Cash flow PDD Holdings Inc.

Equities

PDD

US7223041028

Internet Services

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01-06	AI-influenced shopping boosts online holiday sales, Salesforce data shows	RE
01-03	PDD's Temu Faces UK Inquiry Into Workers Rights	MT

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Published financial data: PDD HOLDINGS INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	30.14B	59.49B	93.95B	131B	248B
Total Revenues	30.14B	59.49B	93.95B	131B	248B
Cost of Goods Sold, Total	6.34B	19.28B	31.72B	31.46B	91.72B
Gross Profit	23.8B	40.21B	62.23B	99.1B	156B
Selling General & Admin Expenses, Total	28.6B	42.91B	46.87B	59.04B	87.64B
R&D Expenses	3.74B	6.68B	8.47B	9.65B	9.57B
Other Operating Expenses, Total	32.34B	49.59B	55.34B	68.69B	97.22B
Operating Income	-8.54B	-9.38B	6.9B	30.4B	58.7B
Interest Expense, Total	-146M	-757M	-1.23B	-51.66M	-43.99M
Interest And Investment Income	1.54B	2.46B	3.06B	4B	10.24B
Net Interest Expenses	1.4B	1.7B	1.83B	3.95B	10.19B
Income (Loss) On Equity Invest.	28.68M	83.65M	247M	-155M	-4.71M
Currency Exchange Gains (Loss)	63.18M	225M	71.75M	-150M	35.72M
Other Non Operating Income (Expenses)	82.79M	194M	656M	2.22B	2.95B
EBT, Excl. Unusual Items	-6.97B	-7.18B	9.7B	36.26B	71.88B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
EBT, Incl. Unusual Items	-6.97B	-7.18B	9.7B	36.26B	71.88B
Income Tax Expense	-	-	1.93B	4.73B	11.85B
Earnings From Continuing Operations	-6.97B	-7.18B	7.77B	31.54B	60.03B
Net Income to Company	-6.97B	-7.18B	7.77B	31.54B	60.03B
Net Income - (IS)	-6.97B	-7.18B	7.77B	31.54B	60.03B
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	-6.97B	-7.18B	7.77B	31.54B	60.03B
Net Income to Common Excl. Extra Items	-6.97B	-7.18B	7.77B	31.54B	60.03B
Per Share Items
Net EPS - Basic	-6.02	-6.02	6.2	24.94	44.33
Basic EPS - Continuing Operations	-6.02	-6.02	6.2	24.94	44.33
Basic Weighted Average Shares Outstanding	1.16B	1.19B	1.25B	1.26B	1.35B
Net EPS - Diluted	-6.04	-6.04	5.44	21.92	41.15
Diluted EPS - Continuing Operations	-6.04	-6.04	5.44	21.92	41.15
Diluted Weighted Average Shares Outstanding	1.16B	1.19B	1.43B	1.44B	1.46B
Normalized Basic EPS	-3.76	-3.76	4.84	17.93	33.18
Normalized Diluted EPS	-3.76	-3.76	4.25	15.74	30.77
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	-7.9B	-8.73B	8.39B	32.63B	59.48B
EBITA	-7.92B	-8.76B	7.48B	31.01B	58.81B
EBIT	-8.54B	-9.38B	6.9B	30.4B	58.7B
EBITDAR	-7.77B	-8.52B	8.92B	33.36B	60.86B
Total Revenues (As Reported)	30.14B	-	-	-	-
Effective Tax Rate - (Ratio)	-	-	19.93	13.03	16.49
Total Current Taxes	-	-	1.93B	5.75B	11.05B
Total Deferred Taxes	-	-	-213K	-1.03B	801M
Normalized Net Income	-4.35B	-4.49B	6.06B	22.66B	44.92B
Interest on Long-Term Debt	144M	696M	1.22B	51.66M	43.99M
Supplemental Operating Expense Items
Advertising Expense	-	-	41.46B	49.97B	76.43B
Marketing Expenses	25.87B	39.3B	-	-	-
Selling and Marketing Expenses	27.17B	41.19B	44.8B	54.34B	82.19B
General and Administrative Expenses	1.3B	1.51B	1.54B	3.96B	4.08B
Research And Development Expense From Footnotes	3.87B	6.89B	8.99B	10.38B	10.95B
