拼多多-2019年第三季度拼多多财务报告（英文）14页_373kb

报告摘要

Pinduoduo Third Quarter 2019 Unaudited Financial Summary

Core Content

Pinduoduo Inc. ("Pinduoduo") announced its unaudited financial results for the third quarter ended September 30, 2019, highlighting significant growth in GMV, revenues, and user base, despite reporting an operating loss.

Key Financial Highlights

GMV (Gross Merchandise Volume):
For the twelve-month period ended September 30, 2019, GMV reached RMB840.2 billion (US$117.5 billion), up 144% from RMB344.8 billion in the same period in 2018.
Total Revenues:
The company reported RMB7,513.9 million (US$1,051.2 million) in the quarter, a 123% increase from RMB3,372.4 million in the same quarter of 2018. The growth was primarily driven by increased revenues from online marketing services.
User Growth:
- Average Monthly Active Users (MAMU): 429.6 million, up 85% from 231.7 million in the same quarter of 2018.
- Active Buyers (12-month period): 536.3 million, an increase of 39% from 385.5 million in the same period in 2018.
- Annual Spending per Active Buyer: RMB1,566.7 (US$219.2), up 75% year-over-year from RMB894.4 in the same period in 2018.
Operating Loss:
The operating loss for the quarter was RMB2,792.0 million (US$390.6 million), compared with RMB1,269.5 million in the same quarter of 2018.
Net Loss:
The net loss attributable to ordinary shareholders was RMB2,335.0 million (US$326.7 million), compared with RMB1,098.3 million in the same quarter of 2018.
Cash Position:
- Cash, cash equivalents, and restricted cash: RMB34.4 billion (US$4.8 billion) as of September 30, 2019, up from RMB30.5 billion as of December 31, 2018.
- Operating Cash Flow: RMB2,618.2 million (US$366.3 million), up from RMB1,631.4 million in the same quarter of 2018.
Revenues by Category:
- Online Marketing Services: RMB6,711.4 million (US$938.9 million), up 126% from RMB2,974.1 million in the same quarter of 2018.
- Transaction Services: RMB802.5 million (US$112.3 million), up 101% from RMB398.3 million in the same quarter of 2018.

Operating Expenses

Total Operating Expenses: RMB8,472.6 million (US$1,185.4 million), compared with RMB3,867.2 million in the same quarter of 2018.
Sales and Marketing Expenses: RMB6,908.8 million (US$966.6 million), up 114% from RMB3,229.6 million in the same quarter of 2018, driven by increased advertising and promotions.
General and Administrative Expenses: RMB436.6 million (US$61.1 million), up 43% from RMB305.6 million in the same quarter of 2018, due to expenses related to poverty alleviation initiatives.
Research and Development Expenses: RMB1,127.2 million (US$157.7 million), up 240% from RMB332.0 million in the same quarter of 2018, mainly due to increased headcount and R&D-related cloud services expenses.

Non-GAAP Financial Measures

Non-GAAP Operating Loss: RMB2,123.5 million (US$297.1 million), compared with RMB790.0 million in the same quarter of 2018.
Non-GAAP Net Loss: RMB1,660.4 million (US$232.3 million), compared with RMB618.9 million in the same quarter of 2018.
Non-GAAP Loss per ADS:
- Basic: RMB1.44 (US$0.20)
- Diluted: RMB1.44 (US$0.20)
  These figures reflect the exclusion of share-based compensation and interest expenses related to the convertible bonds' amortization to face value.

Conference Call

Pinduoduo will host a conference call to discuss its financial results on November 20, 2019, at 7:30 AM U.S. Eastern Time (8:30 PM Beijing/Hong Kong Time).

Live Call Dial-in Numbers:
- International: +65-6713-5090
- Mainland China: 4006-208-038
- U.S.: +1-845-675-0437
- U.K.: +44-203-621-4779
- Hong Kong: +852-3018-6771
  Passcode: Pinduoduo
Replay Access:
A telephone replay will be available until November 28, 2019 at 7:59 AM ET.
- International: +61-2-8199-0299
- U.S.: +1-646-254-3697
  Passcode: 6476266
Webcast:
A live and archived webcast will be available on Pinduoduo's Investor Relations website: http://investor.pinduoduo.com/

Balance Sheet Highlights

Total Assets: RMB64.576 billion (US$9.034 billion) as of September 30, 2019, up from RMB43.182 billion as of December 31, 2018.
Total Liabilities: RMB38.619 billion (US$5.403 billion) as of September 30, 2019.
Total Shareholders' Equity: RMB25.956 billion (US$3.631 billion) as of September 30, 2019.

Cash Flow Highlights

Net Cash Provided by Operating Activities: RMB2,618.2 million (US$366.3 million) for the quarter, up from RMB1,631.4 million in the same quarter of 2018.
Net Cash Used in Investing Activities: RMB16.176 billion (US$2.358 billion).
Net Cash Provided by Financing Activities: RMB6,967.0 million (US$974.7 million).
Cash, Cash Equivalents, and Restricted Cash at End of Period: RMB34.366 billion (US$4.808 billion).

Non-GAAP Reconciliation

Non-GAAP Operating Loss:
- Q3 2019: RMB2,123.5 million (US$297.1 million)
- Q3 2018: RMB790.0 million
  This includes adjustments for share-based compensation and interest expenses related to convertible bonds.
Non-GAAP Net Loss:
- Q3 2019: RMB1,660.4 million (US$232.3 million)
- Q3 2018: RMB618.9 million
  Adjusted for the same items as the operating loss.
Non-GAAP Loss per Share:
- Basic: RMB0.36 (US$0.05)
- Diluted: RMB0.36 (US$0.05)
- Basic per ADS: RMB1.44 (US$0.20)
- Diluted per ADS: RMB1.44 (US$0.20)

Disclaimer

This announcement contains forward-looking statements that are subject to risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The company encourages investors to review the full reconciliation of non-GAAP measures to the nearest GAAP performance measure and to not rely on a single financial measure when evaluating performance.

About Pinduoduo Inc.

Pinduoduo is an innovative and fast-growing technology platform that offers buyers value-for-money merchandise and an engaging shopping experience. It leverages social networks to provide a dynamic and interactive shopping environment. For more information, visit http://investor.pinduoduo.com/ or contact: