PDD Announces Third Quarter 2022 Unaudited Financial Results

SHANGHAI, Nov. 28, 2022 (GLOBE NEWSWIRE) -- PDD (the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Highlights

  • Total revenues in the quarter were RMB35,504.3 million (US$4,991.1 million), an increase of 65% from RMB21,505.8 million in the same quarter of 2021.

  • Operating profit in the quarter was RMB10,436.6 million (US$1,467.2 million), an increase of 388% from RMB2,139.3 million in the same quarter of 2021. Non-GAAP2 operating profit in the quarter was RMB12,301.5 million (US$1,729.3 million), an increase of 277% from RMB3,260.7 million in the same quarter of 2021.

  • Net income attributable to ordinary shareholders in the quarter was RMB10,588.6 million (US$1,488.5 million), an increase of 546% from RMB1,640.0 million in the same quarter of 2021. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB12,447.2 million (US$1,749.8 million), an increase of 295% from RMB3,150.2 million in the same quarter of 2021.

“We continued to deepen our value creation in the third quarter,” said Mr. Lei Chen, Chairman and Chief Executive Officer of PDD. “We will increase our R&D investment to further enhance the supply chain efficiency and agricultural digital inclusion.”

“Investment in certain projects was affected in the third quarter,” said Ms. Jun Liu, VP of Finance of PDD. “We will continue to step up our investment in R&D and create long-term value through innovations.”

___________________________

1 This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
2 The Company’s non-GAAP financial measures exclude share-based compensation expenses, fair value change of long-term investments, and interest expenses related to the convertible bonds’ amortization to face value and gain or loss on extinguishment. See “Reconciliation of Non-GAAP Measures to The Most Directly Comparable GAAP Measures” set forth at the end of this press release.

Third Quarter 2022 Unaudited Financial Results

Total revenues were RMB35,504.3 million (US$4,991.1 million), an increase of 65% from RMB21,505.8 million in the same quarter of 2021. The increase was primarily due to an increase in revenues from online marketing services and transaction services, offset by the decrease of revenues from merchandise sales.

  • Revenues from online marketing services and others were RMB28,425.6 million (US$3,996.0 million), an increase of 58% from RMB17,946.5 million in the same quarter of 2021.

  • Revenues from transaction services were RMB7,022.3 million (US$987.2 million), an increase of 102% from RMB3,477.1 million in the same quarter of 2021.

  • Revenues from merchandise sales were RMB56.4 million (US$7.9 million), a decrease of 31% from RMB82.1 million in the same quarter of 2021.

Total costs of revenues were RMB7,414.1 million (US$1,042.3 million), an increase of 13% from RMB6,558.6 million in the same quarter of 2021. The increase mainly came from increased fulfillment fees and payment processing fees.

Total operating expenses were RMB17,653.6 million (US$2,481.7 million), an increase of 38% from RMB12,807.8 million in the same quarter of 2021.

  • Sales and marketing expenses were RMB14,048.8 million (US$1,975.0 million), an increase of 40% from RMB10,050.6 million in the same quarter of 2021, mainly due to increased spending in promotion and advertising activities.

  • General and administrative expenses were RMB906.6 million (US$127.4 million), an increase of 171% from RMB334.8 million in the same quarter of 2021, primarily due to an increase in staff related costs.

  • Research and development expenses were RMB2,698.2 million (US$379.3 million), an increase of 11% from RMB2,422.4 million in the same quarter of 2021. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel.

Operating profit in the quarter was RMB10,436.6 million (US$1,467.2 million), an increase of 388% from RMB2,139.3 million in the same quarter of 2021. Non-GAAP operating profit in the quarter was RMB12,301.5 million (US$1,729.3 million), an increase of 277% from RMB3,260.7 million in the same quarter of 2021.

Net income attributable to ordinary shareholders in the quarter was RMB10,588.6 million (US$1,488.5 million), an increase of 546% from RMB1,640.0 million in the same quarter of 2021. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB12,447.2 million (US$1,749.8 million), an increase of 295% from RMB3,150.2 million in the same quarter of 2021.

Basic earnings per ADS was RMB8.38 (US$1.18) and diluted earnings per ADS was RMB7.34 (US$1.03), compared with basic earnings per ADS of RMB1.31 and diluted earnings per ADS of RMB1.15 in the same quarter of 2021. Non-GAAP diluted earnings per ADS was RMB8.62 (US$1.21), compared with RMB2.18 in the same quarter of 2021.

Net cash flow provided by operating activities was RMB11,651.8 million (US$1,638.0 million), compared with RMB8,736.6 million in the same quarter of 2021, mainly due to the increase in net income and the changes in working capitals.

