News Details

DiDi Global Announces Unaudited Quarterly Financial Results

12/29/2021
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BEIJING--(BUSINESS WIRE)-- DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI), the world’s leading mobility technology platform, today announced its unaudited interim condensed financial results for the second quarter ended June 30, 2021 and the third quarter ended September 30, 2021.

DiDi Global Inc.

Unaudited interim condensed consolidated balance sheets

(Amounts in millions, except for per share data and otherwise noted, unaudited)

  

As of

  

December 31,

 

June 30,

 

September 30,

  

2020

 

2021

 

2021

 

2021

  

RMB

 

RMB

 

RMB

 

US$ (1)

       
ASSETS        
Current assets:        
Cash and cash equivalents 

19,372

 

 

26,096

 

 

48,649

 

 

7,550

 

Restricted cash 

2,238

 

 

169

 

 

671

 

 

104

 

Short-term investments 

37,398

 

 

15,169

 

 

12,554

 

 

1,948

 

Accounts and notes receivable, net of allowance for credit losses of RMB556, RMB645 and RMB722, respectively 

2,438

 

 

3,376

 

 

3,008

 

 

467

 

Loan receivable, net of allowance for credit losses of RMB146, RMB230 and RMB296, respectively 

2,878

 

 

4,609

 

 

4,697

 

 

729

 

Amounts due from related parties 

103

 

 

2,368

 

 

2,449

 

 

380

 

Prepayments, receivables and other current assets, net 

4,255

 

 

4,267

 

 

5,007

 

 

778

 

Total current assets 

68,682

 

 

56,054

 

 

77,035

 

 

11,956

 

Non-current assets:        
Investment securities 

573

 

 

17,184

 

 

2,251

 

 

349

 

Long-term investments, net 

7,105

 

 

11,238

 

 

9,020

 

 

1,400

 

Operating lease right-of-use assets 

1,931

 

 

1,260

 

 

1,301

 

 

202

 

Property and equipment, net 

9,819

 

 

10,803

 

 

8,461

 

 

1,313

 

Intangible assets, net 

5,297

 

 

4,334

 

 

3,860

 

 

599

 

Goodwill 

49,124

 

 

49,199

 

 

48,962

 

 

7,599

 

Non-current restricted cash 

21

 

 

15

 

 

-

 

 

-

 

Deferred tax assets, net 

191

 

 

163

 

 

195

 

 

30

 

Other non-current assets, net 

4,522

 

 

5,022

 

 

4,746

 

 

737

 

Total non-current assets 

78,583

 

 

99,218

 

 

78,796

 

 

12,229

 

Total assets 

147,265

 

 

155,272

 

 

155,831

 

 

24,185

 

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

5,827

 

 

7,259

 

 

7,422

 

 

1,152

 

Accounts and notes payable 

7,353

 

 

4,589

 

 

4,819

 

 

748

 

Deferred revenue and customer advances 

915

 

 

780

 

 

711

 

 

110

 

Operating lease liabilities, current portion 

679

 

 

453

 

 

471

 

 

73

 

Amounts due to related parties 

282

 

 

242

 

 

356

 

 

55

 

Accrued expenses and other current liabilities 

11,304

 

 

11,241

 

 

12,774

 

 

1,983

 

Total current liabilities 

26,360

 

 

24,564

 

 

26,553

 

 

4,121

 

Non-current liabilities:        
Long-term borrowings 

1,453

 

 

2,383

 

 

1,967

 

 

305

 

Operating lease liabilities, non-current portion 

1,172

 

 

741

 

 

734

 

 

114

 

Deferred tax liabilities 

844

 

 

627

 

 

581

 

 

90

 

Other non-current liabilities 

286

 

 

304

 

 

281

 

 

44

 

Total non-current liabilities 

3,755

 

 

4,055

 

 

3,563

 

 

553

 

Total liabilities 

30,115

 

 

28,619

 

 

30,116

 

 

4,674

 

Commitments and contingencies        
Mezzanine equity        
Convertible preferred shares (2) 

189,839

 

 

189,839

 

 

-

 

 

-

 

Convertible redeemable non-controlling interests 

3,345

 

 

11,836

 

 

12,052

 

 

1,870

 

Convertible non-controlling interests 

100

 

 

1,069

 

 

