Pinduoduo Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD),
China’s largest agriculture and interactive commerce platform,
today announced its unaudited financial results for the fourth
quarter and the fiscal year ended December 31, 2021.
Fourth Quarter 2021
Highlights
-
GMV1 in the twelve-month period
ended December 31, 2021 was RMB2,441.0 billion (US$2383.0 billion),
an increase of 46% from RMB1,667.6 billion in the twelve-month
period ended December 31, 2020.
- Total revenues in
the quarter were RMB27,230.9 million (US$24,273.1 million), an
increase of 3% from RMB 26,547.7 million in the same quarter of
2020.
- Average monthly active
users3 in the quarter was 733.4 million,
an increase of 2% from 719.9 million in the same quarter of
2020.
- Active
buyers4 in the twelve-month period ended
December 31, 2021 was 868.7 million, an increase of 10% from 788.4
million in the twelve-month period ended December 31, 2020.
- Annual spending per active
buyer5 in the twelve-month period ended
December 31, 2021 was RMB2,810.0 (US$441.0), an increase of 33%
from RMB2,115.2 in the twelve-month period ended December 31,
2020.
“In 2021, we made the strategic shift from sales
and marketing toward research and development.” said Mr. Lei Chen,
Chairman and CEO of Pinduoduo. “We see ourselves making more
long-term investment, especially in agriculture and R&D.”
“Similar to the last two quarters, we will
allocate profits from the fourth quarter to the 10 Billion
Agriculture Initiative to deepen our digital inclusion efforts in
agriculture,” Mr. Chen added.
“Our total revenue, excluding contribution from
merchandise sales, was RMB27.1 billion in the fourth quarter 2021.
Our revenue growth slowed down due to moderating user growth and
fluctuation in user activity,” said Ms. Jun Liu, VP of Finance of
Pinduoduo. “At the same time, we recorded a profit in the fourth
quarter, which is attributable to more controlled spending as we
adjust to slower growth, and a one-off rebate from one of our
service providers.”
_______________1 “GMV” refers to the total
value of all orders for products and services placed on the
Pinduoduo mobile platform, regardless of whether the products
and services are actually sold, delivered or returned. Buyers on
the platform are not charged for shipping fees in addition to the
listed price of merchandise. Hence, merchants may embed the
shipping fees in the listed price. If embedded, then the shipping
fees are included in GMV. As a prudential matter aimed at
eliminating any influence on Pinduoduo’s GMV of irregular
transactions, the Company excludes from its calculation of GMV
transactions in certain product categories over certain amounts and
transactions by buyers in certain product categories over a certain
amount per day.2 This announcement contains translations of
certain Renminbi (RMB) amounts into U.S. dollars (US$) at a
specified rate solely for the convenience of the reader. Unless
otherwise noted, the translation of RMB into US$ has been made
at RMB6.3726 to US$1.00, the noon buying rate in effect
on December 30, 2021 as set forth in the H.10 Statistical
Release of the Federal Reserve Board.3 “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.4 “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.5 “Annual
spending per active buyer” in a given period refers to the quotient
of total GMV in that period divided by the number of active buyers
in the same period.
Fourth Quarter 2021 Financial
Results
Total revenues were RMB27,230.9
million (US$4,273.1 million), an increase of 3% from RMB26,547.7
million in the same quarter of 2020. The increase was primarily due
to an increase in revenues from online marketing services and
transaction services, offset by the decrease of revenues from
merchandise sales.
- Revenues from online
marketing services and others were RMB22,425.0 million
(US$3,519.0 million), an increase of 19% from RMB18,922.0 million
in the same quarter of 2020.
- Revenues from transaction
services were RMB4,724.2 million (US$741.3 million), an
increase of 108% from RMB2,267.9 million in the same quarter of
2020.
- Revenues from merchandise
sales were RMB81.7 million (US$12.8 million), a decrease
of 98% from RMB5,357.8 million in the same quarter of 2020.
Total costs of revenues were
RMB6,515.5 million (US$1,022.4 million), a decrease of 43% from
RMB11,526.1 million in the same quarter of 2020. The decrease
mainly came from the reduction of merchandise sales and decreased
server cost due to a one-off rebate, which was offset by increased
fulfillment fees.
