BEIJING--(BUSINESS WIRE)--DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI), the world’s leading mobility technology platform, today announced its unaudited interim condensed financial results for the second quarter ended June 30, 2021 and the third quarter ended September 30, 2021.
DiDi Global Inc. |
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Unaudited interim condensed consolidated balance sheets |
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(Amounts in millions, except for per share data and otherwise noted, unaudited) |
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As of |
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December 31, |
June 30, |
September 30, |
||||||||||
2020 |
2021 |
2021 |
2021 |
|||||||||
RMB |
RMB |
RMB |
US$ (1) |
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| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 19,372 |
|
26,096 |
|
48,649 |
|
7,550 |
|
||||
| Restricted cash | 2,238 |
|
169 |
|
671 |
|
104 |
|
||||
| Short-term investments | 37,398 |
|
15,169 |
|
12,554 |
|
1,948 |
|
||||
| Accounts and notes receivable, net of allowance for credit losses of RMB556, RMB645 and RMB722, respectively | 2,438 |
|
3,376 |
|
3,008 |
|
467 |
|
||||
| Loan receivable, net of allowance for credit losses of RMB146, RMB230 and RMB296, respectively | 2,878 |
|
4,609 |
|
4,697 |
|
729 |
|
||||
| Amounts due from related parties | 103 |
|
2,368 |
|
2,449 |
|
380 |
|
||||
| Prepayments, receivables and other current assets, net | 4,255 |
|
4,267 |
|
5,007 |
|
778 |
|
||||
| Total current assets | 68,682 |
|
56,054 |
|
77,035 |
|
11,956 |
|
||||
| Non-current assets: | ||||||||||||
| Investment securities | 573 |
|
17,184 |
|
2,251 |
|
349 |
|
||||
| Long-term investments, net | 7,105 |
|
11,238 |
|
9,020 |
|
1,400 |
|
||||
| Operating lease right-of-use assets | 1,931 |
|
1,260 |
|
1,301 |
|
202 |
|
||||
| Property and equipment, net | 9,819 |
|
10,803 |
|
8,461 |
|
1,313 |
|
||||
| Intangible assets, net | 5,297 |
|
4,334 |
|
3,860 |
|
599 |
|
||||
| Goodwill | 49,124 |
|
49,199 |
|
48,962 |
|
7,599 |
|
||||
| Non-current restricted cash | 21 |
|
15 |
|
- |
|
- |
|
||||
| Deferred tax assets, net | 191 |
|
163 |
|
195 |
|
30 |
|
||||
| Other non-current assets, net | 4,522 |
|
5,022 |
|
4,746 |
|
737 |
|
||||
| Total non-current assets | 78,583 |
|
99,218 |
|
78,796 |
|
12,229 |
|
||||
| Total assets | 147,265 |
|
155,272 |
|
155,831 |
|
24,185 |
|
||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term borrowings | 5,827 |
|
7,259 |
|
7,422 |
|
1,152 |
|
||||
| Accounts and notes payable | 7,353 |
|
4,589 |
|
4,819 |
|
748 |
|
||||
| Deferred revenue and customer advances | 915 |
|
780 |
|
711 |
|
110 |
|
||||
| Operating lease liabilities, current portion | 679 |
|
453 |
|
471 |
|
73 |
|
||||
| Amounts due to related parties | 282 |
|
242 |
|
356 |
|
55 |
|
||||
| Accrued expenses and other current liabilities | 11,304 |
|
11,241 |
|
12,774 |
|
1,983 |
|
||||
| Total current liabilities | 26,360 |
|
24,564 |
|
26,553 |
|
4,121 |
|
||||
| Non-current liabilities: | ||||||||||||
| Long-term borrowings | 1,453 |
|
2,383 |
|
1,967 |
|
305 |
|
||||
| Operating lease liabilities, non-current portion | 1,172 |
|
741 |
|
