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DiDi Global (DIDI) Reports Q2 Results

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December 29, 2021 4:31 PM EST
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Price: $2.29 --0%

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DiDi Global Inc. (NYSE: DIDI), the world’s leading mobility technology platform, today announced its unaudited interim condensed financial results for the second quarter ended June 30, 2021 and the third quarter ended September 30, 2021.

DiDi Global Inc

Unaudited interim condensed consolidated balance sheets

(Amounts in millions, except for per share data and otherwise noted, unaudited)

As of

December 31,

June 30,

September 30,

2020

2021

2021

2021

RMB

RMB

RMB

US$ (1)

ASSETS
Current assets:
Cash and cash equivalents

19,372

26,096

48,649

7,550

Restricted cash

2,238

169

671

104

Short-term investments

37,398

15,169

12,554

1,948

Accounts and notes receivable, net of allowance for credit losses of RMB556, RMB645 and RMB722, respectively

2,438

3,376

3,008

467

Loan receivable, net of allowance for credit losses of RMB146, RMB230 and RMB296, respectively

2,878

4,609

4,697

729

Amounts due from related parties

103

2,368

2,449

380

Prepayments, receivables and other current assets, net

4,255

4,267

5,007

778

Total current assets

68,682

56,054

77,035

11,956

Non-current assets:
Investment securities

573

17,184

2,251

349

Long-term investments, net

7,105

11,238

9,020

1,400

Operating lease right-of-use assets

1,931

1,260

1,301

202

Property and equipment, net

9,819

10,803

8,461

1,313

Intangible assets, net

5,297

4,334

3,860

599

Goodwill

49,124

49,199

48,962

7,599

Non-current restricted cash

21

15

-

-

Deferred tax assets, net

191

163

195

30

Other non-current assets, net

4,522

5,022

4,746

737

Total non-current assets

78,583

99,218

78,796

12,229

Total assets

147,265

155,272

155,831

24,185

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Short-term borrowings

5,827

7,259

7,422

1,152

Accounts and notes payable

7,353

4,589

4,819

748

Deferred revenue and customer advances

915

780

711

110

Operating lease liabilities, current portion

679

453

471

73

Amounts due to related parties

282

242

356

55

Accrued expenses and other current liabilities

11,304

11,241

12,774

1,983

Total current liabilities

26,360

24,564

26,553

4,121

Non-current liabilities:
Long-term borrowings

1,453

2,383

1,967

305

Operating lease liabilities, non-current portion

1,172

741

734

114

Deferred tax liabilities

844

627

581

90

Other non-current liabilities

286

304

281

44

Total non-current liabilities

3,755

4,055

3,563

553

Total liabilities

30,115

28,619

30,116

4,674

Commitments and contingencies
Mezzanine equity
Convertible preferred shares (2)

189,839

189,839

-

-

Convertible redeemable non-controlling interests

3,345

11,836

12,052

1,870

Convertible non-controlling interests

100

1,069

1,069

166

Total Mezzanine Equity

193,284

202,744

13,121

2,036

SHAREHOLDERS’ EQUITY (DEFICIT):
DiDi Global Inc. shareholders’ equity (deficit):
Ordinary shares (US$0.00002 par value; 1,617,583,821 shares, 1,617,583,821 shares and 5,000,000,000 shares authorized; 124,067,444 shares, 193,302,859 shares and 1,205,810,369 shares issued; 108,531,508 shares, 168,885,317 shares and 1,181,921,441 shares outstanding as of December 31, 2020, June 30, 2021 and September 30,2021, respectively)

-

-

-

-

Treasury shares

-

-

-

-

Additional paid-in capital

12,178

31,705

250,535

38,882

Statutory reserves

17

17

17

3

Accumulated other comprehensive loss

(2,002

)

(2,698

)

(2,448

)

(380

)

Accumulated deficit

(86,411

)

(105,198

)

(135,578

)

(21,041

)

Total DiDi Global Inc. shareholders’ equity (deficit)

(76,218

)

(76,174

)

112,526

17,464

Non-controlling interests

84

83

68

11

Total shareholders’ equity (deficit)

(76,134

)

(76,091

)

112,594

17,475

Total liabilities, mezzanine equity and shareholders’ equity (deficit)

147,265

155,272

155,831

24,185

(1) 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 RMB6.4434 to US$1.00, the exchange rate on September 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.

(2) The convertible preferred shares were converted to ordinary shares immediately prior to the closing of the Company’s initial public offering in early July.

DiDi Global Inc.

