滴滴2023年Q2财报.pdf

1 DiDi Announces Results for Second Quarter 2023 Beijing,September 9,2023-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 June 30,2023.Second Quarter 2023 Highlights Total revenues for the second quarter of 2023 were RMB48.8 billion,an increase of 52.6%from the second quarter of 2022.Total revenues from the China Mobility segment for the second quarter of 2023 were RMB44.5 billion,an increase of 57.0%from the second quarter of 2022.Total revenues from the International segment for the second quarter of 2023 were RMB1.9 billion,an increase of 35.3%from the second quarter of 2022.Net loss for the second quarter of 2023 was RMB5 million.Net loss attributable to ordinary shareholders of DiDi for the second quarter of 2023 was RMB0.3 billion.Adjusted EBITA(Non-GAAP)1 for the second quarter of 2023 was a loss of RMB10 million.The Adjusted EBITA(non-GAAP)of the China Mobility segment was a gain of RMB1.4 billion in the second quarter of 2023.The Adjusted EBITA loss(non-GAAP)of the International segment was RMB0.2 billion in the second quarter of 2023.The Adjusted EBITA loss(non-GAAP)of the Other Initiatives segment was RMB1.2 billion in the second quarter of 2023.Total cash and cash equivalents,restricted cash and treasury investments were RMB53.8 billion as of June 30,2023,compared to RMB48.8 billion as of December 31,2022.Core Platform Transactions2 for the second quarter of 2023 reached 3.3 billion,an increase of 45.2%from the second quarter of 2022.Transactions for the China Mobility segment for the second quarter of 2023 reached 2,674 million,an increase of 47.7%from the second quarter of 2022.Transactions for the International segment for the second quarter of 2023 reached 626 million,an increase of 35.2%from the second quarter of 2022.Core Platform Gross Transaction Value3(“GTV4”)for the second quarter of 2023 reached RMB84.0 billion,an increase of 54.8%from the second quarter of 2022.GTV from the China Mobility segment for the second quarter of 2023 reached RMB67.6 billion,an increase of 60.5%from the second quarter of 2022.GTV from the International segment for the second quarter of 2023 reached RMB16.4 billion,an increase of 34.9%from the second 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 second quarter of 2023 reached RMB13.7 billion,an increase of 42.2%from the second quarter of 2022.Platform Sales from the China Mobility segment for the second quarter of 2023 reached RMB11.8 billion,an increase of 43.8%from the second quarter of 2022.Platform Sales from the International segment for the second quarter of 2023 reached RMB1.9 billion,an increase of 33.4%from the second quarter of 2022.For the Three Months Ended June 30,For the Six Months Ended June 30,(In RMB millions except transactions)2022 2023%year-over-year change 2022 2023%year-over-year change Financial highlights.Revenues.32,004 48,848 52.6%67,852 91,560 34.9%China Mobility.28,314 44,467 57.0%61,206 83,516 36.5%International.1,401 1,895 35.3%2,603 3,586 37.8%Other Initiatives.2,289 2,486 8.6%4,043 4,458 10.3%Net loss.(5,245)(5)-99.9%(21,315)(923)-95.7%Net loss attributable to ordinary shareholders of DiDi.(5,445)(267)-95.1%(21,721)(1,427)-93.4%Adjusted EBITA(Non-GAAP)(1,500)(10)-99.3%(11,073)(578)-94.8%China Mobility.1,260 1,438 14.1%(4,893)2,479 N/A International.(1,179)(243)-79.4%(2,309)(425)-81.6%Other Initiatives.(1,581)(1,205)-23.8%(3,871)(2,632)-32.0%Operational highlights.Transactions(in millions).2,273 3,300 45.2%4,760 6,175 29.7%China Mobility.1,810 2,674 47.7%3,843 4,999 30.1%International 463 626 35.2%917 1,176 28.2%GTV.54,267 84,000 54.8%112,871 156,705 388%China Mobility.42,126 67,618 60.5%90,208 126,571 40.3%International.12,141 16,382 34.9%22,663 30,134 33.0%Platform Sales.9,663 13,745 42.2%19,015 25,047 31.7%China Mobility.8,230 11,834 43.8%16,355 21,378 30.7%International.1,433 1,911 33.4%2,660 3,669 37.9%5 Platform Sales refers to GTV less all of the earnings and incentives paid to drivers and partners,tolls,fees,taxes and others.3 Second Quarter 2023 Results China Mobility In the second quarter of 2023,our business continued the recovery since the first quarter,delivering average daily transactions of 30.4 million and 29.4 million in June and the second quarter,respectively.We plan to engage with our consumers