Retail before unallocated items for the
second quarter of 2021 was 2.6%, remained stable compared with the
second quarter of 2020.
Non-GAAP EBITDA for the second
quarter of 2021 was RMB3.7 billion (US$0.6 billion), compared to
RMB6.9 billion for the second quarter of 2020.
Share of Results of Equity
Investees. Share of results of equity investees was
an income of RMB522.8 million (US$81.0 million) for the second
quarter of 2021, as compared to an income of RMB4.0 billion for the
second quarter of 2020. The substantial decrease was primarily due
to a one-off dilution gain of RMB4.1 billion recognized upon the
IPO of Dada Group during the second quarter of 2020.
Net Income
Attributable to Ordinary Shareholders and
Non-GAAP Net Income Attributable to Ordinary
Shareholders. Net income
attributable to ordinary shareholders for the second quarter of
2021 was RMB794.3 million (US$123.0 million), compared to RMB16.4
billion for the same period last year. Non-GAAP net income
attributable to ordinary shareholders for the second quarter of
2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.9
billion for the same period last year.
Diluted EPS and Non-GAAP Diluted
EPS. Diluted net income per ADS for the second quarter of
2021 was RMB0.50 (US$0.08), compared to RMB10.47 for the second
quarter of 2020. Non-GAAP diluted net income per ADS for the second
quarter of 2021 was RMB2.90 (US$0.45), compared to RMB3.51 for the
second quarter of 2020.
Cash Flow and Working
Capital
As of June 30, 2021, the company’s cash and cash
equivalents, restricted cash and short-term investments totaled
RMB178.1 billion (US$27.6 billion), compared to RMB151.1 billion as
of December 31, 2020. For the second quarter of 2021, free cash
flow of the company was as follows:
|
|
For the three months ended |
|
|
June 30, 2020 |
June 30, 2021 |
June 30, 2021 |
|
|
RMB |
RMB |
US$ |
|
|
(In thousands) |
|
|
|
Net cash provided by operating activities |
|
26,617,548 |
|
28,890,156 |
|
4,474,515 |
|
Add: Impact from JD Baitiao
receivables included in the operating cash flow |
|
2,050,714 |
|
3,290,906 |
|
509,696 |
|
(Less)/Add: Capital
expenditures, net of related sales proceeds |
|
|
|
|
Capital expenditures for development
properties |
|
(2,116,213 |
) |
(2,874,062 |
) |
(445,136 |
) |
Other capital expenditures* |
|
(749,037 |
) |
215,182 |
|
33,327 |
|
Free cash flow |
|
25,803,012 |
|
29,522,182 |
|
4,572,402 |
|
|
|
|
|
|
* Including capital expenditures related to the
company’s headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was
RMB18.1 billion (US$2.8 billion) for the second quarter of 2021,
consisting primarily of increase in short-term investments and cash
paid for capital expenditures.
Net cash provided by financing activities was
RMB17.4 billion (US$2.7 billion) for the second quarter of 2021,
consisting primarily of net proceeds from the initial public
offering of JD Logistics, partially offset by repayment of
unsecured senior notes and cash paid for repurchase of ordinary
shares.
For the twelve months ended June 30, 2021, free
cash flow of the company was as follows:
|
|
For the twelve months ended |
|
|
June 30, 2020 |
June 30, 2021 |
June 30, 2021 |
|
|
RMB |
RMB |
US$ |
|
|
(In thousands) |
|
|
|
Net cash provided by operating activities |
|
26,340,890 |
|
38,850,628 |
|
6,017,196 |
|
Add: Impact from JD Baitiao
receivables included in the operating cash flow |
|
1,002,640 |
|
1,937,602 |
|
300,096 |
|
Less: Capital expenditures,
net of related sales proceeds |
|
|
|
|
Capital expenditures for development
properties |
|
(1,721,273 |
) |
(4,482,604 |
) |
(694,267 |
) |
Other capital expenditures |
|
(2,887,341 |
) |
(4,432,327 |
) |
(686,480 |
) |
Free cash flow |
|
22,734,916 |
|
31,873,299 |
|
4,936,545 |
|
Half-Year Supplemental Information
The company reported three segments from the
first quarter of 2021, JD Retail, JD Logistics and New businesses.
JD Retail mainly consists of online retail, online marketplace and
marketing services in China. JD Logistics includes both internal
and external logistics businesses. New businesses mainly include JD
Property, Jingxi, overseas businesses and technology initiatives.
JD Cloud & AI businesses were deconsolidated from the company
from March 31, 2021, thus the operating results of JD Cloud &
AI businesses were not included in New businesses segment from the
second quarter of 2021.
