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April 16, 2022, 8:30 a.m. EDT

DiDi Global Announces Unaudited Quarterly Financial Results

BEIJING, (BUSINESS WIRE) -- DiDi Global Inc. (“DiDi” or the “Company”) , the world’s leading mobility technology platform, today announced its unaudited condensed financial results for the fourth quarter ended December 31, 2021.

DiDi Global Inc.
Unaudited condensed consolidated balance sheets
(Amounts in millions, except for per share data and otherwise noted)
As of
December 31,   December 31,
2020   2021   2021
RMB (1)   RMB   US$ (2)
 
ASSETS
Current assets:
Cash and cash equivalents 19,372   43,430   6,815  
Restricted cash 2,238   444   70  
Short-term investments 37,689   13,344   2,094  
Accounts and notes receivable, net of allowance for credit losses of RMB556 and RMB651, respectively 2,438   2,831   444  
Loan receivable, net of allowance for credit losses of RMB146 and RMB605, respectively 2,878   4,644   729  
Amounts due from related parties 103   115   18  
Prepayments, receivables and other current assets, net 3,913   3,958   621  
Total current assets 68,631   68,766   10,791  
Non-current assets:
Investment securities and other investments 4,261   18,634   2,924  
Long-term investments, net 7,105   4,615   724  
Operating lease right-of-use assets 1,931   1,288   202  
Property and equipment, net 9,759   8,000   1,255  
Intangible assets, net 5,357   3,286   516  
Goodwill 49,124   46,378   7,278  
Non-current restricted cash 21   107   17  
Deferred tax assets, net 191   224   35  
Other non-current assets, net 885   1,700   267  
Total non-current assets 78,634   84,232   13,218  
Total assets 147,265   152,998   24,009  
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Short-term borrowings 5,827   6,838   1,073  
Accounts and notes payable 7,353   4,625   726  
Deferred revenue and customer advances 915   546   86  
Operating lease liabilities, current portion 679   517   81  
Amounts due to related parties 282   249   39  
Accrued expenses and other current liabilities 11,304   11,648   1,828  
Total current liabilities 26,360   24,423   3,833  
Non-current liabilities:
Long-term borrowings 1,453   1,681   264  
Operating lease liabilities, non-current portion 1,172   655   103  
Deferred tax liabilities 844   486   76  
Other non-current liabilities 286   306   47  
Total non-current liabilities 3,755   3,128   490  
Total liabilities 30,115   27,551   4,323  
Commitments and contingencies
Mezzanine equity
Convertible preferred shares [(3)] 189,839   -   -  
Convertible redeemable non-controlling interests 3,345   12,258   1,924  
Convertible non-controlling interests 100   1,069   167  
Total Mezzanine Equity 193,284   13,327   2,091  
SHAREHOLDERS’ EQUITY (DEFICIT):
DiDi Global Inc. shareholders’ equity (deficit):
Ordinary shares (US$0.00002 par value; 1,617,583,821 shares and 5,000,000,000 shares authorized; 124,067,444 shares and 1,205,810,369 shares issued; 108,531,508 shares and 1,182,633,848 shares outstanding as of December 31, 2020 and 2021, respectively) -   -   -  
Treasury shares -   -   -  
Additional paid-in capital 12,178   251,385   39,448  
Statutory reserves 17   28   4  
Accumulated other comprehensive loss (2,002 ) (3,601 ) (565 )
Accumulated deficit (86,411 ) (135,765 ) (21,304 )
Total DiDi Global Inc. shareholders’ equity (deficit) (76,218 ) 112,047   17,583  
Non-controlling interests 84   73   12  
Total shareholders’ equity (deficit) (76,134 ) 112,120   17,595  
Total liabilities, mezzanine equity and shareholders’ equity (deficit) 147,265   152,998   24,009  
(1) Certain prior year amounts in the Company’s condensed consolidated balance sheets have been adjusted to conform with the current year presentation to facilitate comparison. These adjustments have not changed the results of operations, financial position or cash flows of prior periods.
(2) This results announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) for the convenience of the reader. Unless otherwise stated, all translations of RMB into US$ were made at RMB6.3726 to US$1.00, the exchange rate on December 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.
(3) The convertible preferred shares were converted to ordinary shares immediately prior to the closing of the Company’s initial public offering in early July, 2021.
DiDi Global Inc.
Unaudited condensed consolidated statements of comprehensive loss
(Amounts in millions, except for per share data and otherwise noted)
 
