DiDi Global Announces Unaudited Quarterly Financial Results
BEIJING–(BUSINESS WIRE)–DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI), 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. (NYSE: DIDI) 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.
Contacts
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
