拼多多-2020年第四季度拼多多业绩财报（PPT版）（英文）-2021.3-12页_640kb

Pinduoduo 4Q 2020 Results Summary

Core Content

Pinduoduo Inc. released its 4Q 2020 financial results, highlighting strong growth across key metrics such as GMV, revenues, and user engagement. The report also includes notes on financial definitions, forward-looking statements, and non-GAAP measures, which are important for understanding the context and limitations of the data.

Main Highlights

GMV Growth

• LTM GMV: RMB1,667.6 billion
• YoY Growth: 66%
• Driver: Rapidly expanding user base and increased spending per active buyer

Revenues

• LTM Revenues: RMB26,547.7 million
• YoY Growth: 146%

Active Buyers

• LTM Active Buyers: 788.4 million
• YoY Growth: 35%

Monthly Active Users (MAUs)

• MAUs: 719.9 million
• YoY Growth: 50%

Total Orders

• Total Orders: 38.3 billion
• YoY Growth: 94%

Key Financial Metrics

Non-GAAP Cost of Revenues

• Percentage of Total Revenues: 25% (4Q 2020), 19% (Fiscal Year 2020)

Non-GAAP Sales & Marketing Expenses

• Percentage of Total Revenues: 103% (4Q 2020), 103% (Fiscal Year 2020)
• Percentage of Revenues Excluding Merchandise Sales: 81% (4Q 2020), 89% (Fiscal Year 2020)

Non-GAAP General & Administrative Expenses

• Percentage of Total Revenues: 1% (4Q 2020), 3% (Fiscal Year 2020)
• Percentage of Revenues Excluding Merchandise Sales: 1% (4Q 2020), 1% (Fiscal Year 2020)

Non-GAAP Research & Development Expenses

• Percentage of Total Revenues: 8% (4Q 2020), 12% (Fiscal Year 2020)
• Percentage of Revenues Excluding Merchandise Sales: 9% (4Q 2020), 17% (Fiscal Year 2020)

Profitability

Non-GAAP Operating Loss

• Percentage of Total Revenues: -37% (4Q 2020), -36% (Fiscal Year 2020), -12% (previous period), -28% (another period), -12% (yet another period), -55% (another period), -6% (yet another period), -2% (final period)

Non-GAAP Net (Loss)/Gain Attributable to Ordinary Shareholders

• Percentage of Total Revenues: -34% (4Q 2020), -30% (Fiscal Year 2020), -6% (previous period), -22% (another period), -8% (yet another period), -48% (another period), -1% (yet another period), 3% (final period)

Notes and Definitions

• LTM (Last Twelve Months): Refers to the twelve-month period ending on the last day of the month or quarter indicated.
• GMV (Gross Merchandise Volume): Total value of all orders on the Pinduoduo mobile platform, including embedded shipping fees, but excluding irregular transactions.
• Active Buyers: Number of user accounts that placed one or more orders on the Pinduoduo mobile app or through social networks and access points.
• MAUs (Monthly Active Users): Number of user accounts that visited the Pinduoduo mobile app during a given month.
• Total Orders: Total number of orders for products and services on the Pinduoduo mobile platform, regardless of whether they were sold, delivered, or returned.

Non-GAAP Financial Measures

• Non-GAAP financial measures exclude:
  • Share-based compensation expenses
  • Fair value change of long-term investments
  • Interest expenses related to convertible bonds' amortization to face value and gain on extinguishment

Balance Sheet

• Ending Cash, Cash Equivalents, and Short-term Investments: RMB82,002.026 million
• Definition: Includes highly liquid investments with original maturities between 3 and 12 months, and investments expected to be realized in cash within the next 12 months.

Strategic and Operational Context

• Pinduoduo continues to focus on expanding its user base and increasing user spending.
• The company emphasizes its growth strategies, operational plans, and the importance of maintaining quality control and brand reputation.
• The report acknowledges the risks and uncertainties associated with forward-looking statements, including market trends, competition, and regulatory changes in China.

Forward-Looking Statements

• The document includes forward-looking statements regarding future performance, growth strategies, and market developments.
• These statements are subject to risks and uncertainties, and the company does not undertake any obligation to update them unless required by law.

Disclaimer

• The document is for informational purposes only and does not constitute an offer to buy or sell securities.
• Investors are advised to conduct their own analysis and not rely solely on the information provided.