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Vipshop Reports Unaudited Second Quarter 2020 Financial Results

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Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 19, 2020

GUANGZHOU, China, Aug. 19, 2020 — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

  • Total net revenue for the second quarter of 2020 increased by 6.0% year over year to RMB24.1 billion (US$3.4 billion) from RMB22.7 billion in the prior year period.
  • GMV[1] for the second quarter of 2020 increased by 9% year over year to RMB38.4 billion from RMB35.1 billion in the prior year period.
  • Gross profit for the second quarter of 2020 was RMB4.9 billion (US$699.2 million), as compared with RMB5.1 billion in the prior year period.
  • Net income attributable to Vipshop’s shareholders for the second quarter of 2020 increased by 88.9% year over year to RMB1.5 billion (US$217.5 million) from RMB813.5 million in the prior year period.
  • Non-GAAP net income attributable to Vipshop’s shareholders[2] for the second quarter of 2020 increased by 24.3% year over year to RMB1.3 billion (US$186.9 million) from RMB1.1 billion in the prior year period.
  • The number of active customers[3] for the second quarter of 2020 increased by 17% year over year to 38.8 million from 33.1 million in the prior year period.
  • Total orders[4] for the second quarter of 2020 increased by 15% year over year to 170.5 million from 147.8 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We are delighted to have delivered solid financial and operational results in the second quarter of 2020, driven by our strong merchandising capability. In particular, our number of active customers during the quarter increased by 17% year over year to 38.8 million from 33.1 million in the same period last year. We have seen strong recovery in demand for apparel since early May and ran a successful promotional campaign in June after daily life in China has returned to normal. Looking ahead, we will continue to focus on enhancing our product offerings, working more effectively with our suppliers to provide our customers with top-notch apparel assortments. We believe that we are well positioned to continue to gain market share in China’s discount retail segment."

Mr. Donghao Yang, Chief Financial Officer of Vipshop, further commented, "We finished the second quarter of 2020 with healthy topline growth and improved year-over-year net margin attributable to Vipshop’s shareholders. During the quarter, repeat customers as a percentage of total active customers increased to 90% from 87% in the prior year period, representing a meaningful enhancement in our customer stickiness. These successes were made possible by our team’s solid execution in optimizing our product assortment to meet our customers’ needs. Looking ahead, we will continue to execute on our merchandising strategy, aiming to deliver strong topline growth balanced with solid profitability."

Second Quarter 2020 Financial Results

REVENUE

Total net revenue for the second quarter of 2020 increased by 6.0% year over year to RMB24.1 billion (US$3.4 billion) from RMB22.7 billion in the prior year period, primarily driven by the growth in the number of total active customers.

GROSS PROFIT

Gross profit for the second quarter of 2020 was RMB4.9 billion (US$699.2 million), as compared with 5.1 billion in the prior year period. Gross margin for the second quarter of 2020 was 20.5%, as compared with 22.4% in the prior year period, primarily attributable to the Company’s strategy to reinvest into discounts and coupons during this year’s June promotional event.

OPERATING EXPENSES

Total operating expenses for the second quarter of 2020 decreased to RMB3.8 billion (US$540.0 million) from RMB4.2 billion in the prior year period. As a percentage of total net revenue, total operating expenses for the second quarter of 2020 decreased to 15.8% from 18.5% in the prior year period.

  • Fulfillment expenses for the second quarter of 2020 decreased to RMB1.7 billion (US$237.3 million) from RMB2.2 billion in the prior year period. As a percentage of total net revenue, fulfillment expenses for the second quarter of 2020 decreased to 7.0% from 9.7% in the prior year period, primarily attributable to the change in fulfillment logistic arrangement.
  • Marketing expenses for the second quarter of 2020 were RMB1.0 billion (US$145.6 million), as compared with RMB877.6 million in the prior year period. As a percentage of total net revenue, marketing expenses for the second quarter of 2020 were 4.3%, as compared with 3.9% in the prior year period.
  • Technology and content expenses for the second quarter of 2020 decreased to RMB305.4 million (US$43.2 million) from RMB422.3 million in the prior year period. As a percentage of total net revenue, technology and content expenses for the second quarter of 2020 decreased to 1.3% from 1.9% in the prior year period.
  • General and administrative expenses for the second quarter of 2020 were RMB804.6 million (US$113.9 million), as compared with RMB706.3 million in the prior year period. As a percentage of total net revenue, general and administrative expenses for the second quarter of 2020 were 3.3%, as compared with 3.1% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the second quarter of 2020 increased by 28.4% year over year to RMB1.2 billion (US$175.5 million) from RMB965.4 million in the prior year period. Operating margin for the second quarter of 2020 increased to 5.1% from 4.2% in the prior year period.

Non-GAAP income from operations[5] for the second quarter of 2020, which excluded share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, increased by 27.1% year over year to RMB1.5 billion (US$211.4 million) from RMB1.2 billion in the prior year period. Non-GAAP operating income margin[6] for the second quarter of 2020 increased to 6.2% from 5.2% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the second quarter of 2020 increased by 88.9% year over year to RMB1.5 billion (US$217.5 million) from RMB813.5 million in the prior year period. Net margin attributable to Vipshop’s shareholders for the second quarter of 2020 increased to 6.4% from 3.6% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the second quarter of 2020 increased to RMB2.24 (US$0.32) from RMB1.21 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the second quarter of 2020, which excluded (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee, increased by 24.3% year over year to RMB1.3 billion (US$186.9 million) from RMB1.1 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the second quarter of 2020 increased to 5.5% from 4.7% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the second quarter of 2020 increased to RMB1.92 (US$0.27) from RMB1.58 in the prior year period.

For the quarter ended June 30, 2020, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 686,613,335.

BALANCE SHEET AND CASH FLOW

As of June 30, 2020, the Company had cash and cash equivalents and restricted cash of RMB8.1 billion (US$1.1 billion) and short term investments of RMB5.9 billion (US$840.7 million).

For the quarter ended June 30, 2020, net cash from operating activities was RMB5.1 billion (US$720.3 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

Jun 30, 2019

RMB’000

Jun 30, 2020

RMB’000

Jun 30, 2020

US$’000

Net cash from operating activities

3,438,809

5,088,869

720,283

Add: Net impact from Internet financing
activities[11]

(1,254,977)

(311,652)

(44,111)

Less: Capital expenditures

(936,124)

(452,630)

(64,066)

Free cash inflow

1,247,708

4,324,587

612,106

For the trailing twelve months ended

Jun 30, 2019

RMB’000

Jun 30, 2020

RMB’000

Jun 30, 2020

US$’000

Net cash from operating activities

10,207,552

11,549,627

1,634,744

Add: Net impact from Internet financing
activities[11]

(1,829,324)

(4,027,419)

(570,044)

Less: Capital expenditures

(3,954,839)

(3,375,199)

(477,728)

Free cash inflow

4,423,389

4,147,009

586,972

Recent Development

Mr. Donghao Yang will step down from the Company’s Chief Financial Officer position for personal reasons in November 2020, and the Company’s Board of Directors has appointed Mr. Yang as a new Non-Executive Director, effective simultaneously with the change of his position. Mr. Yang has served as the Company’s Chief Financial Officer since 2011 and made significant contributions to the Company’s growth and transformation from a privately held company into a publicly listed company with effective internal control and compliance systems in the past nine years. The Company has already commenced a search process for a new Chief Financial Officer. 