Net Rental Expense, Total	129M	209M	527M	732M	1.38B
Imputed Operating Lease Interest Expense	-	107M	349M	20.37M	35.8M
Imputed Operating Lease Depreciation	-	102M	178M	712M	1.34B
Stock-Based Comp., COGS (Total)	23.84M	32.29M	26.62M	33.79M	132M
Stock-Based Comp., R&D Exp. (Total)	886M	1.52B	2.34B	2.52B	2.3B
Stock-Based Comp., S&M Exp. (Total)	861M	1.09B	1.61B	2.16B	2.35B
Stock-Based Comp., G&A Exp. (Total)	787M	967M	792M	3B	2.29B
Total Stock-Based Compensation	2.56B	3.61B	4.77B	7.72B	7.08B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	5.77B	22.42B	6.43B	34.33B	59.79B
Short Term Investments	34.49B	61.55B	86.2B	115B	140B
Trading Asset Securities, Total	796M	3B	313M	6.92M	17.15B
Total Cash And Short Term Investments	41.06B	86.97B	92.94B	149B	217B
Accounts Receivable, Total	2.96B	3.91B	3.48B	3.35B	7.43B
Other Receivables	249M	1.05B	1.78B	3.3B	4.44B
Notes Receivable	460M	698M	698M	698M	711M
Total Receivables	3.67B	5.65B	5.96B	7.35B	12.58B
Inventory	-	1.72B	14.2M	-	-
Prepaid Expenses	-	-	-	-	1.33B
Restricted Cash	27.58B	52.42B	59.62B	57.97B	61.99B
Other Current Assets, Total	702M	2.76B	2.38B	1.85B	1.65B
Total Current Assets	73B	150B	161B	217B	295B
Gross Property Plant And Equipment	585M	883M	4.1B	5.04B	8.32B
Accumulated Depreciation	-26.68M	-50.31M	-961M	-2.58B	-3.24B
Net Property Plant And Equipment	558M	833M	3.14B	2.46B	5.08B
Long-term Investments	434M	6.84B	16.27B	14.32B	33.08B
Other Intangibles, Total	1.99B	1.28B	701M	134M	21.15M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	-	-	31.5M	1.05B	271M
Other Long-Term Assets, Total	69.47M	436M	158M	2.54B	14.87B
Total Assets	76.06B	159B	181B	237B	348B
Liabilities
Accounts Payable, Total	29.93B	54.97B	66.42B	68.97B	93.14B
Accrued Expenses, Total	4.83B	9.24B	11.34B	15.19B	33.61B
Short-term Borrowings	899M	1.87B	-	-	-
Current Portion of Long-Term Debt	-	-	-	13.89B	649M
Current Portion of Leases	116M	253M	427M	602M	1.64B
Unearned Revenue Current, Total	606M	2.42B	1.17B	1.39B	2.14B
Other Current Liabilities	9.39B	15.13B	14.38B	16.85B	21.71B
Total Current Liabilities	45.77B	83.88B	93.73B	117B	153B
Long-Term Debt	5.21B	14.43B	11.79B	1.58B	5.23B
Long-Term Leases	429M	415M	544M	871M	2.64B
Deferred Tax Liability Non Current	-	-	31.29M	13.02M	59.83M
Other Non Current Liabilities	7.39M	2.92M	996K	-	-
Total Liabilities	51.41B	98.73B	106B	119B	161B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	148K	159K	161K	170K	177K
Additional Paid In Capital	41.49B	86.7B	95.34B	99.25B	107B
Retained Earnings	-18.3B	-25.48B	-17.71B	15.2B	75.22B
Comprehensive Income and Other	1.45B	-1.05B	-2.52B	3.32B	4.72B
Total Common Equity	24.65B	60.18B	75.11B	118B	187B
Total Equity	24.65B	60.18B	75.11B	118B	187B
Total Liabilities And Equity	76.06B	159B	181B	237B	348B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.2B	1.25B	1.26B	1.33B	1.39B
ECS Total Common Shares Outstanding	1.16B	1.24B	1.26B	1.32B	1.38B
Book Value / Share	21.2	48.58	59.41	89.25	136.09
Tangible Book Value	22.65B	58.9B	74.41B	118B	187B
Tangible Book Value Per Share	19.49	47.55	58.85	89.15	136.07