734 |
|
114 |
|
||||
| Deferred tax liabilities | 844 |
|
627 |
|
581 |
|
90 |
|
||||
| Other non-current liabilities | 286 |
|
304 |
|
281 |
|
44 |
|
||||
| Total non-current liabilities | 3,755 |
|
4,055 |
|
3,563 |
|
553 |
|
||||
| Total liabilities | 30,115 |
|
28,619 |
|
30,116 |
|
4,674 |
|
||||
| Commitments and contingencies | ||||||||||||
| Mezzanine equity | ||||||||||||
| Convertible preferred shares (2) | 189,839 |
|
189,839 |
|
- |
|
- |
|
||||
| Convertible redeemable non-controlling interests | 3,345 |
|
11,836 |
|
12,052 |
|
1,870 |
|
||||
| Convertible non-controlling interests | 100 |
|
1,069 |
|
1,069 |
|
166 |
|
||||
| Total Mezzanine Equity | 193,284 |
|
202,744 |
|
13,121 |
|
2,036 |
|
||||
| SHAREHOLDERS’ EQUITY (DEFICIT): | ||||||||||||
| DiDi Global Inc. shareholders’ equity (deficit): | ||||||||||||
| Ordinary shares (US$0.00002 par value; 1,617,583,821 shares, 1,617,583,821 shares and 5,000,000,000 shares authorized; 124,067,444 shares, 193,302,859 shares and 1,205,810,369 shares issued; 108,531,508 shares, 168,885,317 shares and 1,181,921,441 shares outstanding as of December 31, 2020, June 30, 2021 and September 30,2021, respectively) | - |
|
- |
|
- |
|
- |
|
||||
| Treasury shares | - |
|
- |
|
- |
|
- |
|
||||
| Additional paid-in capital | 12,178 |
|
31,705 |
|
250,535 |
|
38,882 |
|
||||
| Statutory reserves | 17 |
|
17 |
|
17 |
|
3 |
|
||||
| Accumulated other comprehensive loss | (2,002 |
) |
(2,698 |
) |
(2,448 |
) |
(380 |
) |
||||
| Accumulated deficit | (86,411 |
) |
(105,198 |
) |
(135,578 |
) |
(21,041 |
) |
||||
| Total DiDi Global Inc. shareholders’ equity (deficit) | (76,218 |
) |
(76,174 |
) |
112,526 |
|
17,464 |
|
||||
| Non-controlling interests | 84 |
|
83 |
|
68 |
|
11 |
|
||||
| Total shareholders’ equity (deficit) | (76,134 |
) |
(76,091 |
) |
112,594 |
|
17,475 |
|
||||
| Total liabilities, mezzanine equity and shareholders’ equity (deficit) | 147,265 |
|
155,272 |
|
155,831 |
|
24,185 |
|
||||
(1) This results announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) for the convenience of the reader. Unless otherwise stated, all translations of RMB into US$ were made at RMB6.4434 to US$1.00, the exchange rate on September 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.
(2) The convertible preferred shares were converted to ordinary shares immediately prior to the closing of the Company’s initial public offering in early July.
DiDi Global Inc. |
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Unaudited interim condensed consolidated statements of comprehensive income (loss) |
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(Amounts in millions, except for per share data and otherwise noted, unaudited) |
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For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
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2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
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| RMB | RMB | RMB | RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||
| China Mobility | 29,433 |
|
44,804 |
|
48,378 |
|
84,039 |
|
41,111 |
|
39,009 |
|
6,054 |
|
89,489 |
|
123,048 |
|
19,097 |
|
||||||||||
| International | 373 |