Business Outlook

For the third quarter of 2020, the Company expects its total net revenue to be between RMB20.6 billion and RMB21.6 billion, representing a year-over-year growth rate of approximately 5% to 10%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency conversions of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.0651 to US$1.00, the effective noon buying rate on June 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2020, or at any other rate.

Conference Call Information

The Company will hold a conference call on Wednesday, August 19, 2020 at 7:30 am Eastern Time or 7:30 pm Beijing Time to discuss its financial results and operating performance for the second quarter of 2020.

All participants wishing to join the conference call must pre-register online using the link provided below. Once pre-registration has been complete, participants will receive dial-in numbers, a passcode, and a unique registrant ID. To join the conference, simply dial the number in the calendar invite you receive after pre-registration, enter the passcode followed by your PIN, and you will join the conference instantly.

Conference ID

#2094639

Registration Link

http://apac.directeventreg.com/registration/event/2094639

The replay will be accessible through August 27, 2020 by dialing the following numbers:

United States Toll Free:

+1-855-452-5696

International:

+61-2-8199-0299

Conference ID:

#2094639

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

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit www.vip.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding demand for and market acceptance of flash sales products and services; competition in the discount retail industry; the potential impact of the COVID-19 to Vipshop’s business operations and the economy in China and elsewhere generally; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that comparative consolidated statements of income and cash flows for the period presented and detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270"), have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating income margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. Non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions. Non-GAAP operating income margin is non-GAAP income from operations as a percentage of total net revenue. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenue. Free cash flow is net cash from operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets. Impact from Internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (a) share-based compensation, (b) amortization of intangible assets resulting from business acquisitions, (c) investment gain and revaluation of investments excluding dividends, and (d) share of loss in investment of limited partnership that is accounted for as an equity method investee 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 (1) non-cash share-based compensation expenses, (2) amortization of intangible assets resulting from business acquisitions, (3) investment gain and revaluation of investments excluding dividends, and (4) share of loss in investment of limited partnership that is accounted for as an equity method investee. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from Internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure and technology platform. Share-based compensation expenses and amortization of intangible assets have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

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

[1] "Gross merchandise value (GMV)" is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, offline stores, and Shan Shan Outlets during the relevant period, including through the Company’s websites and mobile apps, third-party websites and mobile apps, Vipshop offline stores and Vipmaxx offline stores, as well as Shan Shan Outlets that were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the relevant orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from business acquisitions, (iii) tax effect of amortization of intangible assets resulting from business acquisitions, (iv) investment gain and revaluation of investments excluding dividends, (v) tax effect of investment gain and revaluation of investments excluding dividends, and (vi) share of loss in investment of limited partnership that is accounted for as an equity method investee.

[3] "Active customers" is defined as registered members who have purchased from the Company’s online sales business or the Company’s online marketplace platforms at least once during the relevant period.

[4] "Total orders" is defined as the total number of orders placed during the relevant period, including the orders for products and services sold through the Company’s online sales business and the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.

[6] Non-GAAP operating income margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share.

[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from (used in) operating activities adding back the impact from Internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights, and purchase of other assets.

[11] Net impact from Internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

 

 

Vipshop Holdings Limited

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income 

(In thousands, except for share and per share data)

Three Months Ended

June 30, 2019

March 31, 2020

June 30, 2020

June 30, 2020

RMB’000

RMB’000

RMB’000

USD’000

Product revenues 

21,721,951

17,964,195

23,213,007

3,285,588

Other revenues(1)

1,021,767

828,660

897,660

127,055

Total net revenues

22,743,718

18,792,855

24,110,667

3,412,643

Cost of revenues

(17,654,577)

(15,175,739)

(19,170,864)

(2,713,460)

Gross profit

5,089,141

3,617,116

4,939,803

699,183

Operating expenses:

Fulfillment expenses(2)

(2,198,543)

(1,393,690)

(1,676,229)

(237,255)

Marketing expenses

(877,573)

(412,305)

(1,028,903)

(145,632)

Technology and content expenses

(422,314)

(338,398)

(305,381)

(43,224)

General and administrative expenses

(706,252)

(839,220)

(804,619)

(113,886)

Total operating expenses

(4,204,682)

(2,983,613)

(3,815,132)

(539,997)

Other operating income

80,904

148,688

115,336

16,325

Income from operations

965,363

782,191

1,240,007

175,511

Investment gain and revaluation of investments

15,012

42,553

551,443

78,052

Impairment loss of investments

0

(5,046)

0

0

Interest expense

(12,194)

(35,395)

(21,070)

(2,982)

Interest income

41,732

81,190

100,286

14,195

Foreign exchange gain (loss)

30,920

48,754

(14,272)

(2,020)

Income before income tax expense and share of (loss) gain of equity method investees

1,040,833

914,247

1,856,394

262,756

Income tax expenses 

(213,392)

(172,716)

(324,883)

(45,984)

Share of (loss) gain of equity method investees

(9,572)

(60,639)

7,588

1,074

Net income

817,869

680,892

1,539,099

217,846

Net (gain) loss attributable to non-controlling interests

(4,351)

3,933

(2,179)

(308)

Net income attributable to Vipshop’s shareholders

813,518

684,825

1,536,920

217,538

Shares used in calculating earnings per share(3):

Weighted average number of Class A and Class B ordinary shares:

—Basic

133,403,777

134,326,928

134,956,142

134,956,142

—Diluted

134,648,293

136,909,242

137,322,667

137,322,667

Net earnings per Class A and Class B ordinary share

Net income attributable to Vipshop’s shareholders–Basic

6.10

5.10

11.39

1.61

Net income attributable to Vipshop’s shareholders–Diluted

6.04

5.00

11.19

1.58

Net earnings per ADS (1 ordinary share equals to 5 ADSs)

Net income attributable to Vipshop’s shareholders–Basic

1.22

1.02

2.28

0.32

Net income attributable to Vipshop’s shareholders–Diluted

1.21

1.00

2.24

0.32

(1) Other revenues primarily consist of revenues from third-party logistics services, product promotion and online advertising, fees
charged to third-party merchants which the Company provides platform access for sales of their products, interest income from
microcredit and consumer financing services, and inventory and warehouse management services to certain suppliers.