Unaudited interim condensed consolidated statements of comprehensive income (loss)

(Amounts in millions, except for per share data and otherwise noted, unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

2020

2021

2021

2020

2021

2021

RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Revenues
China Mobility

29,433

44,804

48,378

84,039

41,111

39,009

6,054

89,489

123,048

19,097

International

373

807

1,140

1,611

502

966

150

1,642

2,577

400

Other Initiatives

1,361

2,601

2,121

4,725

1,785

2,700

419

3,906

7,425

1,152

Total revenues

31,167

48,212

51,639

90,375

43,398

42,675

6,623

95,037

133,050

20,649

Costs and expenses
Cost of revenues (1)

(26,627

)

(42,561

)

(43,981

)

(80,158

)

(37,323

)

(40,784

)

(6,330

)

(81,304

)

(120,942

)

(18,770

)

Operations and support

(926

)

(1,758

)

(1,823

)

(3,907

)

(1,219

)

(1,910

)

(296

)

(3,042

)

(5,817

)

(903

)

Sales and marketing

(1,498

)

(3,904

)

(3,267

)

(9,011

)

(2,654

)

(4,441

)

(689

)

(5,921

)

(13,452

)

(2,088

)

Research and development

(1,435

)

(2,746

)

(2,913

)

(4,608

)

(1,568

)

(2,341

)

(363

)

(4,481

)

(6,949

)

(1,078

)

General and administrative

(1,485

)

(21,847

)

(3,781

)

(23,949

)

(1,732

)

(2,253

)

(350

)

(5,513

)

(26,202

)

(4,066

)

Total costs and expenses

(31,971

)

(72,816

)

(55,765

)

(121,633

)

(44,496

)

(51,729

)

(8,028

)

(100,261

)

(173,362

)

(26,905

)

Loss from operations (2)

(804

)

(24,604

)

(4,126

)

(31,258

)

(1,098

)

(9,054

)

(1,405

)

(5,224

)

(40,312

)

(6,256

)

Interest income

298

190

635

377

309

202

31

944

579

90

Interest expenses

(20

)

(86

)

(39

)

(147

)

(46

)

(65

)

(10

)

(85

)

(212

)

(33

)

Investment income (loss), net (3)

561

(100

)

99

12,261

830

(20,772

)

(3,224

)

929

(8,511

)

(1,321

)

Income (loss) from equity method investments, net

(162

)

(130

)

(357

)

(175

)

(151

)

115

18

(508

)

(60

)

(9

)

Other income (loss), net

11

532

(479

)

148

780

(689

)

(107

)

301

(541

)

(84

)

Income (loss) before income taxes

(116

)

(24,198

)

(4,267

)

(18,794

)

624

(30,263

)

(4,697

)

(3,643

)

(49,057

)

(7,613

)

Income tax benefits (expenses)

46

(73

)

225

6

41

(112

)

(17

)

266

(106

)

(16

)

Net income (loss)

(70

)

(24,271

)

(4,042

)

(18,788

)

665

(30,375

)

(4,714

)

(3,377

)

(49,163

)

(7,629

)

Less: Net income (loss) attributable to non-controlling interest shareholders

(7

)

1

(17

)

(1

)

(7

)

5

1

(24

)

4

1

Net income (loss) attributable to DiDi Global Inc.

(63

)

(24,272

)

(4,025

)

(18,787

)

672

(30,380

)

(4,715

)

(3,353

)

(49,167

)

(7,630

)

Accretion of convertible redeemable non-controlling interests to redemption value

(41

)

(175

)

(60

)

(265

)

(45

)

(216

)

(34

)

(105

)

(481

)

(75

)

Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares

(1

)

-

(1

)

-

-

-

-

(1

)

-

-

Income allocation to participating preferred shares

-

-

-

-

(627

)

-

-

-

-

-

Net loss attributable to ordinary shareholders of DiDi Global Inc.

(105

)

(24,447

)

(4,086

)

(19,052

)

-

(30,596

)

(4,749

)

(3,459

)

(49,648

)

(7,705

)

Net income (loss)

(70

)

(24,271

)

(4,042

)

(18,788

)

665

(30,375

)

(4,714

)

(3,377

)

(49,163

)

(7,629

)

Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of nil

(104

)

(1,117

)

(267

)

(691

)

(2,863

)

250

39

(3,130

)

(441

)

(68

)

Share of other comprehensive loss of equity method investees

-

(2

)

(1

)

(5

)

-

-

-

(1

)

(5

)

(1

)

Total other comprehensive income (loss)

(104

)

(1,119

)

(268

)

(696

)

(2,863

)

250

39

(3,131

)

(446

)

(69

)

Total comprehensive loss

(174

)

(25,390

)

(4,310

)

(19,484

)

(2,198

)

(30,125

)

(4,675

)

(6,508

)

(49,609

)

(7,698

)

Less: comprehensive income (loss) attributable to non-controlling interest shareholders

(7

)

1

(17

)

(1

)

(7

)

5

1

(24

)

4

1

Comprehensive loss attributable to DiDi Global Inc.

(167

)

(25,391

)

(4,293

)

(19,483

)

(2,191

)

(30,130

)

(4,676

)

(6,484

)

(49,613

)

(7,699

)

Accretion of convertible redeemable non-controlling interests to redemption value

(41

)

(175

)

(60

)

(265

)

(45

)

(216

)

(34

)

(105

)

(481

)

(75

)

Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares

(1

)

-

(1

)

-

-

-

-

(1

)

-

-

Income allocation to participating preferred shares

-

-

-

-

(627

)

-

-

-

-

-

Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc.

(209

)

(25,566

)

(4,354

)

(19,748

)

(2,863

)

(30,346

)

(4,710

)

(6,590

)

(50,094

)

(7,774

)

Weighted average number of ordinary shares used in computing net loss per share
—Basic

107,619,131

120,225,151

105,218,085

114,671,250

107,980,508

1,180,836,142

1,180,836,142

106,145,614

473,964,914

473,964,914

—Diluted

107,619,131

120,225,151

105,218,085

114,671,250

107,980,508

1,180,836,142

1,180,836,142

106,145,614

473,964,914

473,964,914

Net loss per share attributable to ordinary shareholders
—Basic

(0.97

)

(203.34

)

(38.84

)

(166.14

)

-

(25.91

)

(4.02

)

(32.59

)

(104.75

)

(16.26

)

—Diluted

(0.97

)

(203.34

)

(38.84

)

(166.14

)

-

(25.91

)

(4.02

)

(32.59

)

(104.75

)

(16.26

)

Weighted average number of ADSs used in computing net loss per ADS
—Basic

430,476,524

480,900,604

420,872,340

458,685,000

431,922,032

4,723,344,568

4,723,344,568

424,582,456

1,895,859,656

1,895,859,656

—Diluted

430,476,524

480,900,604

420,872,340

458,685,000

431,922,032

4,723,344,568

4,723,344,568

424,582,456

1,895,859,656

1,895,859,656

Net loss per ADS attributable to ordinary shareholders
—Basic

(0.24

)

(50.84

)

(9.71

)

(41.54

)

-

(6.48

)

(1.01

)

(8.15

)

(26.19

)

(4.06

)

—Diluted

(0.24

)

(50.84

)

(9.71

)

(41.54

)

-

(6.48

)

(1.01

)

(8.15

)

(26.19

)

(4.06

)

(1) For the three months ended September 30, 2021, cost of revenues included an asset impairment charge of RMB2.2 billion (US$0.3 billion) for certain assets of the Company's bike and e-bike sharing business, which was mainly caused by the adverse change in such business in the third quarter of 2021.
(2) Included share-based compensation expenses as follows:

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

2020

2021

2021

2020

2021

2021

RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Operations and support

13

59

45

103

14

54

8

59

157

24

Sales and marketing

35

105

104

155

51

85

13

155

240

37

Research and development

143

1,181

450

1,377

162

501

78

612

1,878

291

General and administrative

344

20,476

1,599

20,883

359

484

75

1,958

21,367

3,316

(3) Investment loss, net for the three months ended September 30, 2021 was RMB20.8 billion (US$3.2 billion), primarily attributable to the investment loss arising from changes in fair value of the Company’s investments in Chengxin (a company engaged in community group buying business) due to the adverse change in Chengxin’s business in the third quarter of 2021.

DiDi Global Inc.