|
807 |
|
1,140 |
|
1,611 |
|
502 |
|
966 |
|
150 |
|
1,642 |
|
2,577 |
|
400 |
|
||||||||||
| Other Initiatives | 1,361 |
|
2,601 |
|
2,121 |
|
4,725 |
|
1,785 |
|
2,700 |
|
419 |
|
3,906 |
|
7,425 |
|
1,152 |
|
||||||||||
| Total revenues | 31,167 |
|
48,212 |
|
51,639 |
|
90,375 |
|
43,398 |
|
42,675 |
|
6,623 |
|
95,037 |
|
133,050 |
|
20,649 |
|
||||||||||
| Costs and expenses | ||||||||||||||||||||||||||||||
| Cost of revenues (1) | (26,627 |
) |
(42,561 |
) |
(43,981 |
) |
(80,158 |
) |
(37,323 |
) |
(40,784 |
) |
(6,330 |
) |
(81,304 |
) |
(120,942 |
) |
(18,770 |
) |
||||||||||
| Operations and support | (926 |
) |
(1,758 |
) |
(1,823 |
) |
(3,907 |
) |
(1,219 |
) |
(1,910 |
) |
(296 |
) |
(3,042 |
) |
(5,817 |
) |
(903 |
) |
||||||||||
| Sales and marketing | (1,498 |
) |
(3,904 |
) |
(3,267 |
) |
(9,011 |
) |
(2,654 |
) |
(4,441 |
) |
(689 |
) |
(5,921 |
) |
(13,452 |
) |
(2,088 |
) |
||||||||||
| Research and development | (1,435 |
) |
(2,746 |
) |
(2,913 |
) |
(4,608 |
) |
(1,568 |
) |
(2,341 |
) |
(363 |
) |
(4,481 |
) |
(6,949 |
) |
(1,078 |
) |
||||||||||
| General and administrative | (1,485 |
) |
(21,847 |
) |
(3,781 |
) |
(23,949 |
) |
(1,732 |
) |
(2,253 |
) |
(350 |
) |
(5,513 |
) |
(26,202 |
) |
(4,066 |
) |
||||||||||
| Total costs and expenses | (31,971 |
) |
(72,816 |
) |
(55,765 |
) |
(121,633 |
) |
(44,496 |
) |
(51,729 |
) |
(8,028 |
) |
(100,261 |
) |
(173,362 |
) |
(26,905 |
) |
||||||||||
| Loss from operations (2) | (804 |
) |
(24,604 |
) |
(4,126 |
) |
(31,258 |
) |
(1,098 |
) |
(9,054 |
) |
(1,405 |
) |
(5,224 |
) |
(40,312 |
) |
(6,256 |
) |
||||||||||
| Interest income | 298 |
|
190 |
|
635 |
|
377 |
|
309 |
|
202 |
|
31 |
|
944 |
|
579 |
|
90 |
|
||||||||||
| Interest expenses | (20 |
) |
(86 |
) |
(39 |
) |
(147 |
) |
(46 |
) |
(65 |
) |
(10 |
) |
(85 |
) |
(212 |
) |
(33 |
) |
||||||||||
| Investment income (loss), net (3) | 561 |
|
(100 |
) |
99 |
|
12,261 |
|
830 |
|
(20,772 |
) |
(3,224 |
) |
929 |
|
(8,511 |
) |
(1,321 |
) |
||||||||||
| Income (loss) from equity method investments, net | (162 |
) |
(130 |
) |
(357 |
) |
(175 |
) |
(151 |
) |
115 |
|
18 |
|
(508 |
) |
(60 |
) |
(9 |
) |
||||||||||
| Other income (loss), net | 11 |
|
532 |
|
(479 |
) |
148 |
|
780 |
|
(689 |
) |
(107 |
) |
301 |
|
(541 |
) |
(84 |
) |
||||||||||
| Income (loss) before income taxes | (116 |
) |
(24,198 |
) |
(4,267 |
) |
(18,794 |
) |
624 |
|
(30,263 |
) |
(4,697 |
) |
(3,643 |
) |
(49,057 |
) |
(7,613 |
) |
||||||||||
| Income tax benefits (expenses) | 46 |
|
(73 |
) |
225 |
|
6 |
|
41 |
|
(112 |
) |
(17 |
) |
266 |
|
(106 |
) |
(16 |
) |
||||||||||
| Net income (loss) | (70 |
) |
(24,271 |
) |
(4,042 |
) |
(18,788 |
) |
665 |
|
(30,375 |
) |
(4,714 |
) |
(3,377 |
) |
(49,163 |
) |
(7,629 |
) |
||||||||||
| Less: Net income (loss) attributable to non-controlling interest shareholders | (7 |
) |
1 |
|
(17 |
) |
(1 |
) |
(7 |
) |
5 |
|
1 |
|
(24 |
) |
4 |
|
1 |
|
||||||||||
| Net income (loss) attributable to DiDi Global Inc. | (63 |
) |
(24,272 |
) |
(4,025 |
) |
(18,787 |
) |
672 |
|
(30,380 |
) |
(4,715 |
) |
(3,353 |
) |
(49,167 |
) |
(7,630 |
) |
||||||||||
| Accretion of convertible redeemable non-controlling interests to redemption value | (41 |
) |
