PDD Announces Third Quarter 2022 Unaudited Financial Results

PDD Announces Third Quarter 2022 Unaudited Financial Results








PDD Announces Third Quarter 2022 Unaudited Financial Results

SHANGHAI, Nov. 28, 2022 (GLOBE NEWSWIRE) — PDD (the “Corporate”) (NASDAQ: PDD), as of late introduced its unaudited monetary effects for the 1/3 quarter ended September 30, 2022.

3rd Quarter 2022 Highlights

  • Overall revenues within the quarter have been RMB35,504.3 million (US$4,991.1 million), an build up of 65% from RMB21,505.8 million in the similar quarter of 2021.
  • Running benefit within the quarter was once RMB10,436.6 million (US$1,467.2 million), an build up of 388% from RMB2,139.3 million in the similar quarter of 2021. Non-GAAP2 running benefit within the quarter was once RMB12,301.5 million (US$1,729.3 million), an build up of 277% from RMB3,260.7 million in the similar quarter of 2021.
  • Internet source of revenue because of strange shareholders within the quarter was once RMB10,588.6 million (US$1,488.5 million), an build up of 546% from RMB1,640.0 million in the similar quarter of 2021. Non-GAAP web source of revenue because of strange shareholders within the quarter was once RMB12,447.2 million (US$1,749.8 million), an build up of 295% from RMB3,150.2 million in the similar quarter of 2021.

“We endured to deepen our worth introduction within the 1/3 quarter,” stated Mr. Lei Chen, Chairman and Leader Govt Officer of PDD. “We can build up our R&D funding to additional reinforce the provision chain potency and agricultural virtual inclusion.”

“Funding in positive initiatives was once affected within the 1/3 quarter,” stated Ms. Jun Liu, VP of Finance of PDD. “We can proceed to step up our funding in R&D and create long-term worth thru inventions.”

___________________________

1 This announcement incorporates translations of positive Renminbi (RMB) quantities into U.S. greenbacks (US$) at a specified charge only for the benefit of the reader. Until another way famous, the interpretation of RMB into US$ has been made at RMB7.1135 to US$1.00, the midday purchasing charge in impact on September 30, 2022 as set forth within the H.10 Statistical Unencumber of the Federal Reserve Board.
2 The Corporate’s non-GAAP monetary measures exclude share-based repayment bills, honest worth alternate of long-term investments, and pastime bills associated with the convertible bonds’ amortization to stand worth and achieve or loss on extinguishment. See “Reconciliation of Non-GAAP Measures to The Maximum Without delay Related GAAP Measures” set forth on the finish of this press liberate.

3rd Quarter 2022 Unaudited Monetary Effects

Overall revenues have been RMB35,504.3 million (US$4,991.1 million), an build up of 65% from RMB21,505.8 million in the similar quarter of 2021. The rise was once basically because of an build up in revenues from affiliate marketing services and products and transaction services and products, offset by means of the lower of revenues from products gross sales.

  • Revenues from affiliate marketing services and products and others have been RMB28,425.6 million (US$3,996.0 million), an build up of 58% from RMB17,946.5 million in the similar quarter of 2021.
  • Revenues from transaction services and products have been RMB7,022.3 million (US$987.2 million), an build up of 102% from RMB3,477.1 million in the similar quarter of 2021.
  • Revenues from products gross sales have been RMB56.4 million (US$7.9 million), a lower of 31% from RMB82.1 million in the similar quarter of 2021.

Overall prices of revenues have been RMB7,414.1 million (US$1,042.3 million), an build up of 13% from RMB6,558.6 million in the similar quarter of 2021. The rise principally got here from greater achievement charges and fee processing charges.

Overall running bills have been RMB17,653.6 million (US$2,481.7 million), an build up of 38% from RMB12,807.8 million in the similar quarter of 2021.