(2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.21 billion, RMB 0.8 billion, and RMB 1.1
billion in the three month periods ended June 30,2019, March 31,2020 and June 30,2020, respectively.

(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class
A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to
shareholder vote.

Three Months Ended

June 30, 2019

March 31, 2020

June 30, 2020

June 30, 2020

RMB’000

RMB’000

RMB’000

USD’000

Share-based compensation expenses included are as follows

Fulfillment expenses

37,497

27,215

25,905

3,667

Marketing expenses

10,970

3,939

4,661

660

Technology and content expenses

58,010

44,402

45,201

6,398

General and administrative expenses

103,048

171,455

172,136

24,364

Total

209,525

247,011

247,903

35,089

Vipshop Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except for share and per share data)

December 31, 2019

June 30, 2020

June 30, 2020

RMB’000

RMB’000

USD’000

ASSETS

CURRENT ASSETS

Cash and cash equivalents

6,573,808

7,395,029

1,046,698

Restricted cash 

1,145,477

704,630

99,734

Short term investments

3,052,726

5,939,873

840,734

Accounts receivable, net

1,295,766

537,530

76,082

Amounts due from related parties

47,964

359,327

50,859

Other receivables and prepayments,net

2,897,893

2,480,658

351,114

Loan receivables,net

306,115

90,401

12,795

Inventories

7,708,292

5,764,895

815,968

Total current assets

23,028,041

23,272,343

3,293,984

NON-CURRENT ASSETS

Property and equipment, net

11,256,810

12,391,200

1,753,860

Deposits for property and equipment

101,800

62,283

8,816

Land use rights, net

5,541,108

5,874,963

831,547

Intangible assets, net

337,310

360,309

50,998

Investment in equity method investees

3,112,952

2,119,858

300,046

Other investments

2,002,756

2,502,921

354,265

Other long-term assets

608,073

488,708

69,172

Amounts due from related party-non current

102,000

59,446

8,414

Goodwill

236,711

369,902

52,356

Deferred tax assets, net

539,561

612,344

86,672

Operating lease right-of-use assets

1,715,556

1,988,535

281,459

Total non-current assets

25,554,637

26,830,469

3,797,605

TOTAL ASSETS

48,582,678

50,102,812

7,091,589

LIABILTIES AND  EQUITY 

CURRENT LIABILITIES

Short term loans

1,093,645

1,850,828

261,968

Accounts payable

13,792,200

11,901,904

1,684,605

Advance from customers 

1,233,165

1,053,406

149,100

Accrued expenses and other current liabilities 

6,534,575

5,872,404

831,185

Amounts due to related parties 

532,788

337,595

47,784

Deferred income 

405,994

324,510

45,931

Operating lease liabilities

333,268

291,701

41,288

Total current liabilities

23,925,635

21,632,348

3,061,861

NON-CURRENT LIABILITIES

Long term loans

64,515

197,858

28,005

Deferred tax liability 

165,098

388,251

54,953

Deferred income-non current 

782,068

926,827

131,184

Operating lease liabilities

1,395,665

1,737,726

245,959

Other long term liabilities 

0

40,085

5,674

Total non-current liabilities

2,407,346

3,290,747

465,775

TOTAL LIABILITIES

26,332,981

24,923,095

3,527,636

EQUITY:

Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and
117,584,362 and 118,686,997 shares issued and outstanding as of December 31,
2019 and June 30,2020, respectively) 

76

77

11

Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and
16,510,358 and 16,510,358 shares issued and outstanding as of December 31, 2019
and June 30,2020, respectively) 

11

11

2

Additional paid-in capital

9,959,497

10,443,055

1,478,119

Retained earnings

11,924,228

14,055,203

1,989,385

Accumulated other comprehensive loss

(56,656)

(34,342)

(4,867)

Non-controlling interests

422,541

715,713

101,303

Total shareholders’ equity

22,249,697

25,179,717

3,563,953

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

48,582,678

50,102,812

7,091,589

Vipshop Holdings Limited

 Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

June 30, 2019

June 30, 2020

June 30, 2020

RMB’000

RMB’000

USD’000

Income from operations

965,363

1,240,007

175,511

Share-based compensation expenses

209,525

247,903

35,089

Amortization of intangible assets resulting from business acquisitions 

511

5,896

835

Non-GAAP income from operations

1,175,399

1,493,806

211,435

Net income

817,869

1,539,099

217,846

Share-based compensation expenses

209,525

247,903

35,089

Investment gain and revaluation of investments excluding dividends

(2,198)

(551,443)

(78,052)

Share of loss in investment of limited partnership that is accounted for as an equity
method investee

24,218

27,739

3,926

Tax effect of investment gain and revaluation of investments excluding dividends

17,150

55,044

7,791

Amortization of intangible assets resulting from business acquisitions

511

5,896

835

Tax effect of amortization of intangible assets resulting from business acquisitions

(128)

(1,474)

(209)

Non-GAAP net income

1,066,947

1,322,764

187,226

Net income attributable to Vipshop’s shareholders

813,518

1,536,920

217,538

Share-based compensation expenses

209,525

247,903

35,089

Investment gain and revaluation of investments excluding dividends

(2,198)

(551,443)

(78,052)

Share of loss in investment of limited partnership that is accounted for as an equity
method investee

24,218

27,739

3,926

Tax effect of investment gain and revaluation of investments excluding dividends

17,150

55,044

7,791

Amortization of intangible assets resulting from business acquisitions 

501

5,896

835

Tax effect of amortization of intangible assets resulting from business acquisitions 

(125)

(1,474)

(209)

Non-GAAP net income attributable to Vipshop’s shareholders

1,062,589

1,320,585

186,918

Shares used in calculating earnings per share:

Weighted average number of Class A and Class B ordinary shares:

–Basic

133,403,777

134,956,142

134,956,142

–Diluted

134,648,293

137,322,667

137,322,667

Non-GAAP net income per Class A and Class B ordinary share

Non-GAAP net income attributable to Vipshop’s shareholders–Basic

7.97

9.79

1.39

Non-GAAP net income attributable to Vipshop’s shareholders–Diluted

7.89

9.62

1.36

Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs)

Non-GAAP net income attributable to Vipshop’s shareholders–Basic

1.59

1.96

0.28

Non-GAAP net income attributable to Vipshop’s shareholders–Diluted

1.58

1.92

0.27

Related Links :

http://www.vip.com

PR Newswire

SP Madrid enables 100+ Contact Center Agents to Work Remotely using Ameyo

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Ensures business continuity during COVID-19 in less than 2 days with a dramatic increase in call connect rates

MANILA, Philippines, Aug. 19, 2020 — Ameyo, an omnichannel customer engagement platform, today announced that it has enabled SP Madrid, a BPO Collections Leader in Philippines, move its 100+ agents to Remote Contact Center Solutions in less than 2 days, overcoming the challenge of low internet connectivity and bandwidth issues.