Total operating expenses were
RMB13,808.4 million (US$2,166.8 million), compared with RMB17,069.4
million in the same quarter of 2020.
- Sales and marketing
expenses were RMB11,365.8 million (US$1,783.5 million),
decreased by 23% from RMB14,712.5 million in the same quarter of
2020 mainly due to the reduction of expenditure in promotion and
advertising activities.
- General and administrative
expenses were RMB420.0 million (US$65.9 million), an
increase of 4% from RMB405.6 million in the same quarter of
2020.
- Research and development
expenses were RMB2,022.6 million (US$317.4 million), an
increase of 4% from RMB1,951.3 million in the same quarter of
2020.
Operating profit in the quarter
was RMB6,907.0 million (US$1,083.9 million), compared with
operating loss of RMB2,047.8 million in the same quarter of 2020.
Non-GAAP operating profit6 in the
quarter was RMB8,399.7 million (US$1,318.1 million), compared with
non-GAAP operating loss of RMB1,114.5 million in the same quarter
of 2020.
Net income attributable to ordinary
shareholders in the quarter was RMB6,619.5 million
(US$1,038.8 million), compared with net loss attributable to
ordinary shareholders of RMB1,376.4 million in the same quarter of
2020. Non-GAAP net income attributable to ordinary
shareholders in the quarter was RMB8,444.4 million
(US$1,325.1 million), compared with non-GAAP net loss attributable
to ordinary shareholders of RMB184.5 million in the same quarter of
2020.
Basic earnings per ADS was
RMB5.26 (US$0.83) and the diluted earnings per ADS
was RMB4.66 (US$0.73), compared with basic and diluted net loss per
ADS of RMB1.13 in the same quarter of 2020. Non-GAAP
diluted earnings per ADS was RMB5.88 (US$0.92), compared
with non-GAAP diluted net loss per ADS of RMB0.15 in the same
quarter of 2020.
Net cash provided by operating
activities was RMB16,399.8 million (US$2,573.5 million),
compared with RMB14,946.6 million in the same quarter of 2020.
Cash, cash equivalents and short-term
investments were RMB92.9 billion (US$14.6 billion) as of
December 31, 2021, compared with RMB87.0 billion as of December 31,
2020.
_______________6 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.
Fiscal Year 2021 Financial
Results
Total revenues were RMB93,949.9
million (US$14,742.8 million), representing an increase of 58% from
RMB59,491.9 million in 2020. The increase was primarily due to an
increase in revenues from online marketing services and revenues
from transaction services.
- Revenues from online
marketing services and others were RMB72,563.4 million
(US$11,386.8 million), representing an increase of 51% from
RMB47,953.8 million in 2020.
- Revenues from transaction
services were RMB14,140.4 million (US$2,218.9 million),
representing an increase of 144% from RMB5,787.4 million in
2020.
- Revenues from merchandise
sales were RMB7,246.1 million (US$1,137.1 million), an
increase of 26% from RMB5,750.7 million in 2020.
Total costs of revenues were
RMB31,718.1 million (US$4,977.3 million), representing an increase
of 65% from RMB19,278.6 million in 2020. The increase was mainly
due to higher payment processing fees, increased fulfillment fees
and merchant support services.
Total operating expenses were
RMB55,335.1 million (US$8,683.3 million), compared with RMB49,593.5
million in 2020.
- Sales and marketing
expenses were RMB44,801.7 million (US$7,030.4 million), an
increase of 9% from RMB41,194.6 million in 2020 mainly due to
increase in promotion and advertising activities.
- General and administrative
expenses were RMB1,540.8 million (US$241.8 million), an
increase of 2% from RMB1,507.3 million in 2020.
- Research and development
expenses were RMB8,992.6 million (US$1,411.1 million), an
increase of 30% from RMB6,891.7 million in 2020. The increase was
primarily due to an increase in headcount and the recruitment of
more experienced R&D personnel.
Operating profit was RMB6,896.8
million (US$1,082.3 million), compared with an operating loss of
RMB9,380.3 million in 2020. Non-GAAP operating
profit was RMB11,671.5 million (US$1,831.5 million),
compared with non-GAAP operating loss of RMB5,767.3 million in
2020.