(175 |
) |
(60 |
) |
(265 |
) |
(45 |
) |
(216 |
) |
(34 |
) |
(105 |
) |
(481 |
) |
(75 |
) |
||||||||||
| Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares | (1 |
) |
- |
|
(1 |
) |
- |
|
- |
|
- |
|
- |
|
(1 |
) |
- |
|
- |
|
||||||||||
| Income allocation to participating preferred shares | - |
|
- |
|
- |
|
- |
|
(627 |
) |
- |
|
- |
|
- |
|
- |
|
- |
|
||||||||||
| Net loss attributable to ordinary shareholders of DiDi Global Inc. | (105 |
) |
(24,447 |
) |
(4,086 |
) |
(19,052 |
) |
- |
|
(30,596 |
) |
(4,749 |
) |
(3,459 |
) |
(49,648 |
) |
(7,705 |
) |
||||||||||
| Net income (loss) | (70 |
) |
(24,271 |
) |
(4,042 |
) |
(18,788 |
) |
665 |
|
(30,375 |
) |
(4,714 |
) |
(3,377 |
) |
(49,163 |
) |
(7,629 |
) |
||||||||||
| Other comprehensive income (loss): | ||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of tax of nil | (104 |
) |
(1,117 |
) |
(267 |
) |
(691 |
) |
(2,863 |
) |
250 |
|
39 |
|
(3,130 |
) |
(441 |
) |
(68 |
) |
||||||||||
| Share of other comprehensive loss of equity method investees | - |
|
(2 |
) |
(1 |
) |
(5 |
) |
- |
|
- |
|
- |
|
(1 |
) |
(5 |
) |
(1 |
) |
||||||||||
| Total other comprehensive income (loss) | (104 |
) |
(1,119 |
) |
(268 |
) |
(696 |
) |
(2,863 |
) |
250 |
|
39 |
|
(3,131 |
) |
(446 |
) |
(69 |
) |
||||||||||
| Total comprehensive loss | (174 |
) |
(25,390 |
) |
(4,310 |
) |
(19,484 |
) |
(2,198 |
) |
(30,125 |
) |
(4,675 |
) |
(6,508 |
) |
(49,609 |
) |
(7,698 |
) |
||||||||||
| Less: comprehensive income (loss) attributable to non-controlling interest shareholders | (7 |
) |
1 |
|
(17 |
) |
(1 |
) |
(7 |
) |
5 |
|
1 |
|
(24 |
) |
4 |
|
1 |
|
||||||||||
| Comprehensive loss attributable to DiDi Global Inc. | (167 |
) |
(25,391 |
) |
(4,293 |
) |
(19,483 |
) |
(2,191 |
) |
(30,130 |
) |
(4,676 |
) |
(6,484 |
) |
(49,613 |
) |
(7,699 |
) |
||||||||||
| Accretion of convertible redeemable non-controlling interests to redemption value | (41 |
) |
(175 |
) |
(60 |
) |
(265 |
) |
(45 |
) |
(216 |
) |
(34 |
) |
(105 |
) |
(481 |
) |
(75 |
) |
||||||||||
| Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares | (1 |
) |
- |
|
(1 |
) |
- |
|
- |
|
- |
|
- |
|
(1 |
) |
- |
|
- |
|
||||||||||
| Income allocation to participating preferred shares | - |
|
- |
|
- |
|
- |
|
(627 |
) |
- |
|
- |
|
- |
|
- |
|
- |
|
||||||||||
| Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc. | (209 |
) |
(25,566 |
) |
(4,354 |
) |
(19,748 |
) |
(2,863 |
) |
(30,346 |
) |
(4,710 |
) |
(6,590 |
) |
(50,094 |
) |
(7,774 |
) |
||||||||||
| Weighted average number of ordinary shares used in computing net loss per share | ||||||||||||||||||||||||||||||
| —Basic | 107,619,131 |
|
120,225,151 |
|
105,218,085 |
|
114,671,250 |
|
107,980,508 |
|
1,180,836,142 |
1,180,836,142 |
|
106,145,614 |
|
473,964,914 |
|
473,964,914 |
|
|||||||||||
| —Diluted | 107,619,131 |
|
120,225,151 |
|
105,218,085 |
|
114,671,250 |
|
107,980,508 |
|
1,180,836,142 |
1,180,836,142 |
|
106,145,614 |
|
473,964,914 |
|
473,964,914 |
|
|||||||||||
| Net loss per share attributable to ordinary shareholders | ||||||||||||||||||||||||||||||
| —Basic | (0.97 |
) |
(203.34 |
) |
(38.84 |
) |
(166.14 |
) |
- |
|
(25.91 |
) |
(4.02 |
) |
(32.59 |
) |
(104.75 |
) |
(16.26 |
) |
||||||||||