  • Gross sales and advertising bills have been RMB14,048.8 million (US$1,975.0 million), an build up of 40% from RMB10,050.6 million in the similar quarter of 2021, principally because of greater spending in promotion and promoting actions.
  • Basic and administrative bills have been RMB906.6 million (US$127.4 million), an build up of 171% from RMB334.8 million in the similar quarter of 2021, basically because of an build up in group of workers comparable prices.
  • Analysis and building bills have been RMB2,698.2 million (US$379.3 million), an build up of eleven% from RMB2,422.4 million in the similar quarter of 2021. The rise was once basically because of an build up in headcount and the recruitment of extra skilled R&D team of workers.

Running benefit within the quarter was once RMB10,436.6 million (US$1,467.2 million), an build up of 388% from RMB2,139.3 million in the similar quarter of 2021. Non-GAAP running benefit within the quarter was once RMB12,301.5 million (US$1,729.3 million), an build up of 277% from RMB3,260.7 million in the similar quarter of 2021.

Internet source of revenue because of strange shareholders within the quarter was once RMB10,588.6 million (US$1,488.5 million), an build up of 546% from RMB1,640.0 million in the similar quarter of 2021. Non-GAAP web source of revenue because of strange shareholders within the quarter was once RMB12,447.2 million (US$1,749.8 million), an build up of 295% from RMB3,150.2 million in the similar quarter of 2021.

Elementary profits according to ADS was once RMB8.38 (US$1.18) and diluted profits according to ADS was once RMB7.34 (US$1.03), when put next with fundamental profits according to ADS of RMB1.31 and diluted profits according to ADS of RMB1.15 in the similar quarter of 2021. Non-GAAP diluted profits according to ADS was once RMB8.62 (US$1.21), when put next with RMB2.18 in the similar quarter of 2021.

Internet coins drift supplied by means of running actions was once RMB11,651.8 million (US$1,638.0 million), when put next with RMB8,736.6 million in the similar quarter of 2021, principally because of the rise in web source of revenue and the adjustments in running capitals.

Money, coins equivalents and temporary investments have been RMB137.8 billion (US$19.4 billion) as of September 30, 2022, when put next with RMB92.9 billion as of December 31, 2021.

Convention Name

The Corporate will host a convention name to speak about the profits at 7:30 AM U.S. Japanese Time on Monday, November 28, 2022 (8:30 PM Beijing/Hong Kong Time on Monday, November 28, 2022).

The convention name will probably be webcast are living at https://investor.pddholdings.com/investor-events. The webcast will probably be to be had for replay on the identical site following the belief of the decision.

Use of Non-GAAP Monetary Measures

In comparing the industry, the Corporate considers and makes use of non-GAAP measures, equivalent to non-GAAP running benefit and non-GAAP web source of revenue because of strange shareholders, as supplemental measures to study and assess running efficiency. The presentation of those non-GAAP monetary measures isn’t supposed to be thought to be in isolation or as an alternative to the monetary knowledge ready and offered based on accounting ideas usually permitted in the USA of The usa (“U.S. GAAP”). The Corporate’s non-GAAP monetary measures exclude share-based repayment bills, honest worth alternate of long-term investments, and pastime bills associated with the convertible bonds’ amortization to stand worth and achieve or loss on extinguishment.

The Corporate gifts those non-GAAP monetary measures as a result of they’re utilized by control to judge running efficiency and formulate industry plans. The Corporate believes that the non-GAAP monetary measures lend a hand determine underlying traits in its industry by means of except for the have an effect on of share-based repayment bills, honest worth alternate of long-term investments, and pastime bills associated with the convertible bonds’ amortization to stand worth and achieve or loss on extinguishment, that are non-cash fees. The Corporate additionally believes that the non-GAAP monetary measures may provide additional details about the Corporate’s result of operations, and reinforce the whole working out of the Corporate’s previous efficiency and long term possibilities.

