Pinduoduo Announces Fourth Quarter 2021 and Fiscal Year 2021 Unaudited Financial Results
Pinduoduo (PDD) reported robust financial growth for FY 2021, with total revenues reaching RMB93.95 billion, up 58% from 2020. In Q4 2021, revenues were RMB27.23 billion, a 3% increase year-over-year. Active buyers grew 10% to 868.7 million, while average spending per buyer rose 33% to RMB2,810. The company shifted focus to R&D and agriculture initiatives, contributing to a quarterly operating profit of RMB6.91 billion compared to a loss in Q4 2020. Notably, online marketing and transaction services surged, although merchandise sales plummeted by 98%. Net income saw a significant recovery from losses in the previous year.
- Total revenues for FY 2021 increased by 58% to RMB93.95 billion.
- Active buyers rose by 10% to 868.7 million.
- Average spending per active buyer increased by 33% to RMB2,810.
- Q4 2021 operating profit was RMB6.91 billion, recovering from a loss in Q4 2020.
- Q4 2021 revenue growth slowed due to moderating user growth.
- Merchandise sales plummeted by 98% year-over-year.
SHANGHAI, China, March 21, 2022 (GLOBE NEWSWIRE) -- Pinduoduo Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD), China’s largest agriculture and interactive commerce platform, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- GMV1 in the twelve-month period ended December 31, 2021 was RMB2,441.0 billion (US$2383.0 billion), an increase of
46% from RMB1,667.6 billion in the twelve-month period ended December 31, 2020. - Total revenues in the quarter were RMB27,230.9 million (US$24,273.1 million), an increase of
3% from RMB 26,547.7 million in the same quarter of 2020. - Average monthly active users3 in the quarter was 733.4 million, an increase of
2% from 719.9 million in the same quarter of 2020. - Active buyers4 in the twelve-month period ended December 31, 2021 was 868.7 million, an increase of
10% from 788.4 million in the twelve-month period ended December 31, 2020. - Annual spending per active buyer5 in the twelve-month period ended December 31, 2021 was RMB2,810.0 (US
$441.0) , an increase of33% from RMB2,115.2 in the twelve-month period ended December 31, 2020.
“In 2021, we made the strategic shift from sales and marketing toward research and development.” said Mr. Lei Chen, Chairman and CEO of Pinduoduo. “We see ourselves making more long-term investment, especially in agriculture and R&D.”
“Similar to the last two quarters, we will allocate profits from the fourth quarter to the 10 Billion Agriculture Initiative to deepen our digital inclusion efforts in agriculture,” Mr. Chen added.
“Our total revenue, excluding contribution from merchandise sales, was RMB27.1 billion in the fourth quarter 2021. Our revenue growth slowed down due to moderating user growth and fluctuation in user activity,” said Ms. Jun Liu, VP of Finance of Pinduoduo. “At the same time, we recorded a profit in the fourth quarter, which is attributable to more controlled spending as we adjust to slower growth, and a one-off rebate from one of our service providers.”
_______________
1 “GMV” refers to the total value of all orders for products and services placed on the Pinduoduo mobile platform, regardless of whether the products and services are actually sold, delivered or returned. Buyers on the platform are not charged for shipping fees in addition to the listed price of merchandise. Hence, merchants may embed the shipping fees in the listed price. If embedded, then the shipping fees are included in GMV. As a prudential matter aimed at eliminating any influence on Pinduoduo’s GMV of irregular transactions, the Company excludes from its calculation of GMV transactions in certain product categories over certain amounts and transactions by buyers in certain product categories over a certain amount per day.
2 This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.3726 to US
3 “Monthly active users” refers to the number of user accounts that visited the Pinduoduo mobile app during a given month, which does not include those that accessed the platform through social networks and access points.
4 “Active buyers” in a given period refers to the number of user accounts that placed one or more orders (i) on the Pinduoduo mobile app, and (ii) through social networks and access points in that period, regardless of whether the products and services are actually sold, delivered or returned.
5 “Annual spending per active buyer” in a given period refers to the quotient of total GMV in that period divided by the number of active buyers in the same period.
Fourth Quarter 2021 Financial Results
Total revenues were RMB27,230.9 million (US
- Revenues from online marketing services and others were RMB22,425.0 million (US
$3,519.0 million ), an increase of19% from RMB18,922.0 million in the same quarter of 2020. - Revenues from transaction services were RMB4,724.2 million (US
$741.3 million ), an increase of108% from RMB2,267.9 million in the same quarter of 2020. - Revenues from merchandise sales were RMB81.7 million (US
$12.8 million ), a decrease of98% from RMB5,357.8 million in the same quarter of 2020.