| —Diluted | (0.97 |
) |
(203.34 |
) |
(38.84 |
) |
(166.14 |
) |
- |
|
(25.91 |
) |
(4.02 |
) |
(32.59 |
) |
(104.75 |
) |
(16.26 |
) |
||||||||||
| Weighted average number of ADSs used in computing net loss per ADS | ||||||||||||||||||||||||||||||
| —Basic | 430,476,524 |
|
480,900,604 |
|
420,872,340 |
|
458,685,000 |
|
431,922,032 |
|
4,723,344,568 |
4,723,344,568 |
|
424,582,456 |
|
1,895,859,656 |
|
1,895,859,656 |
|
|||||||||||
| —Diluted | 430,476,524 |
|
480,900,604 |
|
420,872,340 |
|
458,685,000 |
|
431,922,032 |
|
4,723,344,568 |
4,723,344,568 |
|
424,582,456 |
|
1,895,859,656 |
|
1,895,859,656 |
|
|||||||||||
| Net loss per ADS attributable to ordinary shareholders | ||||||||||||||||||||||||||||||
| —Basic | (0.24 |
) |
(50.84 |
) |
(9.71 |
) |
(41.54 |
) |
- |
|
(6.48 |
) |
(1.01 |
) |
(8.15 |
) |
(26.19 |
) |
(4.06 |
) |
||||||||||
| —Diluted | (0.24 |
) |
(50.84 |
) |
(9.71 |
) |
(41.54 |
) |
- |
|
(6.48 |
) |
(1.01 |
) |
(8.15 |
) |
(26.19 |
) |
(4.06 |
) |
||||||||||
| (1) For the three months ended September 30, 2021, cost of revenues included an asset impairment charge of RMB2.2 billion (US$0.3 billion) for certain assets of the Company's bike and e-bike sharing business, which was mainly caused by the adverse change in such business in the third quarter of 2021. | ||||||||||||||||||||||||||||||
| (2) Included share-based compensation expenses as follows: | ||||||||||||||||||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||||
| Operations and support | 13 |
|
59 |
|
45 |
|
103 |
|
14 |
|
54 |
|
8 |
|
59 |
|
157 |
|
24 |
|
||||||||||
| Sales and marketing | 35 |
|
105 |
|
104 |
|
155 |
|
51 |
|
85 |
|
13 |
|
155 |
|
240 |
|
37 |
|
||||||||||
| Research and development | 143 |
|
1,181 |
|
450 |
|
1,377 |
|
162 |
|
501 |
|
78 |
|
612 |
|
1,878 |
|
291 |
|
||||||||||
| General and administrative | 344 |
|
20,476 |
|
1,599 |
|
20,883 |
|
359 |
|
484 |
|
75 |
|
1,958 |
|
21,367 |
|
3,316 |
|
||||||||||
| (3) Investment loss, net for the three months ended September 30, 2021 was RMB20.8 billion (US$3.2 billion), primarily attributable to the investment loss arising from changes in fair value of the Company’s investments in Chengxin (a company engaged in community group buying business) due to the adverse change in Chengxin’s business in the third quarter of 2021. | ||||||||||||||||||||||||||||||
DiDi Global Inc. |
||||||||||||||||||||||||||||||||
Unaudited interim condensed consolidated statements of cash flows |
||||||||||||||||||||||||||||||||
(Amounts in millions, unaudited) |
||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||||||||||||||||
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 1,686 |
|
(1,189 |
) |
(1,297 |
) |
(7,327 |
) |
2,993 |
|
(5,055 |
) |
(785 |
) |
1,696 |
|
(12,382 |
) |
(1,922 |
) |
||||||||||||
| Net cash provided by (used in) investing activities | (9,961 |
) |
5,364 |
|
(5,732 |
) |
3,350 |
|
465 |
|
306 |
|
47 |
|
(5,267 |
) |
3,656 |
|
567 |
|
||||||||||||
| Net cash provided by (used in) financing activities | 1,289 |
|
(1,750 |
) |
4,298 |
|
8,531 |
|
2,355 |
|
27,739 |
|
4,305 |
|
6,653 |
|
36,270 |
|
5,629 |
|
||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 241 |
|
(136 |
) |
(232 |
) |
95 |
|
(27 |