The non-GAAP monetary measures don’t seem to be outlined underneath U.S. GAAP and don’t seem to be offered based on U.S. GAAP. The non-GAAP monetary measures have barriers as analytical gear. The Corporate’s non-GAAP monetary measures don’t replicate all pieces of source of revenue and bills that impact the Corporate’s operations and don’t constitute the residual coins drift to be had for discretionary expenditures. Additional, those non-GAAP measures might range from the non-GAAP knowledge utilized by different corporations, together with peer corporations, and due to this fact their comparison could also be restricted. The Corporate compensates for those barriers by means of reconciling the non-GAAP monetary measures to the closest U.S. GAAP efficiency measure, all of which will have to be thought to be when comparing efficiency. The Corporate encourages you to study the Corporate’s monetary knowledge in its entirety and no longer depend on a unmarried monetary measure.

For more info at the non-GAAP monetary measures, please see the desk captioned “Reconciliation of Non-GAAP Measures to The Maximum Without delay Related GAAP Measures” set forth on the finish of this press liberate.

Protected Harbor Statements

This announcement incorporates forward-looking statements. Those statements are made underneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. Those forward-looking statements may also be known by means of terminology equivalent to “will,” “expects,” “anticipates,” “goals,” “long term,” “intends,” “plans,” “believes,” “estimates,” “assured,” “possible,” “proceed” or different equivalent expressions. Amongst different issues, the industry outlook and quotations from control on this announcement, in addition to the Corporate’s strategic and operational plans, comprise forward-looking statements. The Corporate may additionally make written or oral forward-looking statements in its periodic stories to the U.S. Securities and Alternate Fee (the “SEC”), in its annual report back to shareholders, in press releases and different written fabrics and in oral statements made by means of its officials, administrators or staff to 3rd events. Statements that don’t seem to be ancient info, together with however no longer restricted to statements concerning the Corporate’s ideals and expectancies, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Various components may just purpose precise effects to range materially from the ones contained in any forward-looking commentary, together with however no longer restricted to the next: the Corporate’s expansion methods; its long term industry building, result of operations and fiscal situation; its talent to grasp purchaser wishes and supply services to draw and retain patrons; its talent to take care of and reinforce the popularity and recognition of its emblem; its talent to depend on traders and third-party logistics provider suppliers to offer supply services and products to patrons; its talent to take care of and fortify high quality keep watch over insurance policies and measures; its talent to determine and take care of relationships with traders; traits and pageant in China’s and world e-commerce markets; adjustments in its revenues and sure value or expense pieces; the anticipated expansion of China’s and world e-commerce markets; PRC governmental insurance policies and laws with regards to the Corporate’s business, and normal financial and industry prerequisites globally and in China and assumptions underlying or associated with any of the foregoing. Additional knowledge referring to those and different dangers is integrated within the Corporate’s filings with the SEC. All knowledge supplied on this press liberate and within the attachments is as of the date of this press liberate, and the Corporate undertakes no legal responsibility to replace any forward-looking commentary, excluding as required underneath acceptable regulation.

About PDD

PDD is a multinational trade workforce that owns and operates a portfolio of companies. PDD goals to convey extra companies and folks into the virtual economic system in order that native communities and small companies can get pleasure from the greater productiveness and comfort thru new alternatives.

For more info, please consult with www.pddholdings.com.

PDD
 CONDENSED CONSOLIDATED BALANCE SHEETS
(Quantities in 1000’s of Renminbi (“RMB”) and U.S. greenbacks (“US$”))
 
  As of
  December
31, 2021
  September 30, 2022
  RMB   RMB   US$
      (Unaudited)
       
ASSETS          
Present belongings          
Money and coins equivalents 6,426,715   25,601,547   3,599,009
Limited coins 59,617,256   48,808,388   6,861,375
Receivables from on-line fee platforms 673,737   476,329   66,961
Quick-term investments 86,516,618   112,207,949   15,773,944
Quantities due from comparable events 4,250,155   4,680,281   657,943
Prepayments and different latest belongings 3,424,687   1,795,802   252,448
Overall latest belongings 160,909,168   193,570,296   27,211,680
           