Total costs of revenues were RMB6,515.5 million (US
Total operating expenses were RMB13,808.4 million (US
- Sales and marketing expenses were RMB11,365.8 million (US
$1,783.5 million ), decreased by23% from RMB14,712.5 million in the same quarter of 2020 mainly due to the reduction of expenditure in promotion and advertising activities. - General and administrative expenses were RMB420.0 million (US
$65.9 million ), an increase of4% from RMB405.6 million in the same quarter of 2020. - Research and development expenses were RMB2,022.6 million (US
$317.4 million ), an increase of4% from RMB1,951.3 million in the same quarter of 2020.
Operating profit in the quarter was RMB6,907.0 million (US
Net income attributable to ordinary shareholders in the quarter was RMB6,619.5 million (US
Basic earnings per ADS was RMB5.26 (US
Net cash provided by operating activities was RMB16,399.8 million (US
Cash, cash equivalents and short-term investments were RMB92.9 billion (US
_______________
6 The Company’s non-GAAP financial measures exclude share-based compensation expenses, fair value change of long-term investments, and interest expenses related to the convertible bonds’ amortization to face value and gain or loss on extinguishment. See “Reconciliation of Non- GAAP Measures to The Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Fiscal Year 2021 Financial Results
Total revenues were RMB93,949.9 million (US
- Revenues from online marketing services and others were RMB72,563.4 million (US
$11,386.8 million ), representing an increase of51% from RMB47,953.8 million in 2020. - Revenues from transaction services were RMB14,140.4 million (US
$2,218.9 million ), representing an increase of144% from RMB5,787.4 million in 2020. - Revenues from merchandise sales were RMB7,246.1 million (US
$1,137.1 million ), an increase of26% from RMB5,750.7 million in 2020.
Total costs of revenues were RMB31,718.1 million (US
Total operating expenses were RMB55,335.1 million (US
- Sales and marketing expenses were RMB44,801.7 million (US
$7,030.4 million ), an increase of9% from RMB41,194.6 million in 2020 mainly due to increase in promotion and advertising activities. - General and administrative expenses were RMB1,540.8 million (US
$241.8 million ), an increase of2% from RMB1,507.3 million in 2020. - Research and development expenses were RMB8,992.6 million (US
$1,411.1 million ), an increase of30% from RMB6,891.7 million in 2020. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel.
Operating profit was RMB6,896.8 million (US
Net income attributable to ordinary shareholders was RMB7,768.7 million (US
Basic earnings per ADS was RMB6.20 (US
Net cash provided by operating activities was RMB28,783.0 million (US
Conference Call
The Company will host a conference call to discuss the earnings at 7:30 AM U.S. Eastern Time on Monday, March 21, 2022 (7:30 PM Beijing/Hong Kong Time on Monday, March 21, 2022).
The conference call will be webcast live at https://investor.pinduoduo.com/investor-events. The webcast will be available for replay at the same website following the conclusion of the call.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating profit or loss and non-GAAP net income or loss attributable to ordinary shareholders, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude share-based compensation expenses, fair value change of long-term investments, and interest expenses related to the convertible bonds’ amortization to face value and gain or loss on extinguishment.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, fair value change of long-term investments, and interest expenses related to the convertible bonds’ amortization to face value and gain or loss on extinguishment, which are non-cash charges. The Company also believes that the non-GAAP financial measures could provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to The Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under 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,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Pinduoduo’s strategic and operational plans, contain forward-looking statements. Pinduoduo may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including but not limited to statements about Pinduoduo’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Pinduoduo’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and fourth-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Pinduoduo’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Pinduoduo’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Pinduoduo undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About Pinduoduo Inc.
Pinduoduo connects millions of agricultural producers with consumers across China. Pinduoduo aims to bring more businesses and people into the digital economy so that local communities can benefit from the increased productivity and convenience through new market opportunities.