) |
50 |
|
9 |
|
(259 |
) |
145 |
|
23 |
|
||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (6,745 |
) |
2,289 |
|
(2,963 |
) |
4,649 |
|
5,786 |
|
23,040 |
|
3,576 |
|
2,823 |
|
27,689 |
|
4,297 |
|
||||||||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 17,462 |
|
23,991 |
|
13,680 |
|
21,631 |
|
10,717 |
|
26,280 |
|
4,078 |
|
13,680 |
|
21,631 |
|
3,357 |
|
||||||||||||
| Cash, cash equivalents and restricted cash at the end of the period | 10,717 |
|
26,280 |
|
10,717 |
|
26,280 |
|
16,503 |
|
49,320 |
|
7,654 |
|
16,503 |
|
49,320 |
|
7,654 |
|
||||||||||||
| Selected financial information of segments | ||||||||||||||||||||||||||||||
| The following table presents information about revenues and Adjusted EBITA by segment, and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations for the periods presented: | ||||||||||||||||||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||||
| Revenues: | (Amounts in millions, unaudited) | |||||||||||||||||||||||||||||
| China Mobility | 29,433 |
|
44,804 |
|
48,378 |
|
84,039 |
|
41,111 |
|
39,009 |
|
6,054 |
|
89,489 |
|
123,048 |
|
19,097 |
|
||||||||||
| International | 373 |
|
807 |
|
1,140 |
|
1,611 |
|
502 |
|
966 |
|
150 |
|
1,642 |
|
2,577 |
|
400 |
|
||||||||||
| Other Initiatives | 1,361 |
|
2,601 |
|
2,121 |
|
4,725 |
|
1,785 |
|
2,700 |
|
419 |
|
3,906 |
|
7,425 |
|
1,152 |
|
||||||||||
| Total segment revenues | 31,167 |
|
48,212 |
|
51,639 |
|
90,375 |
|
43,398 |
|
42,675 |
|
6,623 |
|
95,037 |
|
133,050 |
|
20,649 |
|
||||||||||
| Adjusted EBITA: | ||||||||||||||||||||||||||||||
| China Mobility | 1,733 |
|
1,686 |
|
2,349 |
|
5,304 |
|
2,120 |
|
(29 |
) |
(5 |
) |
4,469 |
|
5,275 |
|
819 |
|
||||||||||
| International | (590 |
) |
(1,191 |
) |
(1,261 |
) |
(2,196 |
) |
(763 |
) |
(1,789 |
) |
(278 |
) |
(2,024 |
) |
(3,985 |
) |
(618 |
) |
||||||||||
| Other Initiatives | (916 |
) |
(2,801 |
) |
(2,012 |
) |
(10,879 |
) |
(1,374 |
) |
(5,678 |
) |
(881 |
) |
(3,386 |
) |
(16,557 |
) |
(2,570 |
) |
||||||||||
| Total Adjusted EBITA (non-GAAP) | 227 |
|
(2,306 |
) |
(924 |
) |
(7,771 |
) |
(17 |
) |
(7,496 |
) |
(1,164 |
) |
(941 |
) |
(15,267 |
) |
(2,369 |
) |
||||||||||
| Share-based compensation | (535 |
) |
(21,821 |
) |
(2,198 |
) |
(22,518 |
) |
(586 |
) |
(1,124 |
) |
(174 |
) |
(2,784 |
) |
(23,642 |
) |
(3,668 |
) |
||||||||||
| Amortization of intangible assets | (496 |
) |
(477 |
) |
(1,004 |
) |
(969 |
) |
(495 |
) |
(434 |
) |
(67 |
) |
(1,499 |
) |
(1,403 |
) |
(219 |
) |
||||||||||
| Total consolidated loss from operations | (804 |
) |
(24,604 |
) |
(4,126 |
) |
(31,258 |
) |
(1,098 |
) |
(9,054 |
) |
(1,405 |
) |
(5,224 |
) |
(40,312 |
) |
(6,256 |
) |
||||||||||
| The following table presents the total depreciation expenses of property and equipment by segment for the periods presented: | ||||||||||||||||||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||||
| (Amounts in millions, unaudited) | ||||||||||||||||||||||||||||||
| China Mobility | 66 |
|
72 |
|
133 |
|
151 |
|
62 |
|
71 |
|
11 |
|
195 |
|
222 |
|
34 |
|
||||||||||
| International | 14 |
|
28 |
|
28 |
|
52 |
|
15 |
|
30 |
|
5 |
|
43 |
|
82 |
|
13 |
|
||||||||||
| Other Initiatives | 646 |
|
976 |
|
1,180 |
|
1,941 |
|
