DiDi(DIDIY) - 2023 Q4 - Annual Results

Revenue Growth - Total revenues for Q4 2023 reached RMB49.4 billion, a 55.4% increase YoY, with China Mobility segment revenues at RMB44.9 billion, up 60.9% YoY, and International segment revenues at RMB2.2 billion, up 33.3% YoY[2] - Full-year 2023 revenues were RMB192.4 billion, a 36.6% increase YoY, with China Mobility segment revenues at RMB175.0 billion, up 39.0% YoY, and International segment revenues at RMB7.8 billion, up 33.8% YoY[2] - Total revenues for the year ended December 31, 2023, increased to RMB 192,380 million, up from RMB 140,792 million in 2022, representing a growth of 36.6%[42] - China Mobility revenues for the year ended December 31, 2023, reached RMB 175,034 million, a 39.0% increase compared to RMB 125,931 million in 2022[42] - International revenues for the year ended December 31, 2023, grew to RMB 7,842 million, up 33.7% from RMB 5,863 million in 2022[42] - Total segment revenues grew from RMB 31,810 million in Q4 2022 to RMB 192,380 million in FY 2023, with China Mobility contributing the largest share at RMB 175,034 million in FY 2023[46] Net Income and Profitability - Net income for Q4 2023 was RMB1.1 billion, with net income attributable to ordinary shareholders at RMB0.8 billion, while full-year 2023 net income was RMB0.5 billion, with a net loss attributable to ordinary shareholders of RMB0.5 billion[3] - Net income for Q4 2023 was RMB1.1 billion, compared to a net loss of RMB0.7 billion in Q4 2022[24] - Net loss attributable to ordinary shareholders of DiDi Global Inc. for the year ended December 31, 2023, was RMB 502 million, significantly reduced from a net loss of RMB 24,682 million in 2022[42] - Net income (loss) improved from RMB (23,783) million in FY 2022 to RMB 535 million in FY 2023[49] Adjusted EBITA - Adjusted EBITA (Non-GAAP) for Q4 2023 was a loss of RMB1.3 billion, with China Mobility segment Adjusted EBITA at a gain of RMB1.4 billion, International segment at a loss of RMB1.1 billion, and Other Initiatives segment at a loss of RMB1.5 billion[4] - Adjusted EBITA loss increased by 31.5% YoY to RMB1.1 billion in Q4 2023, mainly due to higher incentive spending[19] - Adjusted EBITA (non-GAAP) improved from RMB (1,388) million in Q4 2022 to RMB (1,270) million in Q4 2023, and from RMB (12,769) million in FY 2022 to RMB (2,163) million in FY 2023[46] - China Mobility segment's Adjusted EBITA turned positive, reaching RMB 5,308 million in FY 2023 compared to RMB (1,450) million in FY 2022[46] - International segment's Adjusted EBITA loss narrowed from RMB (4,024) million in FY 2022 to RMB (2,323) million in FY 2023[46] Core Platform Transactions and GTV - Core Platform Transactions for Q4 2023 reached 3,715 million, a 64.8% increase YoY, with China Mobility segment transactions at 2,932 million, up 71.5% YoY, and International segment transactions at 783 million, up 43.9% YoY[6] - Core Platform Gross Transaction Value (GTV) for Q4 2023 was RMB93.2 billion, a 65.8% increase YoY, with China Mobility segment GTV at RMB71.7 billion, up 72.7% YoY, and International segment GTV at RMB21.5 billion, up 46.4% YoY[7] - GTV increased by 46.4% YoY to RMB21.5 billion in Q4 2023, driven by growth in the International segment[17] Platform Sales - Platform Sales from China Mobility and International segments for Q4 2023 were RMB15.5 billion, a 54.6% increase YoY, with China Mobility segment Platform Sales at RMB13.5 billion, up 63.6% YoY, and International segment Platform Sales at RMB2.0 billion, up 12.0% YoY[10] - Platform Sales grew by 12.0% YoY to RMB2.0 billion in Q4 2023, primarily due to International segment growth[18] Cash and Liquidity - Total cash and cash equivalents, restricted cash, and treasury investments were RMB55.6 billion as of December 31, 2023, compared to RMB48.8 billion as of December 31, 2022[5] - Cash and cash equivalents, restricted cash, and treasury investments totaled RMB55.6 billion as of December 31, 2023[31] - Cash and cash equivalents as of December 31, 2023, increased to RMB 27,308 million, up from RMB 20,855 million as of December 31, 2022[41] - Cash, cash equivalents, and restricted cash increased from RMB 21,676 million at the end of 2022 to RMB 28,468 million at the end of 2023[44] Operating Activities and Cash Flow - Net cash provided by operating activities was RMB7.6 billion for 2023, driven by net income and working capital adjustments[32] - Net cash provided by operating activities increased significantly from RMB (231) million in Q4 2022 to RMB 1,823 million in Q4 2023, and from RMB (9,554) million in FY 2022 to RMB 7,638 million in FY 2023[44] Segment Performance - China Mobility segment delivered average daily transactions of 31.9 million in Q4 2023, a record high, with plans to engage more actively with consumers and drivers in 2024[13] - International segment focused on key markets like Brazil and Mexico, with plans to balance investment and efficiency for sustainable growth and improved operating efficiency in 2024[16] Expenses and Costs - Cost of revenues for 2023 was RMB162.9 billion, representing 84.7% of total revenues, up from 82.2% in 2022[26] - Research and development expenses for the year ended December 31, 2023, were RMB 8,924 million, a decrease from RMB 9,536 million in 2022[42] - Sales and marketing expenses for the year ended December 31, 2023, were RMB 10,433 million, up from RMB 9,756 million in 2022[42] - Total depreciation expenses of property and equipment decreased from RMB 935 million in Q4 2022 to RMB 749 million in Q4 2023, and from RMB 3,512 million in FY 2022 to RMB 3,245 million in FY 2023[47] - Share-based compensation expenses reduced from RMB 838 million in Q4 2022 to RMB 522 million in Q4 2023, and from RMB 3,424 million in FY 2022 to RMB 2,575 million in FY 2023[49] - Amortization of intangible assets decreased significantly from RMB 419 million in Q4 2022 to RMB 31 million in Q4 2023, and from RMB 1,631 million in FY 2022 to RMB 1,003 million in FY 2023[49] Comprehensive Income and Liabilities - Total comprehensive income (loss) for the year ended December 31, 2023, was RMB 1,184 million, compared to a comprehensive loss of RMB 19,210 million in 2022[42] - Total current liabilities as of December 31, 2023, increased to RMB 28,545 million, up from RMB 20,248 million as of December 31, 2022[41] - Total assets as of December 31, 2023, were RMB 143,826 million, compared to RMB 131,213 million as of December 31, 2022[41] Share Repurchase - The company repurchased 14.9 million ADSs for approximately US$54.4 million under its share repurchase program[35]