1,069

 

 

166

 

Total Mezzanine Equity 

193,284

 

 

202,744

 

 

13,121

 

 

2,036

 

SHAREHOLDERS’ EQUITY (DEFICIT):        
DiDi Global Inc. shareholders’ equity (deficit):        
Ordinary shares (US$0.00002 par value; 1,617,583,821 shares, 1,617,583,821 shares and 5,000,000,000 shares authorized; 124,067,444 shares, 193,302,859 shares and 1,205,810,369 shares issued; 108,531,508 shares, 168,885,317 shares and 1,181,921,441 shares outstanding as of December 31, 2020, June 30, 2021 and September 30,2021, respectively) 

-

 

 

-

 

 

-

 

 

-

 

Treasury shares 

-

 

 

-

 

 

-

 

 

-

 

Additional paid-in capital 

12,178

 

 

31,705

 

 

250,535

 

 

38,882

 

Statutory reserves 

17

 

 

17

 

 

17

 

 

3

 

Accumulated other comprehensive loss 

(2,002

)

 

(2,698

)

 

(2,448

)

 

(380

)

Accumulated deficit 

(86,411

)

 

(105,198

)

 

(135,578

)

 

(21,041

)

Total DiDi Global Inc. shareholders’ equity (deficit) 

(76,218

)

 

(76,174

)

 

112,526

 

 

17,464

 

Non-controlling interests 

84

 

 

83

 

 

68

 

 

11

 

Total shareholders’ equity (deficit) 

(76,134

)

 

(76,091

)

 

112,594

 

 

17,475

 

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

147,265

 

 

155,272

 

 

155,831

 

 

24,185

 

(1) 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 RMB6.4434 to US$1.00, the exchange rate on September 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.

(2) The convertible preferred shares were converted to ordinary shares immediately prior to the closing of the Company’s initial public offering in early July.

                         

DiDi Global Inc.

Unaudited interim condensed consolidated statements of comprehensive income (loss)

(Amounts in millions, except for per share data and otherwise noted, unaudited)

                         
  

For the Three Months Ended June 30,

For the Six Months Ended June 30,

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

  

2020

 

2021

 

2020

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

  RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Revenues                        
China Mobility 

29,433

 

 

44,804

 

 

48,378

 

 

84,039

 

 

41,111

 

 

39,009

 

 

6,054

 

 

89,489

 

 

123,048

 

 

19,097

 

International 

373

 

 

807

 

 

1,140

 

 

1,611

 

 

502

 

 

966

 

 

150

 

 

1,642

 

 

2,577

 

 

400

 

Other Initiatives 

1,361

 

 

2,601

 

 

2,121

 

 

4,725

 

 

1,785

 

 

2,700

 

 

419

 

 

3,906

 

 

7,425

 

 

1,152

 

Total revenues 

31,167

 

 

48,212

 

 

51,639

 

 

90,375

 

 

43,398

 

 

42,675

 

 

6,623

 

 

95,037

 

 

133,050

 

 

20,649

 

Costs and expenses                        
Cost of revenues (1) 

(26,627

)

 

(42,561

)

 

(43,981

)

 

(80,158

)

 

(37,323

)

 

(40,784

)

 

(6,330

)

 

(81,304

)

 

(120,942

)

 

(18,770

)

Operations and support 

(926

)

 

(1,758

)

 

(1,823

)

 

(3,907

)

 

(1,219

)

 

(1,910

)

 

(296

)

 

(3,042

)

 

(5,817

)

 

(903

)

Sales and marketing 

(1,498

)

 

(3,904

)

 

(3,267

)

 

(9,011

)

 

(2,654

)

 

(4,441

)

 

(689

)

 

(5,921

)

 

(13,452

)

 

(2,088

)

Research and development 

(1,435

)

 

(2,746

)

 

(2,913

)

 

(4,608

)

 

(1,568

)

 

(2,341

)

 

(363

)

 

(4,481

)

 

(6,949

)

 

(1,078

)

General and administrative 

(1,485

)

 

(21,847

)

 

(3,781

)

 

(23,949

)

 

(1,732

)

 

(2,253

)

 

(350

)

 

(5,513

)

 

(26,202

)

 

(4,066

)

Total costs and expenses 

(31,971

)

 

(72,816

)

 

