拼多多-2019年第三季度拼多多财务报告PPT版（英文）11页_3mb

Pinduoduo 3Q 2019 Results Summary

Core Content Overview

Pinduoduo Inc. released its third-quarter 2019 results, highlighting significant growth across multiple key metrics. The report provides financial and operational updates, emphasizing the company's performance in terms of GMV, revenues, user engagement, and cost structure. It also includes important disclosures regarding forward-looking statements and non-GAAP financial measures.

Key Financial Highlights

• LTM GMV (Last Twelve Months): RMB840.2 billion, representing a 144% YoY growth.
• Active Buyers (LTM): 536.3 million, showing a 39% YoY increase.
• Revenues (LTM): RMB7,513.9 million, with a 123% YoY growth.
• Average MAUs (Monthly Active Users): 429.6 million, up 85% YoY.

GMV Growth Drivers

• The GMV growth is attributed to the rapidly expanding user base and increased spending per active buyer.
• Annual spending per active buyer is calculated as total GMV divided by the number of active buyers.
• GMV includes all orders placed on the Pinduoduo mobile platform, regardless of whether the products are sold, delivered, or returned.
• Certain transactions are excluded to avoid distortions from irregular activities.

Revenue and Monetization

• Monetization Rate (LTM): Revenues expressed as a percentage of GMV, which was 23% for the quarter.
• Revenue Growth: Strong 123% YoY increase in revenues, indicating improved monetization of the platform.

Cost Structure

• Non-GAAP Cost of Revenues: RMB4,020.3 million, accounting for 44% of revenues.
• Non-GAAP Sales & Marketing Expenses: RMB5,447.2 million, representing 101% of revenues.
• Non-GAAP General & Administrative Expenses: RMB108.7 million, or 1% of revenues.
• Non-GAAP Research & Development Expenses: RMB1,088.1 million, or 4% of revenues.

Note: Non-GAAP measures exclude share-based compensation expenses and interest expenses related to convertible bonds.

Margin Improvement

• Non-GAAP Operating Loss: RMB1,432.5 million, which is -55% of revenues.
• The operating loss decreased sequentially, indicating improvement in margin despite continued investment in growth.
• Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB1,432.5 million.

Strong Cash Position

• Ending Cash, Cash Equivalents, and Restricted Cash: RMB15,868.9 million.
• The company adopted new accounting guidance after losing its EGC status, which requires a more detailed explanation of changes in cash and restricted cash balances.

Main Points and Key Information

• Growth Trends: Pinduoduo demonstrated robust growth in GMV, active buyers, and revenues, driven by a large and expanding user base.
• Monetization: The monetization rate improved, suggesting better efficiency in converting GMV into revenue.
• Cost Management: Despite growth, the company managed its costs effectively, with a focus on sales and marketing, while maintaining low general and administrative expenses.
• Financial Health: The company reported a strong cash position, which is crucial for sustaining operations and funding future growth.
• Non-GAAP Measures: These measures are used to provide a clearer view of the company's financial performance, excluding certain expenses and adjustments.

Important Disclosures

• The document contains forward-looking statements, which are subject to risks and uncertainties.
• Non-GAAP financial measures are not a substitute for GAAP financial information and may vary in calculation from other companies.
• The company does not assume any obligation to update forward-looking statements unless required by law.
• The data in the document is as of September 30, 2019, and no changes are implied after that date.