EX-99.4 5 tm2212746d1_ex99-4.htm EXHIBIT 99.4

 

Exhibit 99.4

 

DiDi Global Announces Unaudited Quarterly Financial Results

 

Beijing, April 16, 2022 - 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 fouth 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).

 

 

 

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.

 

 

 

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.

 

 

 

For investor inquiries, please contact:

 

DiDi Global Inc.

 

Tianyi Wang
Email: ir@didiglobal.com

 

For media inquiries, please contact:

 

DiDi Global Inc.

 

Global Communications Team
Email: globalpr@didiglobal.com