(55,765

)

 

(121,633

)

 

(44,496

)

 

(51,729

)

 

(8,028

)

 

(100,261

)

 

(173,362

)

 

(26,905

)

Loss from operations (2) 

(804

)

 

(24,604

)

 

(4,126

)

 

(31,258

)

 

(1,098

)

 

(9,054

)

 

(1,405

)

 

(5,224

)

 

(40,312

)

 

(6,256

)

Interest income 

298

 

 

190

 

 

635

 

 

377

 

 

309

 

 

202

 

 

31

 

 

944

 

 

579

 

 

90

 

Interest expenses 

(20

)

 

(86

)

 

(39

)

 

(147

)

 

(46

)

 

(65

)

 

(10

)

 

(85

)

 

(212

)

 

(33

)

Investment income (loss), net (3) 

561

 

 

(100

)

 

99

 

 

12,261

 

 

830

 

 

(20,772

)

 

(3,224

)

 

929

 

 

(8,511

)

 

(1,321

)

Income (loss) from equity method investments, net 

(162

)

 

(130

)

 

(357

)

 

(175

)

 

(151

)

 

115

 

 

18

 

 

(508

)

 

(60

)

 

(9

)

Other income (loss), net 

11

 

 

532

 

 

(479

)

 

148

 

 

780

 

 

(689

)

 

(107

)

 

301

 

 

(541

)

 

(84

)

Income (loss) before income taxes 

(116

)

 

(24,198

)

 

(4,267

)

 

(18,794

)

 

624

 

 

(30,263

)

 

(4,697

)

 

(3,643

)

 

(49,057

)

 

(7,613

)

Income tax benefits (expenses) 

46

 

 

(73

)

 

225

 

 

6

 

 

41

 

 

(112

)

 

(17

)

 

266

 

 

(106

)

 

(16

)

Net income (loss) 

(70

)

 

(24,271

)

 

(4,042

)

 

(18,788

)

 

665

 

 

(30,375

)

 

(4,714

)

 

(3,377

)

 

(49,163

)

 

(7,629

)

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

(7

)

 

1

 

 

(17

)

 

(1

)

 

(7

)

 

5

 

 

1

 

 

(24

)

 

4

 

 

1

 

Net income (loss) attributable to DiDi Global Inc. 

(63

)

 

(24,272

)

 

(4,025

)

 

(18,787

)

 

672

 

 

(30,380

)

 

(4,715

)

 

(3,353

)

 

(49,167

)

 

(7,630

)

Accretion of convertible redeemable non-controlling interests to redemption value 

(41

)

 

(175

)

 

(60

)

 

(265

)

 

(45

)

 

(216

)

 

(34

)

 

(105

)

 

(481

)

 

(75

)

Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares 

(1

)

 

-

 

 

(1

)

 

-

 

 

-

 

 

-

 

 

-

 

 

(1

)

 

-

 

 

-

 

Income allocation to participating preferred shares 

-

 

 

-

 

 

-

 

 

-

 

 

(627

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Net loss attributable to ordinary shareholders of DiDi Global Inc. 

(105

)

 

(24,447

)

 

(4,086

)

 

(19,052

)

 

-

 

 

(30,596

)

 

(4,749

)

 

(3,459

)

 

(49,648

)

 

(7,705

)

Net income (loss) 

(70

)

 

(24,271

)

 

(4,042

)

 

(18,788

)

 

665

 

 

(30,375

)

 

(4,714

)

 

(3,377

)

 

(49,163

)

 

(7,629

)

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

(104

)

 

(1,117

)

 

(267

)

 

(691

)

 

(2,863

)

 

250

 

 

39

 

 

(3,130

)

 

(441

)

 

(68

)

Share of other comprehensive loss of equity method investees 

-

 

 

(2

)

 

(1

)

 

(5

)

 

-

 

 

-

 

 

-

 

 

(1

)

 

(5

)

 

(1

)

Total other comprehensive income (loss) 

(104

)

 

(1,119

)

 

(268

)

 

(696

)

 

(2,863

)

 

250

 

 

39

 

 

(3,131

)

 

(446

)

 

(69

)

Total comprehensive loss 

(174

)

 

(25,390

)

 

(4,310

)

 

(19,484

)

 

(2,198

)

 

(30,125

)

 

(4,675

)

 

(6,508

)

 

(49,609

)

 

(7,698

)

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

(7

)

 

1

 

 

(17

)

 

(1

)

 

(7

)

 

5

 

 

1

 

 

(24

)

 

4

 

 

1

 

Comprehensive loss attributable to DiDi Global Inc. 