and drivers more actively for the rest of 2023 through effective promotion and more diversified and affordable product offerings.For the Three Months Ended June 30,For the Six Months Ended June 30,(In RMB millions)2022 2023%year-over-year change 2022 2023%year-over-year change GTV.42,126 67,618 60.5%90,208 126,571 40.3%Platform Sales.8,230 11,834 43.8%16,355 21,378 30.7%Revenues.28,314 44,467 57.0%61,206 83,516 36.5%Adjusted EBITA(Non-GAAP)1,260 1,438 14.1%(4,893)2,479 N/A GTV of RMB67.6 billion:GTV from the China Mobility segment increased by 60.5%year-over-year(“YoY”),primarily driven by the increase in the number of transactions for the China Mobility segment.Platform Sales of RMB11.8 billion:Platform Sales from the China Mobility segment increased by 43.8%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 RMB44.5 billion:Revenues from the China Mobility segment increased by 57.0%YoY,primarily driven by the increase of GTV from the China Mobility segment.Adjusted EBITA gain of RMB1.4 billion:Adjusted EBITA gain in the China Mobility segment increased by 14.1%YoY.The increase was primarily attributable to the increase of GTV from the China Mobility segment,partially offset by the expiration of the abovementioned Value-added Tax exemption policy as well as the increased advertising and promotion expenses.International We continue to focus on key markets such as Brazil and Mexico in Latin America.For the second quarter and first half of 2023,we experienced a temporary decrease in marketing expenses and incentives from lower investments in growth initiatives.In the second half of 2023,we plan to step up our investments in consumer incentives and marketing expenses to continue to drive the growth of our International business.For the Three Months Ended June 30,For the Six Months Ended June 30,(In RMB millions)2022 2023%year-over-year change 2022 2023%year-over-year change GTV.12,141 16,382 34.9%22,663 30,134 33.0%Platform Sales.1,433 1,911 33.4%2,660 3,669 37.9%Revenues.1,401 1,895 35.3%2,603 3,586 37.8%Adjusted EBITA(Non-GAAP)(1,179)(243)-79.4%(2,309)(425)-81.6%GTV of RMB16.4 billion:GTV from the International segment increased by 34.9%YoY,primarily attributable to the increase in the number of transactions for the International segment.Platform Sales of RMB1.9 billion:Platform Sales from the International segment increased by 33.4%YoY,primarily driven by the growth of GTV from the International segment.4 Revenues of RMB1.9 billion:Revenues from the International segment increased by 35.3%YoY,primarily driven by the growth of our International business,including International ride hailing business and other businesses.Adjusted EBITA loss of RMB0.2 billion:Adjusted EBITA loss in the International segment decreased by RMB0.9 billion YoY,primarily driven by lowered spending on marketing expenses,as well as improved operating efficiency.Other Initiatives For the Three Months Ended June 30,For the Six Months Ended June 30,(In RMB millions)2022 2023%year-over-year change 2022 2023%year-over-year change Revenues.2,289 2,486 8.6%4,043 4,458 10.3%Adjusted EBITA(Non-GAAP)(1,581)(1,205)-23.8%(3,871)(2,632)-32.0%Revenues of RMB2.5 billion:Revenues from the Other Initiatives segment increased by 8.6%YoY,primarily driven by the growth of revenue from energy services as well as financial services.Adjusted EBITA loss of RMB1.2 billion:Adjusted EBITA loss in the Other Initiatives segment decreased by RMB0.4 billion YoY,primarily driven by improved operating efficiency.Cost of Revenues:Cost of revenues was RMB41.4 billion for the second quarter of 2023,or 84.8%of total revenues,compared to RMB26.0 billion for the second quarter of 2022,or 81.2%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 RMB1.7 billion for the second quarter of 2023,or 3.5%of total revenues,compared to RMB1.6 billion for the second quarter of 2022,or 4.9%of total revenues.The decrease of operations and support expenses as a percentage of revenues was primarily driven by the effective cost control on expenses related to general operations.Sales and Marketing Expenses:Sales and marketing expenses was RMB2.6 billion for the second quarter of 2023,or 5.3%of total revenues,compared to RMB2.4 billion for the second quarter of 2022,or 7.6%of total revenues.The decrease