DiDi Announces Results for First Quarter 2024

Beijing, May 29, 2024 - 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 March 31, 2024.

Mr. Will Wei Cheng, Chairman and Chief Executive Officer of DiDi, commented, "Benefitting from the continued deepening of our core business, all of our businesses have grown steadily thus far in 2024. In both our domestic and international markets, we achieved historical quarterly highs in transactions during the first quarter of 2024, and we have every confidence about the future. As DiDi prepares to celebrate its twelfth anniversary, we remain committed to 'making life better by transforming mobility' and will continue to listen sincerely to the suggestions of our consumers, drivers and ecosystem partners, strengthen our products and capacity for innovation, and create long- term value for our industry and society."

First Quarter 2024 Highlights

  • Total revenues for the first quarter of 2024 were RMB49.1 billion, an increase of 14.9% from the first quarter of 2023. Total revenues from the China Mobility segment for the first quarter of 2024 were RMB44.5 billion, an increase of 14.1% from the first quarter of 2023. Total revenues from the International segment for the first quarter of 2024 were RMB2.4 billion, an increase of 43.9% from the first quarter of 2023.
  • Net loss for the first quarter of 2024 was RMB1.1 billion. Net loss attributable to ordinary shareholders of DiDi for the first quarter of 2024 was RMB1.4 billion.
  • Adjusted EBITDA (Non-GAAP)1 for the first quarter of 2024 was a gain of RMB1.6 billion. Adjusted EBITA (Non-GAAP)1 for the first quarter of 2024 was a gain of RMB0.9 billion. The Adjusted EBITA (non- GAAP) of the China Mobility segment was a gain of RMB2.1 billion in the first quarter of 2024. The Adjusted EBITA loss (non-GAAP) of the International segment was RMB0.3 billion in the first quarter of 2024. The Adjusted EBITA loss (non-GAAP) of the Other Initiatives segment was RMB0.9 billion in the first quarter of 2024. Adjusted net income (Non-GAAP)2 for the first quarter of 2024 was RMB1.4 billion.
  • Total cash and cash equivalents, restricted cash and treasury investments were RMB53.8 billion as of March 31, 2024.
  • Core Platform Transactions3 for the first quarter of 2024 reached 3,746 million, an increase of 30.3% from the first quarter of 2023. Transactions for the China Mobility segment for the first quarter of 2024 reached 2,954 million, an increase of 27.1% from the first quarter of 2023. Transactions for the International segment for the first quarter of 2024 reached 792 million, an increase of 44.0% from the first quarter of 2023.
  • Core Platform Gross Transaction Value4 ("GTV5") for the first quarter of 2024 reached RMB92.2 billion, an increase of 26.9% from the first quarter of 2023. GTV from the China Mobility segment for the first quarter of 2024 reached RMB71.4 billion, an increase of 21.1% from the first quarter of 2023. GTV from the International segment for the first quarter of 2024 reached RMB20.8 billion, an increase of 51.4% from the first quarter of 2023.
  1. Adjusted EBITDA 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, (ix) amortization of intangible assets, (x) impairment of goodwill and intangible assets, and (xi) depreciation of property and equipment. Adjusted EBITA is defined as net income or loss before the first ten of these eleven items.
  2. Adjusted net income is defined as net income or loss before (i) share-based compensation expense, (ii) amortization of intangible assets, (iii) impairment of goodwill and intangible assets, (iv) investment income (loss) on certain investments, net7, (v) impairment loss for equity investments accounted for using Measurement Alternative, (vi) reconciling items on the income (loss) from equity method investments, net8, and (vii) tax effects on non-GAAP adjustments.

1

  1. 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.
  2. Core Platform Gross Transaction Value refers to the summation of the GTV for the China Mobility and International segments.
  3. 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 Sales6 from the China Mobility and International segments for the first quarter of 2024 reached RMB15.1 billion, an increase of 33.9% from the first quarter of 2023. Platform Sales from the China Mobility segment for the first quarter of 2024 reached RMB12.9 billion, an increase of 34.8% from the first quarter of 2023. Platform Sales from the International segment for the first quarter of 2024 reached RMB2.3 billion, an increase of 29.3% from the first quarter of 2023.