Cash, cash equivalents and short-term investments were RMB137.8 billion (US$19.4 billion) as of September 30, 2022, compared with RMB92.9 billion as of December 31, 2021.

Conference Call

The Company will host a conference call to discuss the earnings at 7:30 AM U.S. Eastern Time on Monday, November 28, 2022 (8:30 PM Beijing/Hong Kong Time on Monday, November 28, 2022).

The conference call will be webcast live at https://investor.pddholdings.com/investor-events. The webcast will be available for replay at the same website following the conclusion of the call.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating profit and non-GAAP net income attributable to ordinary shareholders, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude share-based compensation expenses, fair value change of long-term investments, and interest expenses related to the convertible bonds’ amortization to face value and gain or loss on extinguishment.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, fair value change of long-term investments, and interest expenses related to the convertible bonds’ amortization to face value and gain or loss on extinguishment, which are non-cash charges. The Company also believes that the non-GAAP financial measures could provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to The Most Directly Comparable GAAP Measures” set forth at the end of this press release.

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under 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,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s and global e-commerce markets; changes in its revenues and certain cost or expense items; the expected growth of China’s and global e-commerce markets; PRC governmental policies and regulations relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About PDD

PDD is a multinational commerce group that owns and operates a portfolio of businesses. PDD aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from the increased productivity and convenience through new opportunities.

For more information, please visit www.pddholdings.com.



PDD
 CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))

 

 

As of

 

December
31, 2021

 

September 30, 2022

 

RMB

 

RMB

 

US$

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

6,426,715

 

25,601,547

 

3,599,009

Restricted cash

59,617,256

 

48,808,388

 

6,861,375

Receivables from online payment platforms

673,737

 

476,329

 

66,961

Short-term investments

86,516,618

 

112,207,949

 

15,773,944

Amounts due from related parties

4,250,155

 

4,680,281

 

657,943

Prepayments and other current assets

3,424,687

 

1,795,802

 

252,448

Total current assets

160,909,168

 

193,570,296

 

27,211,680

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, equipment and software, net

2,203,323

 

1,148,010

 

161,385

Intangible assets

701,220

 

297,856

 

41,872

Right-of-use assets

938,537

 

1,235,435

 

173,675

Deferred tax assets

31,504

 

27,707

 

3,895

Other non-current assets

16,425,966

 

12,828,680

 

1,803,427

Total non-current assets

20,300,550

 

15,537,688

 

2,184,254

 

 

 

 

 

 

Total Assets

181,209,718

 

209,107,984

 

29,395,934



PDD
 CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))

 

 

As of

 

December
31, 2021

 

September 30, 2022

 

RMB

 

RMB

 

US$

 

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

 

 

Amounts due to related parties

1,963,007

 

 

2,600,563

 

365,581

Customer advances and deferred revenues

1,166,764

 

 

1,391,560

 

195,622

Payable to merchants

62,509,714

 

 

51,562,514

 

7,248,543

Accrued expenses and other liabilities

14,085,513

 

 

14,242,036

 

2,002,114

Merchant deposits

13,577,552

 

 

15,122,695

 

2,125,915

Lease liabilities

427,164

 

 

512,838

 

72,094

Total current liabilities

93,729,714

 

 

85,432,206

 

12,009,869

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Convertible bonds3

11,788,907

 

 

15,749,603

 

2,214,044

Lease liabilities

544,263

 

 

750,257

 

105,469

Deferred tax liabilities

31,291

 

 

46,047

 

6,473

Other non-current liabilities

996

 

 

-

 

-

Total non-current liabilities

12,365,457

 

 

16,545,907

 

2,325,986

 

 

 

 

 

 

Total Liabilities

106,095,171

 

 

101,978,113

 

14,335,855

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

Ordinary shares

161

 

 

162

 

23

Additional paid-in capital3

95,340,819

 

 

96,754,398

 

13,601,518

Accumulated other comprehensive (loss)/ income3

(2,519,900

)

 

4,630,973

 

651,012

Accumulated (deficits)/ surplus3

(17,706,533

)

 

5,744,338

 

807,526

Total Shareholders’ Equity

75,114,547

 

 

107,129,871

 

15,060,079

 

 

 

 

 

 

Total Liabilities and Shareholders’ Equity

181,209,718

 

 

209,107,984

 

29,395,934

 

 

 

 

 

 

___________________________

3 The Company adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”) on January 1, 2022, using the modified retrospective method with a cumulative-effect adjustment to the opening balance of convertible bonds, additional paid-in capital, accumulated other comprehensive income/ (loss) and accumulated surplus/ (deficits).