For more information on Pinduoduo news and industry trends, please visit the content hub at https://stories.pinduoduo-global.com/.
| PINDUODUO INC. | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)) | ||||||
| As of | ||||||
| December 31, 2020 | December 31, 2021 | |||||
| RMB | RMB | US$ | ||||
| (Unaudited) | ||||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 22,421,189 | 6,426,715 | 1,008,492 | |||
| Restricted cash | 52,422,447 | 59,617,256 | 9,355,248 | |||
| Receivables from online payment platforms | 729,548 | 673,737 | 105,724 | |||
| Short-term investments | 64,551,094 | 86,516,618 | 13,576,345 | |||
| Amounts due from related parties | 4,240,069 | 4,250,155 | 666,942 | |||
| Prepayments and other current assets | 5,159,531 | 3,424,687 | 537,408 | |||
| Total current assets | 149,523,878 | 160,909,168 | 25,250,159 | |||
| Non-current assets | ||||||
| Property, equipment and software, net | 202,853 | 2,203,323 | 345,749 | |||
| Intangible assets | 1,276,751 | 701,220 | 110,037 | |||
| Right-of-use assets | 629,827 | 938,537 | 147,277 | |||
| Deferred tax assets | - | 31,504 | 4,944 | |||
| Other non-current assets | 7,275,305 | 16,425,966 | 2,577,593 | |||
| Total non-current assets | 9,384,736 | 20,300,550 | 3,185,600 | |||
| Total Assets | 158,908,614 | 181,209,718 | 28,435,759 | |||
| PINDUODUO INC. | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”)) | |||||||||
| As of | |||||||||
| December 31, 2020 | December 31, 2021 | ||||||||
| RMB | RMB | US$ | |||||||
| (Unaudited) | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities | |||||||||
| Amounts due to related parties | 3,385,863 | 1,963,007 | 308,039 | ||||||
| Customer advances and deferred revenues | 2,423,190 | 1,166,764 | 183,091 | ||||||
| Payable to merchants | 53,833,981 | 62,509,714 | 9,809,138 | ||||||
| Accrued expenses and other liabilities | 11,193,372 | 14,085,513 | 2,210,324 | ||||||
| Merchant deposits | 10,926,319 | 13,577,552 | 2,130,614 | ||||||
| Short-term borrowings | 1,866,316 | - | - | ||||||
| Lease liabilities | 253,036 | 427,164 | 67,031 | ||||||
| Total current liabilities | 83,882,077 | 93,729,714 | 14,708,237 | ||||||
| Non-current liabilities | |||||||||
| Convertible bonds | 14,432,792 | 11,788,907 | 1,849,937 | ||||||
| Lease liabilities | 414,939 | 544,263 | 85,407 | ||||||
| Deferred tax liabilities | - | 31,291 | 4,910 | ||||||
| Other non-current liabilities | 2,918 | 996 | 156 | ||||||
| Total non-current liabilities | 14,850,649 | 12,365,457 | 1,940,410 | ||||||
| Total Liabilities | 98,732,726 | 106,095,171 | 16,648,647 | ||||||
| Shareholders’ equity | |||||||||
| Ordinary shares | 159 | 161 | 25 | ||||||
| Additional paid-in capital | 86,698,660 | 95,340,819 | 14,961,055 | ||||||
| Accumulated other comprehensive loss | (1,047,728 | ) | (2,519,900 | ) | (395,427 | ) | |||
| Accumulated deficits | (25,475,203 | ) | ( 17,706,533 | ) | ( 2,778,541 | ) | |||
| Total Shareholders’ Equity | 60,175,888 | 75,114,547 | 11,787,112 | ||||||
| Total Liabilities and Shareholders’ Equity | 158,908,614 | 181,209,718 | 28,435,759 | ||||||
| PINDUODUO INC. | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME/ (LOSS) | ||||||||||||||||||
| (Amounts in thousands of RMB and US$) | ||||||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Revenues | 26,547,709 | 27,230,862 | 4,273,116 | 59,491,865 | 93,949,939 | 14,742,796 | ||||||||||||
| Costs of revenues | (11,526,124 | ) | (6,515,509 | ) | (1,022,426 | ) | (19,278,641 | ) | (31,718,093 | ) | (4,977,261 | ) | ||||||
| Gross profit | 15,021,585 | 20,715,353 | 3,250,690 | 40,213,224 | 62,231,846 | 9,765,535 | ||||||||||||
| Sales and marketing expenses | (14,712,526 | ) | (11,365,829 | ) | (1,783,547 | ) | (41,194,599 | ) | (44,801,720 | ) | (7,030,368 | ) | ||||||
| General and administrative expenses | (405,570 | ) | (419,962 | ) | (65,901 | ) | (1,507,297 | ) | (1,540,774 | ) | (241,781 | ) | ||||||
| Research and development expenses | (1,951,261 | ) | (2,022,595 | ) | (317,388 | ) | (6,891,653 | ) | (8,992,590 | ) | (1,411,134 | ) | ||||||
| Total operating expenses | (17,069,357 | ) | (13,808,386 | ) | (2,166,836 | ) | (49,593,549 | ) | (55,335,084 | ) | (8,683,283 | ) | ||||||
| Operating (loss)/ profit | (2,047,772 | ) | 6,906,967 | 1,083,854 | (9,380,325 | ) | 6,896,762 | 1,082,252 | ||||||||||
| Interest and investment income, net | 671,395 | 914,643 | 143,527 | 2,455,366 | 3,061,662 | 480,442 | ||||||||||||
| Interest expenses | (278,146 | ) | (303,116 | ) | (47,566 | ) | (757,336 | ) | (1,231,002 | ) | (193,171 | ) | ||||||
| Foreign exchange gain | 149,006 | 48,105 | 7,549 | 225,197 | 71,750 | 11,259 | ||||||||||||
| Other income, net | 81,149 | 115,086 | 18,060 | 193,702 | 656,255 | 102,981 | ||||||||||||
| (Loss)/ profit before income tax and share of results of equity investees | (1,424,368 | ) | 7,681,685 | 1,205,424 | (7,263,396 | ) | 9,455,427 | 1,483,763 | ||||||||||
| Share of results of equity investees | 48,012 | 16,680 | 2,617 | 83,654 | 246,828 | 38,733 | ||||||||||||
| Income tax expenses | - | (1,078,819 | ) | (169,290 | ) | - | (1,933,585 | ) | (303,422 | ) | ||||||||
| Net (loss)/ income | (1,376,356 | ) | 6,619,546 | 1,038,751 | (7,179,742 | ) | 7,768,670 | 1,219,074 | ||||||||||
| PINDUODUO INC. | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME/ (LOSS) | ||||||||||||||
| (Amounts in thousands of RMB and US$, except for per share data) | ||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Net (loss)/ income | (1,376,356 | ) | 6,619,546 | 1,038,751 | (7,179,742 | ) | 7,768,670 | 1,219,074 | ||||||
| Net (loss)/ income attributable to ordinary shareholders | (1,376,356 | ) | 6,619,546 | 1,038,751 | (7,179,742 | ) | 7,768,670 | 1,219,074 | ||||||
(Loss)/ earnings per ordinary share: | ||||||||||||||
| -Basic | (0.28 | ) | 1.32 | 0.21 | (1.51 | ) | 1.55 | 0.24 | ||||||
| -Diluted | (0.28 | ) | 1.16 | 0.18 | (1.51 | ) | 1.36 | 0.21 | ||||||
| (Loss)/ earnings per ADS (4 ordinary shares equals 1 ADS ): | ||||||||||||||
| -Basic | (1.13 | ) | 5.26 | 0.83 | (6.02 | ) | 6.20 | 0.97 | ||||||
| -Diluted | (1.13 | ) | 4.66 | 0.73 | (6.02 | ) | 5.44 | 0.85 | ||||||
| Weighted average number of outstanding ordinary shares (in thousands): | ||||||||||||||
| -Basic | 4,854,597 | 5,031,543 | 5,031,543 | 4,768,343 | 5,012,651 | 5,012,651 | ||||||||
| -Diluted | 4,854,597 | 5,684,577 | 5,684,577 | 4,768,343 | 5,713,764 | 5,713,764 | ||||||||
| PINDUODUO INC. | ||||||||||||
| NOTES TO FINANCIAL INFORMATION | ||||||||||||
| (Amounts in thousands of RMB and US$) | ||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| Revenues | ||||||||||||
| - Online marketing services and others | 18,921,975 | 22,425,001 | 3,518,972 | 47,953,779 | 72,563,402 | 11,386,782 | ||||||
| - Transaction services | 2,267,885 | 4,724,189 | 741,328 | 5,787,415 | 14,140,449 | 2,218,945 | ||||||
| - Merchandise sales | 5,357,849 | 81,672 | 12,816 | 5,750,671 | 7,246,088 | 1,137,069 | ||||||
| Total | 26,547,709 | 27,230,862 | 4,273,116 | 59,491,865 | 93,949,939 | 14,742,796 | ||||||
| PINDUODUO INC. | ||||||||||||
| NOTES TO FINANCIAL INFORMATION | ||||||||||||
| (Amounts in thousands of RMB and US$) | ||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| Share-based compensation costs included in: | ||||||||||||
| Costs of revenues | 9,923 | 5,729 | 899 | 32,291 | 26,624 | 4,178 | ||||||
| Sales and marketing expenses | 276,875 | 544,492 | 85,443 | 1,093,547 | 1,612,219 | 252,992 | ||||||