For the Three Months

Ended March 31,

% year-

over-

year

(In RMB millions except transactions)

2023

2024

change

Financial highlights

Revenues

42,712

49,072

14.9%

China Mobility

39,049

44,538

14.1%

International

1,691

2,433

43.9%

Other Initiatives

1,972

2,101

6.5%

Net loss

(918)

(1,083)

n/m

Net loss attributable to ordinary shareholders of DiDi

(1,160)

(1,354)

n/m

Adjusted EBITDA (Non-GAAP)

271

1,551

n/m

Adjusted EBITA (Non-GAAP)

(568)

923

n/m

China Mobility

1,041

2,142

n/m

International

(182)

(344)

n/m

Other Initiatives

(1,427)

(875)

n/m

Adjusted net income (Non-GAAP)

52

1,357

n/m

Operational highlights

Transactions (in millions)

2,875

3,746

30.3%

China Mobility

2,325

2,954

27.1%

International

550

792

44.0%

GTV

72,705

92,231

26.9%

China Mobility

58,953

71,417

21.1%

International

13,752

20,814

51.4%

Platform Sales

11,302

15,136

33.9%

China Mobility

9,544

12,863

34.8%

International

1,758

2,273

29.3%

n/m Not meaningful

6 Platform Sales refers to GTV less all of the earnings and incentives paid to drivers and partners, tolls, fees, taxes and others.

3

First Quarter 2024 Results

China Mobility

In the first quarter of 2024, our business delivered average daily transactions of 32.5 million, representing a record high for us. We plan to further increase consumer and driver engagement in 2024 by making ongoing investments in our ecosystem for drivers and offering more diversified and affordable product offerings to our consumers.

For the Three Months

Ended

March 31,

% year-

over-

year

(In RMB millions)

2023

2024

change

GTV

58,953

71,417

21.1%

Platform Sales

9,544

12,863

34.8%

Revenues

39,049

44,538

14.1%

Adjusted EBITA (Non-GAAP)

1,041

2,142

n/m

  • GTV of RMB71.4 billion: GTV from the China Mobility segment increased by 21.1% year-over-year, primarily driven by the increase in the number of transactions for the China Mobility segment.
  • Platform Sales of RMB12.9 billion: Platform Sales from the China Mobility segment increased by 34.8% year-over-year. The increase was primarily driven by the increase of GTV from the China Mobility segment.
  • Revenues of RMB44.5 billion: Revenues from the China Mobility segment increased by 14.1% year-over- year, primarily driven by the increase of GTV from the China Mobility segment, partially offset by increased spending on consumer incentives.
  • Adjusted EBITA gain of RMB2.1 billion: Adjusted EBITA gain in the China Mobility segment increased by RMB1.1 billion year-over-year, primarily driven by the increase of revenue and partially offset by the increase of driver earnings and incentives attributable to the growth of business for the China Mobility segment.

International

We continue to focus on key markets such as Brazil and Mexico in Latin America. In the first quarter of 2024, we drove the continuing growth of our International business through effective investment. We plan to continue investing in our business while increasing our operating efficiency to drive the sustainable growth of our International business for the rest of 2024.

For the Three Months

Ended

March 31,

% year-

over-

year

(In RMB millions)

2023

2024

change

GTV

13,752

20,814

51.4%

Platform Sales

1,758

2,273

29.3%

Revenues

1,691

2,433

43.9%

Adjusted EBITA (Non-GAAP)

(182)

(344)

n/m

  • GTV of RMB20.8 billion: GTV from the International segment increased by 51.4% year-over-year, primarily driven by the increase in the number of transactions for the International segment.

4

  • Platform Sales of RMB2.3 billion: Platform Sales from the International segment increased by 29.3% year- over-year, primarily driven by the growth of GTV, partially offset by relatively lower incentives paid to drivers and other partners for the first quarter of 2023.
  • Revenues of RMB2.4 billion: Revenues from the International segment increased by 43.9% year-over-year, primarily driven by the growth of business for the International segment, partially offset by relatively lower incentives for the first quarter of 2023.
  • Adjusted EBITA loss of RMB0.3 billion: Adjusted EBITA loss in the International segment increased by RMB0.2 billion year-over-year, primarily attributable to relatively lower marketing expenses and incentives for the first quarter of 2023.

