Press Releases
JD.com Announces Fourth Quarter and Full Year 2014 Results
Fourth Quarter 2014 Highlights1
-
GMV for the fourth quarter of 2014 was
RMB85.8 billion (US$13.8 billion ), an increase of 119% compared with the fourth quarter of 2013.
-
Net revenues for the fourth quarter of 2014 were
RMB34.7 billion (US$5.6 billion ), an increase of 73% from the fourth quarter of 2013.
-
Net loss for the fourth quarter of 2014 was
RMB454.3 million (US$73.2 million ) and net margin was negative 1.3%. Non-GAAP net income2 for the fourth quarter of 2014 wasRMB83.8 million (US$13.5 million ) and non-GAAP net margin was 0.2%.
-
Annual active customer accounts3 increased by 104% to 96.6 million in the twelve months ended
December 31, 2014 from 47.4 million in the twelve months endedDecember 31, 2013 .
- Fulfilled orders in the fourth quarter of 2014 were 217.8 million, an increase of 95% from 111.7 million for the same period in 2013. Fulfilled orders placed through mobile accounted for approximately 36.0% of total orders fulfilled in the fourth quarter of 2014, a 372% increase compared to the same period in 2013.
"Our commitment to providing the best e-commerce experience for Chinese consumers enabled us to deliver excellent results in the fourth quarter," said
"We recorded stronger than expected top line growth and healthy margin improvement in the fourth quarter, underscoring the success of our sustained emphasis on customer experience and operational efficiency," commented
Recent Business Developments
-
In the fourth quarter of 2014,
JD.com's shopping channels on Weixin and Mobile QQ saw continued improvement in user experience and order conversion. The average daily GMV from these two social network channels more than doubled from their third quarter level.
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JD.com continues to enhance its position as a leading e-commerce platform inChina for authentic and high-quality products through partnerships with internationally renowned brands. During the fourth quarter,Samsonite and GAP were among the dozens of international brands that opened flagship stores onJD.com's marketplace.
-
In October,
JD.com announced a partnership with more than 40 leading computer and cell phone manufacturers, includingDell , Acer,ZTE ,Sony andLenovo . LeveragingJD.com's nationwide fulfillment network and in-house aftersales teams, the parties will work together to provide enhanced maintenance services for electronic products and to simplify the aftersales process for both customers and manufacturers.
-
In December,
JD.com established its first rural service center in Renshou County,Sichuan Province to provide easier and cheaper shopping options to customers in rural markets. The service center is the first of many similar planned centers, which aim to enhanceJD.com's delivery capabilities in rural areas and to increase the Company's brand awareness and customer engagement throughout rural areas inChina .
-
In the lead up to the
Chinese New Year holiday, the peak period for purchases of high-end alcoholic spirits inChina ,JD.com partnered with leading Chinese liquor producers to bring customers guaranteed authentic products during the holiday season.JD.com signed distribution agreements with eight of the most popular Chinese liquor brands inChina , including an exclusive e-commerce partnership agreement with the country's best-known liquor maker Maotai.
-
During the fourth quarter,
JD.com extended its leadership in fulfillment capabilities among e-commerce companies inChina . As ofDecember 31, 2014 ,JD.com operated 123 warehouses and a total of 3,210 delivery stations and pickup stations and its delivery network covered 1,862 counties and districts.JD.com's 211 same-day and next-day delivery program covered 134 and 866 counties and districts, respectively, as ofDecember 31, 2014 , compared to 130 and 815 counties and districts, respectively, as ofSeptember 30, 2014 .
-
JD.com had approximately 60,000 merchants on its online marketplace and a total of 68,109 full-time employees as ofDecember 31, 2014 .
