DiDi Global Announces Unaudited Quarterly Financial Results

Rhea-AI Summary

DiDi Global Inc. (NYSE: DIDI) reported its unaudited financial results for Q2 and Q3 2021, revealing total revenues of RMB 48.2 billion and RMB 42.7 billion, respectively. The net losses were significant, with RMB 24.4 billion for Q2 and RMB 30.6 billion for Q3, primarily attributed to rising costs, including a RMB 20.8 billion investment loss in Q3. The company plans to delist from NYSE and pursue a listing on the Hong Kong Stock Exchange. Total assets reached RMB 155.8 billion by September 30, 2021, demonstrating considerable liquidity despite ongoing operational losses.

Positive

• Total assets increased to RMB 155.8 billion as of September 30, 2021.
• Strong revenue growth in Q2 with RMB 48.2 billion reported.

Negative

• Net loss attributable to ordinary shareholders was RMB 30.6 billion in Q3 2021.
• Total costs and expenses rose significantly to RMB 173.4 billion for the nine months ended September 30, 2021.
• Investment losses totaled RMB 20.8 billion in Q3 2021.

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”)² for 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.

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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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211228005228/en/

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.

FAQ

What were DiDi's total revenues in the third quarter of 2021?

DiDi reported total revenues of RMB 42.7 billion in the third quarter of 2021.

What is the net loss for DiDi in the second quarter of 2021?

DiDi's net loss in the second quarter of 2021 was RMB 24.4 billion.

Why is DiDi planning to delist from the NYSE?

DiDi announced its intention to delist from the NYSE to pursue a listing on the Hong Kong Stock Exchange.

What was DiDi's total assets as of September 30, 2021?

Total assets for DiDi as of September 30, 2021, were RMB 155.8 billion.

What investment losses did DiDi incur in Q3 2021?

DiDi incurred investment losses of RMB 20.8 billion in the third quarter of 2021.