Non-current belongings          
Belongings, apparatus and tool, web 2,203,323   1,148,010   161,385
Intangible belongings 701,220   297,856   41,872
Proper-of-use belongings 938,537   1,235,435   173,675
Deferred tax belongings 31,504   27,707   3,895
Different non-current belongings 16,425,966   12,828,680   1,803,427
Overall non-current belongings 20,300,550   15,537,688   2,184,254
           
Overall Property 181,209,718   209,107,984   29,395,934
PDD
 CONDENSED CONSOLIDATED BALANCE SHEETS
(Quantities in 1000’s of Renminbi (“RMB”) and U.S. greenbacks (“US$”))
 
  As of
  December
31, 2021
  September 30, 2022
  RMB   RMB   US$
      (Unaudited)
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Present liabilities          
Quantities because of comparable events 1,963,007     2,600,563   365,581
Buyer advances and deferred revenues 1,166,764     1,391,560   195,622
Payable to traders 62,509,714     51,562,514   7,248,543
Gathered bills and different liabilities 14,085,513     14,242,036   2,002,114
Service provider deposits 13,577,552     15,122,695   2,125,915
Hire liabilities 427,164     512,838   72,094
Overall latest liabilities 93,729,714     85,432,206   12,009,869
           
Non-current liabilities          
Convertible bonds3 11,788,907     15,749,603   2,214,044
Hire liabilities 544,263     750,257   105,469
Deferred tax liabilities 31,291     46,047   6,473
Different non-current liabilities 996      
Overall non-current liabilities 12,365,457     16,545,907   2,325,986
           
Overall Liabilities 106,095,171     101,978,113   14,335,855
           
           
Shareholders’ fairness          
Extraordinary stocks 161     162   23
Further paid-in capital3 95,340,819     96,754,398   13,601,518
Collected different complete (loss)/ source of revenue3 (2,519,900 )   4,630,973   651,012
Collected (deficits)/ surplus3 (17,706,533 )   5,744,338   807,526
Overall Shareholders’ Fairness 75,114,547     107,129,871   15,060,079
           
Overall Liabilities and Shareholders’ Fairness 181,209,718     209,107,984   29,395,934
           

___________________________

3 The Corporate followed ASU No. 2020-06, Accounting for Convertible Tools and Contracts in an Entity’s Personal Fairness (“ASU 2020-06”) on January 1, 2022, the usage of the changed retrospective approach with a cumulative-effect adjustment to the hole steadiness of convertible bonds, further paid-in capital, accrued different complete source of revenue/ (loss) and accrued surplus/ (deficits).

PDD
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Quantities in 1000’s of RMB and US$)
 
    For the 3 months ended September 30,   For the 9 months ended September 30,
    2021   2022
  2021   2022
    RMB   RMB   US$   RMB   RMB   US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Revenues   21,505,758     35,504,304     4,991,116     66,719,077     90,737,561     12,755,684  
Prices of revenues   (6,558,648 )   (7,414,132 )   (1,042,262 )   (25,202,584 )   (22,535,593 )   (3,168,004 )
Gross benefit   14,947,110     28,090,172     3,948,854     41,516,493     68,201,968     9,587,680  
                         
Gross sales and advertising bills   (10,050,611 )   (14,048,820 )   (1,974,952 )   (33,435,891 )   (36,611,335 )   (5,146,740 )
Basic and administrative bills   (334,806 )   (906,573 )   (127,444 )   (1,120,812 )   (2,324,408 )   (326,760 )
Analysis and building bills   (2,422,421 )   (2,698,166 )   (379,302 )   (6,969,995 )   (7,978,039 )   (1,121,534 )
Overall running bills   (12,807,838 )   (17,653,559 )   (2,481,698 )   (41,526,698 )   (46,913,782 )   (6,595,034 )
                         
Running benefit/ (loss)   2,139,272     10,436,613     1,467,156     (10,205 )   21,288,186     2,992,646  
                         