Fourth Quarter 2014 Financial Results
GMV and Net Revenues. GMV for the fourth quarter of 2014 was
For the fourth quarter of 2014,
Cost of Revenues. Cost of revenues increased by 68% to
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery and customer service expenses, increased by 107% to
Marketing Expenses. Marketing expenses increased by 181% to
Technology and Content Expenses. Technology and content expenses increased by 124% to
General and Administrative Expenses. General and administrative expenses increased by 94% to
Net Loss and Non-GAAP Net Income/(Loss). Net loss for the fourth quarter of 2014 was
Net Loss Per ADS6 and Non-GAAP Net Income/(Loss) Per ADS7. Net loss per ADS for the fourth quarter of 2014 was
As of
For the three months ended | |||
December 31, 2013 |
December 31, 2014 |
December 31, 2014 |
|
RMB | RMB | USD | |
(In thousands) | |||
Net cash provided by/(used in) operating activities | 1,454,928 | (1,245,044) | (200,665) |
Add: Impact from internet financing activities9 | 68,737 | 784,944 | 126,510 |
Less: Capital expenditures | (393,637) | (780,333) | (125,767) |
Free cash flow in/(out) | 1,130,028 | (1,240,433) | (199,922) |
Accounts payable primarily include accounts payable to suppliers associated with the Company's online direct sales business and those to third-party sellers on the Company's online marketplace. From late 2013, the Company started to provide supply chain financing to the Company's suppliers of online direct sales business. As of
Net inventories increased to
Full Year 2014 Financial Results
GMV and Net Revenues. GMV for the full year of 2014 was
For the full year of 2014,
Cost of Revenues. Cost of revenues increased by 63% to
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery and customer service expenses, increased by 96% to
Marketing Expenses. Marketing expenses increased by 152% to
Technology and Content Expenses. Technology and content expenses increased by 91% to
General and Administrative Expenses. General and administrative expenses increased to
Net Loss and Non-GAAP Net Income. Net loss for the full year of 2014 was
Net Loss Per ADS and Non-GAAP Net Income Per ADS. Net loss per ADS for the full year of 2014 was
For the full year of 2014, free cash flow was as follows:
For the year ended | |||
December 31, 2013 |
December 31, 2014 |
December 31, 2014 |
|
RMB | RMB | USD | |
(In thousands) | |||
Net cash provided by operating activities | 3,569,819 | 1,015,016 | 163,591 |
Add: Impact from internet financing activities | 68,737 | 2,751,939 | 443,532 |
Less: Capital expenditures | (1,292,081) | (2,902,066) | (467,728) |
Free cash flow | 2,346,475 | 864,889 | 139,395 |
Annual accounts payable turnover days12 for the online direct sales business excluding the impact from supply chain financing were 40.9 days in the full year of 2014 and 42.2 days in the full year of 2013. Annual inventory turnover days13 were 34.8 days in the full year of 2014 and 34.2 days in the full year of 2013.
First Quarter 2015 Guidance
Net revenues for the first quarter of 2015 are expected to be between
Conference Call
Listeners may access the call by dialing the following numbers:
US Toll Free: | 1855-298-3404 or +1-631-5142-526 |
Hong Kong | 800-905-927 or +852-5808-3202 |
Mainland China | 400-1200-539 |
International | +65-6823-2299 |
Passcode: | 5980389 |
A replay of the conference call may be accessed by phone at the following numbers until
US Toll Free: | 1866-846-0868 |
International | +61-2-9641-7900 |
Passcode: | 5980389 |
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.
1 The U.S. dollar (USD) 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 reader. The conversion of Renminbi (RMB) into USD in this press release is based on the noon buying rate in The
2 As used in this press release, non-GAAP net income/(loss) is defined to exclude share-based compensation and amortization of intangible assets resulting from assets and business acquisitions from net loss, and non-GAAP net margin is calculated by dividing non-GAAP net income/(loss) by net revenues. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.
3 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 direct sales or online marketplaces, which include Paipai.com since the third quarter of 2014.
4 Quarterly active customer accounts are customer accounts that made at least one purchase during the specified quarter, whether through online direct sales or online marketplaces, which include Paipai.com since the third quarter of 2014.
