DiDi(DIDIY)2024-11-29 09:16Financial Performance - Core Platform Transactions for Q3 2024 reached 4,118 million, a 15.1% increase from Q3 2023, with China Mobility at 3,183 million (10.6% increase) and International at 935 million (33.4% increase)[3] - Core Platform Gross Transaction Value (GTV) for Q3 2024 was RMB100.9 billion, a 10.3% increase (13.1% on a constant currency basis), with China Mobility at RMB78.1 billion (7.8% increase) and International at RMB22.8 billion (19.7% increase, 33.4% on a constant currency basis)[3] - Platform Sales for Q3 2024 reached RMB18.5 billion, a 22.7% increase from Q3 2023, with China Mobility at RMB16.1 billion (23.7% increase) and International at RMB2.4 billion (16.5% increase)[3] - Profit for Q3 2024 was RMB0.9 billion, with Adjusted EBITDA (Non-IFRS) at RMB2.5 billion and Adjusted EBITA (Non-IFRS) at RMB1.7 billion[3] - Revenues increased by 5.0% to RMB53.9 billion for Q3 2024 from RMB51.4 billion for Q3 2023, driven by the increase in Core Platform GTV[15] - Profit for Q3 2024 was RMB0.9 billion, compared to a loss of RMB0.3 billion in Q3 2023[19] - Adjusted EBITDA for Q3 2024 was a gain of RMB2.5 billion, compared to a gain of RMB0.7 billion in Q3 2023[20] - Adjusted profit for Q3 2024 was RMB2.2 billion, compared to RMB51 million in Q3 2023[21] - Revenue for Q3 2024 increased to RMB 53,949 million, up 5% from RMB 51,401 million in Q3 2023[43] - Operating profit for Q3 2024 was RMB 914 million, a significant improvement from an operating loss of RMB 357 million in Q3 2023[43] - Net profit for Q3 2024 was RMB 932 million, compared to a net loss of RMB 273 million in Q3 2023[43] - Total comprehensive income for Q3 2024 was RMB 1,510 million, up from a comprehensive loss of RMB 726 million in Q3 2023[45] - Earnings per share (basic) for Q3 2024 was RMB 0.76, compared to a loss per share of RMB 0.23 in Q3 2023[43] - Total segment revenues for the three months ended September 2024 reached RMB 53,949 million, a 5% increase from RMB 51,401 million in the same period of 2023[55] - Adjusted EBITA (non-IFRS) improved significantly to RMB 1,744 million in Q3 2024, compared to a loss of RMB 283 million in Q3 2023[55] - Adjusted EBITDA (non-IFRS) more than tripled to RMB 2,486 million in Q3 2024 from RMB 669 million in Q3 2023[59] Segment Performance - China Mobility segment delivered average daily transactions of 34.6 million in Q3 2024, a record high[7] - International segment GTV increased by 19.7% year-over-year to RMB22.8 billion in Q3 2024, with Platform Sales up 16.5% to RMB2.4 billion[11][12] - Adjusted EBITA (Non-IFRS) loss in the International segment decreased by RMB0.5 billion year-over-year to RMB0.3 billion in Q3 2024[12] - Adjusted EBITA loss in the Other Initiatives segment decreased by RMB0.5 billion year-over-year to RMB0.4 billion in Q3 2024[14] - China Mobility segment revenues grew 3.3% year-over-year to RMB 48,184 million in Q3 2024, compared to RMB 46,649 million in Q3 2023[55] - International segment revenues surged 44.1% to RMB 2,932 million in Q3 2024, up from RMB 2,034 million in Q3 2023[55] Expenses and Costs - Cost of revenues remained flat at RMB43.7 billion for Q3 2024 compared to the same period in 2023[16] - Sales and marketing expenses increased by 8.5% to RMB3.0 billion in Q3 2024 from RMB2.8 billion in Q3 2023[17] - Research and development expenses decreased by 6.4% to RMB2.0 billion in Q3 2024 from RMB2.1 billion in Q3 2023[18] - General and administrative expenses increased by 8.5% to RMB2.3 billion in Q3 2024 from RMB2.2 billion in Q3 2023[19] - Research and development expenses for Q3 2024 decreased to RMB 1,975 million, down 6% from RMB 2,109 million in Q3 2023[43] - Total depreciation expenses decreased by 22.1% to RMB 742 million in Q3 2024 from RMB 952 million in Q3 2023[57] Cash and Investments - Total cash and cash equivalents and treasury investments were RMB47.9 billion as of September 30, 2024[3] - Cash and cash equivalents and treasury investments were RMB47.9 billion as of September 30, 2024, compared to RMB54.4 billion as of December 31, 2023[23] - Net cash provided by operating activities was RMB1.9 billion for Q3 2024, compared to RMB1.5 billion in Q3 2023[24] - Cash and cash equivalents decreased to RMB 14,153 million as of September 30, 2024, from RMB 27,308 million as of December 31, 2023[50] - Net cash provided by operating activities for Q3 2024 was RMB 1,910 million, up from RMB 1,450 million in Q3 2023[53] - Net cash used in financing activities for Q3 2024 was RMB 5,077 million, compared to net cash provided by financing activities of RMB 188 million in Q3 2023[53] Share Repurchase - The company repurchased approximately 151.3 million ADSs for approximately US$627.1 million under its share repurchase program as of November 27, 2024[27] Assets and Equity - Total assets as of September 30, 2024, were RMB 140,467 million, down from RMB 144,079 million as of December 31, 2023[50] - Total equity under IFRS stood at RMB 99,402 million as of December 31, 2023, slightly lower than the U.S. GAAP figure of RMB 97,969 million[62] Reporting Standards - The company transitioned to IFRS reporting standards starting from Q3 2024, with retrospective application from January 1, 2022[61] - Total comprehensive income under IFRS showed a loss of RMB 726 million for Q3 2023, compared to a gain of RMB 114 million under U.S. GAAP[62]