| General and administrative expenses | 252,470 | 224,155 | 35,175 | 966,985 | 792,421 | 124,348 | ||||||
| Research and development expenses | 393,962 | 718,329 | 112,721 | 1,520,220 | 2,343,466 | 367,741 | ||||||
| Total | 933,230 | 1,492,705 | 234,238 | 3,613,043 | 4,774,730 | 749,259 | ||||||
| PINDUODUO INC. | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||
| (Amounts in thousands of RMB and US$) | ||||||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Net cash provided by operating activities | 14,946,569 | 16,399,775 | 2,573,483 | 28,196,627 | 28,783,011 | 4,516,683 | ||||||||||||
| Net cash used in investing activities | (26,622,837 | ) | (12,692,505 | ) | (1,991,731 | ) | (38,357,901 | ) | (35,562,365 | ) | (5,580,511 | ) | ||||||
| Net cash provided by/ (used in) financing activities | 42,174,783 | 193 | 30 | 51,798,996 | (1,875,154 | ) | (294,253 | ) | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (183,639 | ) | (26,454 | ) | (4,152 | ) | (139,943 | ) | (145,157 | ) | (22,779 | ) | ||||||
| Increase/ (decrease) in cash, cash equivalents and restricted cash | 30,314,876 | 3,681,009 | 577,630 | 41,497,779 | (8,799,665 | ) | (1,380,860 | ) | ||||||||||
| Cash, cash equivalents and restricted cash at beginning of period/year | 44,528,760 | 62,362,962 | 9,786,110 | 33,345,857 | 74,843,636 | 11,744,600 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period/year | 74,843,636 | 66,043,971 | 10,363,740 | 74,843,636 | 66,043,971 | 10,363,740 | ||||||||||||
| PINDUODUO INC. | ||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES | ||||||||||||||
| (Amounts in thousands of RMB and US$, except for per share data) | ||||||||||||||
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Operating (loss)/ profit | (2,047,772 | ) | 6,906,967 | 1,083,854 | (9,380,325 | ) | 6,896,762 | 1,082,252 | ||||||
| Add: Share-based compensation | 933,230 | 1,492,705 | 234,238 | 3,613,043 | 4,774,730 | 749,259 | ||||||||
| Non-GAAP operating (loss)/ profit | (1,114,542 | ) | 8,399,672 | 1,318,092 | (5,767,282 | ) | 11,671,492 | 1,831,511 | ||||||
| Net (loss)/ income attributable to ordinary shareholders | (1,376,356 | ) | 6,619,546 | 1,038,751 | (7,179,742 | ) | 7,768,670 | 1,219,074 | ||||||
| Add: Share-based compensation | 933,230 | 1,492,705 | 234,238 | 3,613,043 | 4,774,730 | 749,259 | ||||||||
| Add: Interest expense related to convertible bonds’ amortization to face value and gain or loss on extinguishment, net | 256,768 | 303,141 | 47,569 | 690,606 | 1,219,058 | 191,297 | ||||||||
| Add: Loss/ (gain) from fair value changes of long-term investments | 1,828 | 29,001 | 4,551 | (88,928 | ) | 67,065 | 10,524 | |||||||
| Non-GAAP net (loss)/ income attributable to ordinary shareholders | (184,530 | ) | 8,444,393 | 1,325,109 | (2,965,021 | ) | 13,829,523 | 2,170,154 | ||||||
| Non-GAAP diluted weighted-average number of ordinary shares outstanding (in thousands) | 4,854,597 | 5,747,784 | 5,747,784 | 4,768,343 | 5,784,465 | 5,784,465 | ||||||||
| Diluted (loss)/ earnings per ordinary share | (0.28 | ) | 1.16 | 0.18 | (1.51 | ) | 1.36 | 0.21 | ||||||
| Add: Non-GAAP adjustments to (loss)/ earnings per ordinary share | 0.24 | 0.31 | 0.05 | 0.89 | 1.03 | 0.17 | ||||||||
| Non-GAAP diluted (loss)/ earnings per ordinary share | (0.04 | ) | 1.47 | 0.23 | (0.62 | ) | 2.39 | 0.38 | ||||||
| Non-GAAP diluted (loss)/ earnings per ADS | (0.15 | ) | 5.88 | 0.92 | (2.49 | ) | 9.56 | 1.50 | ||||||
FAQ
What were Pinduoduo's total revenues for FY 2021?
How much did Pinduoduo earn in Q4 2021?
What was Pinduoduo's active buyer count as of December 31, 2021?
What was the operating profit for Pinduoduo in Q4 2021?
How did merchandise sales perform for Pinduoduo in Q4 2021?