790 |
|
1,099 |
|
172 |
|
1,970 |
|
3,040 |
|
472 |
|
||||||||||
| Total depreciation expenses of property and equipment | 726 |
|
1,076 |
|
1,341 |
|
2,144 |
|
867 |
|
1,200 |
|
188 |
|
2,208 |
|
3,344 |
|
519 |
|
||||||||||
DiDi Global Inc. |
||||||||||||||||||||||||||||||
Unaudited reconciliation of GAAP and Non-GAAP results |
||||||||||||||||||||||||||||||
(Amounts in millions, unaudited) |
||||||||||||||||||||||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||||||||||||||
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||||
| Net income (loss) | (70 |
) |
(24,271 |
) |
(4,042 |
) |
(18,788 |
) |
665 |
|
(30,375 |
) |
(4,714 |
) |
(3,377 |
) |
(49,163 |
) |
(7,629 |
) |
||||||||||
| Less: Interest income | (298 |
) |
(190 |
) |
(635 |
) |
(377 |
) |
(309 |
) |
(202 |
) |
(31 |
) |
(944 |
) |
(579 |
) |
(90 |
) |
||||||||||
| Add: Interest expenses | 20 |
|
86 |
|
39 |
|
147 |
|
46 |
|
65 |
|
10 |
|
85 |
|
212 |
|
33 |
|
||||||||||
| Less: Investment income (loss), net | (561 |
) |
100 |
|
(99 |
) |
(12,261 |
) |
(830 |
) |
20,772 |
|
3,224 |
|
(929 |
) |
8,511 |
|
1,321 |
|
||||||||||
| Add: Loss (income) from equity method investments, net | 162 |
|
130 |
|
357 |
|
175 |
|
151 |
|
(115 |
) |
(18 |
) |
508 |
|
60 |
|
9 |
|
||||||||||
| Less: Other income (loss), net | (11 |
) |
(532 |
) |
479 |
|
(148 |
) |
(780 |
) |
689 |
|
107 |
|
(301 |
) |
541 |
|
84 |
|
||||||||||
| Less: Income tax benefits (expenses) | (46 |
) |
73 |
|
(225 |
) |
(6 |
) |
(41 |
) |
112 |
|
17 |
|
(266 |
) |
106 |
|
16 |
|
||||||||||
| Loss from operations | (804 |
) |
(24,604 |
) |
(4,126 |
) |
(31,258 |
) |
(1,098 |
) |
(9,054 |
) |
(1,405 |
) |
(5,224 |
) |
(40,312 |
) |
(6,256 |
) |
||||||||||
| Add: Share-based compensation expenses | 535 |
|
21,821 |
|
2,198 |
|
22,518 |
|
586 |
|
1,124 |
|
174 |
|
2,784 |
|
23,642 |
|
3,668 |
|
||||||||||
| Add: Amortization of intangible assets | 496 |
|
477 |
|
1,004 |
|
969 |
|
495 |
|
434 |
|
67 |
|
1,499 |
|
1,403 |
|
219 |
|
||||||||||
| Adjusted EBITA (non-GAAP) | 227 |
|
(2,306 |
) |
(924 |
) |
(7,771 |
) |
(17 |
) |
(7,496 |
) |
(1,164 |
) |
(941 |
) |
(15,267 |
) |
(2,369 |
) |
||||||||||
Third Quarter 2021 Financial and Operational Metrics
- Total revenues for the third quarter of 2021 were RMB42.7 billion (US$6.6 billion). Total revenues from the China Mobility segment for the third quarter of 2021 were RMB39.0 billion (US$6.1 billion). Total revenues from the International segment for the third quarter of 2021 were RMB1.0 billion (US$0.1 billion). Total revenues from the Other Initiatives segment for the third quarter of 2021 were RMB2.7 billion (US$0.4 billion).
- Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB30.6 billion (US$4.7 billion).
- Adjusted EBITA (Non-GAAP)1 for the third quarter of 2021 was a loss of RMB7.5 billion (US$1.2 billion). The Adjusted EBITA (non-GAAP) of China Mobility segment was a loss of RMB29 million (US$5 million) in the third quarter of 2021. The Adjusted EBITA loss (non-GAAP) of the International segment were RMB1.8 billion (US$0.3 billion) in the third quarter of 2021. The Adjusted EBITA loss (non-GAAP) of the Other Initiatives segment were RMB5.7 billion (US$0.9 billion) in the third quarter of 2021.
