拼多多2018年第三季度收益表（英文）-2019.2-11页_685kb

Pinduoduo 3Q 2018 Summary

Core Content

Pinduoduo Inc. released its third-quarter 2018 financial results, highlighting significant growth in key metrics such as GMV, revenue, and user base. The report includes important financial disclosures and forward-looking statements, as well as details on the company's cost structure and profitability improvements.

Key Financial Highlights

• LTM GMV (Gross Merchandise Volume): RMB344.8 billion, representing a 386% YoY growth.
• Revenues: RMB3,372.4 million, with a 697% YoY growth.
• LTM Active Buyers: 385.5 million, showing a 144% YoY growth.
• Average MAUs (Monthly Active Users): 231.7 million, a 226% YoY growth.

Notes on Metrics

• GMV Definition: Refers to the total value of all orders on the Pinduoduo mobile platform, regardless of whether the products are sold, delivered, or returned. Shipping fees are included if embedded in the product price. Irregular transactions are excluded.
• Active Buyers: Defined as users who placed one or more orders on the mobile app or through social networks and access points.
• MAUs: Defined as users who visited the Pinduoduo mobile app during a given month, excluding those accessing through social networks and access points.

Cost Structure

• Non-GAAP Cost of Revenues:
  • 147% of revenues in 3Q18, down from 199% in 1Q18.
• Non-GAAP Sales & Marketing Expenses:
  • 199% of revenues in 1Q18, decreasing to 85% in 3Q18.
• Non-GAAP General & Administrative Expenses:
  • 7% of revenues in 3Q18, down from 101% in 1Q18.
• Non-GAAP Research & Development Expenses:
  • 41% of revenues in 1Q18, decreasing to 9% in 3Q18.

Profitability

• Non-GAAP Operating Loss:
  • Showed a 23% decrease in 3Q18 compared to 2Q18.
• Non-GAAP Net Loss Attributable to Ordinary Shareholders:
  • RMB618.9 million in 3Q18, with a 25% decrease from 2Q18.

Cash Position

• Ending Cash and Cash Equivalents:
  • RMB4,657.13 million, indicating a strong liquidity position.

Forward-Looking Statements and Risks

• The document contains forward-looking statements and is subject to risks and uncertainties, including:
  • Growth strategies and future business development
  • Competition in the e-commerce market
  • Regulatory changes in China
  • General economic conditions
• These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Additional Notes

• The report does not include all relevant information and is not intended as a substitute for financial information prepared under GAAP.
• Non-GAAP financial measures may vary from company to company, and the reconciliation to GAAP measures is provided in the document or earnings press release.
• The document speaks as of September 30, 2018, and no updates are provided beyond that date.

Strategic and Operational Focus

• Pinduoduo emphasizes its user growth and spending per active buyer as drivers of GMV growth.
• The company is focused on monetization, with an increasing monetization rate.
• Continued investment in R&D, sales and marketing, and general and administrative expenses is evident, though the proportion of these costs relative to revenue has decreased in recent quarters.

Conclusion

Pinduoduo's 3Q 2018 results reflect substantial growth in GMV and revenue, driven by an expanding user base and increased spending per active buyer. The company is improving its profitability and maintaining a strong cash position, despite ongoing operational and strategic investments. The report includes important disclosures regarding financial measures, risks, and forward-looking statements, as well as the company's commitment to transparency and compliance.