SP Madrid was looking for a solution that could help them with a customer engagement process with remote access to ensure business continuity.

With a secure VPN connection, Ameyo helped SP Madrid move its contact center agents to a remote working environment without any hassle. Ameyo’s all-in-one Remote Contact Center Solution backed up with automated dialer, built-in CRM, and comprehensive remote monitoring dashboards ensured that there is no fragmented data. Ameyo’s solution assists SP Madrid’s call center agents with a unified customer interface which allows easy access to all customer information in one place, thus, no information is missed.

Additionally, customer service supervisors, operation heads, and managers at SP Madrid got better hold on business operations and were able to measure and track agents’ performance with quantifiable metrics.

Speaking of the transition to Remote Solutions, Ian Madrid, Co-founder at SP Madrid, says, "Ameyo assisted us to enhance our customer experience with advanced remote contact center capabilities. Throughout the years, Ameyo has helped us enrich our collections process and we have gotten more than what we have paid for."

Sachin Bhatia, Co-founder and Global Sales & Marketing Head at Ameyo, says, "Contact centers are playing a pivotal role in post-COVID-19 times, as they provide the last line of human to human interaction between brands and consumers. Remote contact centers will enable collections brands like SP Madrid to work remotely and increase business productivity."

Ameyo’s Remote-first Contact Center Solution ensures remote IT governance, enables enterprises to run contact center operations with trust and ensures a smooth onboarding and collaboration. 

About SP Madrid

SP Madrid is a reckoned collections company based in the Philippines. Founded in 2008, the company is backed-up with most advanced collection technology and comprehensive DPA data privacy compliance. 

About Ameyo

Ameyo is an Omnichannel customer engagement platform that helps businesses go remote with its virtual contact center solutions and help them streamline their customer service, and collection processes. Know more at www.ameyo.com

Media Contact:
Pushkaraj Phule
pushkarajphule@ameyo.com  
+91-9870039596

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PR Newswire

New World Boss Enraged Muskan Arrives in Black Desert Mobile

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SEOUL, South Korea, Aug. 19, 2020 — Pearl Abyss announced today that the new World Boss, Enraged Muskan, has arrived in Black Desert Mobile. Adventurers can now challenge themselves to defeat this ferocious enemy and claim great rewards. 

New World Boss Enraged Muskan Arrives in Black Desert Mobile
New World Boss Enraged Muskan Arrives in Black Desert Mobile

A cold-blooded and indiscriminate killer, Muskan is the commander of the Kzarka Shrine Priests, a group willing to do anything to aid Kzarka’s resurrection. The weapons that cover his hands make his appearance even more fearsome, and his powerful hits will decimate any challengers that fail to avoid them. 

With the arrival of Enraged Muskan, Adventurers must train harder to become agile and cunning fighters. Adventurers who are level 45 or above can challenge this new World Boss, and those who successfully defeat him will have a chance to get Muskan’s Shoes and Muskan’s Tokens. 

Moreover, Abyssal Relics have been added to Black Desert Mobile. Adventurers can now obtain these relics by fighting Difficulty 11 of the Ancient Ruins, which is now available in the game. Abyssal Relics can also be crafted using Relic Fragments. 

Visit Black Desert Mobile‘s official website for more information. 

About Black Desert 

Black Desert is Pearl Abyss’ open-world action MMORPG with cutting-edge visuals and skill-based combat that redefines the genre. With the most developed character customization system of any game currently on the market, users can break out of the norm and make unique characters that truly represent themselves. Its intuitive controls, beautifully designed world, and extensive lore will excite both newcomers and veterans of MMO games and action RPGs. 

About Pearl Abyss 

Best known for the MMORPG franchise Black Desert, Pearl Abyss is a leading developer in the game industry. Established in 2010, Pearl Abyss has since developed Black Desert for PC, mobile, and console, and is developing Shadow Arena for PC and console. All of Pearl Abyss’ games are built on the company’s own proprietary engine and are renowned for their cutting-edge graphics. The company is also developing Crimson Desert, DokeV, and PLAN 8 and is poised to continue its growth through 2020 and maintain its position as one of Asia’s leaders in game development. More information about Pearl Abyss is available at: www.pearlabyss.com 

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PR Newswire

Blis keeps finger on the pulse of consumer behaviour with global sentiment tracker

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1 in 3 Singaporeans would save additional funds as sentiment starts to slowly decline

SINGAPORE, Aug. 19, 2020 — Blis, a trusted leader in location-powered advertising and analytics has today released the Blis consumer confidence pulse, an interactive tracker that captures a quick snapshot of consumer sentiment. The tracker plots how consumers are feeling about their local economy, household finances and spending intent and the survey is running in Singapore, the UK, USA, UAE and Australia.

Based on three highly topical questions around finances the Blis pulse is updated twice monthly to provide a rounded picture of how consumers are reacting to changes in their situation, both personally and on a national scale.

Head of Insights, Alex Wright speaking on the tracker said, "We started this tracker in the wake of the COVID-19 outbreak being declared a pandemic to give us a quick read on consumer sentiment. Armed with the knowledge of what consumers are telling us, we can then plot this against our retail foot traffic and consumer movement data to give a rounded view of progress through crisis, stability and recovery."

Over the past six months, physical movement restrictions have ebbed and flowed in different cities across the country with daily activities requiring new safety measures. As a result, most consumers are behaving differently, with many working from home, avoiding crowded public spaces and communicating virtually. For brands, this tracker provides an opportunity to contextualise other data sources to really understand the concerns of their audience.

For the most part sentiment towards the Singaporean economy has remained remarkably robust, except for a dramatic swing in June. This coincided with Prime Minister Lee’s address to the nation and messaging from several government ministers that the Covid-19 pandemic meant the road to recovery would be a long one. Early July saw the most optimism in both the economy and household finances although we’re beginning to see a decline in sentiment once again. Interestingly, the pessimistic spike in early June led to a surge in intent to spend additional funds on home improvement, as people prepared to settle in for the long haul. Aside from this, Singaporeans have consistently declared their intent to save any spare income.