The table below sets forth the segment operating
results, with prior period segment information retrospectively
recast to conform to current period presentation:
|
For the three months ended |
|
For the six months ended |
|
June 30, 2020 |
June 30, 2021 |
June 30, 2021 |
|
June 30, 2020 |
June 30, 2021 |
June 30, 2021 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(In thousands) |
(In thousands) |
Net revenues: |
|
|
|
|
|
|
|
JD Retail |
189,482,780 |
|
232,556,810 |
|
36,018,463 |
|
|
326,838,854 |
|
418,353,049 |
|
64,794,636 |
|
JD Logistics |
17,885,953 |
|
26,061,431 |
|
4,036,402 |
|
|
31,542,866 |
|
48,472,450 |
|
7,507,427 |
|
New businesses |
4,345,183 |
|
6,963,307 |
|
1,078,479 |
|
|
7,654,558 |
|
12,117,584 |
|
1,876,775 |
|
Inter-segment* |
(10,844,903 |
) |
(11,920,408 |
) |
(1,846,236 |
) |
|
(19,285,038 |
) |
(22,241,528 |
) |
(3,444,774 |
) |
Total segment net revenues |
200,869,013 |
|
253,661,140 |
|
39,287,108 |
|
|
346,751,240 |
|
456,701,555 |
|
70,734,064 |
|
Unallocated items** |
185,045 |
|
139,330 |
|
21,579 |
|
|
508,027 |
|
275,084 |
|
42,605 |
|
Total consolidated net revenues |
201,054,058 |
|
253,800,470 |
|
39,308,687 |
|
|
347,259,267 |
|
456,976,639 |
|
70,776,669 |
|
|
|
|
|
|
|
|
|
Operating income/(loss): |
|
|
|
|
|
|
|
JD Retail |
4,859,411 |
|
5,986,538 |
|
927,197 |
|
|
9,920,844 |
|
13,326,641 |
|
2,064,034 |
|
JD Logistics |
2,101,478 |
|
(356,599 |
) |
(55,230 |
) |
|
1,680,093 |
|
(1,830,181 |
) |
(283,459 |
) |
New businesses |
(1,171,713 |
) |
(3,020,114 |
) |
(467,756 |
) |
|
(2,555,878 |
) |
(5,301,600 |
) |
(821,114 |
) |
Including: gain on sale of development properties |
195,586 |
|
87,337 |
|
13,527 |
|
|
195,586 |
|
170,099 |
|
26,345 |
|
Total segment operating income |
5,789,176 |
|
2,609,825 |
|
404,211 |
|
|
9,045,059 |
|
6,194,860 |
|
959,461 |
|
Unallocated items** |
(745,101 |
) |
(2,309,069 |
) |
(357,630 |
) |
|
(1,680,535 |
) |
(4,234,360 |
) |
(655,818 |
) |
Total consolidated operating income |
5,044,075 |
|
300,756 |
|
46,581 |
|
|
7,364,524 |
|
1,960,500 |
|
303,643 |
|
|
|
|
|
|
|
|
|
* The inter-segment eliminations mainly consist
of revenues from supply chain solutions and logistics services
provided by JD Logistics to JD Retail, and property leasing
services provided by JD Property to JD Logistics.
** Unallocated items include share-based
compensation, amortization of intangible assets resulting from
assets and business acquisitions, effects of business cooperation
arrangements, and impairment of goodwill and intangible assets,
which are not allocated to segments.
The table below sets forth the revenue
information:
|
For the three months ended |
|
For the six months ended |
|
June 30, 2020 |
June 30, 2021 |
June 30, 2021 |
|
June 30, 2020 |
June 30, 2021 |
June 30, 2021 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(In thousands) |
(In thousands) |
|
|
|
|
|
|
Electronics and home appliances revenues |
114,147,358 |
136,773,762 |
21,183,558 |
|
191,778,310 |
240,779,488 |
37,291,994 |
General merchandise
revenues |
64,039,523 |
82,916,122 |
12,842,072 |
|
116,501,709 |
154,192,200 |
23,881,331 |
Net product revenues |
178,186,881 |
219,689,884 |
34,025,630 |
|
308,280,019 |
394,971,688 |
61,173,325 |
|
|
|
|
|
|
|
|
Marketplace and marketing
revenues |
14,052,871 |
18,984,788 |
2,940,369 |
|
23,579,686 |
33,104,615 |
5,127,252 |
Logistics and other service
revenues |
8,814,306 |
15,125,798 |
2,342,688 |
|
15,399,562 |
28,900,336 |
4,476,092 |
Net service revenues |
22,867,177 |
34,110,586 |
5,283,057 |
|
38,979,248 |
62,004,951 |
9,603,344 |
|
|
|
|
|
|
|
|
Total net revenues |
201,054,058 |
253,800,470 |
39,308,687 |
|
347,259,267 |
456,976,639 |
70,776,669 |
Conference Call
JD.com’s management will hold a conference call
at 8:00 am, Eastern Time on August 23, 2021, (8:00 pm, Beijing/Hong
Kong Time on August 23, 2021) to discuss financial results for the
three months and six months ended June 30, 2021.
Please register in advance of the conference
using the link provided below and dial in 10 minutes prior to the
call, using participant dial-in numbers, Direct Event passcode and
unique registrant ID which would be provided upon registering. You
will be automatically linked to the live call after completion of
this process, unless required to provide the conference ID below
due to regional restrictions.
PRE-REGISTER LINK:
http://apac.directeventreg.com/registration/event/8097775
CONFERENCE ID: 8097775
A telephone replay will be available from 11:00
am, Eastern Time on August 23, 2021 through 9:59 am, Eastern Time
on August 31, 2021. The dial-in details are as follows:
US Toll Free: |
+1-855-452-5696 or +1-646-254-3697 |
International |
+61-2-8199-0299 |
Passcode: |
8097775 |
Additionally, a live and archived webcast of the
conference call will also be available on the company’s investor
relations website at http://ir.jd.com.
About JD.com
JD.com is a leading supply chain-based
technology and service provider. The company’s cutting-edge retail
infrastructure seeks to enable consumers to buy whatever they want,
whenever and wherever they want it. The company has opened its
technology and infrastructure to partners, brands and other
sectors, as part of its Retail as a Service offering to help drive
productivity and innovation across a range of industries.
Non-GAAP Measures
In evaluating the business, the company
considers and uses non-GAAP measures, such as non-GAAP
income/(loss) from operations, non-GAAP operating margin, non-GAAP
net income/(loss) attributable to ordinary shareholders, non-GAAP
net margin, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA
margin, non-GAAP net income/(loss) per share and non-GAAP net
income/(loss) per ADS, as supplemental measures to review and
assess operating performance. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). The company
defines non-GAAP income/(loss) from operations as income/(loss)
from operations excluding share-based compensation, amortization of
intangible assets resulting from assets and business acquisitions,
effects of business cooperation arrangements, gain on sale of
development properties and impairment of goodwill and intangible
assets. The company defines non-GAAP net income/(loss) attributable
to ordinary shareholders as net income/(loss) attributable to
ordinary shareholders excluding share-based compensation,
amortization of intangible assets resulting from assets and
business acquisitions, effects of business cooperation arrangements
and non-compete agreements, gain/(loss) on disposals/deemed
disposals of investments, reconciling items on the share of equity
method investments, loss/(gain) from fair value change of long-term
investments, impairment of goodwill, intangible assets and
investments, gain and foreign exchange impact in relation to sale
of development properties and tax effects on non-GAAP adjustments.
The company defines free cash flow as operating cash flow adjusting
the impact from JD Baitiao receivables included in the operating
cash flow and capital expenditures, net of the proceeds from sale
of development properties. Capital expenditures include purchase of
property, equipment and software, cash paid for construction in
progress, purchase of intangible assets and land use rights. The
company defines non-GAAP EBITDA as non-GAAP income/(loss) from
operations plus depreciation and amortization excluding
amortization of intangible assets resulting from assets and
business acquisitions. Non-GAAP basic net income/(loss) per share
is calculated by dividing non-GAAP net income/(loss) attributable
to ordinary shareholders by the weighted average number of ordinary
shares outstanding during the periods. Non-GAAP diluted net
income/(loss) per share is calculated by dividing non-GAAP net
income/(loss) attributable to ordinary shareholders by the weighted
average number of ordinary shares and dilutive potential ordinary
shares outstanding during the periods, including the dilutive
effect of share-based awards as determined under the treasury stock
method. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net
income/(loss) per share multiplied by two.
The company presents these non-GAAP financial
measures because they are used by management to evaluate operating
performance and formulate business plans. Non-GAAP income/(loss)
from operations, non-GAAP net income/(loss) attributable to
ordinary shareholders and non-GAAP EBITDA reflect the company’s
ongoing business operations in a manner that allows more meaningful
period-to-period comparisons. Free cash flow enables management to
assess liquidity and cash flow while taking into account the impact
from JD Baitiao receivables included in the operating cash flow and
the demands that the expansion of fulfillment infrastructure and
technology platform has placed on financial resources. The company
believes that the use of the non-GAAP financial measures
facilitates investors to understand and evaluate the company’s
current operating performance and future prospects in the same
manner as management does, if they so choose. The company also
believes that the non-GAAP financial measures provide useful
information to both management and investors by excluding certain
expenses, gain/loss and other items that are not expected to result
in future cash payments or that are non-recurring in nature or may
not be indicative of the company’s core operating results and
business outlook.
The non-GAAP financial measures have limitations
as analytical tools. The company’s non-GAAP financial measures do
not reflect all items of income and expense that affect the
company’s operations or not represent the residual cash flow
available for discretionary expenditures. Further, these non-GAAP
measures may differ from the non-GAAP information used by other
companies, including peer companies, and therefore their
comparability may be limited. The company compensates for these
limitations by reconciling the non-GAAP financial measures to the
nearest U.S. GAAP performance measure, all of which should be
considered when evaluating performance. The company encourages you
to review the company’s financial information in its entirety and
not rely on a single financial measure.
CONTACTS:
Investor RelationsRuiyu
LiSenior Director of Investor Relations+86 (10)
8912-6804IR@JD.com
Media Relations+86 (10)
8911-6155Press@JD.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,” “confident” and
similar statements. Among other things, the business outlook and
quotations from management in this announcement, as well as
JD.com’s strategic and operational plans, contain forward-looking
statements. JD.com 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 JD.com’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: JD.com’s growth strategies; its future business
development, results of operations and financial condition; its
ability to attract and retain new customers and to increase
revenues generated from repeat customers; its expectations
regarding demand for and market acceptance of its products and
services; trends and competition in China’s e-commerce market;
changes in its revenues and certain cost or expense items; the
expected growth of the Chinese e-commerce market; Chinese
governmental policies relating to JD.com’s industry and general
economic conditions in China. Further information regarding these
and other risks is included in JD.com’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 JD.com undertakes no
obligation to update any forward-looking statement, except as
required under applicable law.
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
86,084,857 |
97,347,080 |
15,077,143 |
Restricted cash |
|
4,434,448 |
5,309,698 |
822,367 |
Short-term investments |
|
60,577,110 |
75,452,533 |
11,686,109 |
Accounts receivable, net (including JD Baitiao of RMB0.8 billion
and RMB5.6 billion as of December 31, 2020 and June 30, 2021,
respectively)(1) |
|
7,111,947 |
13,948,093 |
2,160,285 |
Advance to suppliers |
|
3,767,933 |
3,847,551 |
595,910 |
Inventories, net |
|
58,932,519 |
65,768,288 |
10,186,211 |
Prepayments and other current assets |
|
7,076,590 |
11,905,759 |
1,843,967 |
Amount due from related parties |
|
6,667,262 |
11,877,241 |
1,839,550 |
Assets held for sale(2) |
|
148,592 |
146,144 |
22,635 |
Total current
assets |
|
234,801,258 |
285,602,387 |
44,234,177 |
Non-current
assets |
|
|
|
|
Property, equipment and software, net |
|
22,596,570 |
25,135,571 |
3,893,004 |
Construction in progress |
|
7,906,406 |
7,668,081 |
1,187,635 |
Intangible assets, net |
|
6,462,888 |
6,303,711 |
976,321 |
Land use rights, net |
|
11,124,913 |
12,480,251 |
1,932,945 |
Operating lease right-of-use assets |
|
15,484,082 |
17,233,962 |
2,669,201 |
Goodwill |
|
10,904,409 |
12,310,330 |
1,906,627 |
Investment in equity investees |
|
58,501,329 |
66,398,713 |
10,283,851 |
Investment securities |
|
39,085,150 |
26,366,575 |
4,083,662 |
Deferred tax assets |
|
532,746 |
636,737 |
98,618 |
Other non-current assets |
|
13,315,844 |
14,808,600 |
2,293,560 |
Amount due from related parties |
|
242,527 |
251,963 |
39,024 |
Assets held for sale(2) |
|
1,329,672 |
934,906 |
144,799 |
Total non-current
assets |
|
187,486,536 |
190,529,400 |
29,509,247 |
Total
assets |
|
422,287,794 |
476,131,787 |
73,743,424 |
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
As of |
|
|
December 31,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
LIABILITIES |
|
|
|
|
Current
liabilities |
|
|
|
|
Short-term debts |
|
- |
562,398 |
87,104 |
Accounts payable |
|
106,818,425 |
127,966,501 |
19,819,487 |
Advances from customers |
|
20,998,001 |
25,022,297 |
3,875,460 |
Deferred revenues |
|
3,417,313 |
4,479,902 |
693,848 |
Taxes payable |
|
3,029,416 |
1,962,800 |
303,999 |
Amount due to related parties |
|
585,324 |
367,528 |
56,923 |
Unsecured senior notes |
|
3,259,882 |
- |
- |
Accrued expenses and other current liabilities |
|
30,034,571 |
30,311,713 |
4,694,687 |
Operating lease liabilities |
|
5,513,534 |
6,061,668 |
938,833 |
Liabilities held for sale(2) |
|
360,196 |
181,324 |
28,084 |
Total current
liabilities |
|
174,016,662 |
196,916,131 |
30,498,425 |
Non-current
liabilities |
|
|
|
|
Deferred revenues |
|
1,617,844 |
1,517,757 |
235,071 |
Unsecured senior notes |
|
9,594,556 |
9,504,686 |
1,472,088 |
Deferred tax liabilities |
|
1,921,831 |
2,001,949 |
310,062 |
Long-term borrowings |
|
2,936,205 |
2,907,045 |
450,244 |
Operating lease liabilities |
|
10,249,957 |
11,471,003 |
1,776,632 |
Other non-current liabilities |
|
331,623 |
2,407,465 |
372,869 |
Total non-current
liabilities |
|
26,652,016 |
29,809,905 |
4,616,966 |
Total
liabilities |
|
200,668,678 |
226,726,036 |
35,115,391 |
(1) JD Technology performs credit risk assessment services for JD
Baitiao business and absorbs the credit risk of the underlying
Baitiao receivables. Facilitated by JD Technology, the company
periodically securitizes Baitiao receivables through the transfer
of those assets to asset-backed securitization plans and
derecognizes the related Baitiao receivables through sales type
arrangements. |
(2) The company entered into definitive agreements to transfer
certain logistic facilities and real estate properties to third
parties through the infrastructure asset management and integrated
service platform of JD Property. As of June 30, 2021, the company
classified the related undisposed assets and liabilities as assets
and liabilities held for sale under ASC 360. |
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Balance Sheets |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
|
|
As of |
|
|
December 31,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
MEZZANINE
EQUITY |
|
|
|
|
Convertible redeemable
non-controlling interests |
|
17,133,208 |
1,202,526 |
186,248 |
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value,
100,000,000 shares authorized, 3,131,709 shares issued and
3,104,312 shares outstanding as of June 30, 2021) |
|
187,543,295 |
216,758,929 |
33,571,684 |
Non-controlling interests |
|
16,942,613 |
31,444,296 |
4,870,101 |
Total shareholders’
equity |
|
204,485,908 |
248,203,225 |
38,441,785 |
Total liabilities, mezzanine equity and shareholders’
equity |
|
422,287,794 |
476,131,787 |
73,743,424 |
|
|
|
|
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Operations |
(In thousands, except per share data and otherwise noted) |
|
For the three months ended |
|
For the six months ended |
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Net
revenues |
|
|
|
|
|
|
|
Net product revenues |
178,186,881 |
|
219,689,884 |
|
34,025,630 |
|
|
308,280,019 |
|
394,971,688 |
|
61,173,325 |
|
Net service revenues |
22,867,177 |
|
34,110,586 |
|
5,283,057 |
|
|
38,979,248 |
|
62,004,951 |
|
9,603,344 |
|
Total net
revenues |
201,054,058 |
|
253,800,470 |
|
39,308,687 |
|
|
347,259,267 |
|
456,976,639 |
|
70,776,669 |
|
Cost of revenues |
(172,418,571 |
) |
(222,070,876 |
) |
(34,394,399 |
) |
|
(296,088,270 |
) |
(396,125,026 |
) |
(61,351,954 |
) |
Fulfillment |
(11,956,352 |
) |
(14,649,314 |
) |
(2,268,890 |
) |
|
(22,356,142 |
) |
(28,452,715 |
) |
(4,406,764 |
) |
Marketing |
(6,803,919 |
) |
(10,612,420 |
) |
(1,643,655 |
) |
|
(11,272,235 |
) |
(17,611,177 |
) |
(2,727,624 |
) |
Research and development |
(3,603,600 |
) |
(3,693,410 |
) |
(572,036 |
) |
|
(7,538,759 |
) |
(8,222,916 |
) |
(1,273,568 |
) |
General and administrative |
(1,423,127 |
) |
(2,561,031 |
) |
(396,653 |
) |
|
(2,834,923 |
) |
(4,774,404 |
) |
(739,461 |
) |
Gain on sale of development properties |
195,586 |
|
87,337 |
|
13,527 |
|
|
195,586 |
|
170,099 |
|
26,345 |
|
Income from
operations(3)(4) |
5,044,075 |
|
300,756 |
|
46,581 |
|
|
7,364,524 |
|
1,960,500 |
|
303,643 |
|
Other
income/(expenses) |
|
|
|
|
|
|
|
Share of results of equity investees |
4,004,164 |
|
522,781 |
|
80,968 |
|
|
2,883,944 |
|
1,205,110 |
|
186,648 |
|
Interest expense |
(324,218 |
) |
(232,325 |
) |
(35,983 |
) |
|
(531,318 |
) |
(490,146 |
) |
(75,914 |
) |
Others, net(5) |
8,485,552 |
|
455,936 |
|
70,615 |
|
|
8,876,050 |
|
2,493,671 |
|
386,220 |
|
Income before
tax |
17,209,573 |
|
1,047,148 |
|
162,181 |
|
|
18,593,200 |
|
5,169,135 |
|
800,597 |
|
Income tax expenses |
(796,550 |
) |
(569,624 |
) |
(88,224 |
) |
|
(1,122,994 |
) |
(1,049,113 |
) |
(162,487 |
) |
Net
income |
16,413,023 |
|
477,524 |
|
73,957 |
|
|
17,470,206 |
|
4,120,022 |
|
638,110 |
|
Net loss attributable to non-controlling interests
shareholders |
(34,384 |
) |
(320,368 |
) |
(49,619 |
) |
|
(50,804 |
) |
(298,120 |
) |
(46,173 |
) |
Net income attributable to mezzanine equity classified as
non-controlling interests shareholders |
794 |
|
3,625 |
|
561 |
|
|
1,576 |
|
6,590 |
|
1,021 |
|
Net income
attributable to ordinary shareholders |
16,446,613 |
|
794,267 |
|
123,015 |
|
|
17,519,434 |
|
4,411,552 |
|
683,262 |
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
Basic |
5.55 |
|
0.26 |
|
0.04 |
|
|
5.95 |
|
1.42 |
|
0.22 |
|
Diluted |
5.23 |
|
0.25 |
|
0.04 |
|
|
5.68 |
|
1.38 |
|
0.21 |
|
Net income per
ADS: |
|
|
|
|
|
|
|
Basic |
11.11 |
|
0.51 |
|
0.08 |
|
|
11.90 |
|
2.84 |
|
0.44 |
|
Diluted |
10.47 |
|
0.50 |
|
0.08 |
|
|
11.37 |
|
2.76 |
|
0.43 |
|
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of
Operations |
(In thousands, except per share data and otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
(3) Includes
share-based compensation expenses as follows: |
|
|
|
|
Cost of revenues |
|
(13,638 |
) |
(14,856 |
) |
(2,301 |
) |
|
(34,498 |
) |
(36,411 |
) |
(5,639 |
) |
Fulfillment |
|
(64,616 |
) |
(170,371 |
) |
(26,387 |
) |
|
(196,494 |
) |
(341,359 |
) |
(52,870 |
) |
Marketing |
|
(54,183 |
) |
(128,836 |
) |
(19,954 |
) |
|
(131,255 |
) |
(248,847 |
) |
(38,541 |
) |
Research and development |
|
(190,127 |
) |
(452,574 |
) |
(70,095 |
) |
|
(550,726 |
) |
(878,107 |
) |
(136,001 |
) |
General and administrative |
|
(310,660 |
) |
(1,310,788 |
) |
(203,015 |
) |
|
(696,765 |
) |
(2,270,486 |
) |
(351,654 |
) |
|
|
|
|
|
|
|
|
|
(4) Includes
amortization of business cooperation arrangement and intangible
assets resulting from assets and business acquisitions as
follows: |
Fulfillment |
|
(48,200 |
) |
(55,957 |
) |
(8,667 |
) |
|
(89,633 |
) |
(108,027 |
) |
(16,731 |
) |
Marketing |
|
(146,709 |
) |
(211,947 |
) |
(32,826 |
) |
|
(285,658 |
) |
(420,607 |
) |
(65,144 |
) |
Research and development |
|
(24,700 |
) |
(26,250 |
) |
(4,066 |
) |
|
(49,400 |
) |
(51,466 |
) |
(7,971 |
) |
General and administrative |
|
(77,313 |
) |
(76,820 |
) |
(11,898 |
) |
|
(154,133 |
) |
(154,134 |
) |
(23,872 |
) |
|
|
|
|
|
|
|
|
|
(5) Others are other non-operating income/(loss), primarily consist
of gains/(losses) from fair value change of long-term investments,
gains/(losses) from business and investment disposals, impairment
of investments, government incentives, interest income and foreign
exchange gains/(losses). |
JD.com, Inc. |
Unaudited Non-GAAP Net Income Per Share and Per ADS |
(In thousands, except per share data and otherwise noted) |
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders |
|
5,911,148 |
4,626,621 |
716,571 |
|
8,883,354 |
8,594,158 |
1,331,065 |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares: |
|
|
|
|
|
|
|
|
Basic |
|
2,961,278 |
3,105,545 |
3,105,545 |
|
2,943,981 |
3,106,446 |
