Pinduoduo Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD),
China’s largest agriculture and interactive commerce platform,
today announced its unaudited financial results for the third
quarter ended September 30, 2021.
Third Quarter 2021
Highlights
- Total revenues in
the quarter were RMB21,505.8 million (US$13,337.6 million), an
increase of 51% from RMB14,209.8 million in the same quarter of
2020.
- Average monthly active
users2 in the quarter was 741.5
million, an increase of 15% from 643.4 million in the same quarter
of 2020.
- Active
buyers3 in the twelve-month period
ended September 30, 2021 was 867.3 million, an increase of 19% from
731.3 million in the twelve-month period ended September 30,
2020.
- Operating profit
in the quarter was RMB2,139.3 million (US$332.0 million), compared
with operating loss of RMB1,295.7 million in the same quarter of
2020.
Non-GAAP4 operating
profit in the quarter was RMB3,260.7 million (US$506.1
million), compared with non-GAAP operating loss of RMB339.8 million
in the same quarter of 2020.
- Net income attributable to
ordinary shareholders in the quarter was RMB1,640.0
million (US$254.5 million), compared with net loss of RMB784.7
million in the same quarter of 2020. Non-GAAP net income
attributable to ordinary shareholders in the quarter was
RMB3,150.2 million (US$488.9 million), compared with RMB466.4
million in the same quarter of 2020.
"We are placing more focus on investments in
R&D, away from the previous emphasis on sales and marketing in
our first five years," said Mr. Lei Chen, Chairman and CEO of
Pinduoduo. "We want to leverage our strength in technology to
deepen our digital inclusion efforts in agriculture, and will
allocate all profits from the third quarter to the '10 Billion
Agriculture Initiative'."
"Meanwhile, we are seeing the younger generation
maturing quickly and will promote more young leaders to critical
roles in the next six to 12 months," Mr. Chen added.
"Our total revenues, excluding contribution from
merchandise sales, grew by 55% on a year-over-year basis, to
RMB21.4 billion in Q3 2021," said Mr. Tony Ma, Vice President of
Finance. "To lay the foundation for future sustainable growth, we
are committed to expanding our investments in R&D and will
invest patiently in agricultural technology."
_________________________1 This announcement
contains translations of certain Renminbi (RMB) amounts into U.S.
dollars (US$) at a specified rate solely for the convenience of the
reader. Unless otherwise noted, the translation of RMB into US$ has
been made at RMB6.4434 to US$1.00, the noon buying rate in
effect on September 30, 2021 as set forth in the H.10
Statistical Release of the Federal Reserve Board.2 “Monthly active
users” refers to the number of user accounts that visited
the Pinduoduo mobile app during a given month, which does
not include those that accessed the platform through social
networks and access points.3 “Active buyers” in a given period
refers to the number of user accounts that placed one or more
orders (i) on the Pinduoduo mobile app, and
(ii) through social networks and access points in that period,
regardless of whether the products and services are actually sold,
delivered or returned.4 The Company’s non-GAAP financial measures
exclude share-based compensation expenses, fair value change of
long-term investments, and interest expenses related to the
convertible bonds’ amortization to face value and gain or loss on
extinguishment. See “Reconciliation of Non-GAAP Measures to The
Most Directly Comparable GAAP Measures” set forth at the end of
this press release.
Third Quarter 2021 Unaudited Financial
Results
Total revenues were RMB21,505.8
million (US$3,337.6 million), an increase of 51% from RMB14,209.8
million in the same quarter of 2020. The increase was primarily due
to an increase in revenues from online marketing services.
- Revenues from online
marketing services and others were RMB17,946.5 million
(US$2,785.3 million), an increase of 44% from RMB12,484.8 million
in the same quarter of 2020.
- Revenues from transaction
services were RMB3,477.1 million (US$539.6 million), an
increase of 161% from RMB1,332.1 million in the same quarter of
2020.
- Revenues from merchandise
sales were RMB82.1 million (US$12.7 million), a decrease
of 79% from RMB392.8 million in the same quarter of 2020.