"2020 has been nothing short of a rollercoaster year. Everyone has been impacted differently and now people are not only concerned about the health crisis, but also the global financial crisis. Since March, we’ve seen brands pivot their operations, strategy and messaging multiple times to meet their consumers’ concerns about safety. Looking ahead, it’s essential for brands to pivot again and remain sensitive to their audience’s financial confidence. The Blis consumer confidence pulse allows brands a quick snapshot of the direction of sentiment," said Fionn Hyndman, Managing Director Asia.

The interactive trackers can be found here and will be updated twice monthly.

For associated images click here.

About Blis

Blis is the trusted leader in location-powered advertising and analytics, helping brands understand, reach and engage consumers globally to deliver measurable results. Because location data is the most accurate indicator of ‘real’ behaviour and intent at scale vs any other type of data, Blis uses this data to map real-world consumer behaviours based on where people are and where they’ve been, uncovering the truth about what people actually do.

Blis’ Smart Platform provides unmatched transparency, accuracy and scale. Its three tried and tested proprietary technologies – Smart Pin, Smart Scale and Smart Places – and its new Smart Households technology allow for more effective planning, activation and measurement for marketers and business decision makers alike.

Established in the UK in 2004, Blis now operates in 42 offices across five continents. Working with the world’s largest and most customer-driven companies across all verticals including Unilever, Samsung, McDonald’s, HSBC, Mercedes Benz and Peugeot, as well as every major media agency, Blis reaches over a billion mobile devices a year.

To learn more, visit blis.com.

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PR Newswire

Chili Piper Raises $18 Million to Connect Remote Sales Teams to Customers Instantly

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Inbound Revenue Acceleration solution streamlines interactions between B2B buyers and sellers through real-time calendaring and inbox capabilities

SAN FRANCISCO, Aug. 19, 2020 — Chili Piper, the leader in Inbound Revenue Acceleration, today announced that it has raised $18 Million in Series A funding led by Base10 Partners with participation from Gradient Ventures, Google’s AI-focused venture fund. TJ Nahigian, General Partner at Base10, will join the company’s Board of Directors. With this new capital, Chili Piper plans to invest in product capabilities to enable remote sales teams to work more effectively and respond to buyer behavior instantly. The company also plans to expand its sales and marketing efforts to address the $100B+ CRM market and serve customers worldwide.

Founded in 2016 by a husband and wife duo, Alina and Nicolas Vandenberghe, Chili Piper started solving the frustrations of calendaring or scheduling between sales representatives and potential customers, and has evolved into a full suite of solutions to connect inbound opportunities to sellers instantly. Chili Piper Meetings synchronizes buyer and seller calendars allowing appointments to be booked instantly with ease — keeping reps busy and buyers on track to close. It also enables buyers to be connected to available reps via voice or video instantly ensuring a continuous buyer experience and journey.

"Our product suite at Chili Piper is the beginning of a major evolution in how people connect with customers. Since Salesforce moved customer data to the Cloud, we are connecting cloud collaboration to sales force automation–we call this Instant Inbound," said Nicolas Vandenberghe, CEO and co-founder of Chili Piper. "We are excited to partner with both Base10 and Gradient, both experts in automation and AI, to further invest in our goal to connect buyers and sellers instantly."

"While software has eaten the world, automation is the practice of putting that software into the hands of the next generation of workers. Chili Piper perfectly fits our thesis around leveraging software and cloud solutions to automate tedious tasks," said TJ Nahigian, General Partner at Base10 Partners. "We see the next generation of sellers demanding solutions to instantly connect them to buyers and shortening the time to close. In a more remote working world, we’re always connected and our go-to-market software solutions should take advantage of this new phenomenon."

Customers of Chili Piper include Fortune 500 enterprises such as Intuit and Hewlett Packard and startups such as Zenefits and Monday.com. These customers leverage Chili Piper’s instant inbound solution daily across thousands of sales representatives.

"Salesforce.com has failed to meet the needs of the modern seller. Inputting data into Salesforce is difficult, tedious, and feels archaic," said Darian Shirazi, General Partner at Gradient Ventures. "Chili Piper’s Instant Inbound solution transforms the modern seller experience allowing reps to instantly book meetings with customers, input sales activity directly through GSuite, and focus on closing deals without switching between your CRM and inbox. We’re excited to partner with Nicolas and Alina on their journey to make the buyer’s journey instantly gratifying."

About Chili Piper

Founded in 2016, Chili Piper is the leader in Inbound Revenue Acceleration, with a mission to reinvent the system of action for revenue teams – their calendar and inbox. Chili Piper automates the antiquated processes in scheduling and email that cause unnecessary friction and drop-off in the sales process – resulting in increased productivity and conversion rates throughout the funnel.

Companies like Square, Twilio, QuickBooks Intuit, Spotify, and Forrester use Chili Piper to create an amazing experience for their leads, while converting double the amount of leads into held meetings. Chili Piper is a fully distributed company leveraging global talent with employees in 40 cities across 15 countries. To learn more, visit https://www.chilipiper.com/

About Base10 Partners

Base10 is a San Francisco-based early-stage venture firm investing in Automation for the Real Economy. Founded by Adeyemi Ajao and TJ Nahigian, the firm invests in technology companies that are bringing automation to sectors of the Real Economy, including industrial logistics, consumer logistics, restaurants, financial services, and sales & customer service. Portfolio companies include ThePillClub, Virtual Kitchen Company, Acquire, PopMenu, and others. Connect via base10.vc.

About Gradient Ventures

Gradient Ventures is Google’s AI-focused venture fund – investing in and connecting early-stage startups with Google’s resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing new technology products, allowing companies to take advantage of the latest techniques so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit www.gradient.com.

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PR Newswire

Aon urges the re/insurance industry to bring capital closer to clients’ needs as the firm launches its Virtual Reinsurance Renewal Season

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Virtual event launches with former Danish Prime Minister Helle Thorning-Schmidt interview

LONDON, Aug. 18, 2020 — Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its Virtual Reinsurance Renewal Season, calling for the re/insurance industry to collaborate to bring capital closer to clients’ needs and drive growth across the global insurance ecosystem.

Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: "In an uncertain global economy, one thing is clear – reinsurance has never been more important as a strategic tool for client success. We are committed to collaborating with insurers and markets towards the 1st January renewals to help clients protect people and assets, strengthen their balance sheets and make better business decisions that reduce volatility."

While many of Aon’s insurer clients will continue to interact with broking, analytics and claims teams through virtual meetings, Aon’s Virtual Reinsurance Renewal Season platform aims to capture the conference experience with:

  • latest insights on market dynamics and the impact of the novel coronavirus (COVID-19) pandemic
  • innovation labs
  • newsroom
  • fireside chats with C-Suite leaders

Andy Marcell added: "The goal of the fireside chats is to drive growth across the re/insurance industry in order to bring capital closer to clients’ needs and enable them to flourish in a stronger economy." Hosted by Aon CEO Greg Case, Aon President Eric Andersen, Global Chairman of Aon’s Reinsurance Solutions business Dominic Christian, and Andy Marcell, the series will discuss the challenges and opportunities facing major re/insurers and insurance buyers, sharing both perspectives.  