(167

)

 

(25,391

)

 

(4,293

)

 

(19,483

)

 

(2,191

)

 

(30,130

)

 

(4,676

)

 

(6,484

)

 

(49,613

)

 

(7,699

)

Accretion of convertible redeemable non-controlling interests to redemption value 

(41

)

 

(175

)

 

(60

)

 

(265

)

 

(45

)

 

(216

)

 

(34

)

 

(105

)

 

(481

)

 

(75

)

Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares 

(1

)

 

-

 

 

(1

)

 

-

 

 

-

 

 

-

 

 

-

 

 

(1

)

 

-

 

 

-

 

Income allocation to participating preferred shares 

-

 

 

-

 

 

-

 

 

-

 

 

(627

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc. 

(209

)

 

(25,566

)

 

(4,354

)

 

(19,748

)

 

(2,863

)

 

(30,346

)

 

(4,710

)

 

(6,590

)

 

(50,094

)

 

(7,774

)

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

107,619,131

 

 

120,225,151

 

 

105,218,085

 

 

114,671,250

 

 

107,980,508

 

 

1,180,836,142

 

1,180,836,142

 

 

106,145,614

 

 

473,964,914

 

 

473,964,914

 

—Diluted 

107,619,131

 

 

120,225,151

 

 

105,218,085

 

 

114,671,250

 

 

107,980,508

 

 

1,180,836,142

 

1,180,836,142

 

 

106,145,614

 

 

473,964,914

 

 

473,964,914

 

Net loss per share attributable to ordinary shareholders                        
—Basic 

(0.97

)

 

(203.34

)

 

(38.84

)

 

(166.14

)

 

-

 

 

(25.91

)

 

(4.02

)

 

(32.59

)

 

(104.75

)

 

(16.26

)

—Diluted 

(0.97

)

 

(203.34

)

 

(38.84

)

 

(166.14

)

 

-

 

 

(25.91

)

 

(4.02

)

 

(32.59

)

 

(104.75

)

 

(16.26

)

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

430,476,524

 

 

480,900,604

 

 

420,872,340

 

 

458,685,000

 

 

431,922,032

 

 

4,723,344,568

 

4,723,344,568

 

 

424,582,456

 

 

1,895,859,656

 

 

1,895,859,656

 

—Diluted 

430,476,524

 

 

480,900,604

 

 

420,872,340

 

 

458,685,000

 

 

431,922,032

 

 

4,723,344,568

 

4,723,344,568

 

 

424,582,456

 

 

1,895,859,656

 

 

1,895,859,656

 

Net loss per ADS attributable to ordinary shareholders                        
—Basic 

(0.24

)

 

(50.84

)

 

(9.71

)

 

(41.54

)

 

-

 

 

(6.48

)

 

(1.01

)

 

(8.15

)

 

(26.19

)

 

(4.06

)

—Diluted 

(0.24

)

 

(50.84

)

 

(9.71

)

 

(41.54

)

 

-

 

 

(6.48

)

 

(1.01

)

 

(8.15

)

 

(26.19

)

 

(4.06

)

                         
(1) For the three months ended September 30, 2021, cost of revenues included an asset impairment charge of RMB2.2 billion (US$0.3 billion) for certain assets of the Company's bike and e-bike sharing business, which was mainly caused by the adverse change in such business in the third quarter of 2021.
                         