Other Initiatives

For the Three Months

Ended

March 31,

% year-

over-

year

(In RMB millions)

2023

2024

change

Revenues

1,972

2,101

6.5%

Adjusted EBITA (Non-GAAP)

(1,427)

(875)

n/m

  • Revenues of RMB2.1 billion: Revenues from the Other Initiatives segment remained flat year-over-year.
  • Adjusted EBITA loss of RMB0.9 billion: Adjusted EBITA loss in the Other Initiatives segment decreased by RMB0.6 billion year-over-year, primarily attributable to the decrease of investments for the smart auto business as the sale of certain smart auto business to XPeng was completed during the fourth quarter of 2023.

Cost of Revenues: Cost of revenues increased by 11.4% to RMB40.7 billion for the first quarter of 2024 from RMB36.5 billion for the first quarter of 2023, primarily due to an increase in the costs associated with the China ride hailing business.

Operations and Support Expenses: Operations and support expenses increased by 16.3% to RMB1.8 billion for the first quarter of 2024 from RMB1.6 billion for the first quarter of 2023, primarily due to an increase in driver operation fees for the China ride hailing business.

Sales and Marketing Expenses: Sales and marketing expenses increased by 15.7% to RMB2.4 billion for the first quarter of 2024 from RMB2.1 billion for the first quarter of 2023. The increase was primarily due to an increase in consumer incentives and marketing expenses, and partially offset by a decrease in amortization of intangible assets.

Research and Development Expenses: Research and development expenses decreased by 15.2% to RMB1.9 billion for the first quarter of 2024 from RMB2.2 billion for the first quarter of 2023, primarily related to the decrease of investments for the smart auto business as the sale of certain smart auto business to XPeng was completed during the fourth quarter of 2023.

General and Administrative Expenses: General and administrative expenses decreased by 8.5% to RMB1.9 billion for the first quarter of 2024 from RMB2.1 billion for the first quarter of 2023.

Investment income (loss), net: Investment income (loss), net, decreased to a loss of RMB1.8 billion in the first quarter of 2024, from a gain of RMB55 million in the first quarter of 2023. The investment loss in the first quarter of 2024 was primarily related to the market price change of the Company's equity stake in XPeng's ordinary shares.

Net loss: Net loss for the first quarter of 2024 was RMB1.1 billion, compared to a net loss of RMB0.9 billion in the first quarter of 2023.

5

Net loss attributable to ordinary shareholders of DiDi: Net loss attributable to ordinary shareholders of DiDi for the first quarter of 2024 was RMB1.4 billion, compared to a net loss of RMB1.2 billion in the first quarter of 2023.

Adjusted EBITDA: Adjusted EBITDA for the first quarter of 2024 was a gain of RMB1.6 billion, compared to a gain of RMB0.3 billion in the first quarter of 2023.

Adjusted EBITA: Adjusted EBITA for the first quarter of 2024 was a gain of RMB0.9 billion, compared to a loss of RMB0.6 billion in the first quarter of 2023.

Adjusted net income: Adjusted net income for the first quarter of 2024 was RMB1.4 billion, compared to RMB52 million in the first quarter of 2023.

Liquidity and Cash Flow

As of

December 31,

March 31,

(In RMB millions)

2023

2024

Cash and cash equivalents and restricted cash

28,468

22,938

Short-term treasury investments

19,242

23,275

Long-term treasury investments

7,893

7,636

Total

55,603

53,849

As of March 31, 2024, cash and cash equivalents, restricted cash and treasury investments were RMB53.8 billion, compared to RMB55.6 billion as of December 31, 2023. 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 March 31,

(In RMB millions)

2023

2024

Net cash provided by (used in) operating activities

333

(154)

Net cash used in investing activities

(740)

(5,172)

Net cash used in financing activities

(756)

(163)

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

(33)

(41)

Net decrease in cash, cash equivalents and restricted cash

(1,196)

(5,530)

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

21,676

28,468

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

20,480

22,938

Net cash used in operating activities was RMB0.2 billion for the first quarter of 2024, as compared to the Company's net loss of RMB1.1 billion during the same period. The difference was due to non-cash expenses and non-operating loss of RMB3.6 billion, partially offset by an increase in the Company's working capital of RMB2.7 billion.

Net cash used in investing activities was RMB5.2 billion for the first quarter of 2024, consisting primarily of an increase in short-term and long-term treasury investments, and purchase of property and equipment.

