Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

DiDi Global Announces Unaudited Quarterly Financial Results

DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI), the world’s leading mobility technology platform, today announced its unaudited condensed financial results for the fourth quarter ended December 31, 2021.

DiDi Global Inc.
Unaudited condensed consolidated balance sheets
(Amounts in millions, except for per share data and otherwise noted)

As of

December 31,

 

December 31,

2020

 

2021

 

2021

RMB (1)

 

RMB

 

US$ (2)

 
ASSETS
Current assets:
Cash and cash equivalents

19,372

 

43,430

 

6,815

 

Restricted cash

2,238

 

444

 

70

 

Short-term investments

37,689

 

13,344

 

2,094

 

Accounts and notes receivable, net of allowance for credit losses of RMB556 and RMB651, respectively

2,438

 

2,831

 

444

 

Loan receivable, net of allowance for credit losses of RMB146 and RMB605, respectively

2,878

 

4,644

 

729

 

Amounts due from related parties

103

 

115

 

18

 

Prepayments, receivables and other current assets, net

3,913

 

3,958

 

621

 

Total current assets

68,631

 

68,766

 

10,791

 

Non-current assets:
Investment securities and other investments

4,261

 

18,634

 

2,924

 

Long-term investments, net

7,105

 

4,615

 

724

 

Operating lease right-of-use assets

1,931

 

1,288

 

202

 

Property and equipment, net

9,759

 

8,000

 

1,255

 

Intangible assets, net

5,357

 

3,286

 

516

 

Goodwill

49,124

 

46,378

 

7,278

 

Non-current restricted cash

21

 

107

 

17

 

Deferred tax assets, net

191

 

224

 

35

 

Other non-current assets, net

885

 

1,700

 

267

 

Total non-current assets

78,634

 

84,232

 

13,218

 

Total assets

147,265

 

152,998

 

24,009

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Short-term borrowings

5,827

 

6,838

 

1,073

 

Accounts and notes payable

7,353

 

4,625

 

726

 

Deferred revenue and customer advances

915

 

546

 

86

 

Operating lease liabilities, current portion

679

 

517

 

81

 

Amounts due to related parties

282

 

249

 

39

 

Accrued expenses and other current liabilities

11,304

 

11,648

 

1,828

 

Total current liabilities

26,360

 

24,423

 

3,833

 

Non-current liabilities:
Long-term borrowings

1,453

 

1,681

 

264

 

Operating lease liabilities, non-current portion

1,172

 

655

 

103

 

Deferred tax liabilities

844

 

486

 

76

 

Other non-current liabilities

286

 

306

 

47

 

Total non-current liabilities

3,755

 

3,128

 

490

 

Total liabilities

30,115

 

27,551

 

4,323

 

Commitments and contingencies
Mezzanine equity
Convertible preferred shares (3)

189,839

 

-

 

-

 

Convertible redeemable non-controlling interests

3,345

 

12,258

 

1,924

 

Convertible non-controlling interests

100

 

1,069

 

167

 

Total Mezzanine Equity

193,284

 

13,327

 

2,091

 

SHAREHOLDERS’ EQUITY (DEFICIT):
DiDi Global Inc. shareholders’ equity (deficit):
Ordinary shares (US$0.00002 par value; 1,617,583,821 shares and 5,000,000,000 shares authorized; 124,067,444 shares and 1,205,810,369 shares issued; 108,531,508 shares and 1,182,633,848 shares outstanding as of December 31, 2020 and 2021, respectively)

-

 

-

 

-

 

Treasury shares

-

 

-

 

-

 

Additional paid-in capital

12,178

 

251,385

 

39,448

 

Statutory reserves

17

 

28

 

4

 

Accumulated other comprehensive loss

(2,002

)

(3,601

)

(565

)

Accumulated deficit

(86,411

)

(135,765

)

(21,304

)

Total DiDi Global Inc. shareholders’ equity (deficit)

(76,218

)

112,047

 

17,583

 

Non-controlling interests

84

 

73

 

12

 

Total shareholders’ equity (deficit)

(76,134

)

112,120

 

17,595

 

Total liabilities, mezzanine equity and shareholders’ equity (deficit)

147,265

 

152,998

 

24,009

 

(1) Certain prior year amounts in the Company’s condensed consolidated balance sheets have been adjusted to conform with the current year presentation to facilitate comparison. These adjustments have not changed the results of operations, financial position or cash flows of prior periods.
(2) 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 RMB6.3726 to US$1.00, the exchange rate on December 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.
(3) The convertible preferred shares were converted to ordinary shares immediately prior to the closing of the Company’s initial public offering in early July, 2021.
DiDi Global Inc.
Unaudited condensed consolidated statements of comprehensive loss
(Amounts in millions, except for per share data and otherwise noted)
 

For the Three Months Ended December 31,

 

For the Year Ended December 31,

2020

 

2021

 

2021

 

2020

 

2021

 

2021

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

Revenues
China Mobility

44,156

 

37,473

 

5,880

 

133,645

 

160,521

 

25,189

 

International

691

 

1,045

 

164

 

2,333

 

3,622

 

568

 

Other Initiatives

1,852

 

2,259

 

355

 

5,758

 

9,684

 

1,520

 

Total revenues

46,699

 

40,777

 

6,399

 

141,736

 

173,827

 

27,277

 

Costs and expenses
Cost of revenues

(44,520

)

(35,921

)

(5,637

)

(125,824

)

(156,863

)

(24,615

)

Operations and support

(1,654

)

(1,708

)

(268

)

(4,696

)

(7,525

)

(1,181

)

Sales and marketing

(5,215

)

(3,509

)

(551

)

(11,136

)

(16,961

)

(2,662

)

Research and development

(1,836

)

(2,466

)

(387

)

(6,317

)

(9,415

)

(1,477

)

General and administrative

(2,038

)

(2,514

)

(394

)

(7,551

)

(28,716

)

(4,506

)

Impairment of goodwill and intangible assets (1)

-

 

(2,789

)

(438

)

-

 

(2,789

)

(438

)

Total costs and expenses

(55,263

)

(48,907

)

(7,675

)

(155,524

)

(222,269

)

(34,879

)

Loss from operations (2)

(8,564

)

(8,130

)

(1,276

)

(13,788

)

(48,442

)

(7,602

)

Interest income

285

 

240

 

38

 

1,229

 

819

 

129

 

Interest expenses

(51

)

(66

)

(10

)

(136

)

(278

)

(44

)

Investment income (loss), net (3)

1,904

 

8,344

 

1,309

 

2,833

 

(167

)

(26

)

Impairment loss for equity investments accounted for using Measurement Alternative

(1,022

)

-

 

-

 

(1,022

)

-

 

-

 

Loss from equity method investments, net

(550

)

(416

)

(65

)

(1,058

)

(476

)

(75

)

Other income (loss), net

730

 

(83

)

(13

)

1,031

 

(624

)

(98

)

Loss before income taxes

(7,268

)

(111

)

(17

)

(10,911

)

(49,168

)

(7,716

)

Income tax benefits (expenses)

37

 

(60

)

(10

)

303

 

(166

)

(26

)

Net loss

(7,231

)

(171

)

(27

)

(10,608

)

(49,334

)

(7,742

)

Less: Net income (loss) attributable to non-controlling interest shareholders

(70

)

5

 

1

 

(94

)

9

 

1

 

Net loss attributable to DiDi Global Inc.

(7,161

)

(176

)

(28

)

(10,514

)

(49,343

)

(7,743

)

Accretion of convertible redeemable non-controlling interests to redemption value

(60

)

(207

)

(32

)

(165

)

(688

)

(108

)

Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares

-

 

-

 

-

 

(1

)

-

 

-

 

Net loss attributable to ordinary shareholders of DiDi Global Inc.

(7,221

)

(383

)

(60

)

(10,680

)

(50,031

)

(7,851

)

Net loss

(7,231

)

(171

)

(27

)

(10,608

)

(49,334

)

(7,742

)

Other comprehensive loss:
Foreign currency translation adjustments, net of tax of nil

(2,797

)

(1,153

)

(181

)

(5,927

)

(1,594

)

(250

)

Share of other comprehensive loss of equity method investees

1

 

-

 

-

 

-

 

(5

)

(1

)

Total other comprehensive loss

(2,796

)

(1,153

)

(181

)

(5,927

)

(1,599

)

(251

)

Total comprehensive loss

(10,027

)

(1,324

)

(208

)

(16,535

)

(50,933

)

(7,993

)

Less: comprehensive income (loss) attributable to non-controlling interest shareholders

(70

)

5

 

1

 

(94

)

9

 

1

 

Comprehensive loss attributable to DiDi Global Inc.

(9,957

)

(1,329

)

(209

)

(16,441

)

(50,942

)

(7,994

)

Accretion of convertible redeemable non-controlling interests to redemption value

(60

)

(207

)

(32

)

(165

)

(688

)

(108

)

Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares

-

 

-

 

-

 

(1

)

-

 

-

 

Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc.