(2) Included share-based compensation expenses as follows:      
  

For the Three Months Ended June 30,

For the Six Months Ended June 30,

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

  

2020

 

2021

 

2020

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

  RMB  RMB  RMB RMB RMB RMB US$ RMB RMB US$
                         
Operations and support 

13

 

 

59

 

 

45

 

 

103

 

 

14

 

 

54

 

 

8

 

 

59

 

 

157

 

 

24

 

Sales and marketing 

35

 

 

105

 

 

104

 

 

155

 

 

51

 

 

85

 

 

13

 

 

155

 

 

240

 

 

37

 

Research and development 

143

 

 

1,181

 

 

450

 

 

1,377

 

 

162

 

 

501

 

 

78

 

 

612

 

 

1,878

 

 

291

 

General and administrative 

344

 

 

20,476

 

 

1,599

 

 

20,883

 

 

359

 

 

484

 

 

75

 

 

1,958

 

 

21,367

 

 

3,316

 

                         
(3) Investment loss, net for the three months ended September 30, 2021 was RMB20.8 billion (US$3.2 billion), primarily attributable to the investment loss arising from changes in fair value of the Company’s investments in Chengxin (a company engaged in community group buying business) due to the adverse change in Chengxin’s business in the third quarter of 2021.

DiDi Global Inc.

Unaudited interim condensed consolidated statements of cash flows

 

(Amounts in millions, unaudited)

 
                       
  

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 
  

2020

 

2021

  

2020

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

 
  RMB RMB  RMB RMB RMB RMB US$ RMB RMB US$ 
Net cash provided by (used in) operating activities 

1,686

 

 

(1,189

)

  

(1,297

)

 

(7,327

)

 

2,993

 

 

(5,055

)

 

(785

)

 

1,696

 

 

(12,382

)

 

(1,922

)

 
Net cash provided by (used in) investing activities 

(9,961

)

 

5,364

 

  

(5,732

)

 

3,350

 

 

465

 

 

306

 

 

47

 

 

(5,267

)

 

3,656

 

 

567

 

 
Net cash provided by (used in) financing activities 

1,289

 

 

(1,750

)

  

4,298

 

 

8,531

 

 

2,355

 

 

27,739

 

 

4,305

 

 

6,653

 

 

36,270

 

 

5,629

 

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

241

 

 

(136

)

  

(232

)

 

95

 

 

(27

)

 

50

 

 

9

 

 

(259

)

 

145

 

 

23

 

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

(6,745

)

 

2,289

 

  

(2,963

)

 

4,649

 

 

5,786

 

 

23,040

 

 

3,576

 

 

2,823

 

 

27,689

 

 

4,297

 

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

17,462

 

 

23,991

 

  

13,680

 

 

21,631

 

 

10,717

 

 

26,280

 

 

4,078

 

 

13,680

 

 

21,631

 

 

3,357

 

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

10,717

 

 

26,280

 

  

10,717

 

 

26,280

 

 

16,503

 

 

49,320

 

 

7,654

 

 

16,503

 

 

49,320

 

 

7,654

 

 
Selected financial information of segments
                     
The following table presents information about revenues and Adjusted EBITA by segment, and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations for the periods presented:
                     
  

For the Three Months Ended June 30,

For the Six Months Ended June 30,

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

  

2020

 

2021

 

2020

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

  RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Revenues: (Amounts in millions, unaudited)
China Mobility 

29,433

 

 

44,804

 

 

48,378

 

 

84,039

 

 

41,111

 

 

39,009

 

 

6,054

 

 

89,489

 

 

123,048

 

 

19,097

 

International 

373

 

 

807

 

 

1,140

 

 

1,611

 

 

502

 

 

966

 

 

150

 

 

1,642

 

 

2,577

 

 

400

 

Other Initiatives 

1,361

 

 

2,601

 

 

2,121

 

 

4,725

 

 

1,785

 

 

2,700

 

 

419

 

 

3,906

 

 

7,425

 

 

1,152

 

Total segment revenues 

31,167

 

 

48,212

 

 

51,639

 

 

90,375

 

 

43,398

 

 

42,675

 

 

6,623

 

 

95,037

 

 

133,050

 

 

20,649

 

                     
Adjusted EBITA:                    
China Mobility 

1,733

 

 

1,686

 

 

2,349

 

 

5,304

 

 

2,120

 

 

(29

)

 

(5

)

 

4,469

 

 

5,275

 

 

819

 

International 

(590

)

 

(1,191

)

 

(1,261

)

 

(2,196

)

 

(763

)

 

(1,789

)

 

(278

)

 

(2,024

)

 

(3,985

)

 

(618

)

Other Initiatives 

(916

)

 

(2,801

)

 

(2,012

)

 

(10,879

)

 

(1,374

)

 

(5,678

)

 

(881

)

 

(3,386

)

 

(16,557

)

 

(2,570

)