PDD
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Amounts in thousands of RMB and US$)

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2021

 

2022

 

2021

 

2022

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Revenues

 

21,505,758

 

 

35,504,304

 

 

4,991,116

 

 

66,719,077

 

 

90,737,561

 

 

12,755,684

 

Costs of revenues

 

(6,558,648

)

 

(7,414,132

)

 

(1,042,262

)

 

(25,202,584

)

 

(22,535,593

)

 

(3,168,004

)

Gross profit

 

14,947,110

 

 

28,090,172

 

 

3,948,854

 

 

41,516,493

 

 

68,201,968

 

 

9,587,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing expenses

 

(10,050,611

)

 

(14,048,820

)

 

(1,974,952

)

 

(33,435,891

)

 

(36,611,335

)

 

(5,146,740

)

General and administrative expenses

 

(334,806

)

 

(906,573

)

 

(127,444

)

 

(1,120,812

)

 

(2,324,408

)

 

(326,760

)

Research and development expenses

 

(2,422,421

)

 

(2,698,166

)

 

(379,302

)

 

(6,969,995

)

 

(7,978,039

)

 

(1,121,534

)

Total operating expenses

 

(12,807,838

)

 

(17,653,559

)

 

(2,481,698

)

 

(41,526,698

)

 

(46,913,782

)

 

(6,595,034

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit/ (loss)

 

2,139,272

 

 

10,436,613

 

 

1,467,156

 

 

(10,205

)

 

21,288,186

 

 

2,992,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and investment income, net

 

631,913

 

 

1,092,150

 

 

153,532

 

 

2,147,019

 

 

2,645,402

 

 

371,885

 

Interest expenses

 

(298,431

)

 

(13,646

)

 

(1,918

)

 

(927,886

)

 

(39,434

)

 

(5,544

)

Foreign exchange (loss)/ gain

 

(10,433

)

 

53,374

 

 

7,503

 

 

23,645

 

 

(125,891

)

 

(17,697

)

Other (loss)/ income, net

 

(52,606

)

 

546,528

 

 

76,829

 

 

541,169

 

 

2,052,533

 

 

288,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit before income tax and share of results of equity investees

 



2,409,715

 

 

12,115,019

 

 

1,703,102

 

 



1,773,742

 

 

25,820,796

 

 

3,629,830

 

Share of results of equity investees

 

85,011

 

 

10,732

 

 

1,509

 

 

230,148

 

 

(76,377

)

 

(10,737

)

Income tax expenses

 

(854,766

)

 

(1,537,177

)

 

(216,093

)

 

(854,766

)

 

(3,660,054

)

 

(514,522

)

Net income

 

1,639,960

 

 

10,588,574

 

 

1,488,518

 

 

1,149,124

 

 

22,084,365

 

 

3,104,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



PDD
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands of RMB and US$, except for per share data)

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2021

 

2022

 

2021

 

2022

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

1,639,960

 

10,588,574

 

1,488,518

 

1,149,124

 

22,084,365

 

3,104,571

Net income attributable to ordinary shareholders

 

1,639,960

 

10,588,574

 

1,488,518

 

1,149,124

 

22,084,365

 

3,104,571

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share:

 

 

 

 

 

 

 

 

 

 

 

 

-Basic

 

0.33

 

2.10

 

0.29

 

0.23

 

4.38

 

0.62

-Diluted

 

0.29

 

1.84

 

0.26

 

0.20

 

3.86

 

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per ADS (4 ordinary shares equals 1 ADS ):

 

 

 

 

 

 

 

 

 

 

 

 

-Basic

 

1.31

 

8.38

 

1.18

 

0.92

 

17.52

 

2.46

-Diluted

 

1.15

 

7.34

 

1.03

 

0.80

 

15.43

 

2.17

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of outstanding ordinary shares (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

-Basic

 

5,021,164

 

5,051,256

 

5,051,256

 

5,006,285

 

5,043,522

 

5,043,522

-Diluted

 

5,703,986

 

5,776,165

 

5,776,165

 

5,715,932

 

5,733,453

 

5,733,453



PDD
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2021

 

2022

 

2021

 

2022

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

- Online marketing services and others

 

17,946,496

 

28,425,645

 

3,996,014

 

50,138,401

 

71,756,721

 

10,087,399

- Transaction services

 

3,477,147

 

7,022,252

 

987,173

 

9,416,260

 

18,829,866

 

2,647,061

- Merchandise sales

 

82,115

 

56,407

 

7,929

 

7,164,416

 

150,974

 

21,224

Total

 

21,505,758

 

35,504,304

 

4,991,116

 

66,719,077

 