The guests for the fireside chats include:

  • Helle Thorning-Schmidt, former Danish Prime Minister and Andy Marcell, Aon – 2nd September
  • Moses Ojeisekhoba, Swiss Re and Andy Marcell, Aon – 17th September
  • John Keogh, Chubb and Eric Andersen, Aon – 30th September
  • John Neal, Lloyd’s and Dominic Christian, Aon – 7th October
  • Franz Hahn, Peak Re and Dominic Christian, Aon – 13th October
  • Steve Wilder, Disney and Andy Marcell, Aon – 21st October
  • Thomas Buberl, AXA and Greg Case, Aon – 28th October
  • Richie Whitt, Markel and Andy Marcell, Aon – 4th November

About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Follow Aon on Twitter and LinkedIn 
Stay up to date by visiting the Aon Newsroom and hear from Aon’s expert advisors in The One Brief.
Sign up for News Alerts here     

Media Contacts
Alexandra Lewis
+44 (0) 207 086 0541
alexandra.lewis@aon.com  

Andrew Wragg
+44 (0)207 522 8183
andrew.wragg@aon.com 

David Bogg
+44 (0) 207 522 4016 
david.bogg@aon.com

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Consumer Electronics, Lifestyle, News

The Samsung Family Hub – Heart of the Family in Connected Living

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They say that a way to a man’s hear is their bellies. We respectfully disagree. The way to any person’s heart is their bellies these days. Eating, in Malaysia at least, is a big part of our lives. Anywhere we go in Malaysia, the discussion of food never stops and is always something that anyone can chime in on.

But food is not just an important part of Malaysians, it is so for any families. Most of your family meeting or gathering happens in the kitchen or the dining room, which is right next to, or connected to your kitchen. There is one big thing in the kitchen too, to make it a kitchen; a fridge, which is what Family Hub is.

Regardless of the name, a fridge is truly a hub for the family. It is the one furniture that is shared within a household and used from day to night by every single person in the family. The Samsung Family Hub fridge lives up to that name and turns itself into a smart hub and assistant for your family. But it is more than just a fridge that is connected to your other electronics, it is a little more than just a fridge with a display too.

The Samsung Family Hub refrigerator is not technically a new product name. The product has existed for a while now. It was also one of the most interesting concept fridges when it launched. Especially, when they managed to fit a Harman Kardon speaker to the unit in 2019.

For 2020, The Samsung Family Hub got smarter in terms of software. Of course, it is a better fridge as well. But if you already have the older Family Hub, there is no need for you to go out to buy a new fridge. Still, new things are always nice; we know.

So Clever

Samsung says that this is the cleverest refrigerator that you will see. Then again, it might be the only fridge you see in your house. Why you need two large fridges in your home is beyond me.

Still, this is a very clever refrigerator with an intelligent screen and more within the screen. You can plan out your week’s worth of meals if you want to. It even helps you prepare meals with easy access to recipes that you can work with, according to what you have in the fridge.

Because it sort of knows what is in your fridge, you can even plan out what to buy in the groceries to ‘stock up’. If you forgot what to buy, you can always ‘View Inside’ the fridge to know what you have or not have inside the fridge, I know how many times I forgot to bring out my shopping list. Even when I do bring them out, I will have some missing things.

Family Center

As its name suggests, the Family Hub is meant to be the centrepiece of your family. Okay, maybe not a centrepiece sculpture, it is just a big storage box after all; how good can it look? It is where your family gathers.

We stick everything on the fridge too. You might stick your kid’s drawing, your shopping lists, your notes for your mother, your notes for your father, your notes for your kids, your husband, your wife, you name it. That will kind of clutter your fridge though. What if your fridge magnet decided not to be a fridge magnet anymore? You lose your notes.

With Family Board though on the display of the Family Hub fridge though, you will not lose your notes to the bottom of the fridge. It even has a built-in calendar to put on the screen for good measure. This means that you only need to pin whatever notes you need to put on the Family Board and it still stay there until you take it down or whoever it was intended has seen it. You can even take a family photo on your smartphone and load it to the fridge to pin it on Family Board.

Fun for the Whole Family

There is still a speaker on this new Family Hub though. With Connected Living, the Family Hub with its speakers is even better. It is a Tizen device after all.

The Family Hub can access your favourite music apps still. You can access Spotify, or Deezer, or Joox, or whatever your favourite music streaming app is and start playing music when you are preparing your meals. If you prefer to keep yourself updated with the latest trends in Malaysia, you can access the radio stations too, or open your favourite news aggregator to do more reading while preparing breakfast.

What if you want to catch up on your daily shows on Netflix? Oh yes, you can do that too, thanks to the brilliant display. You can even go on YouTube to get your short video fix if you really want.

SmartThings with Bixby

The Samsung Family Hub is a Samsung device with Tizen OS anyway, which also means that it has built-in assistant. Well, it is Bixby.

But thanks to Samsung’s SmartThings, the Samsung Family Hub is even cleverer. You can control the rest of your home with the fridge now. You can turn on your TV, your air conditioning, air purifier, your washing machine, and your vacuum cleaner too; all from your fridge. Provided, they are all Samsung devices too. You can even answer your calls from your fridge too if you need to.

Price and Availability

The Samsung Family Hub starts from MYR 8,999. It is quite a large refrigerator though for that price. Do make sure that the fridge can fit your kitchen or design your kitchen around your fridge. It is now available from Samsung’s authorised retailers from across Malaysia.

PR Newswire

Baemin Introduces an Outdoor Delivery Robot “The City of the Future Became A Reality”

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– Baedal Minjok started an outdoor delivery robot service at “Gwanggyo Alley Way,” a multipurpose housing complex in Gwanggyo

– When orders are placed in restaurants within the plaza via Baemin application, the robot delivers to the ground floor of customer’s residence

– Delivery fee goes down thanks to the robot covering short distance delivery … less burden for customers and higher revenue for restaurant owners

SEOUL, South Korea, Aug. 18, 2020 — The service that allows delivery robots to come and go outdoor between restaurants and apartments to deliver food has become a reality for the first time in Korea. Woowa Brothers Corp. (CEO Bomjun Kim), the mother company that runs "Baedal Minjok" (hereinafter Baemin) stated on August 18 that the company has started a delivery service using self-driving outdoor delivery robot, "Dilly Drive," at "Gwanggyo Alley Way," a multipurpose housing complex in Gwanggyo, Suwon city.

