DiDi(DIDIY)2024-05-29 00:00Revenue Performance - Total revenues for Q1 2024 reached RMB49.1 billion, a 14.9% increase year-over-year, with China Mobility contributing RMB44.5 billion (up 14.1%) and International contributing RMB2.4 billion (up 43.9%)[3] - Total revenues increased to RMB 49,072 million in Q1 2024, up from RMB 42,712 million in Q1 2023, representing a growth of 14.9%[38] - China Mobility segment revenues grew to RMB 44,538 million in Q1 2024, a 14.1% increase compared to RMB 39,049 million in Q1 2023[38] - International segment revenues rose to RMB 2,433 million in Q1 2024, up 43.9% from RMB 1,691 million in Q1 2023[38] Net Loss and Profitability - Net loss for Q1 2024 was RMB1.1 billion, with a net loss attributable to ordinary shareholders of RMB1.4 billion[3] - Net loss attributable to ordinary shareholders of DiDi for Q1 2024 was RMB1.4 billion, compared to RMB1.2 billion in Q1 2023[21] - Net loss attributable to ordinary shareholders widened to RMB 1,354 million in Q1 2024 from RMB 1,160 million in Q1 2023[38] - Total comprehensive loss narrowed to RMB 829 million in Q1 2024 from RMB 1,444 million in Q1 2023[38] Adjusted EBITDA and EBITA - Adjusted EBITDA (Non-GAAP) for Q1 2024 was a gain of RMB1.6 billion, while Adjusted EBITA (Non-GAAP) was a gain of RMB0.9 billion[4] - Adjusted EBITDA for Q1 2024 was a gain of RMB1.6 billion, compared to RMB0.3 billion in Q1 2023[21] - Adjusted EBITA for Q1 2024 was a gain of RMB0.9 billion, compared to a loss of RMB0.6 billion in Q1 2023[21] - Adjusted EBITA (non-GAAP) improved to RMB 923 million in Q1 2024 from a loss of RMB 568 million in Q1 2023[42] - Adjusted EBITDA (non-GAAP) increased significantly to RMB 1,551 million in Q1 2024 from RMB 271 million in Q1 2023[45] Core Platform Transactions and GTV - Core Platform Transactions for Q1 2024 reached 3,746 million, a 30.3% increase year-over-year, with China Mobility at 2,954 million (up 27.1%) and International at 792 million (up 44.0%)[5] - Core Platform Gross Transaction Value (GTV) for Q1 2024 reached RMB92.2 billion, a 26.9% increase year-over-year, with China Mobility at RMB71.4 billion (up 21.1%) and International at RMB20.8 billion (up 51.4%)[5] - International segment's GTV increased by 51.4% year-over-year to RMB20.8 billion in Q1 2024, driven by higher transaction volumes[15] Platform Sales - Platform Sales for Q1 2024 reached RMB15.1 billion, a 33.9% increase year-over-year, with China Mobility at RMB12.9 billion (up 34.8%) and International at RMB2.3 billion (up 29.3%)[9] Segment Performance - China Mobility segment achieved an Adjusted EBITA gain of RMB2.1 billion in Q1 2024, driven by increased revenue and partially offset by higher driver earnings and incentives[13] - Adjusted EBITA loss in the International segment increased to RMB0.3 billion in Q1 2024, primarily due to lower marketing expenses and incentives compared to Q1 2023[16] Research and Development Expenses - Research and development expenses decreased by 15.2% to RMB1.9 billion in Q1 2024, primarily due to reduced investments in the smart auto business following its sale to XPeng[18] Cash Flow and Financial Position - Cash and cash equivalents, restricted cash, and treasury investments were RMB53.8 billion as of March 31, 2024, compared to RMB55.6 billion as of December 31, 2023[22] - Net cash used in operating activities was RMB0.2 billion for Q1 2024, compared to a net loss of RMB1.1 billion during the same period[23] - Net cash used in investing activities was RMB5.2 billion for Q1 2024, primarily due to an increase in treasury investments and purchase of property and equipment[24] - Net cash used in financing activities was RMB0.2 billion for Q1 2024, mainly due to share repurchases[24] - Net cash used in operating activities was RMB 154 million in Q1 2024, compared to net cash provided by operating activities of RMB 333 million in Q1 2023[40] - Net cash used in investing activities surged to RMB 5,172 million in Q1 2024 from RMB 740 million in Q1 2023[40] Share Repurchases and Compensation - The company repurchased approximately 37.1 million ADSs for approximately US$152.4 million under its share repurchase program as of May 24, 2024[27] - City Puzzle Holdings Limited proposed to repurchase certain preferred shares for up to US$408 million[28] - Share-based compensation expenses decreased to RMB 521 million in Q1 2024 from RMB 780 million in Q1 2023[45] Adjusted Net Income - Adjusted net income for Q1 2024 was RMB1.4 billion, compared to RMB52 million in Q1 2023[21]