5 As used in this press release, non-GAAP operating expenses are defined to exclude share-based compensation and amortization of intangible assets resulting from assets and business acquisitions from operating expenses. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.
6 Each ADS represents two class A ordinary shares.
7 As used in this press release, non-GAAP net income/(loss) per weighted average shares is calculated by dividing non-GAAP net income/(loss) by the weighted average number of shares of permanent equity securities outstanding during the period. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss) per weighted average shares multiplied by two.
8 As used in this press release, non-GAAP free cash flow is defined as operating cash flow adding back the impact from internet financing activities and less capital expenditures, which include purchases of property, equipment and software, cash paid for construction in progress, purchase of office building, intangible assets and land use rights.
9 Internet financing activities include financial products, primarily "Jingbaobei," "Jingxiaodai" and "JD Baitiao," the Company provides to suppliers, merchants and customers.
10 As used in this press release, accounts payable turnover days for a given period are equal to average accounts payable balances at the beginning and the end of the period divided by total cost of revenues during the period and then multiplied by the number of days during the period.
11 As used in this press release, inventory turnover days for a given period are equal to average inventory balances at the beginning and the end of the period divided by total cost of revenues during the period and then multiplied by the number of days during the period.
12 Annual accounts payable turnover days are the quotient of total cost of revenues to average accounts payable over five quarter ends.
13 Annual inventory turnover days are the quotient of total cost of revenues to average inventory over five quarter ends.
About JD.com, Inc.
Non-GAAP Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating expenses, non-GAAP net income/(loss), non-GAAP net margin, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per weighted average shares 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 Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP operating expenses and non-GAAP net income/(loss) enable management to assess operating results without considering the impact of share-based compensation and amortization of intangible assets resulting from assets and business acquisitions, which are non-cash charges. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from internet financing activities and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. Non-GAAP EBITDA enables management to assess operating results without considering the impact of share-based compensation, depreciation and amortization, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of operating performance.
These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP operating expenses and non-GAAP net income/(loss) is that it does not reflect all items of income and expense that affect the Company's operations. Share-based compensation and amortization of intangible assets resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and are not reflected in the presentation of non-GAAP net income/(loss). One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures. One of the key limitations of using non-GAAP EBITDA is that it does not reflect all items of income and expense that affect operations. Share-based compensation, depreciation and amortization have been and may continue to be incurred in the Company's business and are not reflected in the presentation of non-GAAP EBITDA. 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.