Total Debt	6.65B	16.97B	12.76B	16.93B	10.17B
Net Debt	-34.41B	-70.01B	-80.18B	-133B	-207B
Debt Equivalent Oper. Leases	1.03B	1.67B	4.22B	5.86B	11.03B
Equity Method Investments, Total	434M	1.14B	1.97B	2.05B	1.92B
Account Code - Inventory Valuation	3	6	6	3	3
Machinery, Total	49.13M	229M	3.14B	3.59B	4.15B
Full Time Employees	5.83K	7.99K	9.76K	12.99K	17.4K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-6.97B	-7.18B	7.77B	31.54B	60.03B
Depreciation & Amortization - CF	18.1M	177M	1.26B	2.13B	1.77B
Amortization of Goodwill and Intangible Assets - (CF)	620M	624M	583M	609M	114M
Depreciation & Amortization, Total	638M	800M	1.84B	2.74B	1.89B
(Gain) Loss From Sale Of Asset	175K	24K	-258K	10.7M	1.76M
(Gain) Loss on Sale of Investments - (CF)	-	-104M	22.17M	242M	-1.01B
Provision for Credit Losses	-	43.43M	-	-	-
(Income) Loss On Equity Investments - (CF)	-28.68M	-83.65M	-247M	155M	4.71M
Stock-Based Compensation (CF)	2.56B	3.61B	4.77B	7.72B	7.08B
Provision and Write-off of Bad Debts	-	-	49.3M	118M	265M
Other Operating Activities, Total	15.89M	57.46M	1.01B	-1.43B	-545M
Change In Accounts Receivable	-803M	321M	55.81M	86.04M	-3.33B
Change In Accounts Payable	-	-	8.69B	749M	11.62B
Change in Unearned Revenues	414M	1.82B	-1.26B	223M	755M
Change in Other Net Operating Assets	18.99B	28.91B	6.08B	6.37B	17.4B
Cash from Operations	14.82B	28.2B	28.78B	48.51B	94.16B
Capital Expenditure	-27.44M	-43.05M	-3.29B	-636M	-584M
Sale of Property, Plant, and Equipment	475K	51K	394K	40K	450K
Investment in Marketable and Equity Securities, Total	-27.87B	-38.08B	-32.72B	-21.73B	-54.98B
Net (Increase) Decrease in Loans Originated / Sold - Investing	35M	-	-	-	-
Other Investing Activities, Total	-460M	-238M	445M	-	130M
Cash from Investing	-28.32B	-38.36B	-35.56B	-22.36B	-55.43B
Short Term Debt Issued, Total	897M	1.83B	-	-	-
Long-Term Debt Issued, Total	7.07B	13.02B	-	-	-
Total Debt Issued	7.97B	14.85B	-	-	-
Short Term Debt Repaid, Total	-	-923M	-1.88B	-	-
Long-Term Debt Repaid, Total	-	-	-	-	-8.97B
Total Debt Repaid	-	-923M	-1.88B	-	-8.97B
Issuance of Common Stock	8.19B	37.87B	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-310M	-6K	318K	10.08M	8.19M
Cash from Financing	15.85B	51.8B	-1.88B	10.08M	-8.96B
Foreign Exchange Rate Adjustments	450M	-140M	-145M	100M	-291M
Net Change in Cash	2.81B	41.5B	-8.8B	26.26B	29.48B
Supplemental Items
Cash Income Tax Paid (Refund)	-	-	-	4.88B	5.76B
Levered Free Cash Flow	4.79B	4.44B	13B	38.67B	82.89B
Unlevered Free Cash Flow	4.88B	4.91B	13.77B	38.7B	82.92B
Change In Net Working Capital	-7.05B	-6.4B	-6.13B	-9.89B	-37.85B
Net Debt Issued / Repaid	7.97B	13.93B	-1.88B	-	-8.97B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-8.95	-4.99	2.53	9.08	12.54
Return on Total Capital	-21.29	-10.81	5.22	17.07	22.09
Return On Equity %	-32.06	-16.93	11.48	32.7	39.36
Return on Common Equity	-32.06	-16.93	11.48	32.7	39.36
Margin Analysis
Gross Profit Margin %	78.97	67.59	66.24	75.9	62.96
SG&A Margin	94.88	72.13	49.89	45.22	35.39
EBITDA Margin %	-26.21	-14.67	8.93	24.99	24.02