For the Three Months Ended December 31,   For the Year Ended December 31,
2020   2021   2021   2020   2021   2021
RMB   RMB   US$   RMB   RMB   US$
Revenues
China Mobility 44,156   37,473   5,880   133,645   160,521   25,189  
International 691   1,045   164   2,333   3,622   568  
Other Initiatives 1,852   2,259   355   5,758   9,684   1,520  
Total revenues 46,699   40,777   6,399   141,736   173,827   27,277  
Costs and expenses
Cost of revenues (44,520 ) (35,921 ) (5,637 ) (125,824 ) (156,863 ) (24,615 )
Operations and support (1,654 ) (1,708 ) (268 ) (4,696 ) (7,525 ) (1,181 )
Sales and marketing (5,215 ) (3,509 ) (551 ) (11,136 ) (16,961 ) (2,662 )
Research and development (1,836 ) (2,466 ) (387 ) (6,317 ) (9,415 ) (1,477 )
General and administrative (2,038 ) (2,514 ) (394 ) (7,551 ) (28,716 ) (4,506 )
Impairment of goodwill and intangible assets [(1)] -   (2,789 ) (438 ) -   (2,789 ) (438 )
Total costs and expenses (55,263 ) (48,907 ) (7,675 ) (155,524 ) (222,269 ) (34,879 )
Loss from operations (2) (8,564 ) (8,130 ) (1,276 ) (13,788 ) (48,442 ) (7,602 )
Interest income 285   240   38   1,229   819   129  
Interest expenses (51 ) (66 ) (10 ) (136 ) (278 ) (44 )
Investment income (loss), net [(3)] 1,904   8,344   1,309   2,833   (167 ) (26 )
Impairment loss for equity investments accounted for using Measurement Alternative (1,022 ) -   -   (1,022 ) -   -  
Loss from equity method investments, net (550 ) (416 ) (65 ) (1,058 ) (476 ) (75 )
Other income (loss), net 730   (83 ) (13 ) 1,031   (624 ) (98 )
Loss before income taxes (7,268 ) (111 ) (17 ) (10,911 ) (49,168 ) (7,716 )
Income tax benefits (expenses) 37   (60 ) (10 ) 303   (166 ) (26 )
Net loss (7,231 ) (171 ) (27 ) (10,608 ) (49,334 ) (7,742 )
Less: Net income (loss) attributable to non-controlling interest shareholders (70 ) 5   1   (94 ) 9   1  
Net loss attributable to DiDi Global Inc. (7,161 ) (176 ) (28 ) (10,514 ) (49,343 ) (7,743 )
Accretion of convertible redeemable non-controlling interests to redemption value (60 ) (207 ) (32 ) (165 ) (688 ) (108 )
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares -   -   -   (1 ) -   -  
Net loss attributable to ordinary shareholders of DiDi Global Inc. (7,221 ) (383 ) (60 ) (10,680 ) (50,031 ) (7,851 )
Net loss (7,231 ) (171 ) (27 ) (10,608 ) (49,334 ) (7,742 )
Other comprehensive loss:
Foreign currency translation adjustments, net of tax of nil (2,797 ) (1,153 ) (181 ) (5,927 ) (1,594 ) (250 )
Share of other comprehensive loss of equity method investees 1   -   -   -   (5 ) (1 )
Total other comprehensive loss (2,796 ) (1,153 ) (181 ) (5,927 ) (1,599 ) (251 )
Total comprehensive loss (10,027 ) (1,324 ) (208 ) (16,535 ) (50,933 ) (7,993 )
Less: comprehensive income (loss) attributable to non-controlling interest shareholders (70 ) 5   1   (94 ) 9   1  
Comprehensive loss attributable to DiDi Global Inc. (9,957 ) (1,329 ) (209 ) (16,441 ) (50,942 ) (7,994 )
Accretion of convertible redeemable non-controlling interests to redemption value (60 ) (207 ) (32 ) (165 ) (688 ) (108 )
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares -   -   -   (1 ) -   -  
Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc. (10,017 ) (1,536 ) (241 ) (16,607 ) (51,630 ) (8,102 )
Weighted average number of ordinary shares used in computing net loss per share
—Basic 108,328,905   1,204,089,980   1,204,089,980   106,694,420   657,996,437   657,996,437  
—Diluted 108,328,905   1,204,089,980   1,204,089,980   106,694,420   657,996,437   657,996,437  
Net loss per share attributable to ordinary shareholders
—Basic (66.66 ) (0.32 ) (0.05 ) (100.10 ) (76.04 ) (11.93 )
—Diluted (66.66 ) (0.32 ) (0.05 ) (100.10 ) (76.04 ) (11.93 )
Weighted average number of ADSs used in computing net loss per ADS
—Basic 433,315,620   4,816,359,920   4,816,359,920   426,777,680   2,631,985,748   2,631,985,748  
—Diluted 433,315,620   4,816,359,920   4,816,359,920   426,777,680   2,631,985,748   2,631,985,748  
Net loss per ADS attributable to ordinary shareholders
—Basic (16.66 ) (0.08 ) (0.01 ) (25.03 ) (19.01 ) (2.98 )
—Diluted (16.66 ) (0.08 ) (0.01 ) (25.03 ) (19.01 ) (2.98 )
(1) Impairment of goodwill and intangible assets of RMB2.8 billion (US$0.4 billion) related to 99 Taxis within the International segment was recorded for the three months ended December 31, 2021.
(2) Includes share-based compensation expenses as follows:
For the Three Months Ended December 31,   For the Year Ended December 31,
2020   2021   2021   2020   2021   2021
RMB   RMB   US$   RMB   RMB   US$
 