Total costs of revenues were
RMB6,558.6 million (US$1,017.9 million), an increase of 101% from
RMB3,260.2 million in the same quarter of 2020. The increase was
mainly due to higher cost of payment processing fees, cloud
services fees, and delivery and storage fees.Total
operating expenses were RMB12,807.8 million (US$1,987.7
million), compared with RMB12,245.4 million in the same quarter of
2020.
- Sales and marketing
expenses were RMB10,050.6 million (US$1,559.8 million),
slightly decreased compared to RMB10,071.9 million in the same
quarter of 2020.
- General and administrative
expenses were RMB334.8 million (US$52.0 million), a
decrease of 9% from RMB368.6 million in the same quarter of
2020.
- Research and development
expenses were RMB2,422.4 million (US$376.0 million), an
increase of 34% from RMB1,804.9 million in the same quarter of
2020. The increase was primarily due to an increase in headcount
and the recruitment of more experienced R&D personnel.
Operating profit in the quarter
was RMB2,139.3 million (US$332.0 million), compared with operating
loss of RMB1,295.7 million in the same quarter of 2020.
Non-GAAP operating profit in the quarter was
RMB3,260.7 million (US$506.1 million), compared with non-GAAP
operating loss of RMB339.8 million in the same quarter of 2020.
Net income attributable to ordinary
shareholders in the quarter was RMB1,640.0 million
(US$254.5 million), compared with net loss of RMB784.7 million in
the same quarter of 2020. Non-GAAP net income attributable
to ordinary shareholders in the quarter was RMB3,150.2
million (US$488.9 million), compared with RMB466.4 million in the
same quarter of 2020.
Basic earnings per ADS was
RMB1.31 (US$0.20) and the diluted earnings per ADS
was RMB1.15 (US$0.18), compared with basic and diluted net loss per
ADS of RMB0.66 in the same quarter of 2020. Non-GAAP
diluted earnings per ADS was RMB2.18 (US$0.34), compared
with RMB0.33 in the same quarter of 2020.
Net cash flow provided by operating
activities was RMB8,736.6 million (US$1,355.9 million),
compared with RMB8,321.8 million in the same quarter of 2020.
Cash, cash equivalents and short-term
investments were RMB97.9 billion (US$15.2 billion) as of
September 30, 2021, compared with RMB87.0 billion as of December
31, 2020.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:30 AM U.S. Eastern Time on Friday, Nov.
26, 2021 (8:30 PM Beijing/Hong Kong Time on Friday, Nov. 26,
2021).
The conference call will be webcast live at
https://investor.pinduoduo.com/investor-events. The webcast will be
available for replay at the same website following the conclusion
of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company
considers and uses non-GAAP measures, such as non-GAAP operating
profit or loss and non-GAAP net income or loss attributable to
ordinary shareholders, as supplemental measures to review and
assess operating performance. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). The
Company’s non-GAAP financial measures exclude share-based
compensation expenses, fair value change of long-term investments,
and interest expenses related to the convertible bonds’
amortization to face value and gain or loss on extinguishment.
The Company presents these non-GAAP financial
measures because they are used by management to evaluate operating
performance and formulate business plans. The Company believes that
the non-GAAP financial measures help identify underlying trends in
its business by excluding the impact of share-based compensation
expenses, fair value change of long-term investments, and interest
expenses related to the convertible bonds’ amortization to face
value and gain or loss on extinguishment, which are non-cash
charges. The Company also believes that the non-GAAP financial
measures could provide further information about the Company’s
results of operations, and enhance the overall understanding of the
Company’s past performance and future prospects.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools. The Company’s non-GAAP financial measures do not reflect all
items of income and expenses that affect the Company’s operations
and do not represent the residual cash flow available for
discretionary expenditures. Further, these non-GAAP measures may
differ from the non-GAAP information used by other companies,
including peer companies, and therefore their comparability may be
limited. The Company compensates for these limitations by
reconciling the non-GAAP financial measures to the nearest U.S.
GAAP performance measure, all of which should be considered when
evaluating performance. The Company encourages you to review the
Company’s financial information in its entirety and not rely on a
single financial measure.
For more information on the non-GAAP financial
measures, please see the table captioned “Reconciliation of
Non-GAAP Measures to The Most Directly Comparable GAAP Measures”
set forth at the end of this press release.
Safe Harbor Statements
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,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the business outlook and quotations from management in this
announcement, as well as Pinduoduo’s strategic and operational
plans, contain forward-looking statements. Pinduoduo 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 fourth parties. Statements that are not historical
facts, including but not limited to statements about Pinduoduo’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: Pinduoduo’s
growth strategies; its future business development, results of
operations and financial condition; its ability to understand buyer
needs and provide products and services to attract and retain
buyers; its ability to maintain and enhance the recognition and
reputation of its brand; its ability to rely on merchants and
fourth-party logistics service providers to provide delivery
services to buyers; its ability to maintain and improve quality
control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost
or expense items; the expected growth of China’s e-commerce market;
PRC governmental policies and regulations relating to Pinduoduo’s
industry, and general economic and business conditions globally and
in China and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Pinduoduo’s filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Pinduoduo undertakes no obligation
to update any forward-looking statement, except as required under
applicable law.About Pinduoduo Inc.
Pinduoduo is a mobile-only marketplace that
connects millions of agricultural producers with consumers across
China. Pinduoduo aims to bring more businesses and people into the
digital economy so that local communities can benefit from the
increased productivity and convenience through new market
opportunities.
For more information on Pinduoduo news and
industry trends, please visit the content hub at
https://stories.pinduoduo-global.com/.
PINDUODUO INC. CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars
(“US$”))
|
|
As of |
|
|
December 31, 2020 |
|
September 30, 2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
22,421,189 |
|
11,132,801 |
|
1,727,784 |
Restricted cash |
|
52,422,447 |
|
51,230,161 |
|
7,950,796 |
Receivables from online
payment platforms |
|
729,548 |
|
667,623 |
|
103,613 |
Short-term investments |
|
64,551,094 |
|
86,785,027 |
|
13,468,825 |
Amounts due from related
parties |
|
4,240,069 |
|
3,896,753 |
|
604,767 |
Prepayments and other current
assets |
|
5,159,531 |
|
3,380,921 |
|
524,710 |
Total current
assets |
|
149,523,878 |
|
157,093,286 |
|
24,380,495 |
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Property, equipment and
software, net |
|
202,853 |
|
2,219,997 |
|
344,538 |
Intangible assets |
|
1,276,751 |
|
860,610 |
|
133,565 |
Right-of-use assets |
|
629,827 |
|
747,171 |
|
115,959 |
Deferred tax assets |
|
- |
|
14,224 |
|
2,208 |
Other non-current assets |
|
7,275,305 |
|
5,593,471 |
|
868,093 |
Total non-current
assets |
|
9,384,736 |
|
9,435,473 |
|
1,464,363 |
|
|
|
|
|
|
|
Total
Assets |
|
158,908,614 |
|
166,528,759 |
|
25,844,858 |
|
|
|
|
|
|
|
PINDUODUO INC. CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars
(“US$”))
|
|
As of |
|
|
December 31, 2020 |
|
September 30, 2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
(Unaudited) |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities |
|
|
|
|
|
|
Amounts due to related parties |
|