3,106,446 |
Diluted |
|
3,041,244 |
3,190,088 |
3,190,088 |
|
3,020,015 |
3,198,965 |
3,198,965 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share: |
|
|
|
|
|
|
|
|
Basic |
|
2.00 |
1.49 |
0.23 |
|
3.02 |
2.77 |
0.43 |
Diluted |
|
1.75 |
1.45 |
0.22 |
|
2.77 |
2.68 |
0.42 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
3.99 |
2.98 |
0.46 |
|
6.03 |
5.53 |
0.86 |
Diluted |
|
3.51 |
2.90 |
0.45 |
|
5.55 |
5.37 |
0.83 |
JD.com, Inc. |
Unaudited Interim Condensed Consolidated Statements of Cash Flows
and Free Cash Flow |
(In thousands) |
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
26,617,548 |
|
28,890,156 |
|
4,474,515 |
|
|
25,075,071 |
|
21,381,382 |
|
3,311,554 |
|
Net cash used in investing activities |
|
(23,389,954 |
) |
(18,074,088 |
) |
(2,799,320 |
) |
|
(31,586,306 |
) |
(25,705,480 |
) |
(3,981,272 |
) |
Net cash provided by financing activities |
|
28,454,594 |
|
17,443,091 |
|
2,701,591 |
|
|
43,541,004 |
|
16,851,341 |
|
2,609,940 |
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
(60,032 |
) |
(967,327 |
) |
(149,820 |
) |
|
549,333 |
|
(372,062 |
) |
(57,624 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
31,622,156 |
|
27,291,832 |
|
4,226,966 |
|
|
37,579,102 |
|
12,155,181 |
|
1,882,598 |
|
Cash, cash equivalents and restricted cash at beginning of
period(6) |
|
45,869,225 |
|
75,498,572 |
|
11,693,240 |
|
|
39,912,279 |
|
90,635,223 |
|
14,037,608 |
|
Cash, cash equivalents and restricted cash at end of period(6) |
|
77,491,381 |
|
102,790,404 |
|
15,920,206 |
|
|
77,491,381 |
|
102,790,404 |
|
15,920,206 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
26,617,548 |
|
28,890,156 |
|
4,474,515 |
|
|
25,075,071 |
|
21,381,382 |
|
3,311,554 |
|
Add: Impact from JD Baitiao receivables included in the operating
cash flow |
|
2,050,714 |
|
3,290,906 |
|
509,696 |
|
|
2,626,442 |
|
4,516,106 |
|
699,456 |
|
(Less)/Add: Capital expenditures, net of related sales
proceeds |
|
|
|
|
|
|
|
|
Capital expenditures for development properties |
|
(2,116,213 |
) |
(2,874,062 |
) |
(445,136 |
) |
|
(3,547,758 |
) |
(4,496,696 |
) |
(696,450 |
) |
Other capital expenditures |
|
(749,037 |
) |
215,182 |
|
33,327 |
|
|
(1,325,220 |
) |
(1,621,203 |
) |
(251,092 |
) |
Free cash flow |
|
25,803,012 |
|
29,522,182 |
|
4,572,402 |
|
|
22,828,535 |
|
19,779,589 |
|
3,063,468 |
|
(6) Including cash, cash equivalents and
restricted cash classified as assets held for sale of RMB176.5
million, RMB115.9 million and RMB133.6 million as of June 30, 2020,
December 31, 2020 and June 30, 2021, respectively.
JD.com, Inc. |
Supplemental Financial Information and Business Metrics |
|
|
|
Q2 2020 |
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
|
|
|
|
|
|
|
Free cash flow (in RMB billions) – trailing twelve months
(“TTM”) |
|
22.7 |
30.2 |
34.9 |
28.2 |
31.9 |
Inventory turnover days(7) – TTM |
|
34.8 |
34.3 |
33.3 |
31.2 |
31.0 |
Accounts payable turnover days(8) – TTM |
|
50.8 |
49.2 |
47.1 |
44.2 |
45.8 |
Accounts receivable turnover days(9) – TTM |
|
2.9 |
2.8 |
2.7 |
2.6 |
2.7 |
Annual active customer accounts (in millions) |
|
417.4 |
441.6 |
471.9 |
499.8 |
531.9 |
(7) TTM inventory turnover days are the quotient of average
inventory over the immediately preceding five quarters, up to and
including the last quarter of the period, to cost of revenues of
retail business for the last twelve months, and then multiplied by
360 days.(8) TTM accounts payable turnover days are the quotient of
average accounts payable for retail business over the immediately
preceding five quarters, up to and including the last quarter of
the period, to cost of revenues of retail business for the last
twelve months, and then multiplied by 360 days. (9) TTM accounts
receivable turnover days are the quotient of average accounts
receivable over the immediately preceding five quarters, up to and
including the last quarter of the period, to total net revenues for
the last twelve months and then multiplied by 360 days. Presented
