拼多多-2019年第四季度及全年拼多多财报PPT（英文）-2020.3-12页_828kb

报告摘要

Pinduoduo 4Q 2019 Results Summary

Core Content

Pinduoduo Inc. released its 4Q 2019 financial results, highlighting strong growth in key metrics such as GMV (Gross Merchandise Volume), revenues, active buyers, and monthly active users (MAUs). The report also outlines the company's cost structure, margin improvements, and balance sheet status. The document includes disclaimers and notes regarding the nature of the financial figures and the use of non-GAAP measures.

Key Financial Highlights

LTM GMV (Last Twelve Months): RMB1,006.6 billion, representing a 113% YoY growth.
Revenues: RMB10,792.7 million, a 91% YoY growth.
LTM Active Buyers: 585.2 million, a 40% YoY growth.
MAUs (Monthly Active Users): 481.5 million, a 77% YoY growth.
Total Orders: 19.7 billion, a 77% YoY growth.

Notes on Metrics

GMV is defined as the total value of all orders on the Pinduoduo mobile platform, regardless of whether the products are sold, delivered, or returned. Shipping fees are embedded in the listed price and included in GMV.
Active Buyers refer to the number of user accounts that placed orders on the Pinduoduo mobile app or through social networks and access points.
MAUs are the number of user accounts that visited the Pinduoduo mobile app during a given month.
Total Orders represent the total number of orders for products and services on the platform.

Cost Structure and Margin Analysis

Non-GAAP Cost of Revenues:
- 32% of revenues in 4Q 2019.
- Adjusting for a payment rebate from Tencent, the gross profit margin in 1Q19 would have been 73%.
Non-GAAP Sales & Marketing Expenses:
- 64% of revenues in 4Q 2019.
- These expenses exclude share-based compensation and interest expenses related to convertible bonds.
Non-GAAP General & Administrative Expenses:
- Ranged from 1% to 3% of revenues across the periods.
Non-GAAP Research & Development Expenses:
- Ranged from 4% to 12% of revenues across the periods.
Non-GAAP Operating Loss:
- Ranged from -1% to -37% of revenues across the periods.
Non-GAAP Net Loss Attributable to Ordinary Shareholders:
- Ranged from -2% to -34% of revenues across the periods.

Balance Sheet

Ending Cash, Cash Equivalents, and Restricted Cash: RMB20,000 million (as of the last image).

Notes on Non-GAAP Measures

Non-GAAP measures exclude share-based compensation expenses and interest expenses related to the convertible bonds' amortization to face value.
The reconciliation of non-GAAP measures to GAAP is provided in the document or the earnings press release.

Disclaimer

The document is for informational purposes only and does not constitute an offer to buy or sell securities.
It contains forward-looking statements that are subject to risks and uncertainties.
The company does not undertake any obligation to update forward-looking statements unless required by law.
The financial data speaks as of Dec 31, 2019.

Main Viewpoints

Pinduoduo experienced significant growth in GMV, revenues, active buyers, and MAUs in 4Q 2019.
The company's cost structure and margin improvements are closely tied to its rapid expansion and user base growth.
The use of non-GAAP financial measures allows for a clearer view of the company's operational performance.
The disclaimers emphasize the importance of independent analysis and the inherent risks in forward-looking statements.

Key Information

GMV Growth: 113% YoY, driven by expanding user base and increased spending per active buyer.
Revenues Growth: 91% YoY, indicating strong monetization of the platform.
Active Buyers Growth: 40% YoY, reflecting the company's ability to attract and retain users.
MAUs Growth: 77% YoY, highlighting the platform's increasing user engagement.
Total Orders Growth: 77% YoY, showing a surge in transaction volume.
Cash Position: Ending cash, cash equivalents, and restricted cash stood at RMB20,000 million.
Non-GAAP Measures: Used to provide a more accurate view of the company's financial health, excluding certain expenses.