90,737,561

 

12,755,684

 

 

 

 

 

 

 

 

 

 

 

 

 



PDD
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)

 

 

 

 

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2021

 

2022

 

2021

 

2022

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Share-based compensation costs included in:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenues

 

9,089

 

5,841

 

821

 

20,895

 

22,011

 

3,094

Sales and marketing expenses

 

384,704

 

608,462

 

85,536

 

1,067,727

 

1,623,126

 

228,175

General and administrative expenses

 

156,731

 

680,252

 

95,628

 

568,266

 

1,724,567

 

242,436

Research and development expenses

 

570,929

 

570,327

 

80,176

 

1,625,137

 

1,862,276

 

261,795

Total

 

1,121,453

 

1,864,882

 

262,161

 

3,282,025

 

5,231,980

 

735,500

 

 

 

 

 

 

 

 

 

 

 

 

 



PDD
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)

 

 

 

 

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2021

 

2022

 

2021

 

2022

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Net cash generated from operating activities

 

8,736,568

 

 

11,651,823

 

 

1,637,990

 

 

12,383,236

 

 

21,957,598

 

 

3,086,752

 

Net cash used in investing activities

 

(13,764,757

)

 

(356,394

)

 

(50,102

)

 

(22,869,860

)

 

(13,801,754

)

 

(1,940,220

)

Net cash generated from/ (used in) financing activities

 

146

 

 

258

 

 

36

 

 

(1,875,347

)

 

569

 

 

80

 

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

 

22,160

 

 

250,227

 

 

35,176

 

 

(118,703

)

 

209,551

 

 

29,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Decrease)/ increase in cash, cash equivalents and restricted cash

 

(5,005,883

)

 

11,545,914

 

 

1,623,100

 

 

(12,480,674

)

 

8,365,964

 

 

1,176,070

 

Cash, cash equivalents and restricted cash at beginning of period

 

67,368,845

 

 

62,864,021

 

 

8,837,284

 

 

74,843,636

 

 

66,043,971

 

 

9,284,314

 

Cash, cash equivalents and restricted cash at end of period

 

62,362,962

 

 

74,409,935

 

 

10,460,384

 

 

62,362,962

 

 

74,409,935

 

 

10,460,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



PDD
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Amounts in thousands of RMB and US$, except for per share data)

 

 

 

 

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

 

2021

 

2022

 

2021

 

2022

 

 

RMB

 

RMB

 

US$

 

RMB

 

RMB

 

US$

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Operating profit/ (loss)

 

2,139,272

 

10,436,613

 

 

1,467,156

 

 

(10,205

)

 

21,288,186

 

2,992,646

Add: Share-based compensation

 

1,121,453

 

1,864,882

 

 

262,161

 

 

3,282,025

 

 

5,231,980

 

735,500

Non-GAAP operating profit

 

3,260,725

 

12,301,495

 

 

1,729,317

 

 

3,271,820

 

 

26,520,166

 

3,728,146

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to ordinary shareholders

 

1,639,960

 

10,588,574

 

 

1,488,518

 

 

1,149,124

 

 

22,084,365

 

3,104,571

Add: Share-based compensation

 

1,121,453

 

1,864,882

 

 

262,161

 

 

3,282,025

 

 

5,231,980

 

735,500

Add: Interest expense related to convertible bonds’ amortization to face value and gain or loss on extinguishment, net

 

298,443

 

13,646

 

 

1,918

 

 

915,917

 

 

39,434

 

5,544

Add: Loss/ (gain) from fair value changes of long-term investments

 

90,300

 

(19,886

)

 

(2,796

)

 

38,064

 

 

68,173

 

9,584

Non-GAAP net income attributable to ordinary shareholders

 

3,150,156

 

12,447,216

 

 

1,749,801

 

 

5,385,130

 

 

27,423,952

 

3,855,199

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP diluted weighted-average number of ordinary shares outstanding (in thousands)

 

5,767,207

 

5,776,165

 

 

5,776,165

 

 

5,789,157

 

 

5,733,453

 

5,733,453

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share

 

0.29

 

1.84

 

 

0.26

 

 

0.20

 

 

3.86

 

0.54

Add: Non-GAAP adjustments to earnings per ordinary share

 

0.26

 

0.31

 

 

0.04

 

 

0.73

 

 

0.92

 

0.13

Non-GAAP diluted earnings per ordinary share

 

0.55

 

2.15

 

 

0.30

 

 

0.93

 

 

4.78

 

0.67

Non-GAAP diluted earnings per ADS

 

2.18

 

8.62

 

 

1.21

 

 

3.72

 

 

19.13

 

2.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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