of sales and marketing expenses as a percentage of revenues was primarily driven by the effective cost control on the investments in marketing expenses and consumer incentives.Research and Development Expenses:Research and development expenses was RMB2.2 billion for the second quarter,or 4.4%of total revenues,compared to RMB2.3 billion for the second quarter of 2022,or 7.3%of total revenues.The decrease of research and development expenses as a percentage of revenues was primarily driven by the improved operating leverage.General and Administrative Expenses:General and administrative expenses was RMB2.0 billion for the second quarter of 2023,or 4.0%of total revenues,compared to RMB2.3 billion for the second quarter of 2022,or 7.1%of total revenues.The decrease of general and administrative expenses as a percentage of revenues was primarily driven by the improved operating leverage.Investment income(loss),net:Investment income(loss),net,changed from a loss of RMB1.2 billion in the second quarter of 2022 to a gain of RMB0.4 billion in the second quarter of 2023.The investment loss in the second quarter of 2022 was primarily related to the fair value loss from the Companys investment in Grab.The investment income in the second quarter of 2023 was primarily related to the fair value gain from the Companys investment in Grab.Net loss:Net loss for the second quarter of 2023 was RMB5 million,compared to a net loss of RMB5.2 billion in the second quarter of 2022.Net loss attributable to ordinary shareholders of DiDi:Net loss attributable to ordinary shareholders of DiDi for the second quarter of 2023 was RMB0.3 billion,compared to a net loss of RMB5.4 billion in the second quarter of 2022.5 Adjusted EBITA:Adjusted EBITA loss for the second quarter of 2023 was RMB10 million,compared to an adjusted EBITA loss of RMB1.5 billion in the second quarter of 2022.Liquidity and Cash Flow As of(In RMB millions)December 31,2022 June 30,2023 Cash and cash equivalents and restricted cash.21,676 19,815 Short-term treasury investments.16,966 20,545 Long-term treasury investments10,200 13,408 Total.48,842 53,768 As of June 30,2023,cash and cash equivalents,restricted cash and treasury investments were RMB53.8 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 June 30,For the Six Months Ended June 30,(In RMB millions)2022 2023 2022 2023 Net cash provided by(used in)operating activities.1,305 2,737 (2,571)3,070 Net cash provided by(used in)investing activities.10,283 (5,143)6,209 5,883)Net cash provided by(used in)financing activities.614 1,411 (1,233)655 Effect of exchange rate changes on cash,cash equivalents and restricted cash.891 330 901 297 Net increase(decrease)in cash,cash equivalents and restricted cash.13,093 (665)3,306 (1,861)Cash,cash equivalents and restricted cash at the beginning of the period.34,194 20,480 43,981 21,676 Cash,cash equivalents and restricted cash at the end of the period.47,287 19,815 47,287 19,815 Net cash provided by operating activities was RMB2.7 billion for the second quarter of 2023,which was primarily attributable to the Companys net loss of RMB5 million,as adjusted by non-cash or non-operating adjustments of RMB1.3 billion,as well as a decrease in the Companys working capital of RMB1.5 billion.Net cash used in investing activities was RMB5.1 billion for the second quarter of 2023,consisting primarily of the increase in treasury investments and loans receivable.Net cash provided by financing activities was RMB1.4 billion for the second quarter of 2023,consisting primarily of the increase of short-term borrowings and long-term borrowings.Other Updates Spinoff of Certain Smart Auto Business and Strategic Partnership with XPeng On August 27,2023,the Company entered into the Share Purchase Agreement with XPeng Inc.(“XPeng”,or the“Purchaser”),pursuant to which the Company conditionally agreed to sell certain smart auto business to the Purchaser.The Company and XPeng also simultaneously entered into the Strategic Cooperation Agreement,pursuant to which both parties agreed to embark on cooperation in various areas.Subject to the satisfaction of certain closing conditions,the Purchaser will issue certain Class A ordinary shares to the Company as consideration in accordance with the Share Purchase Agreement.As of th