Unaudited interim condensed consolidated statements of cash flows

(Amounts in millions, unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

2020

2021

2021

2020

2021

2021
RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Net cash provided by (used in) operating activities

1,686

(1,189

)

(1,297

)

(7,327

)

2,993

(5,055

)

(785

)

1,696

(12,382

)

(1,922

)
Net cash provided by (used in) investing activities

(9,961

)

5,364

(5,732

)

3,350

465

306

47

(5,267

)

3,656

567
Net cash provided by (used in) financing activities

1,289

(1,750

)

4,298

8,531

2,355

27,739

4,305

6,653

36,270

5,629
Effect of exchange rate changes on cash, cash equivalents and restricted cash

241

(136

)

(232

)

95

(27

)

50

9

(259

)

145

23
Net increase (decrease) in cash, cash equivalents and restricted cash

(6,745

)

2,289

(2,963

)

4,649

5,786

23,040

3,576

2,823

27,689

4,297
Cash, cash equivalents and restricted cash at the beginning of the period

17,462

23,991

13,680

21,631

10,717

26,280

4,078

13,680

21,631

3,357
Cash, cash equivalents and restricted cash at the end of the period

10,717

26,280

10,717

26,280

16,503

49,320

7,654

16,503

49,320

7,654
Selected financial information of segments
The following table presents information about revenues and Adjusted EBITA by segment, and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations for the periods presented:

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

2020

2021

2021

2020

2021

2021

RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Revenues: (Amounts in millions, unaudited)
China Mobility

29,433

44,804

48,378

84,039

41,111

39,009

6,054

89,489

123,048

19,097

International

373

807

1,140

1,611

502

966

150

1,642

2,577

400

Other Initiatives

1,361

2,601

2,121

4,725

1,785

2,700

419

3,906

7,425

1,152

Total segment revenues

31,167

48,212

51,639

90,375

43,398

42,675

6,623

95,037

133,050

20,649

Adjusted EBITA:
China Mobility

1,733

1,686

2,349

5,304

2,120

(29

)

(5

)

4,469

5,275

819

International

(590

)

(1,191

)

(1,261

)

(2,196

)

(763

)

(1,789

)

(278

)

(2,024

)

(3,985

)

(618

)

Other Initiatives

(916

)

(2,801

)

(2,012

)

(10,879

)

(1,374

)

(5,678

)

(881

)

(3,386

)

(16,557

)

(2,570

)

Total Adjusted EBITA (non-GAAP)

227

(2,306

)

(924

)

(7,771

)

(17

)

(7,496

)

(1,164

)

(941

)

(15,267

)

(2,369

)

Share-based compensation

(535

)

(21,821

)

(2,198

)

(22,518

)

(586

)

(1,124

)

(174

)

(2,784

)

(23,642

)

(3,668

)

Amortization of intangible assets

(496

)

(477

)

(1,004

)

(969

)

(495

)

(434

)

(67

)

(1,499

)

(1,403

)

(219

)

Total consolidated loss from operations

(804

)

(24,604

)

(4,126

)

(31,258

)

(1,098

)

(9,054

)

(1,405

)

(5,224

)

(40,312

)

(6,256

)

The following table presents the total depreciation expenses of property and equipment by segment for the periods presented:

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

2020

2021

2021

2020

2021

2021

RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
(Amounts in millions, unaudited)
China Mobility

66

72

133

151

62

71

11

195

222

34

International

14

28

28

52

15

30

5

43

82

13

Other Initiatives

646

976

1,180

1,941

790

1,099

172

1,970

3,040

472

Total depreciation expenses of property and equipment

726

1,076

1,341

2,144

867

1,200

188

2,208

3,344

519

DiDi Global Inc.

Unaudited reconciliation of GAAP and Non-GAAP results

(Amounts in millions, unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2020

2021

2020

2021

2020

2021

2021

2020

2021

2021

RMB RMB RMB RMB RMB RMB US$ RMB RMB US$
Net income (loss)

(70

)

(24,271

)

(4,042

)

(18,788

)

665

(30,375

)

(4,714

)

(3,377

)

(49,163

)

(7,629

)

Less: Interest income

(298

)

(190

)

(635

)

(377

)

(309

)

(202

)

(31

)

(944

)

(579

)

(90

)

Add: Interest expenses

20

86

39

147

46

65

10

85

212

33

Less: Investment income (loss), net

(561

)

100

(99

)

(12,261

)

(830

)

20,772

3,224

(929

)

8,511

1,321

Add: Loss (income) from equity method investments, net

162

130

357

175

151

(115

)

(18

)

508

60

9

Less: Other income (loss), net

(11

)

(532

)

479

(148

)

(780

)

689

107

(301

)

541

84

Less: Income tax benefits (expenses)

(46

)

73

(225

)

(6

)

(41

)

112

17

(266

)

106

16

Loss from operations

(804

)

(24,604

)

(4,126

)

(31,258

)

(1,098

)

(9,054

)

(1,405

)

(5,224

)

(40,312

)