Pastime and funding source of revenue, web   631,913     1,092,150     153,532     2,147,019     2,645,402     371,885  
Pastime bills   (298,431 )   (13,646 )   (1,918 )   (927,886 )   (39,434 )   (5,544 )
Foreign currency echange (loss)/ achieve   (10,433 )   53,374     7,503     23,645     (125,891 )   (17,697 )
Different (loss)/ source of revenue, web   (52,606 )   546,528     76,829     541,169     2,052,533     288,540  
                         
Benefit prior to source of revenue tax and percentage of result of fairness investees  

2,409,715

    12,115,019     1,703,102    

1,773,742

    25,820,796     3,629,830  
Percentage of result of fairness investees   85,011     10,732     1,509     230,148     (76,377 )   (10,737 )
Source of revenue tax bills   (854,766 )   (1,537,177 )   (216,093 )   (854,766 )   (3,660,054 )   (514,522 )
Internet source of revenue   1,639,960     10,588,574     1,488,518     1,149,124     22,084,365     3,104,571  
                                     
PDD
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Quantities in 1000’s of RMB and US$, excluding for according to percentage information)
 
    For the 3 months ended September 30,   For the 9 months ended September 30,
    2021   2022   2021   2022
    RMB   RMB   US$   RMB   RMB   US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                         
Internet source of revenue   1,639,960   10,588,574   1,488,518   1,149,124   22,084,365   3,104,571
Internet source of revenue because of strange shareholders   1,639,960   10,588,574   1,488,518   1,149,124   22,084,365   3,104,571
                         
Income according to strange percentage:                        
-Elementary   0.33   2.10   0.29   0.23   4.38   0.62
-Diluted   0.29   1.84   0.26   0.20   3.86   0.54
                         
Income according to ADS (4 strange stocks equals 1 ADS ):                        
-Elementary   1.31   8.38   1.18   0.92   17.52   2.46
-Diluted   1.15   7.34   1.03   0.80   15.43   2.17
                         
Weighted common choice of exceptional strange stocks (in 1000’s):                        
-Elementary   5,021,164   5,051,256   5,051,256   5,006,285   5,043,522   5,043,522
-Diluted   5,703,986   5,776,165   5,776,165   5,715,932   5,733,453   5,733,453
PDD
NOTES TO FINANCIAL INFORMATION
(Quantities in 1000’s of RMB and US$)
 
    For the 3 months ended September 30,   For the 9 months ended September 30,
    2021   2022   2021   2022
    RMB   RMB   US$   RMB   RMB   US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Revenues                        
– Internet online affiliate marketing services and products and others   17,946,496   28,425,645   3,996,014   50,138,401   71,756,721   10,087,399
– Transaction services and products   3,477,147   7,022,252   987,173   9,416,260   18,829,866   2,647,061
– Products gross sales   82,115   56,407   7,929   7,164,416   150,974   21,224
Overall   21,505,758   35,504,304   4,991,116   66,719,077   90,737,561   12,755,684
                         
PDD
NOTES TO FINANCIAL INFORMATION
(Quantities in 1000’s of RMB and US$)
         
    For the 3 months ended September 30,   For the 9 months ended September 30,
    2021   2022   2021   2022
    RMB   RMB   US$   RMB   RMB   US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Percentage-based repayment prices integrated in:                        
Prices of revenues   9,089   5,841   821   20,895   22,011   3,094
Gross sales and advertising bills   384,704   608,462   85,536   1,067,727   1,623,126   228,175
Basic and administrative bills   156,731   680,252   95,628   568,266   1,724,567   242,436
Analysis and building bills   570,929   570,327   80,176   1,625,137   1,862,276   261,795
Overall   1,121,453   1,864,882   262,161   3,282,025   5,231,980   735,500
                         
PDD
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Quantities in 1000’s of RMB and US$)
         
