拼多多公布第一季度和2019财年的业绩PPT（英文）-2019.5-11页_862kb

Pinduoduo 1Q 2019 Results Summary

Core Content

Pinduoduo Inc. released its first-quarter 2019 financial results, highlighting strong growth in key metrics despite an operating loss. The report includes financial highlights, explanations of key terms, and details about the company's cost structure and investment strategy.

Key Financial Highlights

• LTM GMV: RMB557.4 billion, showing 181% YoY growth.
• Revenues: RMB4,545.2 million, with 228% YoY growth.
• Active Buyers: 443.3 million, up 50% YoY.
• Average MAUs: 289.7 million, up 74% YoY.

Definitions and Notes

• LTM (Last Twelve Months): Refers to the twelve-month period ending on the last day of the month or quarter.
• GMV (Gross Merchandise Volume): Represents the total value of all orders placed on the Pinduoduo mobile platform, regardless of whether the products are sold, delivered, or returned. It excludes transactions over RMB100,000 and those by buyers over RMB1,000,000 per day.
• Active Buyers: Users who placed at least one order on the Pinduoduo mobile app or through social networks and access points during the period.
• MAUs (Monthly Active Users): Users who visited the Pinduoduo mobile app during a given month, excluding those who accessed the platform through social networks and access points.

Revenue and Monetization

• The monetization rate (GMV / Revenues) was 12.2% for the LTM period.
• Non-GAAP cost of revenues was 44% of revenues, indicating the company's focus on scaling operations.

Cost Structure

• Non-GAAP Cost of Revenues: 44% of revenues.
• Non-GAAP Sales & Marketing Expenses: 103% of revenues.
• Non-GAAP General & Administrative Expenses: 1% of revenues.
• Non-GAAP Research & Development Expenses: 12% of revenues.
• Note: Non-GAAP measures exclude share-based compensation expenses.

Operating Loss and Net Loss

• Non-GAAP Operating Loss: RMB1,474.2 million.
• Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB1,474.2 million.
• The company attributed the loss to its investment in long-term growth and expansion.

Strong Cash Position

• Ending Cash, Cash Equivalents and Restricted Cash: RMB15,768.2 million.
• The company lost its EGC (Exempt from Registration) status in December 2018, leading to a retrospective restatement of its cash flow statement to include restricted cash.

Main Points

• Pinduoduo experienced significant growth in GMV, revenues, and active buyers, driven by a rapidly expanding user base and increased spending per active buyer.
• The company continues to invest in long-term growth, which is reflected in its operating loss and high research and development expenses.
• Pinduoduo maintains a strong cash position, which supports its ongoing expansion and operational needs.
• The report includes forward-looking statements and non-GAAP financial measures, which should be interpreted with caution due to inherent risks and uncertainties.

Key Information

• The report is not an offer to buy or sell securities and should not be relied upon for investment decisions.
• Pinduoduo's financial performance is influenced by market trends, competition, and regulatory changes.
• The company's monetization rate and cost structure reflect its strategy to scale and improve efficiency.
• Non-GAAP measures are used to provide a clearer view of the company's performance, excluding certain expenses like share-based compensation.