Operations and support 21   37   6   80   194   30  
Sales and marketing 55   86   13   210   326   51  
Research and development 166   381   60   778   2,259   355  
General and administrative 387   509   80   2,345   21,876   3,433  
(3) Investment income, net for the three months ended December 31, 2021 was RMB8.3 billion (US$1.3 billion), primarily attributable to fair value gain from the Company’s investments in a company engaged in the deliveries, mobility and digital financial services sectors in the Southeast Asia region. The investee listed in the United States in the fourth quarter of 2021.
DiDi Global Inc.
Unaudited condensed consolidated statements of cash flows
(Amounts in millions)
 
For the Three Months Ended December 31,   For the Year Ended December 31,
2020   2021   2021   2020   2021   2021
RMB   RMB   US$   RMB   RMB   US$
Net cash provided by (used in) operating activities (558 ) (1,032 ) (162 ) 1,138   (13,414 ) (2,105 )
Net cash provided by (used in) investing activities 3,321   (2,511 ) (394 ) (1,946 ) 1,145   180  
Net cash provided by (used in) financing activities 2,621   (1,079 ) (169 ) 9,274   35,191   5,522  
Effect of exchange rate changes on cash, cash equivalents and restricted cash (256 ) (717 ) (113 ) (515 ) (572 ) (90 )
Net increase (decrease) in cash, cash equivalents and restricted cash 5,128   (5,339 ) (838 ) 7,951   22,350   3,507  
Cash, cash equivalents and restricted cash at the beginning of the period 16,503   49,320   7,740   13,680   21,631   3,395  
Cash, cash equivalents and restricted cash at the end of the period 21,631   43,981   6,902   21,631   43,981   6,902  
Selected financial information of segments
 