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
For investor and media inquiries, please contact:
Investor Relations
+86 (10) 5895-5597
IR@JD.com
Media
+86 (10) 5895-9315
Josh@JD.com
JD.com, Inc. | |||
Unaudited Condensed Consolidated Balance Sheets | |||
(In thousands, except per share data) | |||
As of | |||
December 31, | December 31, | December 31, | |
2013 | 2014 | 2014 | |
RMB | RMB | USD | |
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 10,812,339 | 16,914,651 | 2,726,147 |
Restricted cash | 1,887,387 | 3,038,286 | 489,683 |
Short-term investments | 1,903,224 | 12,161,643 | 1,960,101 |
Accounts receivable, net | 502,089 | 2,436,256 | 392,653 |
Advance to suppliers | 769,765 | 930,026 | 149,893 |
Inventories, net | 6,386,155 | 12,190,843 | 1,964,807 |
Loan receivables | -- | 123,344 | 19,879 |
Prepayments and other current assets | 219,102 | 1,734,334 | 279,526 |
Amount due from related parties | -- | 412,314 | 66,453 |
Total current assets | 22,480,061 | 49,941,697 | 8,049,142 |
Non-current assets: | |||
Property, equipment and software, net | 1,024,428 | 2,408,438 | 388,170 |
Construction in progress | 1,237,644 | 1,928,899 | 310,882 |
Land use rights, net | 598,853 | 1,067,253 | 172,010 |
Intangible assets, net | 215,802 | 6,877,947 | 1,108,524 |
Goodwill | 14,649 | 2,622,470 | 422,665 |
Investment in equity investees | 36,502 | 586,959 | 94,601 |
Investment securities | -- | 434,118 | 69,967 |
Other non-current assets | 401,873 | 625,391 | 100,795 |
Total non-current assets | 3,529,751 | 16,551,475 | 2,667,614 |
Total assets | 26,009,812 | 66,493,172 | 10,716,756 |
JD.com, Inc. | |||
Unaudited Condensed Consolidated Balance Sheets | |||
(In thousands, except per share data) | |||
As of | |||
December 31, | December 31, | December 31, | |
2013 | 2014 | 2014 | |
RMB | RMB | USD | |
LIABILITIES | |||
Current liabilities: | |||
Short-term bank loans | 932,826 | 1,890,771 | 304,737 |
Accounts payable | 11,018,865 | 16,363,671 | 2,637,345 |
Advances from customers | 2,055,625 | 4,666,660 | 752,129 |
Deferred revenues | 208,527 | 157,080 | 25,317 |
Taxes payable | 278,256 | 236,160 | 38,062 |
Amount due to related parties | -- | 325,119 | 52,400 |
Accrued expenses and other current liabilities | 2,269,798 | 5,311,832 | 856,113 |
Deferred tax liabilities | 6,087 | 43,812 | 7,061 |
Total current liabilities | 16,769,984 | 28,995,105 | 4,673,164 |
Total liabilities | 16,769,984 | 28,995,105 | 4,673,164 |
MEZZANINE EQUITY | |||
Series C convertible redeemable preferred shares | 7,173,263 | -- | -- |
SHAREHOLDERS' EQUITY: | |||
Series A and A-1 convertible preferred shares | 255,850 | -- | -- |
Series B convertible preferred shares | 88,241 | -- | -- |
Ordinary shares (US$0.00002 par value, 100,000,000 shares authorized, 2,793,757 shares issued and 2,731,718 shares outstanding as of December 31, 2014) | 199 | 358 | 58 |
Additional paid-in capital | 6,251,869 | 47,131,172 | 7,596,166 |
Statutory reserves | 2,648 | 15,009 | 2,419 |
Treasury stock | -- | (4) | (1) |