Woowa Brothers Corp. (CEO Bomjun Kim), the mother company that runs "Baedal Minjok" (hereinafter Baemin) has started a delivery service using self-driving outdoor delivery robot, "Dilly Drive," at "Gwanggyo Alley Way," a multipurpose housing complex in Gwanggyo, Suwon city.
Woowa Brothers Corp. (CEO Bomjun Kim), the mother company that runs "Baedal Minjok" (hereinafter Baemin) has started a delivery service using self-driving outdoor delivery robot, "Dilly Drive," at "Gwanggyo Alley Way," a multipurpose housing complex in Gwanggyo, Suwon city.

The outdoor delivery robot service newly introduced to Gwanggyo Alley Way can be used by anyone, including residents and visitors. 1,100 residents of apartments and studio flats in Gwanggyo Alley Way can choose the menu and make orders from the restaurants and cafes within the apartment complex by just opening their Baemin applications and scanning QR codes in their houses. Orders can also be made at the plaza within the complex, using QR codes placed on outdoor tables.

When there’s an order, the five Dilly drives at Gwanggyo Alley Way go from the station to the restaurant on its own. And once the restaurant staff places the food in Dilly Drive and press ‘go’ button, the robot starts the delivery. Customers can check the current location of Dilly Drive via Baemin application and get notifications 100m before and upon arrival. Customers can receive food either on the first floor of the building or at the designated outdoor table in the plaza.

The Dilly Drive at Gwanggyo Alley Way has evolved with a newly added remote control function, which the Dilly Drive used at the Konkuk University campus did not have. With its 6 wheels, Dilly Drive walks in the speed of 4~5 km per hour, which is the speed of a person walking. Once charged, it can run for more than 8 hours, and with its headlights, it can deliver at night as well. Dilly Drive can carry about 6 lunch boxes or 12 cups of beverages per delivery.

Woowa Brothers has prepared various safety measures to guarantee the safe driving of Dilly Drive. The company has thoroughly examined the road condition and travel route of the people in the complex, and set Dilly Drive to go slowly in parts where there usually are a lot of people or children. At crosswalks with a lot of cars, Dilly Drive comes to a stop, and its safety has been enhanced with the real time control via the video surveillance system installed at the apartment complex. For the first month of service, Dilly Drive will run from 11 a.m. to 3 p.m. during the weekdays, and its hours of operation will gradually be extended.

It is a first time in Korea and not very common worldwide for a delivery robot to receive food from restaurants and deliver outdoors. There is a higher technological barrier for outdoor self-driving robots than for indoor robots. Outdoor self-driving robots have to detect the subtle movements of not only cars and bicycles but also children and companion animals, and can only be commercialized when they operate stably even on bumpy roads and ever-changing weather conditions.

In November 2019, Woowa Brothers has conducted a month-long pilot test in Konkuk University campus to commercialize Dilly Drive. At the time, Dilly Drive has carried out more than 2,000 deliveries and improved its service quality. And from last June, Woowa Brothers has been working together with SK Telecom to conduct tests to build the control system crucial to outdoor delivery robot service.

The outdoor delivery robot service via Dilly Drive is going to be a new source of income for restaurant and café owners. Until now, customers were reluctant to make close-range deliveries due to delivery fees. Since robots carry out close-range deliveries at half the existing delivery fee, owners can now expect new sales revenue.

Woowa Brothers plans to keep enhancing the technological standard of outdoor delivery robot. For now, Dilly Drive can self drive from the restaurant to the first floor of an apartment, but it will be able to deliver right to the door in the first half of 2021.

Joseph Kim, Head of Robot Business Development at Woowa Brother said, "Outdoor delivery robot service includes a lot more obstacles that interrupt the robot’s drive, such as the road surface, obstacles, the weather, unexpected events, and so on. It can be commercialized when sophisticated technology and service know-hows come together." He also added that "Woowa Brothers will continue the development of delivery robot service for advanced delivery ecosystem."

Woowa Brothers operate South Korea’s most favored food delivery platform, "Baedal Minjok." While the company ceaselessly works to innovate the food-tech industry through robotics technology, recently, it also launched ‘B Mart,’ a service that delivers groceries under 30 minutes, to expand its line of business. Since the company first launched the app in 2010, Woowa Brothers grew to attract 10 million monthly active users and accomplished KRW 8.7 trillion yearly transactions last year.

Media Contact
Sungjun Huh
toto@woowahan.com

It can run for more than 8 hours, and it can deliver at night as well with its headlights. Dilly Drive can carry about 6 lunch boxes or 12 cups of beverages per delivery.
It can run for more than 8 hours, and it can deliver at night as well with its headlights. Dilly Drive can carry about 6 lunch boxes or 12 cups of beverages per delivery.

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PR Newswire

SK hynix to Expand United States Market Presence with the Launch of the World’s First 128-Layer NAND Consumer PCIe NVMe SSD

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SEOUL, South Korea, Aug. 18, 2020 — SK hynix Inc. (or "the Company," www.skhynix.com), a global semiconductor supplier based in Korea, announced today the release of its newest PCIe SSD: the SK hynix Gold P31. The latest edition is the world’s first 128-layer NAND Flash-based consumer SSD and the company’s first consumer-facing PCIe SSD launched in the United States under the SK hynix brand. 

Figure 1. SK hynix Gold P31 Consumer SSD
Figure 1. SK hynix Gold P31 Consumer SSD

The Gold P31 is intended for all PC users with a particular focus on gamers, designers, and content creators. The drive supports the PCIe NVMe interface based on 4D NAND Flash technology and is now available for purchase in 1TB and 500GB capacities on Amazon U.S.

The Gold P31 offers best-in-class read speeds of up to 3,500 MB/s and write speeds of up to 3,200 MB/s. The drive is a reliable choice for gamers whose PCs must support long hours of play, as well as professional creators and designers for whom performance and stability is essential. The Gold P31’s reliability has been tested and validated through 1,000 hours of high-temperature operating life tests (HTOL) with mean time between failures (MTBF) reaching 1.5 million hours. The SSD also comes with a five-year (limited) warranty.

The SSD market’s rapid transition to the PCIe NVMe interface, and the creation of the Gold P31, highlights SK hynix’s position as an established leader in supplying reliable PCIe NVMe products to global PC OEMs. The newest SSD is one of the fastest and most innovative consumer SSDs on the market, sporting the latest technology from SK hynix. 

As a leading manufacturer of memory chips, SK hynix designs, develops, and supplies its own DRAM and NAND Flash devices as well as internal SSD controllers. Prior to the addition of the Gold P31 PCIe SSD, SK hynix launched the Gold S31 SATA consumer SSDs, offering the industry’s best-in-class speeds and reliability.