EBITA Margin %	-26.27	-14.72	7.96	23.75	23.75
EBIT Margin %	-28.33	-15.77	7.34	23.29	23.7
Income From Continuing Operations Margin %	-23.12	-12.07	8.27	24.16	24.24
Net Income Margin %	-23.12	-12.07	8.27	24.16	24.24
Net Avail. For Common Margin %	-23.12	-12.07	8.27	24.16	24.24
Normalized Net Income Margin	-14.45	-7.54	6.45	17.36	18.14
Levered Free Cash Flow Margin	15.89	7.46	13.84	29.62	33.47
Unlevered Free Cash Flow Margin	16.19	8.25	14.65	29.65	33.48
Asset Turnover
Asset Turnover	0.51	0.51	0.55	0.62	0.85
Fixed Assets Turnover	102.6	85.53	47.28	46.6	65.64
Receivables Turnover (Average Receivables)	14.27	17.33	25.45	38.24	45.94
Inventory Turnover (Average Inventory)	-	-	36.61	-	-
Short Term Liquidity
Current Ratio	1.6	1.78	1.72	1.85	1.93
Quick Ratio	0.97	1.1	1.05	1.34	1.5
Operating Cash Flow to Current Liabilities	0.32	0.34	0.31	0.41	0.62
Days Sales Outstanding (Average Receivables)	25.57	21.11	14.34	9.55	7.95
Days Outstanding Inventory (Average Inventory)	-	-	9.97	-	-
Average Days Payable Outstanding	1.36K	-	758.74	785.38	322.55
Cash Conversion Cycle (Average Days)	-	-	-734.43	-	-
Long Term Solvency
Total Debt/Equity	26.98	28.2	16.99	14.38	5.43
Total Debt / Total Capital	21.25	21.99	14.52	12.57	5.15
LT Debt/Equity	22.86	24.67	16.42	2.08	4.21
Long-Term Debt / Total Capital	18.01	19.25	14.03	1.82	3.99
Total Liabilities / Total Assets	67.59	62.13	58.55	50.33	46.21
EBIT / Interest Expense	-58.54	-12.39	5.6	588.56	1.33K
EBITDA / Interest Expense	-53.28	-11.25	7.25	645.78	1.38K
(EBITDA - Capex) / Interest Expense	-53.47	-11.31	4.57	633.48	1.37K
Total Debt / EBITDA	-0.86	-1.99	1.43	0.51	0.17
Net Debt / EBITDA	4.43	8.22	-8.99	-3.97	-3.4
Total Debt / (EBITDA - Capex)	-0.85	-1.98	2.27	0.52	0.17
Net Debt / (EBITDA - Capex)	4.41	8.18	-14.24	-4.05	-3.43
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	129.74	97.37	57.92	38.96	89.68
Gross Profit, 1 Yr. Growth %	133.03	68.94	54.75	59.24	57.34
EBITDA, 1 Yr. Growth %	81.66	10.49	-196.14	288.77	82.32
EBITA, 1 Yr. Growth %	81.83	10.59	-185.42	314.57	89.65
EBIT, 1 Yr. Growth %	76.19	9.86	-173.52	340.81	93.08
Earnings From Cont. Operations, 1 Yr. Growth %	-31.8	3.04	-208.2	305.96	90.33
Net Income, 1 Yr. Growth %	-31.8	3.04	-208.2	305.96	90.33
Normalized Net Income, 1 Yr. Growth %	63.43	3.04	-235.13	273.77	98.2
Diluted EPS Before Extra, 1 Yr. Growth %	-56.48	0	-190.07	302.94	87.61
Accounts Receivable, 1 Yr. Growth %	133.45	32.14	-11.01	-3.61	121.69
Inventory, 1 Yr. Growth %	-	-	-99.17	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	1.82K	49.1	277.32	-21.67	106.61
Total Assets, 1 Yr. Growth %	76.13	108.93	14.03	30.85	46.79
Tangible Book Value, 1 Yr. Growth %	39.46	160.01	26.34	58.09	59.15
Common Equity, 1 Yr. Growth %	30.94	144.15	24.82	56.79	58.99
Cash From Operations, 1 Yr. Growth %	90.8	90.25	2.08	68.53	94.12
Capital Expenditures, 1 Yr. Growth %	0.38	56.9	7.54K	-80.66	-8.15
Levered Free Cash Flow, 1 Yr. Growth %	-39.84	-8.77	192.98	197.52	114.34
Unlevered Free Cash Flow, 1 Yr. Growth %	-38.7	-0.89	180.4	181.13	114.23
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %