Viatris Inc
Change company Symbol lookup
Select an option...
VTRS Viatris Inc
MSFT Microsoft Corp
NTB Bank of N T Butterfield & Son Ltd
CHN China Fund, Inc.
IGR CBRE Global Real Estate Income Fund
SURRY Sun Art Retail Group Ltd
VPV Invesco Pennsylvania Value Municipal Income Trust
HLBZ Helbiz Inc
IRNT IronNet Inc
AEI Alset Ehome International Inc
Go

Health Care : Pharmaceuticals | Mid Cap Value
Company profile

Viatris Inc. is a global healthcare company. The Company has four segments: Developed Markets, Greater China, JANZ and Emerging Markets. Developed Markets segment comprises its operations primarily in North America and Europe. Greater China segment includes its operations in China, Taiwan and Hong Kong. JANZ segment reflects its operations in Japan, Australia and New Zealand. Emerging Markets segment encompasses its presence in approximately 125 countries with developing markets and emerging economies including in Asia, Africa, Eastern Europe, Latin America and the Middle East, as well as its anti-retroviral franchise. Its portfolio comprises approximately 1,400 approved molecules across a range of key therapeutic areas, including globally recognized iconic and key brands, generics, complex generics, and biosimilars. It operates approximately 40 manufacturing sites worldwide, which produces oral solid doses, injectables, complex dosage forms and active pharmaceutical ingredients.

Premarket

Last Trade
Delayed
$11.24
0.13 (1.17%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$11.11
Day's Change
0.00 (0.00%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
--
Day's Low
--
Volume
(Light)
Volume:
1,054

10-day average volume:
14,610,516
1,054

Pinduoduo Announces First Quarter 2022 Unaudited Financial Results

6:30 am ET May 27, 2022 (Globe Newswire) Print

EQNX::TICKER_START (NASDAQ:PDD), EQNX::TICKER_END Pinduoduo Inc. ("Pinduoduo" or the "Company") (NASDAQ: PDD), China's largest agriculture platform, today announced its unaudited financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Highlights

"We remain focused on making long-term investments in agriculture and abide by our philosophy of 'Benefit All', 'People First', and 'More Open'," said Mr. Lei Chen, Chairman and Chief Executive Officer of Pinduoduo.

"At this current scale, it is inevitable for us to see slower growth," said Ms. Jun Liu, VP of Finance of Pinduoduo. "We need to continue to invest in R&D to serve our users better."

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 RMB6.3393 to US$1.00, the noon buying rate in effect on March 31, 2022 as set forth in the H.10 Statistical Release of the Federal Reserve Board.

"Monthly active users" refers to the number of user accounts that visited the Pinduoduo mobile app during a given month, which does not include those that accessed the platform through social networks and access points.

"Active buyers" in a given period refers to the number of user accounts that placed one or more orders (i) on the Pinduoduo mobile app, and (ii) through social networks and access points in that period, regardless of whether the products and services are actually sold, delivered or returned.

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.

First Quarter 2022 Unaudited Financial Results

Total revenues were RMB23,793.7 million (US$3,753.4 million), an increase of 7% from RMB22,167.1 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.

Total costs of revenues were RMB7,159.6 million (US$1,129.4 million), a decrease of 33% from RMB10,746.1 million in the same quarter of 2021. The decrease mainly came from the reduction of merchandise sales partially offset by increased fulfillment fees.

Total operating expenses were RMB14,479.7 million (US$2,284.1 million), compared with RMB15,568.0 million in the same quarter of 2021.

Operating profit was RMB2,154.4 million (US$339.8 million), compared with operating loss of RMB4,147.0 million in the same quarter of 2021. Non-GAAP operating profit was RMB3,677.2 million (US$580.1 million), compared with non-GAAP operating loss of RMB3,174.1 million in the same quarter of 2021.

Net income attributable to ordinary shareholders was RMB2,599.5 million (US$410.1 million), compared with net loss of RMB2,905.4 million in the same quarter of 2021. Non-GAAP net income attributable to ordinary shareholders was RMB4,200.4 million (US$662.6 million), compared with non-GAAP net loss attributable to ordinary shareholders of RMB1,890.3 million in the same quarter of 2021.

Basic earnings per ADS was RMB2.06 (US$0.33) and diluted earnings per ADS was RMB1.84 (US$0.29), compared with basic and diluted net loss per ADS of RMB2.33 in the same quarter of 2021. Non-GAAP diluted earnings per ADS was RMB2.95 (US$0.47), compared with non-GAAP diluted net loss per ADS of RMB1.52 in the same quarter of 2021.

Net cash used in operating activities was RMB9,068.1 million (US$1,430.5 million), compared with RMB3,724.5 million in the same quarter of 2021, mainly due to seasonality changes in working capitals offset by controlled cost and operating expenses spending.

Cash, cash equivalents and short-term investments were RMB95.2 billion (US$15.0 billion) as of March 31, 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 Friday, May 27, 2022 (7:30 PM Beijing/Hong Kong Time on Friday, May 27, 2022).

The conference call will be webcast live at https://investor.pinduoduo.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 or loss and non-GAAP net income or loss 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 is a non-cash charge. 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 Pinduoduo's strategic and operational plans, contain forward-looking statements. Pinduoduo 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 fourth parties. Statements that are not historical facts, including but not limited to statements about Pinduoduo'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: Pinduoduo'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 fourth-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 e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China's e-commerce market; PRC governmental policies and regulations relating to Pinduoduo'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 Pinduoduo'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 Pinduoduo undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About Pinduoduo Inc.

Pinduoduo connects millions of agricultural producers with consumers across China. Pinduoduo aims to bring more businesses and people into the digital economy so that local communities can benefit from the increased productivity and convenience through new market opportunities.

For more information on Pinduoduo news and industry trends, please visit the content hub at https://stories.pinduoduo-global.com/.

PINDUODUO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"))
                                           As of
                                           December     March 31, 2022
                                           31, 2021
                                           RMB          RMB          US$
                                                        (Unaudited)
ASSETS
Current assets
Cash and cash equivalents                  6,426,715    7,404,992    1,168,109
Restricted cash                            59,617,256   44,729,000   7,055,826
Receivables from online payment platforms  673,737      600,527      94,731
Short-term investments                     86,516,618   87,815,868   13,852,613
Amounts due from related parties           4,250,155    3,587,349    565,890
Prepayments and other current assets       3,424,687    2,027,225    319,788
Total current assets                       160,909,168  146,164,961  23,056,957
Non-current assets
Property, equipment and software, net      2,203,323    1,746,746    275,542
Intangible assets                          701,220      556,760      87,827
Right-of-use assets                        938,537      831,826      131,217
Deferred tax assets                        31,504       23,143       3,651
Other non-current assets                   16,425,966   19,395,185   3,059,515
Total non-current assets                   20,300,550   22,553,660   3,557,752
Total Assets                               181,209,718  168,718,621  26,614,709
PINDUODUO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"))
                                            As of
                                            December       March 31, 2022
                                            31, 2021
                                            RMB            RMB            US$
                                                           (Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Amounts due to related parties              1,963,007      2,039,727      321,759
Customer advances and deferred revenues     1,166,764      1,060,656      167,314
Payable to merchants                        62,509,714     47,166,443     7,440,324
Accrued expenses and other liabilities      14,085,513     12,882,178     2,032,113
Merchant deposits                           13,577,552     13,955,037     2,201,353
Lease liabilities                           427,164        418,356        65,994
Total current liabilities                   93,729,714     77,522,397     12,228,857
Non-current liabilities
Convertible bonds                           11,788,907     14,057,021     2,217,441
Lease liabilities                           544,263        453,621        71,557
Deferred tax liabilities                    31,291         32,069         5,059
Other non-current liabilities               996            536            85
Total non-current liabilities               12,365,457     14,543,247     2,294,142
Total Liabilities                           106,095,171    92,065,644     14,522,999
Shareholders' equity
Ordinary shares                             161            162            26
Additional paid-in capital                  95,340,819     93,044,708     14,677,442
Accumulated other comprehensive loss        (2,519,900  )  (2,651,317  )  (418,235   )
Accumulated deficits                        (17,706,533 )  (13,740,576 )  (2,167,523 )
Total Shareholders' Equity                  75,114,547     76,652,977     12,091,710
Total Liabilities and Shareholders' Equity  181,209,718    168,718,621    26,614,709

The Group adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity on January 1, 2022, using the modified retrospective method with a cumulative-effect adjustment to the opening balances of convertible bonds, additional paid-in capital, accumulated other comprehensive loss and accumulated deficits.

PINDUODUO INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/ (LOSS)
(Amounts in thousands of RMB and US$)
                                                                           For the three months ended March 31,
                                                                           2021           2022
                                                                           RMB            RMB            US$
                                                                           (Unaudited)    (Unaudited)    (Unaudited)
Revenues                                                                   22,167,099     23,793,689     3,753,362
Costs of revenues                                                          (10,746,050 )  (7,159,595  )  (1,129,398 )
Gross profit                                                               11,421,049     16,634,094     2,623,964
Sales and marketing expenses                                               (12,997,407 )  (11,219,068 )  (1,769,764 )
General and administrative expenses                                        (351,855    )  (592,113    )  (93,404    )
Research and development expenses                                          (2,218,743  )  (2,668,507  )  (420,947   )
Total operating expenses                                                   (15,568,005 )  (14,479,688 )  (2,284,115 )
Operating (loss)/ profit                                                   (4,146,956  )  2,154,406      339,849
Interest and investment income, net                                        970,477        796,261        125,607
Interest expenses                                                          (335,456    )  (12,640     )  (1,994     )
Foreign exchange (loss)/ gain                                              (10,374     )  20,084         3,168
Other income, net                                                          470,384        239,770        37,823
(Loss)/ profit before income tax and share of results of equity investees  (3,051,925  )  3,197,881      504,453
Share of results of equity investees                                       146,509        (33,616     )  (5,303     )
Income tax expenses                                                        -              (564,814    )  (89,097    )
Net (loss)/ income                                                         (2,905,416  )  2,599,451      410,053
PINDUODUO INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME/ (LOSS)
(Amounts in thousands of RMB and US$, except for per share data)
                                                                        For the three months ended March 31,
                                                                        2021          2022
                                                                        RMB           RMB          US$
                                                                        (Unaudited)   (Unaudited)  (Unaudited)
Net (loss)/ income                                                      (2,905,416 )  2,599,451    410,053
Net (loss)/ income attributable to ordinary shareholders                (2,905,416 )  2,599,451    410,053
(Loss)/ earnings per ordinary share:
-Basic                                                                  (0.58      )  0.52         0.08
-Diluted                                                                (0.58      )  0.46         0.07
(Loss)/ earnings per ADS (4 ordinary shares equals 1 ADS):
-Basic                                                                  (2.33      )  2.06         0.33
-Diluted                                                                (2.33      )  1.84         0.29
Weighted average number of outstanding ordinary shares (in thousands):
-Basic                                                                  4,983,530     5,036,733    5,036,733
-Diluted                                                                4,983,530     5,688,094    5,688,094
PINDUODUO INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)
                                        For the three months ended March 31,
                                        2021         2022
                                        RMB          RMB          US$
                                        (Unaudited)  (Unaudited)  (Unaudited)
Revenues
- Online marketing services and others  14,111,486   18,158,425   2,864,421
- Transaction services                  2,931,475    5,591,407    882,023
- Merchandise sales                     5,124,138    43,857       6,918
Total                                   22,167,099   23,793,689   3,753,362
PINDUODUO INC.
NOTES TO FINANCIAL INFORMATION
(Amounts in thousands of RMB and US$)
                                             For the three months ended March 31,
                                             2021         2022
                                             RMB          RMB          US$