Net cash used in financing activities was RMB0.2 billion for the first quarter of 2024, consisting primarily of repurchase of ordinary shares, partially offset by an increase of short-term and long-term borrowings.

6

Other updates

Board Change

Following our announcement dated May 19, 2024, Ms. Jean Qing Liu has ceased to be the Company's director and President and has been elevated to the role of a permanent partner of the DiDi Partnership reporting to Mr. Will Wei Cheng, the Chairman and CEO of the Company. She will continue to serve as the Company's Chief People Officer. The Company will not have a President position going forward.

Mr. Alan Yue Zhuo has been appointed as a director to the board of directors of the Company, with effect from May 29, 2024.

Mr. Alan Yue Zhuo has served as the chief financial officer of the Company since April 2021 and was the vice president of finance and operation management of the Company from December 2018 to April 2021. Mr. Zhuo joined the Company in February 2017 as the deputy general manager of the ride hailing department, where he was responsible for platform operations. Prior to joining the Company, Mr. Zhuo worked at Sculptor Capital Management (formerly known as Och-Ziff Capital Management) in Hong Kong, from September 2014 to February 2017. Mr. Zhuo received a bachelor's degree in finance from Peking University.

Repurchases under Share Repurchase Program

On November 11, 2023, the Company's board of directors authorized a share repurchase program under which the Company may repurchase up to US$1 billion of its shares within 24 months of the program's authorization. As of May 24, 2024, the Company had repurchased a total of approximately 37.1 million ADSs for approximately US$152.4 million under this share repurchase program, including approximately 22.2 million ADSs that were repurchased for approximately US$98.0 million between March 1, 2024 and May 24, 2024. The Company has cancelled or will cancel all of the repurchased ADSs.

Share Repurchase by City Puzzle

City Puzzle Holdings Limited ("City Puzzle"), our subsidiary that provides intra-city freight services, proposes to repurchase certain of its series A and series A+ preferred shares for an aggregate consideration of up to approximately US$408 million. Concurrently with the completion of the share repurchase, the memorandum and articles of association and shareholders agreement of City Puzzle will be amended. All necessary internal approvals for these transactions have been obtained by City Puzzle. As of the date of issuance of the announcement, the above transactions have not been completed and the Company is assessing the impact to its consolidated financial statements.

About DiDi Global Inc.

DiDi is a 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 and other forms of shared mobility as well as certain energy and vehicle services, food delivery, intra-city freight and financial services.

7

Use of Non-GAAP Financial Measure

In evaluating its business, the Company considers and uses certain non-GAAP financial measures including Adjusted EBITDA, Adjusted EBITA and Adjusted net income to supplement the review and assessment of its operating performance. The Company believes that these non-GAAP measures provide useful information about its core operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision- making.

The Company defines Adjusted EBITDA 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, (ix) amortization of intangible assets, (x) impairment of goodwill and intangible assets, and (xi) depreciation of property and equipment. The Company defines Adjusted EBITA as net income or loss before the first ten of these eleven items.

The Company defines Adjusted net income as net income or loss before (i) share-based compensation expense, (ii) amortization of intangible assets, (iii) impairment of goodwill and intangible assets, (iv) investment income (loss) on certain investments, net7, (v) impairment loss for equity investments accounted for using Measurement Alternative,

  1. reconciling items on the income (loss) from equity method investments, net8, and (vii) tax effects on non-GAAP adjustments.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They 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 these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

For more information on the non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth in this press release.

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. This mainly includes fair value changes related to listed equity securities and gains or losses on disposal or deemed disposal of investees or subsidiaries.
  2. This represents the GAAP to non-GAAP reconciling items on the share of income (loss) from equity method investments, and the impairment loss of equity method investments.

8

DiDi Global Inc.

Unaudited Consolidated Balance Sheets

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

As of

December31,

March 31,

2023

2024

RMB

RMB

ASSETS

Current assets:

Cash and cash equivalents

27,308

21,728

Restricted cash

1,139

1,191

Short-term treasury investments

19,242

23,275

Accounts receivable, net

3,288

3,656

Amounts due from related parties, current portion

245

588

Prepayments, receivables and other current assets, net

14,253

14,853

Total current assets

65,475

65,291

Non-current assets:

Non-current restricted cash

21

19

Long-term treasury investments

7,893

7,636

Investment securities and other investments

11,086

9,802

Equity method investments, net

4,596

4,728

Operating lease right-of-use assets

1,121

1,148

Property and equipment, net

4,330

4,400

Intangible assets, net

676

647

Goodwill

46,378

46,378

Deferred tax assets, net

279

305

Amounts due from related parties, non-current portion

253

221

Other non-current assets, net

1,718

1,721

Total non-current assets

78,351

77,005

Total assets

143,826

142,296

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term borrowings

7,682

9,252

Accounts and notes payable

4,564

4,215

Deferred revenue and customer advances

897

786

Operating lease liabilities, current portion

406

435

Amounts due to related parties, current portion

245

228

Accrued expenses and other current liabilities

14,751

13,411

Total current liabilities

28,545

28,327

Non-current liabilities:

Long-term borrowings

1,044

1,017

Operating lease liabilities, non-current portion

563

552

Deferred tax liabilities

165

198

Amounts due to related parties, non-current portion

86

78

Other non-current liabilities

378

322

Total non-current liabilities

2,236

2,167

Total liabilities

30,781

30,494

Commitments and contingencies

Mezzanine equity

Convertible redeemable non-controlling interests

14,007

13,802

Convertible non-controlling interests

1,069

1,069

Total Mezzanine Equity

15,076

14,871

SHAREHOLDERS' EQUITY:

DiDi Global Inc. shareholders' equity

Class A Ordinary shares

-

-

Class B Ordinary shares

-

-

Treasury shares

-

-

Additional paid-in capital

255,200

254,991

Statutory reserves

100

100

Accumulated other comprehensive income

1,621

1,875

Accumulated deficit

(159,127)

(160,212)

Total DiDi Global Inc. shareholders' equity

97,794

96,754

Non-controlling interests

175

177

Total shareholders' equity

97,969

96,931

Total liabilities, mezzanine equity and shareholders' equity

143,826

142,296

9

DiDi Global Inc.

Unaudited Consolidated Statements of Comprehensive Loss

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

For the Three Months Ended

March 31,

2023

2024

RMB

RMB

Revenues

China Mobility

39,049

44,538

International

1,691

2,433

Other Initiatives

1,972

2,101

Total revenues

42,712

49,072

Costs and expenses

Cost of revenues

(36,499)

(40,665)

Operations and support

(1,563)

(1,817)

Sales and marketing

(2,102)

(2,432)

Research and development

(2,223)

(1,885)

General and administrative

(2,079)

(1,902)

Total costs and expenses

(44,466)

(48,701)

Income (loss) from operations (1)

(1,754)

371

Interest income

507

582

Interest expenses

(28)

(43)

Investment income (loss), net

55

(1,772)

Income from equity method investments, net

149

84

Other income (loss), net

214

(225)

Loss before income taxes

(857)

(1,003)

Income tax expenses

(61)

(80)

Net loss

(918)

(1,083)

Less: Net income attributable to non-controlling interest shareholders

10

2

Net loss attributable to DiDi Global Inc

(928)

(1,085)

Accretion of convertible redeemable non-controlling interests to redemption value

(232)

(269)

Net loss attributable to ordinary shareholders of DiDi Global Inc

(1,160)

(1,354)

Net loss

(918)

(1,083)

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax of nil

(528)

255

Share of other comprehensive income (loss) of equity method investees

2

(1)

Total other comprehensive income (loss)

(526)

254

Total comprehensive loss

(1,444)

(829)

Less: comprehensive income attributable to non-controlling interest shareholders

10

2

Comprehensive loss attributable to DiDi Global Inc

(1,454)

(831)

Accretion of convertible redeemable non-controlling interests to redemption value

(232)

(269)

Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc

(1,686)

(1,100)

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

-Basic and diluted

1,216,881,742

1,228,845,911

Net loss per share attributable to ordinary shareholders

-Basic and diluted

(0.95)

(1.10)

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

-Basic and diluted

4,867,526,968

4,915,383,644

Net loss per ADS attributable to ordinary shareholders

-Basic and diluted

(0.24)

(0.28)

(1) Includes share-based compensation expenses as follows:

For the Three Months Ended

March 31,

2023

2024

RMB

RMB

Operations and support

28

31

Sales and marketing

53

33

Research and development

236

195

General and administrative

463

262

10

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DiDi Global Inc. published this content on 29 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2024 09:45:01 UTC.