Accumulated deficit | (4,263,624) | (9,272,343) | (1,494,430) |
Accumulated other comprehensive loss | (268,618) | (376,125) | (60,620) |
Total shareholder's equity | 2,066,565 | 37,498,067 | 6,043,592 |
Total liabilities, mezzanine equity, and shareholders' equity | 26,009,812 | 66,493,172 | 10,716,756 |
JD.com, Inc. | |||||||
Unaudited Condensed Consolidated Statements of Operations and Non-GAAP Net Income Per ADS | |||||||
(In thousands, except per share data) | |||||||
For the three months ended | For the year ended | ||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |
2013 | 2014 | 2014 | 2014 | 2013 | 2014 | 2014 | |
RMB | RMB | RMB | USD | RMB | RMB | USD | |
Net revenues | |||||||
Online direct sales | 19,340,064 | 27,368,870 | 32,380,628 | 5,218,810 | 67,017,977 | 108,549,258 | 17,494,965 |
Services and others | 783,254 | 1,643,133 | 2,339,420 | 377,046 | 2,321,835 | 6,453,059 | 1,040,044 |
Total net revenues | 20,123,318 | 29,012,003 | 34,720,048 | 5,595,856 | 69,339,812 | 115,002,317 | 18,535,009 |
Operating expenses | |||||||
Cost of revenues | (18,082,563) | (25,467,986) | (30,309,818) | (4,885,056) | (62,495,538) | (101,631,443) | (16,380,015) |
Fulfillment | (1,250,915) | (2,119,297) | (2,585,430) | (416,696) | (4,108,939) | (8,067,048) | (1,300,172) |
Marketing | (523,313) | (879,974) | (1,470,650) | (237,026) | (1,590,171) | (4,010,280) | (646,340) |
Technology and content | (275,815) | (511,973) | (618,946) | (99,756) | (963,653) | (1,835,919) | (295,896) |
General and administrative | (253,335) | (439,413) | (491,334) | (79,189) | (760,338) | (5,260,064) | (847,768) |
Total operating expenses | (20,385,941) | (29,418,643) | (35,476,178) | (5,717,723) | (69,918,639) | (120,804,754) | (19,470,191) |
Loss from operations | (262,623) | (406,640) | (756,130) | (121,867) | (578,827) | (5,802,437) | (935,182) |
Other income/(expenses) | |||||||
Interest income | 121,603 | 197,908 | 187,160 | 30,165 | 343,770 | 637,641 | 102,769 |
Interest expense | (1,223) | (8,350) | (7,158) | (1,154) | (8,437) | (28,825) | (4,646) |
Others, net | 29,657 | 58,928 | 137,052 | 22,089 | 193,555 | 216,587 | 34,907 |
Loss before tax | (112,586) | (158,154) | (439,076) | (70,767) | (49,939) | (4,977,034) | (802,152) |
Income tax (expenses)/benefits | 2,611 | (6,204) | (15,246) | (2,457) | 40 | (19,324) | (3,114) |
Net loss | (109,975) | (164,358) | (454,322) | (73,224) | (49,899) | (4,996,358) | (805,266) |
Preferred shares redemption value accretion | (274,812) | -- | -- | -- | (2,435,366) | (7,957,640) | (1,282,539) |
Net loss attributable to holders of permanent equity securities | (384,787) | (164,358) | (454,322) | (73,224) | (2,485,265) | (12,953,998) | (2,087,805) |
Non-GAAP net income/(loss) | (36,434) | 370,782 | 83,829 | 13,510 | 223,874 | 362,669 | 58,453 |
Net loss per share | |||||||
Basic | (0.23) | (0.06) | (0.17) | (0.03) | (1.47) | (5.35) | (0.86) |
Diluted | (0.23) | (0.06) | (0.17) | (0.03) | (1.47) | (5.35) | (0.86) |
Net loss per ADS: | |||||||
Basic | (0.45) | (0.12) | (0.33) | (0.05) | (2.93) | (10.71) | (1.73) |
Diluted | (0.45) | (0.12) | (0.33) | (0.05) | (2.93) | (10.71) | (1.73) |
Non-GAAP net income/(loss) per ADS: | |||||||
Basic | (0.04) | 0.27 | 0.06 | 0.01 | 0.26 | 0.30 | 0.05 |
Diluted | (0.04) | 0.27 | 0.06 | 0.01 | 0.26 | 0.30 | 0.05 |
JD.com, Inc. | |||||||
Unaudited Condensed Consolidated Statements of Operations and Non-GAAP Net Income Per ADS | |||||||