- Core Platform Transactions for the third quarter of 2021 were 2,855 million. Transactions of China Mobility segment for the third quarter of 2021 were 2,356 million. Transactions from the International segment for the third quarter of 2021 were 499 million.
- Core Platform Gross Transaction Value (“GTV”)2 for the third quarter of 2021 reached RMB68.7 billion (US$10.7 billion). GTV from the China Mobility segment for the third quarter of 2021 reached RMB58.4 billion (US$9.1 billion). GTV from the International segment for the third quarter of 2021 reached RMB10.3 billion (US$1.6 billion).
- Platform Sales3 from China Mobility and International segments for the third quarter of 2021 were RMB9.7 billion (US$1.5 billion). Platform Sales from the China Mobility segment for the third quarter of 2021 reached RMB8.9 billion (US$1.4 billion). Platform Sales from the International segment for the third quarter of 2021 reached RMB0.8 billion (US$0.1 billion).
Second Quarter 2021 Financial and Operational Metrics
- Total revenues for the second quarter of 2021 were RMB48.2 billion. Total revenues from the China Mobility segment for the second quarter of 2021 were RMB44.8 billion. Total revenues from the International segment for the second quarter of 2021 were RMB0.8 billion. Total revenues from the Other Initiatives segment for the second quarter of 2021 were RMB2.6 billion.
- Net loss attributable to ordinary shareholders for the second quarter of 2021 was RMB24.4 billion.
- Adjusted EBITA (Non-GAAP) for the second quarter of 2021 was a loss of RMB2.3 billion.
- Core Platform Transactions for the second quarter of 2021 were 3,004 million. Transactions from the China Mobility segment for the second quarter of 2021 were 2,570 million. Transactions from the International segment for the second quarter of 2021 were 434 million.
- Core Platform Gross Transaction Value (“GTV”) for the second quarter of 2021 reached RMB73.3 billion. GTV from the China Mobility segment for the second quarter of 2021 reached RMB64.6 billion. GTV from the International segment for the second quarter of 2021 reached RMB8.7 billion.
- Platform Sales from China Mobility and International segments for the second quarter of 2021 reached RMB11.5 billion. Platform Sales from the China Mobility segment for the second quarter of 2021 reached RMB10.7 billion. Platform Sales from the International segment for the second quarter of 2021 reached RMB0.8 billion.
On December 3, 2021, DiDi announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders. The Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange. The Company is executing above plans and will update investors in due course.
About DiDi Global Inc.
DiDi Global Inc. (NYSE: DIDI) is the world’s leading mobility technology platform. It offers a wide range of app-based services across Asia Pacific, Latin America and Africa, as well as in Central Asia and Russia, including ride hailing, taxi hailing, chauffeur, hitch and other forms of shared mobility as well as auto solutions, food delivery, intra-city freight and financial services.
Use of Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses Adjusted EBITA, a non-GAAP financial measure, to supplement the review and assessment of its operating performance. The Company defines Adjusted EBITA as net income or loss before (i) interest income, (ii) interest expenses, (iii) investment income (loss), net, (iv) impairment loss for equity investments accounted for using cost method/Measurement Alternative, (v) loss (income) from equity method investments, net, (vi) other income (loss), net, (vii) income tax benefits (expenses), (viii) share-based compensation expense, and (ix) amortization of intangible assets.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. It should not be considered in isolation or construed as an alternative to net income (loss) or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review this historical non-GAAP financial measure in light of the most directly comparable GAAP measure. The non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.
For more information on the non-GAAP financial measure, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth in this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars were made at a rate of RMB6.4434 to US$1.00, the exchange rate in effect as of September 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements which are made pursuant to 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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
1 Adjusted EBITA (non-GAAP) is defined as net income or loss before (i) interest income, (ii) interest expenses, (iii) investment income (loss), net, (iv) impairment loss for equity investments accounted for using cost method/Measurement Alternative, (v) loss (income) from equity method investments, net, (vi) other income (loss), net, (vii) income tax benefits (expenses), (viii) share-based compensation expense, and (ix) amortization of intangible assets.
2 GTV, which stands for gross transaction value, refers to the total dollar value, including any applicable taxes, tolls and fees, of completed transactions on the Company’s platform without any adjustment for consumer incentives or for earnings and incentives paid to drivers for mobility services, merchant or delivery partners for food delivery services, or service partners for other initiatives.
3 Platform Sales refers to GTV less all of the earnings and incentives paid to drivers and partners, tolls, fees, taxes and others.