                                             (Unaudited)  (Unaudited)  (Unaudited)
Share-based compensation costs included in:
Costs of revenues                            4,364        9,181        1,448
Sales and marketing expenses                 299,483      501,105      79,047
General and administrative expenses          191,170      383,296      60,463
Research and development expenses            477,792      629,168      99,250
Total                                        972,809      1,522,750    240,208
PINDUODUO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)
                                                                               For the three months ended March 31,
                                                                               2021           2022
                                                                               RMB            RMB            US$
                                                                               (Unaudited)    (Unaudited)    (Unaudited)
Net cash used in operating activities                                          (3,724,547  )  (9,068,096  )  (1,430,457 )
Net cash used in investing activities                                          (5,621,047  )  (4,852,089  )  (765,398   )
Net cash (used in)/ generated from financing activities                        (1,238,874  )  43             7
Effect of exchange rate changes on cash, cash equivalents and restricted cash  51,550         10,163         1,603
Decrease in cash, cash equivalents and restricted cash                         (10,532,918 )  (13,909,979 )  (2,194,245 )
Cash, cash equivalents and restricted cash at beginning of period              74,843,636     66,043,971     10,418,180
Cash, cash equivalents and restricted cash at end of period                    64,310,718     52,133,992     8,223,935
PINDUODUO INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Amounts in thousands of RMB and US$, except for per share data)
                                                                                                                        For the three months ended March 31,
                                                                                                                        2021           2022
                                                                                                                        RMB            RMB          US$
                                                                                                                        (Unaudited)    (Unaudited)  (Unaudited)
Operating (loss)/ profit                                                                                                (4,146,956  )  2,154,406    339,849
Add: Share-based compensation                                                                                           972,809        1,522,750    240,208
Non-GAAP operating (loss)/ profit                                                                                       (3,174,147  )  3,677,156    580,057
Net (loss)/ income attributable to ordinary shareholders                                                                (2,905,416  )  2,599,451    410,053
Add: Share-based compensation                                                                                           972,809        1,522,750    240,208
Add: Interest expense related to convertible bonds' amortization to face value and gain or loss on extinguishment, net  318,611        12,640       1,994
Add: (Gain)/ loss from fair value change of long-term investments                                                       (276,336    )  65,600       10,348
Non-GAAP net (loss)/ income attributable to ordinary shareholders                                                       (1,890,332  )  4,200,441    662,603
Non-GAAP diluted weighted-average number of ordinary shares outstanding (in thousands)                                  4,983,530      5,688,094    5,688,094
Diluted (loss)/ earnings per ordinary share                                                                             (0.58       )  0.46         0.07
Add: Non-GAAP adjustments to (loss)/ earnings per ordinary share                                                        0.20           0.28         0.04
Non-GAAP diluted (loss)/ earnings per ordinary share                                                                    (0.38       )  0.74         0.12
Non-GAAP diluted (loss)/ earnings per ADS                                                                               (1.52       )  2.95         0.47

For investor and media inquiries, please contact:

Pinduoduo Inc.
investor@pinduoduo.com
internationalmedia@pinduoduo.com

https://ml.globenewswire.com/media/b53d53b7-3b5d-4ae1-8808-b737e78aa4dc/small/english-logo-jpg.jpg

For investor and media inquiries, please contact:

Pinduoduo Inc.
investor@pinduoduo.com
internationalmedia@pinduoduo.com

https://ml.globenewswire.com/media/b53d53b7-3b5d-4ae1-8808-b737e78aa4dc/small/english-logo-jpg.jpg

comtex tracking

COMTEX_407837767/2010/2022-05-27T06:30:00

Earnings Calendar and Events Data provided by |Terms of Use| © 2022 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., ,, and

Copyright © 2022. All rights reserved.