滴滴2023年Q3财报.pdf

1 DiDi Announces Results for Third Quarter 2023 Beijing,November 13,2023-DiDi Global Inc.(“we”,“us”,“DiDi”and the“Company”),a leading mobility technology platform,today announced its unaudited interim condensed financial results for the quarter ended September 30,2023.Mr.Will Wei Cheng,Chairman and Chief Executive Officer of DiDi,commented,“Benefitting from the recovery in domestic demand for mobility services,our businesses have grown steadily in the third quarter as we further strengthened our strategic focus on mobility.At the same time,we have made significant progress in exploring new opportunities in mobility,developing autonomous driving technology,and our international businesses.In the future,we expect to continue expanding our core businesses while enhancing our product and service capabilities in order to provide better services to our consumers,drivers and ecosystem partners.Third Quarter 2023 Highlights Total revenues for the third quarter of 2023 were RMB51.4 billion,an increase of 25.0%from the third quarter of 2022.Total revenues from the China Mobility segment for the third quarter of 2023 were RMB46.6 billion,an increase of 26.6%from the third quarter of 2022.Total revenues from the International segment for the third quarter of 2023 were RMB2.0 billion,an increase of 27.7%from the third quarter of 2022.Net income for the third quarter of 2023 was RMB0.4 billion.Net income attributable to ordinary shareholders of DiDi for the third quarter of 2023 was RMB0.1 billion.Adjusted EBITA(Non-GAAP)1 for the third quarter of 2023 was a loss of RMB0.3 billion.The Adjusted EBITA(non-GAAP)of the China Mobility segment was a gain of RMB1.5 billion in the third quarter of 2023.The Adjusted EBITA loss(non-GAAP)of the International segment was RMB0.8 billion in the third quarter of 2023.The Adjusted EBITA loss(non-GAAP)of the Other Initiatives segment was RMB1.0 billion in the third quarter of 2023.Total cash and cash equivalents,restricted cash and treasury investments were RMB54.6 billion as of September 30,2023,compared to RMB48.8 billion as of December 31,2022.Core Platform Transactions2 for the third quarter of 2023 reached 3,579 million,an increase of 33.9%from the third quarter of 2022.Transactions for the China Mobility segment for the third quarter of 2023 reached 2,878 million,an increase of 32.0%from the third quarter of 2022.Transactions for the International segment for the third quarter of 2023 reached 701 million,an increase of 42.5%from the third quarter of 2022.Core Platform Gross Transaction Value3(“GTV4”)for the third quarter of 2023 reached RMB91.5 billion,an increase of 36.7%from the third quarter of 2022.GTV from the China Mobility segment for the third quarter of 2023 reached RMB72.5 billion,an increase of 33.1%from the third quarter of 2022.GTV from the International segment for the third quarter of 2023 reached RMB19.0 billion,an increase of 52.3%from the third quarter of 2022.1 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)income(loss)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 Core Platform Transactions refers to the number of completed rides for the China Mobility segment and completed rides or food deliveries for the International segment.Transactions are counted by the number of orders completed,so a carpooling ride with two paying consumers represents two transactions,even if both consumers start and end their ride at the same place,whereas two passengers on the same ride transaction order count as one transaction.3 Core Platform Gross Transaction Value refers to the summation of the GTV for the China Mobility and International segments.4 GTV refers to the total transaction value,including any applicable taxes,tolls and fees,of completed Transactions 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.2 Platform Sales5 from the China Mobility and International segments for the third quarter of 2023 reached RMB15.0 billion,an increase of 29.5%from the third quarter of 2022.Platform Sales from the China Mobility segment for the third quarter of 2023 reached RMB13.0 billion,an increase of 29.7%from the third quarter of 2022.Platform Sales from the International segment for the third quarter of 2023 reached RMB2.1 billion,an increase of 28.8%from the third quarter of 2022.For the Three Months Ended September 30,For the Nine Months Ended September 30,(In RMB millions except transactions)2022 2023%year-over-year change 2022 2023%year-over-year change Financial highlights Revenues.41,130 51,401 25.0%108,982 142,961 31.2%China Mobility.36,837 46,649 26.6%98,043 130,165 32.8%International.1,593 2,034 27.7%4,196 5,620 33.9%Other Initiatives.2,700 2,718 0.7%6,743 7,176 6.4%Net income(loss).(1,764)376 N/A (23,079)(547)-97.6%Net income(loss)attributable to ordinary shareholders of DiDi.