(In thousands, except per share data) | |||||||
Three months ended | For the year ended | ||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |
2013 | 2014 | 2014 | 2014 | 2013 | 2014 | 2014 | |
RMB | RMB | RMB | USD | RMB | RMB | USD | |
Weighted average shares of permanent equity securities used in computation of earnings per share: | |||||||
Basic | 1,705,896 | 2,724,478 | 2,724,883 | 2,724,883 | 1,694,495 | 2,419,668 | 2,419,668 |
Diluted | 1,705,896 | 2,724,478 | 2,724,883 | 2,724,883 | 1,694,495 | 2,419,668 | 2,419,668 |
Includes share-based compensation expenses as follows: | |||||||
Fulfillment | (21,024) | (37,080) | (38,563) | (6,215) | (81,013) | (128,623) | (20,730) |
Marketing | (2,287) | (7,688) | (9,318) | (1,502) | (8,741) | (23,570) | (3,799) |
Technology and content | (8,630) | (25,967) | (27,883) | (4,494) | (33,269) | (79,469) | (12,808) |
General and administrative | (38,450) | (98,201) | (96,183) | (15,502) | (138,150) | (4,017,886) | (647,566) |
Includes amortization of intangible assets resulting from assets and business acquisitions as follows: | |||||||
Fulfillment | (3,150) | (5,616) | (5,616) | (905) | (12,600) | (20,508) | (3,305) |
Marketing | -- | (309,156) | (309,156) | (49,827) | -- | (924,735) | (149,041) |
Technology and content | -- | (5,987) | (5,987) | (965) | -- | (18,592) | (2,996) |
General and administrative | -- | (45,445) | (45,445) | (7,324) | -- | (145,644) | (23,474) |
JD.com, Inc. | |||||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
For the three months ended | For the year ended | ||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |
2013 | 2014 | 2014 | 2014 | 2013 | 2014 | 2014 | |
RMB | RMB | RMB | USD | RMB | RMB | USD | |
Net cash provided by/(used in) operating activities | 1,454,928 | 1,430,337 | (1,245,044) | (200,665) | 3,569,819 | 1,015,016 | 163,591 |
Net cash used in investing activities | (383,937) | (8,216,361) | (1,556,493) | (250,861) | (2,671,052) | (13,203,248) | (2,127,977) |
Net cash provided by/(used in) financing activities | 940,216 | (39,118) | (946,396) | (152,531) | 2,795,184 | 18,392,028 | 2,964,257 |
Effect of exchange rate changes on cash and cash equivalents | (10,781) | 7,055 | (55,305) | (8,914) | (58,906) | (101,484) | (16,357) |
Net increase/(decrease) in cash and cash equivalents | 2,000,426 | (6,818,087) | (3,803,238) | (612,971) | 3,635,045 | 6,102,312 | 983,514 |
Cash and cash equivalents at beginning of period | 8,811,913 | 27,535,976 | 20,717,889 | 3,339,118 | 7,177,294 | 10,812,339 | 1,742,633 |
Cash and cash equivalents at end of period | 10,812,339 | 20,717,889 | 16,914,651 | 2,726,147 | 10,812,339 | 16,914,651 | 2,726,147 |
JD.com, Inc. | ||||
Selected Operating Data | ||||
For the three months ended | For the year ended | |||
December 31, | December 31, | December 31, | December 31, | |
2013 | 2014 | 2013 | 2014 | |
Annual active customer accounts(1) (in millions) | 47.4 | 96.6 | 47.4 | 96.6 |
Orders fulfilled(2) (in millions) | 111.7 | 217.8 | 323.3 | 689.0 |
GMV(3) (in RMB billions) | 39.1 | 85.8 | 125.5 | 260.2 |
(1) 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 direct sales or online marketplaces, which include Paipai.com since the third quarter of 2014.
(2) Orders fulfilled are defined as the total number of orders delivered, including the orders for products and services sold in the Company's online direct sales business and on the Company's online marketplace, net of orders returned.