(10,017

)

(1,536

)

(241

)

(16,607

)

(51,630

)

(8,102

)

Weighted average number of ordinary shares used in computing net loss per share
—Basic

108,328,905

 

1,204,089,980

 

1,204,089,980

 

106,694,420

 

657,996,437

 

657,996,437

 

—Diluted

108,328,905

 

1,204,089,980

 

1,204,089,980

 

106,694,420

 

657,996,437

 

657,996,437

 

Net loss per share attributable to ordinary shareholders
—Basic

(66.66

)

(0.32

)

(0.05

)

(100.10

)

(76.04

)

(11.93

)

—Diluted

(66.66

)

(0.32

)

(0.05

)

(100.10

)

(76.04

)

(11.93

)

Weighted average number of ADSs used in computing net loss per ADS
—Basic

433,315,620

 

4,816,359,920

 

4,816,359,920

 

426,777,680

 

2,631,985,748

 

2,631,985,748

 

—Diluted

433,315,620

 

4,816,359,920

 

4,816,359,920

 

426,777,680

 

2,631,985,748

 

2,631,985,748

 

Net loss per ADS attributable to ordinary shareholders
—Basic

(16.66

)

(0.08

)

(0.01

)

(25.03

)

(19.01

)

(2.98

)

—Diluted

(16.66

)

(0.08

)

(0.01

)

(25.03

)

(19.01

)

(2.98

)

(1) Impairment of goodwill and intangible assets of RMB2.8 billion (US$0.4 billion) related to 99 Taxis within the International segment was recorded for the three months ended December 31, 2021.
(2) Includes share-based compensation expenses as follows:

For the Three Months Ended December 31,

 

For the Year Ended December 31,

2020

 

2021

 

2021

 

2020

 

2021

 

2021

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 
Operations and support

21

 

37

 

6

 

80

 

194

 

30

 

Sales and marketing

55

 

86

 

13

 

210

 

326

 

51

 

Research and development

166

 

381

 

60

 

778

 

2,259

 

355

 

General and administrative

387

 

509

 

80

 

2,345

 

21,876

 

3,433

 

(3) Investment income, net for the three months ended December 31, 2021 was RMB8.3 billion (US$1.3 billion), primarily attributable to fair value gain from the Company’s investments in a company engaged in the deliveries, mobility and digital financial services sectors in the Southeast Asia region. The investee listed in the United States in the fourth quarter of 2021.
DiDi Global Inc.
Unaudited condensed consolidated statements of cash flows
(Amounts in millions)
 

For the Three Months Ended December 31,

 

For the Year Ended December 31,

2020

 

2021

 

2021

 

2020

 

2021

 

2021

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

Net cash provided by (used in) operating activities

(558

)

(1,032

)

(162

)

1,138

 

(13,414

)

(2,105

)

Net cash provided by (used in) investing activities

3,321

 

(2,511

)

(394

)

(1,946

)

1,145

 

180

 

Net cash provided by (used in) financing activities

2,621

 

(1,079

)

(169

)

9,274

 

35,191

 

5,522

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(256

)

(717

)

(113

)

(515

)

(572

)

(90

)

Net increase (decrease) in cash, cash equivalents and restricted cash

5,128

 

(5,339

)

(838

)

7,951

 

22,350

 

3,507

 

Cash, cash equivalents and restricted cash at the beginning of the period

16,503

 

49,320

 

7,740

 

13,680

 

21,631

 

3,395

 

Cash, cash equivalents and restricted cash at the end of the period

21,631

 

43,981

 

6,902

 

21,631

 

43,981

 

6,902

 

Selected financial information of segments
 
The following table presents the total revenue and adjusted EBITA (non-GAAP) and total consolidated loss from operations by segment for the periods presented:
 

For the Three Months Ended December 31,

 

For the Year Ended December 31,

2020

 

2021

 

2021

 

2020

 

2021

 

2021

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

Revenues:
China Mobility

44,156

 

37,473

 

5,880

 

133,645

 

160,521

 

25,189

 

International

691

 

1,045

 

164

 

2,333

 

3,622

 

568

 

Other Initiatives

1,852

 

2,259

 

355

 

5,758

 

9,684

 

1,520

 

Total segment revenues

46,699

 

40,777

 

6,399

 

141,736

 

173,827

 

27,277

 

 
Adjusted EBITA:
China Mobility

(509

)

854

 

134

 

3,960

 

6,129

 

962

 

International

(1,510

)

(1,803

)

(283

)

(3,534

)

(5,788

)

(908

)

Other Initiatives

(5,421

)

(2,957

)

(464

)

(8,807

)

(19,514

)

(3,063

)

Total Adjusted EBITA (non-GAAP)

(7,440

)

(3,906

)

(613

)

(8,381

)

(19,173

)

(3,009

)

Share-based compensation

(629

)

(1,013

)

(159

)

(3,413

)

(24,655

)

(3,869

)

Amortization of intangible assets

(495

)

(422

)

(66

)

(1,994

)

(1,825

)

(286

)

Impairment of goodwill and intangible assets

-

 

(2,789

)

(438

)

-

 