Net income attributable to ordinary
shareholders was RMB7,768.7 million (US$1,219.1 million),
compared with net loss attributable to ordinary shareholders of
RMB7,179.7 million in 2020. Non-GAAP net income
attributable to ordinary shareholders was RMB13,829.5
million (US$2,170.2 million), compared with non-GAAP net loss
attributable to ordinary shareholders of RMB2,965.0 million in
2020.
Basic earnings per ADS was
RMB6.20 (US$0.97) and the diluted earnings per ADS
was RMB5.44 (US$0.85), compared with basic and diluted net loss per
ADS of RMB6.02 in 2020. Non-GAAP diluted earnings per
ADS was RMB9.56 (US$1.50), compared with non-GAAP diluted
net loss per ADS were RMB2.49 in 2020.
Net cash provided by operating
activities was RMB28,783.0 million (US$4,516.7 million),
slightly increased by 2% compared with RMB28,196.6 million in
2020.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:30 AM U.S. Eastern Time on Monday, March
21, 2022 (7:30 PM Beijing/Hong Kong Time on Monday, March 21,
2022).
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 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 |
|
December 31, 2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
22,421,189 |
|
6,426,715 |
|
1,008,492 |
Restricted cash |
|
52,422,447 |
|
59,617,256 |
|
9,355,248 |
Receivables from online
payment platforms |
|
729,548 |
|
673,737 |
|
105,724 |
Short-term investments |
|
64,551,094 |
|
86,516,618 |
|
13,576,345 |
Amounts due from related
parties |
|
4,240,069 |
|
4,250,155 |
|
666,942 |
Prepayments and other current
assets |
|
5,159,531 |
|
3,424,687 |
|
537,408 |
Total current
assets |
|
149,523,878 |
|
160,909,168 |
|
25,250,159 |
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Property, equipment and
software, net |
|
202,853 |
|
2,203,323 |
|
345,749 |
Intangible assets |
|
1,276,751 |
|
701,220 |
|
110,037 |
Right-of-use assets |
|
629,827 |
|
938,537 |
|
147,277 |
Deferred tax assets |
|
- |
|
31,504 |
|
4,944 |
Other non-current assets |
|
7,275,305 |
|
16,425,966 |
|
2,577,593 |
Total non-current
assets |
|
9,384,736 |
|
20,300,550 |
|
3,185,600 |
|
|
|
|
|
|
|
Total
Assets |
|
158,908,614 |
|
181,209,718 |
|
28,435,759 |
PINDUODUO INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars
(“US$”)) |
|
|
|
As of |
|
|
December31, 2020 |
|
December 31, 2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
(Unaudited) |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities |
|
|
|
|
|
|
Amounts due to related parties |
|
3,385,863 |
|
|
1,963,007 |
|
|
308,039 |
|
Customer advances and deferred
revenues |
|
2,423,190 |
|
|
1,166,764 |
|
|
183,091 |
|
Payable to merchants |
|
53,833,981 |
|
|
62,509,714 |
|
|
9,809,138 |
|
Accrued expenses and other
liabilities |
|
11,193,372 |
|
|
14,085,513 |
|
|
2,210,324 |
|
Merchant deposits |
|
10,926,319 |
|
|
13,577,552 |
|
|
2,130,614 |
|
Short-term borrowings |
|
1,866,316 |
|
|
- |
|
|
- |
|
Lease liabilities |
|
253,036 |
|
|
427,164 |
|
|
67,031 |
|
Total current
liabilities |
|
83,882,077 |
|
|
93,729,714 |
|
|
14,708,237 |
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Convertible bonds |
|
14,432,792 |
|
|
11,788,907 |
|
|
1,849,937 |
|
Lease liabilities |
|
414,939 |
|
|
544,263 |
|
|
85,407 |
|
Deferred tax liabilities |
|
- |
|
|
31,291 |
|
|
4,910 |
|
Other non-current
liabilities |
|
2,918 |
|
|
996 |
|
|
156 |
|
Total non-current
liabilities |
|
14,850,649 |
|
|
12,365,457 |
|
|
1,940,410 |
|
|
|
|
|
|
|
|
Total
Liabilities |
|
98,732,726 |
|
|
106,095,171 |
|
|
16,648,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
Ordinary shares |
|
159 |
|
|
161 |
|
|
25 |
|
Additional paid-in
capital |
|
86,698,660 |
|
|
95,340,819 |
|
|
14,961,055 |
|
Accumulated other
comprehensive loss |
|
(1,047,728 |
) |
|
(2,519,900 |
) |
|
(395,427 |
) |
Accumulated deficits |
|
(25,475,203 |
) |
|
( 17,706,533 |
) |
|
( 2,778,541 |
) |
Total Shareholders’
Equity |
|
60,175,888 |
|
|
75,114,547 |
|
|
11,787,112 |
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders’ Equity |
|
158,908,614 |
|
|
181,209,718 |
|
|
28,435,759 |
|
PINDUODUO INC. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/ (LOSS) |
(Amounts in thousands of RMB and US$) |
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
26,547,709 |
|
|
27,230,862 |
|
|
4,273,116 |
|
|
59,491,865 |
|
|
93,949,939 |
|
|
14,742,796 |
|
Costs of revenues |
|
(11,526,124 |
) |
|
(6,515,509 |
) |
|
(1,022,426 |
) |
|
(19,278,641 |
) |
|
(31,718,093 |
) |
|
(4,977,261 |
) |
Gross
profit |
|
15,021,585 |
|
|
20,715,353 |
|
|
3,250,690 |
|
|
40,213,224 |
|
|
62,231,846 |
|
|
9,765,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
|
(14,712,526 |
) |
|
(11,365,829 |
) |
|
(1,783,547 |
) |
|
(41,194,599 |
) |
|
(44,801,720 |
) |
|
(7,030,368 |
) |
General and administrative
expenses |
|
(405,570 |
) |
|
(419,962 |
) |
|
(65,901 |
) |
|
(1,507,297 |
) |
|
(1,540,774 |
) |
|
(241,781 |
) |
Research and development
expenses |
|
(1,951,261 |
) |
|
(2,022,595 |
) |
|
(317,388 |
) |
|
(6,891,653 |
) |
|
(8,992,590 |
) |
|
(1,411,134 |
) |
Total operating
expenses |
|
(17,069,357 |
) |
|
(13,808,386 |
) |
|
(2,166,836 |
) |
|
(49,593,549 |
) |
|
(55,335,084 |
) |
|
(8,683,283 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)/
profit |
|
(2,047,772 |
) |
|
6,906,967 |
|
|
1,083,854 |
|
|
(9,380,325 |
) |
|
6,896,762 |
|
|
1,082,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and investment
income, net |
|
671,395 |
|
|
914,643 |
|
|
143,527 |
|
|
2,455,366 |
|
|
3,061,662 |
|
|
480,442 |
|
Interest expenses |
|
(278,146 |
) |
|
(303,116 |
) |
|
(47,566 |
) |
|
(757,336 |
) |
|
(1,231,002 |
) |
|
(193,171 |
) |
Foreign exchange gain |
|
149,006 |
|
|
48,105 |
|
|
7,549 |
|
|
225,197 |
|
|
71,750 |
|
|
11,259 |
|
Other income, net |
|
81,149 |
|
|
115,086 |
|
|
18,060 |
|
|
193,702 |
|
|
656,255 |
|
|
102,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ profit before
income tax and share of results of equity investees |
|
(1,424,368 |
) |
|
7,681,685 |
|
|
1,205,424 |
|
|
(7,263,396 |
) |
|
9,455,427 |
|
|
1,483,763 |
|
Share of results of equity
investees |
|
48,012 |
|
|
16,680 |
|
|
2,617 |
|
|
83,654 |
|
|
246,828 |
|
|
38,733 |
|
Income tax expenses |
|
- |
|
|
(1,078,819 |
) |
|
(169,290 |
) |
|
- |
|
|
(1,933,585 |
) |
|
(303,422 |
) |
Net (loss)/
income |
|
(1,376,356 |
) |
|
6,619,546 |
|
|
1,038,751 |
|
|
(7,179,742 |
) |
|
7,768,670 |
|
|
1,219,074 |
|
PINDUODUO INC. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/ (LOSS) |
(Amounts in thousands of RMB and US$, except for per share
data) |
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2020 |
|
|
2021 |
|
2020 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/
income |
|
(1,376,356 |
) |
|
6,619,546 |
|
1,038,751 |
|
(7,179,742 |
) |
|
7,768,670 |
|
1,219,074 |
Net (loss)/ income
attributable to ordinary shareholders |
|
(1,376,356 |
) |
|
6,619,546 |
|
1,038,751 |
|
(7,179,742 |
) |
|
7,768,670 |
|
1,219,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ earnings per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
-Basic |
|
(0.28 |
) |
|
1.32 |
|
0.21 |
|
(1.51 |
) |
|
1.55 |
|
0.24 |
-Diluted |
|
(0.28 |
) |
|
1.16 |
|
0.18 |
|
(1.51 |
) |
|
1.36 |
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ earnings per
ADS (4 ordinary shares equals 1 ADS ): |
|
|
|
|
|
|
|
|
|
|
|
|
-Basic |
|
(1.13 |
) |
|
5.26 |
|
0.83 |
|
(6.02 |
) |
|
6.20 |
|
0.97 |
-Diluted |
|
(1.13 |
) |
|
4.66 |
|
0.73 |
|
(6.02 |
) |
|
5.44 |
|
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of outstanding ordinary shares (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
-Basic |
|
4,854,597 |
|
|
5,031,543 |
|
5,031,543 |
|
4,768,343 |
|
|
5,012,651 |
|
5,012,651 |
-Diluted |
|
4,854,597 |
|
|
5,684,577 |
|
5,684,577 |
|
4,768,343 |
|
|
5,713,764 |
|
5,713,764 |
PINDUODUO INC. |
NOTES TO FINANCIAL INFORMATION |
(Amounts in thousands of RMB and US$) |
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
- Online marketing services and others |
|
18,921,975 |
|
22,425,001 |
|
3,518,972 |
|
47,953,779 |
|
72,563,402 |
|
11,386,782 |
- Transaction services |
|
2,267,885 |
|
4,724,189 |
|
741,328 |
|
5,787,415 |
|
14,140,449 |
|
2,218,945 |
- Merchandise sales |
|
5,357,849 |
|
81,672 |
|
12,816 |
|
5,750,671 |
|
7,246,088 |
|
1,137,069 |
Total |
|
26,547,709 |
|
27,230,862 |
|
4,273,116 |
|
59,491,865 |
|
93,949,939 |
|
14,742,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PINDUODUO INC. |
NOTES TO FINANCIAL INFORMATION |
(Amounts in thousands of RMB and US$) |
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
Share-based
compensation costs included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenues |
|
9,923 |
|
5,729 |
|
899 |
|
32,291 |
|
26,624 |
|
4,178 |
Sales and marketing
expenses |
|
276,875 |
|
544,492 |
|
85,443 |
|
1,093,547 |
|
1,612,219 |
|
252,992 |
General and administrative
expenses |
|
252,470 |
|
224,155 |
|
35,175 |
|
966,985 |
|
792,421 |
|
124,348 |
Research and development
expenses |
|
393,962 |
|
718,329 |
|
112,721 |
|
1,520,220 |
|
2,343,466 |
|
367,741 |
Total |
|
933,230 |
|
1,492,705 |
|
234,238 |
|
3,613,043 |
|
4,774,730 |
|
749,259 |
PINDUODUO INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Amounts in thousands of RMB and US$) |
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
Net cash provided by operating activities |
|
14,946,569 |
|
|
16,399,775 |
|
|
2,573,483 |
|
|
28,196,627 |
|
|
28,783,011 |
|
|
4,516,683 |
|
Net cash used in investing
activities |
|
(26,622,837 |
) |
|
(12,692,505 |
) |
|
(1,991,731 |
) |
|
(38,357,901 |
) |
|
(35,562,365 |
) |
|
(5,580,511 |
) |
Net cash provided by/ (used
in) financing activities |
|
42,174,783 |
|
|
193 |
|
|
30 |
|
|
51,798,996 |
|
|
(1,875,154 |
) |
|
(294,253 |
) |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(183,639 |
) |
|
(26,454 |
) |
|
(4,152 |
) |
|
(139,943 |
) |
|
(145,157 |
) |
|
(22,779 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/ (decrease) in cash,
cash equivalents and restricted cash |
|
30,314,876 |
|
|
3,681,009 |
|
|
577,630 |
|
|
41,497,779 |
|
|
(8,799,665 |
) |
|
(1,380,860 |
) |
Cash, cash equivalents
and restricted cash at beginning of period/year |
|
44,528,760 |
|
|
62,362,962 |
|
|
9,786,110 |
|
|
33,345,857 |
|
|
74,843,636 |
|
|
11,744,600 |
|
Cash, cash equivalents
and restricted cash at end of period/year |
|
74,843,636 |
|
|
66,043,971 |
|
|
10,363,740 |
|
|
74,843,636 |
|
|
66,043,971 |
|
|
10,363,740 |
|
PINDUODUO INC. |
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE
GAAP MEASURES |
(Amounts in thousands of RMB and US$, except for per share
data) |
|
|
|
For the three months ended December 31, |
|
For the year ended December 31, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
Operating (loss)/ profit |
|
(2,047,772 |
) |
|
6,906,967 |
|
1,083,854 |
|
(9,380,325 |
) |
|
6,896,762 |
|
1,082,252 |
Add: Share-based
compensation |
|
933,230 |
|
|
1,492,705 |
|
234,238 |
|
3,613,043 |
|
|
4,774,730 |
|
749,259 |
Non-GAAP operating
(loss)/ profit |
|
(1,114,542 |
) |
|
8,399,672 |
|
1,318,092 |
|
(5,767,282 |
) |
|
11,671,492 |
|
1,831,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to ordinary shareholders |
|
(1,376,356 |
) |
|
6,619,546 |
|
1,038,751 |
|
(7,179,742 |
) |
|
7,768,670 |
|
1,219,074 |
Add: Share-based
compensation |
|
933,230 |
|
|
1,492,705 |
|
234,238 |
|
3,613,043 |
|
|
4,774,730 |
|
749,259 |
Add: Interest expense related
to convertible bonds’ amortization to face value and gain or loss
on extinguishment, net |
|
256,768 |
|
|
303,141 |
|
47,569 |
|
690,606 |
|
|
1,219,058 |
|
191,297 |
Add: Loss/ (gain) from fair
value changes of long-term investments |
|
1,828 |
|
|
29,001 |
|
4,551 |
|
(88,928 |
) |
|
67,065 |
|
10,524 |
Non-GAAP net (loss)/
income attributable to ordinary shareholders |
|
(184,530 |
) |
|
8,444,393 |
|
1,325,109 |
|
(2,965,021 |
) |
|
13,829,523 |
|
2,170,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
weighted-average number of ordinary shares outstanding (in
thousands) |
|
4,854,597 |
|
|
5,747,784 |
|
5,747,784 |
|
4,768,343 |
|
|
5,784,465 |
|
5,784,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss)/ earnings per
ordinary share |
|
(0.28 |
) |
|
1.16 |
|
0.18 |
|
(1.51 |
) |
|
1.36 |
|
0.21 |
Add: Non-GAAP adjustments to
(loss)/ earnings per ordinary share |
|
0.24 |
|
|
0.31 |
|
0.05 |
|
0.89 |
|
|
1.03 |
|
0.17 |
Non-GAAP diluted (loss)/
earnings per ordinary share |
|
(0.04 |
) |
|
1.47 |
|
0.23 |
|
(0.62 |
) |
|
2.39 |
|
0.38 |
Non-GAAP diluted (loss)/
earnings per ADS |
|
(0.15 |
) |
|
5.88 |
|
0.92 |
|
(2.49 |
) |
|
9.56 |
|
1.50 |
For investor and media inquiries, please contact:
Pinduoduo Inc.
investor@pinduoduo.com
internationalmedia@pinduoduo.com
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