Total Adjusted EBITA (non-GAAP) 

227

 

 

(2,306

)

 

(924

)

 

(7,771

)

 

(17

)

 

(7,496

)

 

(1,164

)

 

(941

)

 

(15,267

)

 

(2,369

)

Share-based compensation 

(535

)

 

(21,821

)

 

(2,198

)

 

(22,518

)

 

(586

)

 

(1,124

)

 

(174

)

 

(2,784

)

 

(23,642

)

 

(3,668

)

Amortization of intangible assets 

(496

)

 

(477

)

 

(1,004

)

 

(969

)

 

(495

)

 

(434

)

 

(67

)

 

(1,499

)

 

(1,403

)

 

(219

)

Total consolidated loss from operations

(804

)

 

(24,604

)

 

(4,126

)

 

(31,258

)

 

(1,098

)

 

(9,054

)

 

(1,405

)

 

(5,224

)

 

(40,312

)

 

(6,256

)

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

For the Three Months Ended June 30,

For the Six Months Ended June 30,

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

  

2020

 

2021

 

2020

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

  RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
  (Amounts in millions, unaudited)
China Mobility 

66

 

 

72

 

 

133

 

 

151

 

 

62

 

 

71

 

 

11

 

 

195

 

 

222

 

 

34

 

International 

14

 

 

28

 

 

28

 

 

52

 

 

15

 

 

30

 

 

5

 

 

43

 

 

82

 

 

13

 

Other Initiatives 

646

 

 

976

 

 

1,180

 

 

1,941

 

 

790

 

 

1,099

 

 

172

 

 

1,970

 

 

3,040

 

 

472

 

Total depreciation expenses of property and equipment 

726

 

 

1,076

 

 

1,341

 

 

2,144

 

 

867

 

 

1,200

 

 

188

 

 

2,208

 

 

3,344

 

 

519

 

                     

DiDi Global Inc.

Unaudited reconciliation of GAAP and Non-GAAP results

(Amounts in millions, unaudited)

                     
  

For the Three Months Ended June 30,

For the Six Months Ended June 30,

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

  

2020

 

2021

 

2020

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

  RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Net income (loss) 

(70

)

 

(24,271

)

 

(4,042

)

 

(18,788

)

 

665

 

 

(30,375

)

 

(4,714

)

 

(3,377

)

 

(49,163

)

 

(7,629

)

Less: Interest income 

(298

)

 

(190

)

 

(635

)

 

(377

)

 

(309

)

 

(202

)

 

(31

)

 

(944

)

 

(579

)

 

(90

)

Add: Interest expenses 

20

 

 

86

 

 

39

 

 

147

 

 

46

 

 

65

 

 

10

 

 

85

 

 

212

 

 

33

 

Less: Investment income (loss), net 

(561

)

 

100

 

 

(99

)

 

(12,261

)

 

(830

)

 

20,772

 

 

3,224

 

 

(929

)

 

8,511

 

 

1,321

 

Add: Loss (income) from equity method investments, net 

162

 

 

130

 

 

357

 

 

175

 

 

151

 

 

(115

)

 

(18

)

 

508

 

 

60

 

 

9

 

Less: Other income (loss), net 

(11

)

 

(532

)

 

479

 

 

(148

)

 

(780

)

 

689

 

 

107

 

 

(301

)

 

541

 

 

84

 

Less: Income tax benefits (expenses) 

(46

)

 

73

 

 

(225

)

 

(6

)

 

(41

)

 

112

 

 

17

 

 

(266

)

 

106

 

 

16

 

Loss from operations 

(804

)

 

(24,604

)

 

(4,126

)

 

(31,258

)

 

(1,098

)

 

(9,054

)

 

(1,405

)

 

(5,224

)

 

(40,312

)

 

(6,256

)

Add: Share-based compensation expenses 

535

 

 

21,821

 

 

2,198

 

 

22,518

 

 

586

 

 

1,124

 

 

174

 

 

2,784

 

 

23,642

 

 

3,668

 

Add: Amortization of intangible assets 

496

 

 

477

 

 

1,004

 

 

969

 

 

495

 

 

434

 

 

67

 

 

1,499

 

 

1,403

 

 

219

 

Adjusted EBITA (non-GAAP) 

227

 

 

(2,306

)