(3) GMV is defined as the total value of all orders for products and services placed in the Company's online direct sales business and on the Company's online marketplaces, regardless of whether the goods are sold or delivered or whether the goods are returned. GMV includes the value from orders placed on the Company's website and mobile applications as well as orders placed on third-party mobile applications that are fulfilled by us or third-party merchants who are enabled by the Company's marketplaces. The Company's calculation of GMV includes shipping charges paid by buyers to sellers and excludes any transactions in the Company's B2C business with order value exceeding
JD.com, Inc. | |||||||
Reconciliation of GAAP and Non-GAAP Results | |||||||
(In thousands, except percentage and per share data) | |||||||
For the three months ended | For the year ended | ||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |
2013 | 2014 | 2014 | 2014 | 2013 | 2014 | 2014 | |
RMB | RMB | RMB | USD | RMB | RMB | USD | |
Marketing expenses | (523,313) | (879,974) | (1,470,650) | (237,026) | (1,590,171) | (4,010,280) | (646,340) |
Add: Share-based compensation | 2,287 | 7,688 | 9,318 | 1,502 | 8,741 | 23,570 | 3,799 |
Add: Amortization of intangible assets resulting from assets and business acquisitions | -- | 309,156 | 309,156 | 49,827 | -- | 924,735 | 149,041 |
Non-GAAP marketing expenses | (521,026) | (563,130) | (1,152,176) | (185,697) | (1,581,430) | (3,061,975) | (493,500) |
General and administrative expenses | (253,335) | (439,413) | (491,334) | (79,189) | (760,338) | (5,260,064) | (847,768) |
Add: Share-based compensation | 38,450 | 98,201 | 96,183 | 15,502 | 138,150 | 4,017,886 | 647,566 |
Add: Amortization of intangible assets resulting from assets and business acquisitions | -- | 45,445 | 45,445 | 7,324 | -- | 145,644 | 23,474 |
Non-GAAP general and administrative expenses | (214,885) | (295,767) | (349,706) | (56,363) | (622,188) | (1,096,534) | (176,728) |
Loss from operations | (262,623) | (406,640) | (756,130) | (121,867) | (578,827) | (5,802,437) | (935,182) |
Add: Depreciation and amortization | 85,040 | 512,986 | 549,715 | 88,598 | 293,141 | 1,650,533 | 266,018 |
Add: Share-based compensation | 70,391 | 168,936 | 171,947 | 27,713 | 261,173 | 4,249,548 | 684,903 |
Non-GAAP EBITDA/(EBITDA loss) | (107,192) | 275,282 | (34,468) | (5,556) | (24,513) | 97,644 | 15,739 |
Total net revenues | 20,123,318 | 29,012,003 | 34,720,048 | 5,595,856 | 69,339,812 | 115,002,317 | 18,535,009 |
Non-GAAP EBITDA margin | -0.5% | 0.9% | -0.1% | -0.1% | -0.04% | 0.1% | 0.1% |
JD.com, Inc. | |||||||
Reconciliation of GAAP and Non-GAAP Results | |||||||
(In thousands, except percentage and per share data) | |||||||
For the three months ended | For the year ended | ||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |
2013 | 2014 | 2014 | 2014 | 2013 | 2014 | 2014 | |
RMB | RMB | RMB | USD | RMB | RMB | USD | |
Net loss | (109,975) | (164,358) | (454,322) | (73,224) | (49,899) | (4,996,358) | (805,266) |
Add: Share-based compensation | 70,391 | 168,936 | 171,947 | 27,713 | 261,173 | 4,249,548 | 684,903 |
Add: Amortization of intangible assets resulting from assets and business acquisitions | 3,150 | 366,204 | 366,204 | 59,021 | 12,600 | 1,109,479 | 178,816 |
Non-GAAP net income/(loss) | (36,434) | 370,782 | 83,829 | 13,510 | 223,874 | 362,669 | 58,453 |
Total net revenues | 20,123,318 | 29,012,003 | 34,720,048 | 5,595,856 | 69,339,812 | 115,002,317 | 18,535,009 |
Non-GAAP net margin | -0.2% | 1.3% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% |
Non-GAAP net income/(loss) per weighted average shares: | |||||||
Basic | (0.02) | 0.14 | 0.03 | 0.00 | 0.13 | 0.15 | 0.02 |
Diluted | (0.02) | 0.14 | 0.03 | 0.00 | 0.13 | 0.15 | 0.02 |
Non-GAAP net income/(loss) per ADS: | |||||||
Basic | (0.04) | 0.27 | 0.06 | 0.01 | 0.26 | 0.30 | 0.05 |
Diluted | (0.04) | 0.27 | 0.06 | 0.01 | 0.26 | 0.30 | 0.05 |