The following table presents the total revenue and adjusted EBITA (non-GAAP) and total consolidated loss from operations by segment for the periods presented:
 
For the Three Months Ended December 31,   For the Year Ended December 31,
2020   2021   2021   2020   2021   2021
RMB   RMB   US$   RMB   RMB   US$
Revenues:
China Mobility 44,156   37,473   5,880   133,645   160,521   25,189  
International 691   1,045   164   2,333   3,622   568  
Other Initiatives 1,852   2,259   355   5,758   9,684   1,520  
Total segment revenues 46,699   40,777   6,399   141,736   173,827   27,277  
 
Adjusted EBITA:
China Mobility (509 ) 854   134   3,960   6,129   962  
International (1,510 ) (1,803 ) (283 ) (3,534 ) (5,788 ) (908 )
Other Initiatives (5,421 ) (2,957 ) (464 ) (8,807 ) (19,514 ) (3,063 )
Total Adjusted EBITA (non-GAAP) (7,440 ) (3,906 ) (613 ) (8,381 ) (19,173 ) (3,009 )
Share-based compensation (629 ) (1,013 ) (159 ) (3,413 ) (24,655 ) (3,869 )
Amortization of intangible assets (495 ) (422 ) (66 ) (1,994 ) (1,825 ) (286 )
Impairment of goodwill and intangible assets -   (2,789 ) (438 ) -   (2,789 ) (438 )
Total consolidated loss from operations (8,564 ) (8,130 ) (1,276 ) (13,788 ) (48,442 ) (7,602 )
 
The following table presents the total depreciation expenses of property and equipment by segment for the periods presented:
 
For the Three Months Ended December 31,   For the Year Ended December 31,
2020   2021   2021   2020   2021   2021
RMB   RMB   US$   RMB   RMB   US$
 
China Mobility 65   84   13   260   306   48  
International 20   43   7   63   125   20  
Other Initiatives 982   750   118   2,952   3,790   594  
Total depreciation expenses of property and equipment 1,067   877   138   3,275   4,221   662  
DiDi Global Inc.
Unaudited reconciliation of GAAP and Non-GAAP results
(Amounts in millions)
 
For the Three Months Ended December 31,   For the Year Ended December 31,
2020   2021   2021   2020   2021   2021
RMB   RMB   US$   RMB   RMB   US$
Net loss (7,231 ) (171 ) (27 ) (10,608 ) (49,334 ) (7,742 )
Less: Interest income (285 ) (240 ) (38 ) (1,229 ) (819 ) (129 )
Add: Interest expenses 51   66   10   136   278   44  
Less: investment income (loss), net (1,904 ) (8,344 ) (1,309 ) (2,833 ) 167   26  
Add: Impairment loss for equity investments accounted for using Measurement Alternative 1,022   -   -   1,022   -   -  
Add: Loss from equity method investments, net 550   416   65   1,058   476   75  
Less: Other income (loss), net (730 ) 83   13   (1,031 ) 624   98  
Less: Income tax benefits (expenses) (37 ) 60   10   (303 ) 166   26  
Loss from operations (8,564 ) (8,130 ) (1,276 ) (13,788 ) (48,442 ) (7,602 )
Add: Share-based compensation expenses 629   1,013   159   3,413   24,655   3,869  
Add: Amortization of intangible assets 495   422   66   1,994   1,825   286  
Add: Impairment of goodwill and intangible assets -   2,789   438   -   2,789   438  
Adjusted EBITA (non-GAAP) (7,440 ) (3,906 ) (613 ) (8,381 ) (19,173 ) (3,009 )

Fourth Quarter 2021 Financial and Operational Metrics

  • Total revenues for the fourth quarter of 2021 were RMB40.8 billion (US$6.4 billion). Total revenues from the China Mobility segment for the fourth quarter of 2021 were RMB37.5 billion (US$5.9 billion). Total revenues from the International segment for the fourth quarter of 2021 were RMB1.0 billion (US$0.2 billion). Total revenues from the Other Initiatives segment for the fourth quarter of 2021 were RMB2.3 billion (US$0.3 billion).

  • Net loss attributable to ordinary shareholders for the fourth quarter of 2021 was RMB383 million (US$60 million).

  • Adjusted EBITA (Non-GAAP)1 for the fourth quarter of 2021 was a loss of RMB3.9 billion (US$0.6 billion).

  • Core Platform Transactions for the fourth quarter of 2021 were 2,791 million. Transactions of China Mobility segment for the fourth quarter of 2021 were 2,307 million. Transactions from the International segment for the fourth quarter of 2021 were 484 million.

  • Core Platform Gross Transaction Value (“GTV”)2 for the fourth quarter of 2021 reached RMB67.2 billion (US$10.5 billion). GTV from the China Mobility segment for the fourth quarter of 2021 reached RMB56.2 billion (US$8.8 billion). GTV from the International segment for the fourth quarter of 2021 reached RMB11.0 billion (US$1.7 billion).

  • Platform Sales3 from China Mobility and International segments for the fourth quarter of 2021 were RMB9.9 billion (US$1.6 billion). Platform Sales from the China Mobility segment for the fourth quarter of 2021 reached RMB8.9 billion (US$1.4 billion). Platform Sales from the International segment for the fourth quarter of 2021 reached RMB1.0 billion (US$0.2 billion).

About DiDi Global Inc.

DiDi Global Inc. is the world’s leading mobility technology platform. It offers a wide range of app-based services across Asia Pacific, Latin America and other global markets, including ride hailing, taxi hailing, chauffeur, hitch and other forms of shared mobility as well as auto solutions, food delivery, intra-city freight and financial services.

Use of Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses Adjusted EBITA, a non-GAAP financial measure, to supplement the review and assessment of its operating performance. The Company defines Adjusted EBITA as net income or loss before (i) interest income, (ii) interest expenses, (iii) investment income (loss), net, (iv) impairment loss for equity investments accounted for using Measurement Alternative, (v) loss from equity method investments, net, (vi) other income (loss), net, (vii) income tax benefits (expenses), (viii) share-based compensation expense, (ix) amortization of intangible assets and (x) impairment of goodwill and intangible assets.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. It should not be considered in isolation or construed as an alternative to net income (loss) or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review this historical non-GAAP financial measure in light of the most directly comparable GAAP measure. The non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on the non-GAAP financial measure, please see the tables captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth in this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars were made at a rate of RMB6.3726 to US$1.00, the exchange rate in effect as of December 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

____________________________
[1] Adjusted EBITA (non-GAAP) is defined as net income or loss before (i) interest income, (ii) interest expenses, (iii) investment income (loss), net, (iv) impairment loss for equity investments accounted for using Measurement Alternative, (v) loss (income) from equity method investments, net, (vi) other income (loss), net, (vii) income tax benefits (expenses), (viii) share-based compensation expense, (ix) amortization of intangible assets and (x) impairment of goodwill and intangible assets.
[2] GTV, which stands for gross transaction value, refers to the total dollar value, including any applicable taxes, tolls and fees, of completed transactions on the Company’s platform without any adjustment for consumer incentives or for earnings and incentives paid to drivers for mobility services, merchant or delivery partners for food delivery services, or service partners for other initiatives.
[3] Platform Sales refers to GTV less all of the earnings and incentives paid to drivers and partners, tolls, fees, taxes and others.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220413005562/en/

SOURCE: DiDi Global Inc.

For investor inquiries: DiDi Global Inc. Tianyi Wang
Email: ir@didiglobal.com For media inquiries: DiDi Global Inc. Global Communications Team
Email: globalpr@didiglobal.com

COMTEX_405788260/2456/2022-04-16T08:30:26

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