3,385,863 |
|
|
7,240,428 |
|
|
1,123,697 |
|
Customer advances and deferred
revenues |
|
2,423,190 |
|
|
1,144,073 |
|
|
177,557 |
|
Payable to merchants |
|
53,833,981 |
|
|
53,201,246 |
|
|
8,256,704 |
|
Accrued expenses and other
liabilities |
|
11,193,372 |
|
|
11,406,089 |
|
|
1,770,197 |
|
Merchant deposits |
|
10,926,319 |
|
|
12,966,330 |
|
|
2,012,343 |
|
Short-term borrowings |
|
1,866,316 |
|
|
- |
|
|
- |
|
Lease liabilities |
|
253,036 |
|
|
338,709 |
|
|
52,567 |
|
Total current
liabilities |
|
83,882,077 |
|
|
86,296,875 |
|
|
13,393,065 |
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Convertible bonds |
|
14,432,792 |
|
|
11,684,597 |
|
|
1,813,421 |
|
Lease liabilities |
|
414,939 |
|
|
437,828 |
|
|
67,950 |
|
Other non-current
liabilities |
|
2,918 |
|
|
1,489 |
|
|
231 |
|
Total non-current
liabilities |
|
14,850,649 |
|
|
12,123,914 |
|
|
1,881,602 |
|
|
|
|
|
|
|
|
Total
Liabilities |
|
98,732,726 |
|
|
98,420,789 |
|
|
15,274,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
Ordinary shares |
|
159 |
|
|
161 |
|
|
25 |
|
Additional paid-in
capital |
|
86,698,660 |
|
|
93,847,981 |
|
|
14,564,978 |
|
Accumulated other
comprehensive loss |
|
(1,047,728 |
) |
|
(1,414,093 |
) |
|
(219,464 |
) |
Accumulated deficits |
|
(25,475,203 |
) |
|
(24,326,079 |
) |
|
(3,775,348 |
) |
Total Shareholders’
Equity |
|
60,175,888 |
|
|
68,107,970 |
|
|
10,570,191 |
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders’ Equity |
|
158,908,614 |
|
|
166,528,759 |
|
|
25,844,858 |
|
|
|
|
|
|
|
|
PINDUODUO INC. CONDENSED CONSOLIDATED
STATEMENTS OF INCOME/ (LOSS) (Amounts in thousands of RMB and
US$)
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
14,209,782 |
|
|
21,505,758 |
|
|
3,337,641 |
|
|
32,944,156 |
|
|
66,719,077 |
|
|
10,354,638 |
|
Costs of revenues |
|
(3,260,155 |
) |
|
(6,558,648 |
) |
|
(1,017,886 |
) |
|
(7,752,517 |
) |
|
(25,202,584 |
) |
|
(3,911,380 |
) |
Gross
profit |
|
10,949,627 |
|
|
14,947,110 |
|
|
2,319,755 |
|
|
25,191,639 |
|
|
41,516,493 |
|
|
6,443,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
|
(10,071,868 |
) |
|
(10,050,611 |
) |
|
(1,559,830 |
) |
|
(26,482,073 |
) |
|
(33,435,891 |
) |
|
(5,189,169 |
) |
General and administrative
expenses |
|
(368,611 |
) |
|
(334,806 |
) |
|
(51,961 |
) |
|
(1,101,727 |
) |
|
(1,120,812 |
) |
|
(173,947 |
) |
Research and development
expenses |
|
(1,804,886 |
) |
|
(2,422,421 |
) |
|
(375,954 |
) |
|
(4,940,392 |
) |
|
(6,969,995 |
) |
|
(1,081,726 |
) |
Total operating
expenses |
|
(12,245,365 |
) |
|
(12,807,838 |
) |
|
(1,987,745 |
) |
|
(32,524,192 |
) |
|
(41,526,698 |
) |
|
(6,444,842 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)/
profit |
|
(1,295,738 |
) |
|
2,139,272 |
|
|
332,010 |
|
|
(7,332,553 |
) |
|
(10,205 |
) |
|
(1,584 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and investment
income, net |
|
485,413 |
|
|
631,913 |
|
|
98,071 |
|
|
1,783,971 |
|
|
2,147,019 |
|
|
333,212 |
|
Interest expenses |
|
(165,638 |
) |
|
(298,431 |
) |
|
(46,316 |
) |
|
(479,190 |
) |
|
(927,886 |
) |
|
(144,006 |
) |
Foreign exchange gain/
(loss) |
|
97,861 |
|
|
(10,433 |
) |
|
(1,619 |
) |
|
76,191 |
|
|
23,645 |
|
|
3,670 |
|
Other income/ (loss), net |
|
57,936 |
|
|
(52,606 |
) |
|
(8,164 |
) |
|
112,553 |
|
|
541,169 |
|
|
83,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ profit before
income tax and share of results of equity investees |
|
(820,166 |
) |
|
2,409,715 |
|
|
373,982 |
|
|
(5,839,028 |
) |
|
1,773,742 |
|
|
275,281 |
|
Share of results of equity
investees |
|
35,458 |
|
|
85,011 |
|
|
13,194 |
|
|
35,642 |
|
|
230,148 |
|
|
35,718 |
|
Income tax expenses |
|
- |
|
|
(854,766 |
) |
|
(132,658 |
) |
|
- |
|
|
(854,766 |
) |
|
(132,658 |
) |
Net (loss)/
income |
|
(784,708 |
) |
|
1,639,960 |
|
|
254,518 |
|
|
(5,803,386 |
) |
|
1,149,124 |
|
|
178,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PINDUODUO INC.CONDENSED CONSOLIDATED STATEMENTS
OF INCOME/ (LOSS)(Amounts in thousands of RMB and US$, except for
per share data)
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|
2020 |
|
|
2021 |
|
2020 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income |
|
(784,708 |
) |
|
1,639,960 |
|
254,518 |
|
(5,803,386 |
) |
|
1,149,124 |
|
178,341 |
Net (loss)/ income
attributable to ordinary shareholders |
|
(784,708 |
) |
|
1,639,960 |
|
254,518 |
|
(5,803,386 |
) |
|
1,149,124 |
|
178,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ earnings per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
-Basic |
|
(0.16 |
) |
|
0.33 |
|
0.05 |
|
(1.22 |
) |
|
0.23 |
|
0.04 |
-Diluted |
|
(0.16 |
) |
|
0.29 |
|
0.04 |
|
(1.22 |
) |
|
0.20 |
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ earnings per
ADS (4 ordinary shares equals 1 ADS): |
|
|
|
|
|
|
|
|
|
|
|
|
-Basic |
|
(0.66 |
) |
|
1.31 |
|
0.20 |
|
(4.90 |
) |
|
0.92 |
|
0.14 |
-Diluted |
|
(0.66 |
) |
|
1.15 |
|
0.18 |
|
(4.90 |
) |
|
0.80 |
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of outstanding ordinary shares (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
-Basic |
|
4,786,276 |
|
|
5,021,164 |
|
5,021,164 |
|
4,739,382 |
|
|
5,006,285 |
|
5,006,285 |
-Diluted |
|
4,786,276 |
|
|
5,703,986 |
|
5,703,986 |
|
4,739,382 |
|
|
5,715,932 |
|
5,715,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PINDUODUO INC.NOTES TO FINANCIAL
INFORMATION(Amounts in thousands of RMB and US$)
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
- Online marketing services and others |
|
12,484,836 |
|
17,946,496 |
|
2,785,252 |
|
29,031,804 |
|
50,138,401 |
|
7,781,357 |
- Transaction services |
|
1,332,124 |
|
3,477,147 |
|
539,645 |
|
3,519,530 |
|
9,416,260 |
|
1,461,381 |
- Merchandise sales |
|
392,822 |
|
82,115 |
|
12,744 |
|
392,822 |
|
7,164,416 |
|
1,111,900 |
Total |
|
14,209,782 |
|
21,505,758 |
|
3,337,641 |
|
32,944,156 |
|
66,719,077 |
|
10,354,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PINDUODUO INC.NOTES TO FINANCIAL
INFORMATION(Amounts in thousands of RMB and US$)
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Share-based
compensation costs included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenues |
|
4,424 |
|
9,089 |
|
1,411 |
|
22,368 |
|
20,895 |
|
3,243 |
Sales and marketing
expenses |
|
335,331 |
|
384,704 |
|
59,705 |
|
816,672 |
|
1,067,727 |
|
165,709 |
General and administrative
expenses |
|
236,011 |
|
156,731 |
|
24,324 |
|
714,515 |
|
568,266 |
|
88,194 |
Research and development
expenses |
|
380,163 |
|
570,929 |
|
88,607 |
|
1,126,258 |
|
1,625,137 |
|
252,216 |
Total |
|
955,929 |
|
1,121,453 |
|
174,047 |
|
2,679,813 |
|
3,282,025 |
|
509,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PINDUODUO INC.CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(Amounts in thousands of RMB and US$)
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net cash provided by operating activities |
|
8,321,792 |
|
|
8,736,568 |
|
|
1,355,894 |
|
|
13,250,058 |
|
|
12,383,236 |
|
|
1,921,848 |
|
Net cash used in investing
activities |
|
(455,054 |
) |
|
(13,764,757 |
) |
|
(2,136,257 |
) |
|
(11,735,064 |
) |
|
(22,869,860 |
) |
|
(3,549,347 |
) |
Net cash provided by/ (used
in) financing activities |
|
- |
|
|
146 |
|
|
23 |
|
|
9,624,213 |
|
|
(1,875,347 |
) |
|
(291,049 |
) |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(15,868 |
) |
|
22,160 |
|
|
3,439 |
|
|
43,696 |
|
|
(118,703 |
) |
|
(18,422 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/ (decrease) in cash,
cash equivalents and restricted cash |
|
7,850,870 |
|
|
(5,005,883 |
) |
|
(776,901 |
) |
|
11,182,903 |
|
|
(12,480,674 |
) |
|
(1,936,970 |
) |
Cash, cash equivalents
and restricted cash at beginning of period |
|
36,677,890 |
|
|
67,368,845 |
|
|
10,455,481 |
|
|
33,345,857 |
|
|
74,843,636 |
|
|
11,615,550 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
44,528,760 |
|
|
62,362,962 |
|
|
9,678,580 |
|
|
44,528,760 |
|
|
62,362,962 |
|
|
9,678,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PINDUODUO INC.RECONCILIATION OF NON-GAAP MEASURES
TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES(Amounts in thousands
of RMB and US$, except for per share data))
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|
2020 |
|
|
2021 |
|
2020 |
|
|
2021 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Operating (loss)/ profit |
|
(1,295,738 |
) |
|
2,139,272 |
|
332,010 |
|
(7,332,553 |
) |
|
(10,205 |
) |
|
(1,584 |
) |
Add: Share-based
compensation |
|
955,929 |
|
|
1,121,453 |
|
174,047 |
|
2,679,813 |
|
|
3,282,025 |
|
|
509,362 |
|
Non-GAAP operating (loss)/
profit |
|
(339,809 |
) |
|
3,260,725 |
|
506,057 |
|
(4,652,740 |
) |
|
3,271,820 |
|
|
507,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to ordinary shareholders |
|
(784,708 |
) |
|
1,639,960 |
|
254,518 |
|
(5,803,386 |
) |
|
1,149,124 |
|
|
178,341 |
|
Add: Share-based
compensation |
|
955,929 |
|
|
1,121,453 |
|
174,047 |
|
2,679,813 |
|
|
3,282,025 |
|
|
509,362 |
|
Add: Interest expense related
to convertible bonds’ amortization to face value and gain or loss
on extinguishment, net |
|
147,081 |
|
|
298,443 |
|
46,318 |
|
433,838 |
|
|
915,917 |
|
|
142,148 |
|
Less: Loss/ (gain) from fair
value changes of long-term investments |
|
148,093 |
|
|
90,300 |
|
14,014 |
|
(90,755 |
) |
|
38,064 |
|
|
5,907 |
|
Non-GAAP net income/ (loss)
attributable to ordinary shareholders |
|
466,395 |
|
|
3,150,156 |
|
488,897 |
|
(2,780,490 |
) |
|
5,385,130 |
|
|
835,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
weighted-average number of ordinary shares outstanding (in
thousands) |
|
5,576,093 |
|
|
5,767,207 |
|
5,767,207 |
|
4,739,382 |
|
|
5,789,157 |
|
|
5,789,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss)/ earnings per
ordinary share |
|
(0.16 |
) |
|
0.29 |
|
0.04 |
|
(1.22 |
) |
|
0.20 |
|
|
0.03 |
|
Add: Non-GAAP adjustments to
(loss)/ earnings per ordinary share |
|
0.24 |
|
|
0.26 |
|
0.04 |
|
0.63 |
|
|
0.73 |
|
|
0.11 |
|
Non-GAAP diluted earnings/
(loss) per ordinary share |
|
0.08 |
|
|
0.55 |
|
0.08 |
|
(0.59 |
) |
|
0.93 |
|
|
0.14 |
|
Non-GAAP diluted earnings/
(loss) per ADS |
|
0.33 |
|
|
2.18 |
|
0.34 |
|
(2.35 |
) |
|
3.72 |
|
|
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For investor and media inquiries, please contact:
Pinduoduo Inc.
investor@pinduoduo.com
internationalmedia@pinduoduo.com
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