拼多多-2019年第三季度拼多多财务报告PPT版（英文）-2019.11-11页_3mb

Pinduoduo 3Q 2019 Results Summary

Core Content

Pinduoduo Inc. released its third-quarter 2019 results, highlighting strong financial performance and growth across multiple metrics. The report includes key financial figures, growth rates, and non-GAAP measures, while also providing important disclosures regarding forward-looking statements and the nature of its financial reporting.

Main Highlights

• LTM GMV (Gross Merchandise Volume):
  RMB840.2 billion, representing a 144% YoY growth.

  • GMV is defined as the total value of all orders placed on the Pinduoduo mobile platform, regardless of whether the products are sold, delivered, or returned.
  • Shipping fees are included in GMV if embedded in the listed price.
  • Irregular transactions over certain thresholds are excluded to ensure prudence.

• Active Buyers:
  536.3 million, up by 39% YoY.

  • Active buyers are users who placed one or more orders through the mobile app or social networks/access points.

• Revenues:
  RMB7,513.9 million, showing a 123% YoY growth.

  • Revenue growth is attributed to the expanding user base and increased spending per active buyer.

• Average MAUs (Monthly Active Users):
  429.6 million, up by 85% YoY.

  • MAUs refer to users who visited the mobile app during the month, excluding those who accessed via social networks or access points.

Financial Metrics

Non-GAAP Cost of Revenues

• % of Revenues: 44%, 32%, 23%, 14%, 23%, 25%, 19%, 22%, 24%
• Notes: Adjustments include excluding share-based compensation and interest expenses related to convertible bonds.

Non-GAAP Sales & Marketing Expenses

• % of Revenues: 101%, 64%, 88%, 108%, 90%, 103%, 89%
• Notes: Non-GAAP measures exclude share-based compensation and interest expenses related to convertible bonds.

Non-GAAP General & Administrative Expenses

• % of Revenues: 1%, 1%, 2%, 1%, 1%, 1%, 1%, 3%
• Notes: Same exclusions as above.

Non-GAAP Research & Development Expenses

• % of Revenues: 8%, 4%, 5%, 6%, 9%, 8%, 12%, 8%, 12%
• Notes: Same exclusions as above.

Margin Improvement

• Non-GAAP Operating Loss (% of Revenues): -55%, -1%, -17%, -30%, -23%, -37%, -36%, -12%
• Non-GAAP Net Loss Attributable to Ordinary Shareholders (% of Revenues): -52%, 2%, -19%, -25%, -18%, -34%, -30%, -6%
• Notes: The report indicates an improvement in margins as the company scales, with the operating loss decreasing significantly in recent quarters.

Cash Position

• Ending Cash, Cash Equivalents, and Restricted Cash:
  RMB79.6 billion (as of the end of the period).
  • Notes: The company lost its EGC (Emerging Growth Company) status on December 31, 2018, and adopted new accounting standards, which required restating previous cash flow statements to include restricted cash.

Key Information

• Forward-Looking Statements:
  The document contains forward-looking statements, which are subject to risks and uncertainties. These include factors such as growth strategies, market competition, regulatory changes, and economic conditions.

• Non-GAAP Measures:
  Non-GAAP financial measures are used for reporting and are not a substitute for GAAP (Generally Accepted Accounting Principles) financial information. Reconciliation to GAAP measures is provided in the document or earnings press release.

• Disclaimer:
  The document is for informational purposes only and should not be used as a basis for investment decisions. The company does not undertake any obligation to update forward-looking statements unless required by law.

Conclusion

Pinduoduo demonstrated robust growth in the third quarter of 2019, with significant increases in GMV, active buyers, and revenues. The company's financial structure and cost management show signs of improvement, with decreasing operating and net losses as a percentage of revenues. Its strong cash position and ongoing focus on user growth and monetization indicate a solid financial foundation and strategic direction.