(2,008)107 N/A (23,729)(1,320)-94.4%Adjusted EBITA(Non-GAAP).(308)(315)2.3%(11,381)(893)-92.2%China Mobility.1,988 1,470 -26.1%(2,905)3,949 N/A International.(876)(795)-9.2%(3,185)(1,220)-61.7%Other Initiatives .(1,420)(990)-30.3%(5,291)(3,622)-31.5%Operational highlights.Core Platform Transactions(in millions).2,672 3,579 33.9%7,432 9,754 31.2%China Mobility.2,180 2,878 32.0%6,023 7,877 30.8%International.492 701 42.5%1,409 1,877 33.2%Core Platform GTV .66,938 91,475 36.7%179,809 248,180 38.0%China Mobility.54,450 72,458 33.1%144,658 199,029 37.6%International.12,488 19,017 52.3%35,151 49,151 39.8%Platform Sales from Core Platform.11,614 15,045 29.5%30,629 40,092 30.9%China Mobility.10,007 12,975 29.7%26,362 34,353 30.3%International.1,607 2,070 28.8%4,267 5,739 34.5%5 Platform Sales refers to GTV less all of the earnings and incentives paid to drivers and partners,tolls,fees,taxes and others.3 Third Quarter 2023 Results China Mobility In the third quarter of 2023,our business continued the recovery since the first half,delivering average daily transactions of 31.3 million in the third quarter.We plan to engage with our consumers and drivers more actively in the fourth quarter of 2023 through more effective promotion and more diversified and affordable product offerings.For the Three Months Ended September 30,For the Nine Months Ended September 30,(In RMB millions)2022 2023%year-over-year change 2022 2023%year-over-year change GTV.54,450 72,458 33.1%144,658 199,029 37.6%Platform Sales .10,007 12,975 29.7%26,362 34,353 30.3%Revenues .36,837 46,649 26.6%98,043 130,165 32.8%Adjusted EBITA(Non-GAAP).1988 1,470 -26.1%(2,905)3,949 N/A GTV of RMB72.5 billion:GTV from the China Mobility segment increased by 33.1%year-over-year(“YoY”),primarily driven by the increase in the number of transactions for the China Mobility segment.Platform Sales of RMB13.0 billion:Platform Sales from the China Mobility segment increased by 29.7%YoY.The increase was primarily driven by the increase of GTV from the China Mobility segment,partially offset by the expiration of the temporary Value-added Tax exemption policy on revenues derived from the provision of public transportation services in China.The policy expired in December 2022.Revenues of RMB46.6 billion:Revenues from the China Mobility segment increased by 26.6%YoY.The increase was primarily driven by the increase of GTV from the China Mobility segment,partially offset by the expiration of the abovementioned Value-added Tax exemption policy.Adjusted EBITA gain of RMB1.5 billion:Adjusted EBITA gain in the China Mobility segment decreased by 26.1%YoY,primarily attributable to the expiration of the abovementioned Value-added Tax exemption policy.International We continue to focus on key markets such as Brazil and Mexico in Latin America.Compared to the first half of 2023,we stepped up our investments in marketing expenses and incentives to drive the continuous growth of our International business in the third quarter of 2023.In the fourth quarter of 2023,we plan to further upsize our investments in marketing expenses and incentives to deliver growth in our International business.For the Three Months Ended September 30,For the Nine Months Ended September 30,(In RMB millions)2022 2023%year-over-year change 2022 2023%year-over-year change GTV .12,488 19,017 52.3%35,151 49,151 39.8%Platform Sales .1,607 2,070 28.8%4,267 5,739 34.5%Revenues .1,593 2,034 27.7%4,196 5,620 33.9%Adjusted EBITA(Non-GAAP).(876)(795)-9.2%(3,185)(1,220)-61.7%GTV of RMB19.0 billion:GTV from the International segment increased by 52.3%YoY,primarily attributable to the increase in the number of transactions for the International segment and the favorable effect of fluctuations in exchange rates.Platform Sales of RMB2.1 billion:Platform Sales from the International segment increased by 28.8%YoY.The increase was primarily driven by the growth of GTV from the International segment,partially offset by increased spending on incentives.4 Revenues of RMB2.0 billion:Revenues from the International segment increased by 27.7%YoY.The increase was primarily driven by the growth of our International business,partially offset by increased spending on incentives.Adjusted EBITA loss of RMB0.8 billion:Adjusted EBITA loss in the International segment decreased by 9.2YoY,primarily attributable to improved operating efficiency.Other Initiatives For the Three Months Ended September 30,For the Nine Months Ended September 30,(In RMB millions)2022 2023%year-over-year change 2022 2023%year-over-year change Revenues .2,700 2,718 0.7%6,743 7,176 6.4%Adjusted EBITA(Non-GAAP).(1,420)(990)-30.3%(5,291)(3,622)-31.5%Revenues of RMB2.7 billion:Revenues from the Other Initiatives segment remained flat YoY.Adjusted EBITA loss of RMB1.0 billion:Adjusted EBITA loss in the Other Initiatives segment decreased by 30.3%YoY,primarily driven by improved operating efficiency.Cost of Revenues:Cost of revenues was RMB43.4 billion for the third quarter of 2023,or 84.4%of total revenues,compared to RMB33.7 billion for the third quarter of 2022,or 81.9%of total revenues.The increase of cost of revenues as a percentage of revenues was primarily due to the increased costs related to the China ride hailing business.Operations and Support Expenses:Operations and support expenses was RMB2.1 billion for the third quarter of 2023,or 4.1%of total revenues,compared to RMB1.7 billion for the third quarter of 2022,or 4.2%of total revenues.Operations and support expenses as a percentage of revenues remained flat YoY.Sales and Marketing Expenses:Sales and marketing expenses was RMB2.8 billion for the third quarter of 2023,or 5.4%of total revenues,compared to RMB2.5 billion for the third quarter of 2022,or 6.1%of total revenues.The decrease of sales and marketing expenses as a percentage of revenues was primarily driven by a decrease in amortization of intangible assets.Research and Development Expenses:Research and development expenses was RMB2.1 billion for the third quarter,or 4.1%of total revenues,compared to RMB2.5 billion for the third quarter of 2022,or 6.2%of total revenues.The decrease of research and development expenses as a percentage of revenues was primarily related to a decrease in product development expenses in the Companys smart auto business.General and Administrative Expenses:General and administrative expenses was RMB2.2 billion for the third quarter of 2023,or 4.2%of total revenues,compared to RMB2.3 billion for the third quarter of 2022,or 5.5%of total revenues.The decrease of general and administrative expenses as a percentage of revenues was primarily driven by the improved fixed cost leverage.Investment income(loss),net:Investment incomeloss),net,increased to a gain of RMB1.1 billion in the third quarter of 2023,from a gain of RMB0.2 billion in the third quarter of 2022.The investment income in the third quarter of 2022 was primarily related to the fair value gain from the Companys investment in Grab.The investment income in the third quarter of 2023 was primarily related to an unrealized gain due to the deconsolidation of a subsidiary engaged in autonomous trucking business and the fair value gain from the Companys investment in Grab.Net income(loss):Net income for the third quarter of 2023 was RMB0.4 billion,compared to a net loss of RMB1.8 billion in the third quarter of 2022.Net income(loss)attributable to ordinary shareholders of DiDi:Net income attributable to ordinary shareholders of DiDi for the third quarter of 2023 was RMB0.1 billion,compared to a net loss of RMB2.0 billion in the third quarter of 2022.5 Adjusted EBITA:Adjusted EBITA loss for the third quarter of 2023 was RMB0.3 billion,remained flat YoY.Liquidity and Cash Flow As of(In RMB millions)December 31,2022 September 30,2023 Cash and cash equivalents and restricted cash .21,676 22,702 Short-term treasury investments .16,966 17,751 Long-term treasury investments .10,200 14,168 Total .48,842 54,621 As of September 30,2023,cash and cash equivalents,restricted cash and treasury investments were RMB54.6 billion,compared to RMB48.8 billion as of December 31,2022.The above table sets forth a summary of assets managed by our treasury function,including cash and cash equivalents,restricted cash and treasury investments.For the Three Months Ended September 30,For the Nine Months Ended September 30,(In RMB millions)2022 2023 2022 2023 Net cash provided by(used in)operating activities .(6,752)2,722 (9,323)5,815 Net cash provided by(used in)investing activities .(2,374)(108)3,835 (5,991)Net cash provided by(used in)financing activities .(2,062)350 (3,295)982 Effect of exchange rate changes on cash,cash equivalents and restricted cash .1,162 (77)2,063 220 Net increase(decrease)in cash,cash equivalents and restricted cash .(10,026)2,887 (6,720)1,026 Cash,cash equivalents and restricted cash at the beginning of the period .47,287 19,815 43,981 21,676 Cash,cash equivalents and restricted cash at the end of the period .37,261 22,702 37,261 22,702 Net cash provided by operating activities was RMB2.7 billion for the third quarter of 2023,which was primarily attributable to the Companys net income of RMB0.4 billion,as adjusted by non-cash or non-operating adjustments of RMB1.2 billion,as well as a decrease in the Companys working capital of RMB1.1 billion.Net cash used in investing activities was RMB0.1 billion for the third quarter of 2023.Net cash provided by financing activities was RMB0.4 billion for the third quarter of 2023,consisting primarily of the increase of short-term borrowings and long-term borrowings.Other Updates Share Repurchase Program On November 11,2023,the Companys board of directors authorized a share repurc