    For the 3 months ended September 30,   For the 9 months ended September 30,
    2021   2022
  2021   2022
    RMB   RMB   US$   RMB   RMB   US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Internet coins generated from running actions   8,736,568     11,651,823     1,637,990     12,383,236     21,957,598     3,086,752  
Internet coins utilized in making an investment actions   (13,764,757 )   (356,394 )   (50,102 )   (22,869,860 )   (13,801,754 )   (1,940,220 )
Internet coins generated from/ (utilized in) financing actions   146     258     36     (1,875,347 )   569     80  
Impact of change charge adjustments on coins, coins equivalents and limited coins   22,160     250,227     35,176     (118,703 )   209,551     29,458  
                         
(Lower)/ build up in coins, coins equivalents and limited coins   (5,005,883 )   11,545,914     1,623,100     (12,480,674 )   8,365,964     1,176,070  
Money, coins equivalents and limited coins at starting of length   67,368,845     62,864,021     8,837,284     74,843,636     66,043,971     9,284,314  
Money, coins equivalents and limited coins at finish of length   62,362,962     74,409,935     10,460,384     62,362,962     74,409,935     10,460,384  
                                     
PDD
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Quantities in 1000’s of RMB and US$, excluding for according to percentage information)
         
    For the 3 months ended September 30,   For the 9 months ended September 30,
    2021   2022
  2021   2022
    RMB   RMB   US$   RMB   RMB   US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Running benefit/ (loss)   2,139,272   10,436,613     1,467,156     (10,205 )   21,288,186   2,992,646
Upload: Percentage-based repayment   1,121,453   1,864,882     262,161     3,282,025     5,231,980   735,500
Non-GAAP running benefit   3,260,725   12,301,495     1,729,317     3,271,820     26,520,166   3,728,146
                         
Internet source of revenue because of strange shareholders   1,639,960   10,588,574     1,488,518     1,149,124     22,084,365   3,104,571
Upload: Percentage-based repayment   1,121,453   1,864,882     262,161     3,282,025     5,231,980   735,500
Upload: Pastime expense associated with convertible bonds’ amortization to stand worth and achieve or loss on extinguishment, web   298,443   13,646     1,918     915,917     39,434   5,544
Upload: Loss/ (achieve) from honest worth adjustments of long-term investments   90,300   (19,886 )   (2,796 )   38,064     68,173   9,584
Non-GAAP web source of revenue because of strange shareholders   3,150,156   12,447,216     1,749,801     5,385,130     27,423,952   3,855,199
                         
Non-GAAP diluted weighted-average choice of strange stocks exceptional (in 1000’s)   5,767,207   5,776,165     5,776,165     5,789,157     5,733,453   5,733,453
                         
Diluted profits according to strange percentage   0.29   1.84     0.26     0.20     3.86   0.54
Upload: Non-GAAP changes to profits according to strange percentage   0.26   0.31     0.04     0.73     0.92   0.13
Non-GAAP diluted profits according to strange percentage   0.55   2.15     0.30     0.93     4.78   0.67
Non-GAAP diluted profits according to ADS   2.18   8.62     1.21     3.72     19.13   2.69
                               

For investor and media inquiries, please touch:

[email protected]
[email protected]

Supply: PDD

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All information about PINDUODUO INC.

Analyst Tips on PINDUODUO INC.

Gross sales 2022 130 B
18 126 M
18 126 M
Internet source of revenue 2022 29 905 M
4 178 M
4 178 M
Internet coins 2022 113 B
15 777 M
15 777 M
P/E ratio 2022 25,5x
Yield 2022
Capitalization 710 B
99 166 M
99 166 M
EV / Gross sales 2022 4,60x
EV / Gross sales 2023 3,38x
Nbr of Staff 9 762
Unfastened-Glide 78,1%



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Imply consensus BUY
Selection of Analysts 38
Remaining Shut Worth 561,43 CNY
Reasonable goal value 676,81 CNY
Unfold / Reasonable Goal 20,6%


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