(2,789

)

(438

)

Total consolidated loss from operations

(8,564

)

(8,130

)

(1,276

)

(13,788

)

(48,442

)

(7,602

)

 
The following table presents the total depreciation expenses of property and equipment by segment for the periods presented:
 

For the Three Months Ended December 31,

 

For the Year Ended December 31,

2020

 

2021

 

2021

 

2020

 

2021

 

2021

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 
China Mobility

65

 

84

 

13

 

260

 

306

 

48

 

International

20

 

43

 

7

 

63

 

125

 

20

 

Other Initiatives

982

 

750

 

118

 

2,952

 

3,790

 

594

 

Total depreciation expenses of property and equipment

1,067

 

877

 

138

 

3,275

 

4,221

 

662

 

DiDi Global Inc.
Unaudited reconciliation of GAAP and Non-GAAP results
(Amounts in millions)
 

For the Three Months Ended December 31,

 

For the Year Ended December 31,

2020

 

2021

 

2021

 

2020

 

2021

 

2021

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

Net loss

(7,231

)

(171

)

(27

)

(10,608

)

(49,334

)

(7,742

)

Less: Interest income

(285

)

(240

)

(38

)

(1,229

)

(819

)

(129

)

Add: Interest expenses

51

 

66

 

10

 

136

 

278

 

44

 

Less: investment income (loss), net

(1,904

)

(8,344

)

(1,309

)

(2,833

)

167

 

26

 

Add: Impairment loss for equity investments accounted for using Measurement Alternative

1,022

 

-

 

-

 

1,022

 

-

 

-

 

Add: Loss from equity method investments, net

550

 

416

 

65

 

1,058

 

476

 

75

 

Less: Other income (loss), net

(730

)

83

 

13

 

(1,031

)

624

 

98

 

Less: Income tax benefits (expenses)

(37

)

60

 

10

 

(303

)

166

 

26

 

Loss from operations

(8,564

)

(8,130

)

(1,276

)

(13,788

)

(48,442

)

(7,602

)

Add: Share-based compensation expenses

629

 

1,013

 

159

 

3,413

 

24,655

 

3,869

 

Add: Amortization of intangible assets

495

 

422

 

66

 

1,994

 

1,825

 

286

 

Add: Impairment of goodwill and intangible assets

-

 

2,789

 

438

 

-

 

2,789

 

438

 

Adjusted EBITA (non-GAAP)

(7,440

)

(3,906

)

(613

)

(8,381

)

(19,173

)

(3,009

)

Fourth Quarter 2021 Financial and Operational Metrics

  • Total revenues for the fourth quarter of 2021 were RMB40.8 billion (US$6.4 billion). Total revenues from the China Mobility segment for the fourth quarter of 2021 were RMB37.5 billion (US$5.9 billion). Total revenues from the International segment for the fourth quarter of 2021 were RMB1.0 billion (US$0.2 billion). Total revenues from the Other Initiatives segment for the fourth quarter of 2021 were RMB2.3 billion (US$0.3 billion).
  • Net loss attributable to ordinary shareholders for the fourth quarter of 2021 was RMB383 million (US$60 million).
  • Adjusted EBITA (Non-GAAP)1 for the fourth quarter of 2021 was a loss of RMB3.9 billion (US$0.6 billion).
  • Core Platform Transactions for the fourth quarter of 2021 were 2,791 million. Transactions of China Mobility segment for the fourth quarter of 2021 were 2,307 million. Transactions from the International segment for the fourth quarter of 2021 were 484 million.
  • Core Platform Gross Transaction Value (“GTV”)2 for the fourth quarter of 2021 reached RMB67.2 billion (US$10.5 billion). GTV from the China Mobility segment for the fourth quarter of 2021 reached RMB56.2 billion (US$8.8 billion). GTV from the International segment for the fourth quarter of 2021 reached RMB11.0 billion (US$1.7 billion).
  • Platform Sales3 from China Mobility and International segments for the fourth quarter of 2021 were RMB9.9 billion (US$1.6 billion). Platform Sales from the China Mobility segment for the fourth quarter of 2021 reached RMB8.9 billion (US$1.4 billion). Platform Sales from the International segment for the fourth quarter of 2021 reached RMB1.0 billion (US$0.2 billion).

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 other global markets, 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 Measurement Alternative, (v) loss from equity method investments, net, (vi) other income (loss), net, (vii) income tax benefits (expenses), (viii) share-based compensation expense, (ix) amortization of intangible assets and (x) impairment of goodwill and 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 Reconciliation 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 RMB6.3726 to US$1.00, the exchange rate in effect as of December 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 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, (ix) amortization of intangible assets and (x) impairment of goodwill and 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.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MenloPark.com & California Media Partners, LLC. All rights reserved.