(6,256

)

Add: Share-based compensation expenses

535

21,821

2,198

22,518

586

1,124

174

2,784

23,642

3,668

Add: Amortization of intangible assets

496

477

1,004

969

495

434

67

1,499

1,403

219

Adjusted EBITA (non-GAAP)

227

(2,306

)

(924

)

(7,771

)

(17

)

(7,496

)

(1,164

)

(941

)

(15,267

)

(2,369

)

Third Quarter 2021 Financial and Operational Metrics

  • Total revenues for the third quarter of 2021 were RMB42.7 billion (US$6.6 billion). Total revenues from the China Mobility segment for the third quarter of 2021 were RMB39.0 billion (US$6.1 billion). Total revenues from the International segment for the third quarter of 2021 were RMB1.0 billion (US$0.1 billion). Total revenues from the Other Initiatives segment for the third quarter of 2021 were RMB2.7 billion (US$0.4 billion).
  • Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB30.6 billion (US$4.7 billion).
  • Adjusted EBITA (Non-GAAP)1 for the third quarter of 2021 was a loss of RMB7.5 billion (US$1.2 billion). The Adjusted EBITA (non-GAAP) of China Mobility segment was a loss of RMB29 million (US$5 million) in the third quarter of 2021. The Adjusted EBITA loss (non-GAAP) of the International segment were RMB1.8 billion (US$0.3 billion) in the third quarter of 2021. The Adjusted EBITA loss (non-GAAP) of the Other Initiatives segment were RMB5.7 billion (US$0.9 billion) in the third quarter of 2021.
  • Core Platform Transactions for the third quarter of 2021 were 2,855 million. Transactions of China Mobility segment for the third quarter of 2021 were 2,356 million. Transactions from the International segment for the third quarter of 2021 were 499 million.
  • Core Platform Gross Transaction Value (“GTV”)2 for the third quarter of 2021 reached RMB68.7 billion (US$10.7 billion). GTV from the China Mobility segment for the third quarter of 2021 reached RMB58.4 billion (US$9.1 billion). GTV from the International segment for the third quarter of 2021 reached RMB10.3 billion (US$1.6 billion).
  • Platform Sales3 from China Mobility and International segments for the third quarter of 2021 were RMB9.7 billion (US$1.5 billion). Platform Sales from the China Mobility segment for the third quarter of 2021 reached RMB8.9 billion (US$1.4 billion). Platform Sales from the International segment for the third quarter of 2021 reached RMB0.8 billion (US$0.1 billion).

Second Quarter 2021 Financial and Operational Metrics

  • Total revenues for the second quarter of 2021 were RMB48.2 billion. Total revenues from the China Mobility segment for the second quarter of 2021 were RMB44.8 billion. Total revenues from the International segment for the second quarter of 2021 were RMB0.8 billion. Total revenues from the Other Initiatives segment for the second quarter of 2021 were RMB2.6 billion.
  • Net loss attributable to ordinary shareholders for the second quarter of 2021 was RMB24.4 billion.
  • Adjusted EBITA (Non-GAAP) for the second quarter of 2021 was a loss of RMB2.3 billion.
  • Core Platform Transactions for the second quarter of 2021 were 3,004 million. Transactions from the China Mobility segment for the second quarter of 2021 were 2,570 million. Transactions from the International segment for the second quarter of 2021 were 434 million.
  • Core Platform Gross Transaction Value (“GTV”) for the second quarter of 2021 reached RMB73.3 billion. GTV from the China Mobility segment for the second quarter of 2021 reached RMB64.6 billion. GTV from the International segment for the second quarter of 2021 reached RMB8.7 billion.
  • Platform Sales from China Mobility and International segments for the second quarter of 2021 reached RMB11.5 billion. Platform Sales from the China Mobility segment for the second quarter of 2021 reached RMB10.7 billion. Platform Sales from the International segment for the second quarter of 2021 reached RMB0.8 billion.

On December 3, 2021, DiDi announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders. The Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange. The Company is executing above plans and will update investors in due course.

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 Africa, as well as in Central Asia and Russia, 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 cost method/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, and (ix) amortization of 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 Reconciliations 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 RMB6.4434 to US$1.00, the exchange rate in effect as of September 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 cost method/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, and (ix) amortization of 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.

For investor inquiries:

DiDi Global Inc.

Tianyi Wang

Email: [email protected]

For media inquiries:

DiDi Global Inc.

Global Communications Team

Email: [email protected]

Source: DiDi Global Inc.


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