 

(924

)

 

(7,771

)

 

(17

)

 

(7,496

)

 

(1,164

)

 

(941

)

 

(15,267

)

 

(2,369

)

Third Quarter 2021 Financial and Operational Metrics

  • Total revenues for the third quarter of 2021 were RMB42.7 billion (US$6.6 billion). Total revenues from the China Mobility segment for the third quarter of 2021 were RMB39.0 billion (US$6.1 billion). Total revenues from the International segment for the third quarter of 2021 were RMB1.0 billion (US$0.1 billion). Total revenues from the Other Initiatives segment for the third quarter of 2021 were RMB2.7 billion (US$0.4 billion).
  • Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB30.6 billion (US$4.7 billion).
  • Adjusted EBITA (Non-GAAP)1 for the third quarter of 2021 was a loss of RMB7.5 billion (US$1.2 billion). The Adjusted EBITA (non-GAAP) of China Mobility segment was a loss of RMB29 million (US$5 million) in the third quarter of 2021. The Adjusted EBITA loss (non-GAAP) of the International segment were RMB1.8 billion (US$0.3 billion) in the third quarter of 2021. The Adjusted EBITA loss (non-GAAP) of the Other Initiatives segment were RMB5.7 billion (US$0.9 billion) in the third quarter of 2021.
  • Core Platform Transactions for the third quarter of 2021 were 2,855 million. Transactions of China Mobility segment for the third quarter of 2021 were 2,356 million. Transactions from the International segment for the third quarter of 2021 were 499 million.
  • Core Platform Gross Transaction Value (“GTV”)2for the third quarter of 2021 reached RMB68.7 billion (US$10.7 billion). GTV from the China Mobility segment for the third quarter of 2021 reached RMB58.4 billion (US$9.1 billion). GTV from the International segment for the third quarter of 2021 reached RMB10.3 billion (US$1.6 billion).
  • Platform Sales3 from China Mobility and International segments for the third quarter of 2021 were RMB9.7 billion (US$1.5 billion). Platform Sales from the China Mobility segment for the third quarter of 2021 reached RMB8.9 billion (US$1.4 billion). Platform Sales from the International segment for the third quarter of 2021 reached RMB0.8 billion (US$0.1 billion).

Second Quarter 2021 Financial and Operational Metrics

  • Total revenues for the second quarter of 2021 were RMB48.2 billion. Total revenues from the China Mobility segment for the second quarter of 2021 were RMB44.8 billion. Total revenues from the International segment for the second quarter of 2021 were RMB0.8 billion. Total revenues from the Other Initiatives segment for the second quarter of 2021 were RMB2.6 billion.
  • Net loss attributable to ordinary shareholders for the second quarter of 2021 was RMB24.4 billion.
  • Adjusted EBITA (Non-GAAP) for the second quarter of 2021 was a loss of RMB2.3 billion.
  • Core Platform Transactions for the second quarter of 2021 were 3,004 million. Transactions from the China Mobility segment for the second quarter of 2021 were 2,570 million. Transactions from the International segment for the second quarter of 2021 were 434 million.
  • Core Platform Gross Transaction Value (“GTV”) for the second quarter of 2021 reached RMB73.3 billion. GTV from the China Mobility segment for the second quarter of 2021 reached RMB64.6 billion. GTV from the International segment for the second quarter of 2021 reached RMB8.7 billion.
  • Platform Sales from China Mobility and International segments for the second quarter of 2021 reached RMB11.5 billion. Platform Sales from the China Mobility segment for the second quarter of 2021 reached RMB10.7 billion. Platform Sales from the International segment for the second quarter of 2021 reached RMB0.8 billion.

On December 3, 2021, DiDi announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders. The Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange. The Company is executing above plans and will update investors in due course.

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 Africa, as well as in Central Asia and Russia, 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 cost method/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, and (ix) amortization of 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 Reconciliations 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 RMB6.4434 to US$1.00, the exchange rate in effect as of September 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 cost method/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, and (ix) amortization of 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.

For investor inquiries: 
DiDi Global Inc. 
Tianyi Wang 
Email: ir@didiglobal.com

For media inquiries: 
DiDi Global Inc. 
Global Communications Team 
Email: globalpr@didiglobal.com

Source: DiDi Global Inc.