are the accounts receivable turnover days excluding the impact from
JD Baitiao. |
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Income from operations |
|
5,044,075 |
|
300,756 |
|
46,581 |
|
|
7,364,524 |
|
1,960,500 |
|
303,643 |
|
Add: Share-based compensation |
|
633,224 |
|
2,077,425 |
|
321,752 |
|
|
1,609,738 |
|
3,775,210 |
|
584,705 |
|
Add: Amortization of intangible assets resulting from assets and
business acquisitions |
|
154,421 |
|
236,049 |
|
36,560 |
|
|
301,582 |
|
466,610 |
|
72,268 |
|
Reversal of: Effects of business cooperation arrangements |
|
(42,544 |
) |
(4,405 |
) |
(682 |
) |
|
(230,785 |
) |
(7,460 |
) |
(1,155 |
) |
Reversal of: Gain on sale of development properties |
|
(195,586 |
) |
(87,337 |
) |
(13,527 |
) |
|
(195,586 |
) |
(170,099 |
) |
(26,345 |
) |
Non-GAAP income from operations |
|
5,593,590 |
|
2,522,488 |
|
390,684 |
|
|
8,849,473 |
|
6,024,761 |
|
933,116 |
|
Add: Depreciation and other amortization |
|
1,306,835 |
|
1,224,321 |
|
189,623 |
|
|
2,565,299 |
|
2,661,851 |
|
412,269 |
|
Non-GAAP EBITDA |
|
6,900,425 |
|
3,746,809 |
|
580,307 |
|
|
11,414,772 |
|
8,686,612 |
|
1,345,385 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
201,054,058 |
|
253,800,470 |
|
39,308,687 |
|
|
347,259,267 |
|
456,976,639 |
|
70,776,669 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin |
|
2.8 |
% |
1.0 |
% |
1.0 |
% |
|
2.5 |
% |
1.3 |
% |
1.3 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA margin |
|
3.4 |
% |
1.5 |
% |
1.5 |
% |
|
3.3 |
% |
1.9 |
% |
1.9 |
% |
JD.com, Inc. |
Unaudited Reconciliation of GAAP and Non-GAAP Results |
(In thousands, except percentage data) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
June 30,2020 |
June 30,2021 |
June 30,2021 |
|
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders |
|
16,446,613 |
|
794,267 |
|
123,015 |
|
|
17,519,434 |
|
4,411,552 |
|
683,262 |
|
Add: Share-based compensation |
|
633,224 |
|
2,077,425 |
|
321,752 |
|
|
1,609,738 |
|
3,775,210 |
|
584,705 |
|
Add: Amortization of intangible assets resulting from assets and
business acquisitions |
|
154,421 |
|
236,049 |
|
36,560 |
|
|
301,582 |
|
466,610 |
|
72,268 |
|
Add/(Reversal of): Reconciling items on the share of equity method
investments(10) |
|
190,956 |
|
(384,541 |
) |
(59,558 |
) |
|
116,469 |
|
(1,031,490 |
) |
(159,757 |
) |
Add: Impairment of goodwill, intangible assets, and
investments |
|
239,986 |
|
267,349 |
|
41,407 |
|
|
661,735 |
|
308,348 |
|
47,757 |
|
(Reversal of)/Add: (Gain)/Loss from fair value change of long-term
investments |
|
(6,737,705 |
) |
1,589,108 |
|
246,121 |
|
|
(6,068,002 |
) |
766,165 |
|
118,664 |
|
Reversal of: Gain and foreign exchange impact in relation to sale
of development properties |
|
(195,586 |
) |
(87,337 |
) |
(13,527 |
) |
|
(195,586 |
) |
(170,099 |
) |
(26,345 |
) |
Reversal of: Gain on disposals/deemed disposals of investments |
|
(4,774,833 |
) |
(16,000 |
) |
(2,478 |
) |
|
(4,789,833 |
) |
(16,000 |
) |
(2,478 |
) |
Reversal of: Effects of business cooperation arrangements and
non-compete agreements |
|
(63,638 |
) |
(23,640 |
) |
(3,661 |
) |
|
(272,660 |
) |
(46,004 |
) |
(7,125 |
) |
Add: Tax effects on non-GAAP adjustments |
|
17,710 |
|
173,941 |
|
26,940 |
|
|
477 |
|
129,866 |
|
20,114 |
|
Non-GAAP net income attributable to ordinary
shareholders |
|
5,911,148 |
|
4,626,621 |
|
716,571 |
|
|
8,883,354 |
|
8,594,158 |
|
1,331,065 |
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
201,054,058 |
|
253,800,470 |
|
39,308,687 |
|
|
347,259,267 |
|
456,976,639 |
|
70,776,669 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP net margin |
|
2.9 |
% |
1.8 |
% |
1.8 |
% |
|
2.6 |
% |
1.9 |
% |
1.9 |
% |
|
|
|
|
|
|
|
|
|
(10) To exclude the GAAP to non-GAAP reconciling items on the share
of equity method investments, and share of amortization of
intangibles not on their books. |
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