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JD(JD) - 2024 Q1 - Quarterly Report
JDJD(JD)2024-03-05 16:00
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Revenue Performance - Electronics and home appliances revenues for Q4 2023 reached RMB 150,353 million, a year-over-year increase of 6.1%[1] - Total net revenues for the year ended December 31, 2023, were RMB 1,084,662 million, reflecting a 3.7% year-over-year growth[1] - Logistics and other service revenues surged by 29.7% year-over-year to RMB 128,712 million for the full year 2023[1] - General merchandise revenues decreased by 4.8% year-over-year to RMB 332,425 million for the full year 2023[1] - Net service revenues for the year ended December 31, 2023, increased by 17.8% year-over-year to RMB 213,438 million[1] - Net revenues for Q4 2023 were RMB 306.1 billion (US143.1billion),a3.6 143.1 billion), a 3.6% increase from Q4 2022[38] - Full year 2023 net revenues reached RMB 1,084.7 billion (US 152.8 billion), a 3.7% increase from 2022[38] - For Q4 2023, JD.com reported net revenues of RMB306.1 billion (US43.1billion),a3.643.1 billion), a 3.6% increase year-over-year[44] - JD Retail net revenues for the fourth quarter of 2023 were RMB267,646 million (US37,697 million), compared to RMB258,925 million in the fourth quarter of 2022, reflecting a year-over-year increase of 3.0%[79] - JD Logistics reported net revenues of RMB47,201 million (US6,648million)forthefourthquarterof2023,upfromRMB43,008millioninthesamequarterof2022,markinganincreaseof9.16,648 million) for the fourth quarter of 2023, up from RMB43,008 million in the same quarter of 2022, marking an increase of 9.1%[79] Profitability - Net income attributable to the company's ordinary shareholders for the year ended December 31, 2023, was RMB 24,167 million, compared to RMB 10,380 million in 2022, reflecting a significant increase of 132.5%[20] - Net income attributable to ordinary shareholders for Q4 2023 was RMB 3.4 billion (US 0.5 billion), compared to RMB 3.0 billion in Q4 2022[38] - Non-GAAP net income attributable to the company's ordinary shareholders for the full year 2023 was RMB 35.2 billion (US5.0billion),comparedtoRMB28.2billionin2022[38]−Non−GAAPnetincomeattributabletoordinaryshareholdersforthefullyearof2023increasedby24.7 5.0 billion), compared to RMB 28.2 billion in 2022[38] - Non-GAAP net income attributable to ordinary shareholders for the full year of 2023 increased by 24.7% to RMB35,200 million (US4,958 million) from RMB28,220 million in 2022[87] - Diluted net income per ADS for the fourth quarter of 2023 rose by 11.8% to RMB2.13 (US0.30)comparedtoRMB1.91inthefourthquarterof2022[82]−Non−GAAPdilutednetincomeperADSforthefourthquarterof2023increasedby10.20.30) compared to RMB1.91 in the fourth quarter of 2022[82] - Non-GAAP diluted net income per ADS for the fourth quarter of 2023 increased by 10.2% to RMB5.30 (US0.75) from RMB4.81 in the same quarter of 2022[82] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2023, were RMB 71,892 million, down from RMB 78,861 million a year earlier[15] - Operating cash flow for the full year 2023 was RMB 59.5 billion (US8.4billion),comparedtoRMB57.8billionin2022[39]−Freecashflowforthefullyear2023wasRMB40.7billion(US 8.4 billion), compared to RMB 57.8 billion in 2022[39] - Free cash flow for the full year 2023 was RMB 40.7 billion (US 5.7 billion), up from RMB 35.6 billion in 2022[39] - Free cash flow for the full year of 2023 was RMB40,651 million (US5,726million),upfromRMB35,595millionin2022[89]−FreecashflowforQ42023includednetcashusedininvestingactivitiesofRMB63.1billion(US5,726 million), up from RMB35,595 million in 2022[89] - Free cash flow for Q4 2023 included net cash used in investing activities of RMB63.1 billion (US8.9 billion)[50] Expenses and Investments - Research and development expenses for the year ended December 31, 2023, were RMB 16,393 million, slightly down from RMB 16,893 million in 2022, a decrease of 3.0%[20] - Research and development expenses for the full year of 2023 decreased by 3.0% to RMB16,400 million (US2,300million)fromRMB16,900millionin2022,representing1.52,300 million) from RMB16,900 million in 2022, representing 1.5% of net revenues[85] - Marketing expenses for the full year 2023 rose by 6.3% to RMB40.1 billion (US5.7 billion), representing 3.7% of net revenues[52] - Fulfillment expenses for Q4 2023 were RMB17.3 billion (US2.4billion),up2.52.4 billion), up 2.5% from RMB16.9 billion in Q4 2022, representing 5.6% of net revenues[45] Balance Sheet - Total assets increased to RMB 628,958 million as of December 31, 2023, compared to RMB 595,250 million at the end of 2022[15] - Total current liabilities as of December 31, 2023, were RMB 265,650 million, slightly down from RMB 266,561 million as of December 31, 2022, indicating a decrease of 0.3%[17] - The company’s total liabilities increased to RMB 332,578 million as of December 31, 2023, from RMB 321,127 million in 2022, reflecting an increase of 3.9%[17] - Long-term borrowings increased to RMB 31,555 million as of December 31, 2023, from RMB 20,009 million in 2022, representing a substantial increase of 57.5%[17] Other Highlights - The company reported a gain on the sale of development properties of RMB 802 million for the three months ended December 31, 2023, compared to RMB 150 million in the same period of 2022, showing a significant increase of 434.7%[20] - The company announced a new share repurchase program allowing for the repurchase of up to US 3.0 billion worth of shares over the next 36 months[37] - JD.com plans to discuss its financial results in a conference call scheduled for March 6, 2024[2] - The company emphasizes the use of non-GAAP measures to evaluate operating performance, including non-GAAP net income and free cash flow[7] - Non-GAAP EBITDA for the full year 2023 was RMB 42.5 billion (US5.9billion),comparedtoRMB33.6billionin2022[34]−Non−GAAPEBITDAforthefullyearof2023increasedby26.3 5.9 billion), compared to RMB 33.6 billion in 2022[34] - Non-GAAP EBITDA for the full year of 2023 increased by 26.3% to RMB42,500 million (US6,000 million) from RMB33,600 million in 2022, with a margin of 3.9%[86]