Following the successful U.S. debut of the Gold S31 SSDs last year, the Company is confident that Gold P31 will claim a significant presence in the growing PCIe market backed by industry-leading performance metrics.

In accordance with SK hynix’s strict commitment to social and environmental value, the Gold P31 SSD is responsibly encased in packaging that utilizes Forest Stewardship Council certified paper, biodegradable plastic bags, and soy ink.

Figure 2. SK hynix Gold P31 Consumer SSD
Figure 2. SK hynix Gold P31 Consumer SSD

SK hynix Gold P31 SSD

Product Specifications: SK hynix Gold P31

Interface

PCIe NVMe Gen 3

Product Type

Internal SSD

Form Factor

M.2 (2280)

SSD capacity

1TB ∙ 500GB

NAND Flash

128-layer 4D NAND

Controller

SK hynix Controller

Sequential Read

up to 3,500MB/s

Sequential Write

up to 3,200MB/s

Warranty

5 years

TBW

750 TBW (1TB)

* Performance may vary based on system hardware, operating system, SSD capacity, individual usage pattern and other system variables.

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top-tier semiconductor supplier offering
Dynamic Random Access Memory chips ("DRAM"), Flash memory chips ("NAND Flash") and CMOS Image Sensors ("CIS") for a wide range of distinguished customers across the globe. The company is listed on the Korea Exchange, ranking the second largest in market capitalization as of June 12, 2020, with revenue of KRW 26.99 trillion won in 2019 and a 21% share of the global memory market*. The Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

* Source – OMDIA, DRAM Memory Intelligence Service – 2019 and NAND Memory Intelligence Service – 2019, April 2020. Market share in terms of revenue for combined DRAM and NAND memory. Results are not an endorsement of SK hynix. Any reliance on these results is at the third party’s own risk. Visit technology.informa.com for more details.

Media Contacts

SK hynix Inc.
Global Public Relations

Technical Leader
Jaehwan Kevin Kim
E-Mail: global_newsroom@skhynix.com
(+82) 31 8093 4775

Technical Leader
Sejin Julia Yoo
E-Mail: global_newsroom@skhynix.com

Technical Leader
Eun Suk Yixi Lee
E-Mail: global_newsroom@skhynix.com

PR Newswire

Bright Pattern Ranks #1 for Platform Functionality, Reliability, and Interoperability in 2020 Omdia (formerly Ovum) Cloud Contact Center Buyer’s Guide

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Omdia, formerly known as Ovum, names Bright Pattern the Company to Watch in Recent Contact Center Buyer’s Guide

SOUTH SAN FRANCISCO, Calif., Aug. 18, 2020 — Bright Pattern, leading provider of AI-powered omnichannel cloud contact center software, announced that it was recognized by Omdia, formerly Ovum, as a market challenger in their 2020 Decision Matrix and Multichannel Cloud Contact Center Buyer’s Guide. Omdia evaluates top multichannel cloud contact center vendors based on the company’s technology, execution, and market impact. Bright Pattern was a leading vendor in the technology category as well as the execution category, ranking for Platform Functionality, for Interoperability, and for Hosting Reliability and Scalability.

"Omdia believed [Bright Pattern] was a competitor worth watching back in 2017. Now Omdia is even more certain of Bright Pattern’s strong credentials and future potential because it maintained its even stronger challenger rating in the current report," said Ken Landoline, Principal Analyst at Omdia. "Bright Pattern is once again the challenger to watch as the company and its products mature and reach their peak in the marketplace."

Top Takeaways From the Report:

  • for Platform Functionality
  • for Interoperability
  • for Hosting Reliability and Scalability
  • Bright Pattern’s customers rated the company and its products high in the areas of hosting reliability, multichannel innovation, usability, ease of integration, pricing, professional services, and deployment time
  • Bright Pattern shows top strengths in the area of company execution for hosting and reliability, multichannel innovation, ease of integration, and pricing

"Bright Pattern ranking higher than other vendors in multiple categories by Omdia, an industry analyst highly regarded around the world, corroborates our strategy to offer the most powerful and simple AI-powered contact center software," said Ted Hunting, SVP of Marketing at Bright Pattern. "We are now gaining greater awareness of our platform as seen by recent wins from startups and large global enterprises. Recognition from Omdia as for platform functionality provides additional independent validation of our platform being the most innovative cloud contact center platform in the industry."

Bright Pattern Functionality Highlighted in the Report:

  • Platform Functionality: Bright Pattern’s all-in-one contact center platform provides omnichannel communications and omnichannel quality management powered by automation and artificial intelligence. The Bright Pattern platform is powerful, yet simple to use and customizable to specific business needs.
  • Interoperability: Bright Pattern has open APIs and out-of-the-box integration to all popular CRMs, best-of-breed AI, Workforce Management Solutions, and more.
  • Reliability and Scalability: Bright Pattern offers 100% uptime with an active-active platform, allowing customers to receive updated software without any downtime. Bright Pattern can support enterprise companies and instantly scale up to 20,000 concurrent agents.

Bright Pattern is the simplest, most powerful AI-powered omnichannel contact center with the highest ROI and fastest time to deploy in the industry (half the industry average). Bright Pattern ranked for Interoperability, for Platform Functionality, and for Hosting Reliability and Scalability in the Omdia Buyer’s Guide. Bright Pattern outranked Five9, NICE inContact, Avaya, Aspect, and 8×8 as a leading provider in the 2020 G2 Crowd Report, and was a leader in the 2020 Call Center Software FrontRunners Quadrant with customer ratings higher than Five9, Genesys PureCloud, NICE inContact, RingCentral, and Talkdesk. Additionally, Bright Pattern was recognized by Frost & Sullivan for its omnichannel and AI capabilities.

Download your free copy of the Omdia Buyer’s Guide

Additional Information

About Bright Pattern
Bright Pattern provides the simplest and most powerful AI-powered omnichannel contact center software for innovative midsize and enterprise companies. With the purpose of making customer service brighter, easier, and faster than ever before, Bright Pattern offers the only true omnichannel cloud platform with embedded AI that can be deployed quickly and nimbly by business users—without costly professional services. Bright Pattern allows companies to offer an effortless and personal customer experience across channels like voice, text, chat, email, video, messengers, and bots. Bright Pattern also allows companies to measure and act on every interaction on every channel with embedded AI omnichannel quality management. The company was founded by a team of industry veterans who pioneered the leading contact center solutions and are now delivering an architecture for the future with an advanced cloud-first approach. Bright Pattern’s cloud contact center solution is used globally in over 26 countries and 12 languages.

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Related Links :

http://www.brightpattern.com