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    Dingdong (Cayman) Limited Announces First Quarter 2024 Financial Results

    5/13/24 5:30:00 AM ET
    $DDL
    Catalog/Specialty Distribution
    Consumer Discretionary
    Get the next $DDL alert in real time by email

    SHANGHAI, May 13, 2024 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE:DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended March 31, 2024.

    First Quarter 2024 Highlights: 

    • GMV for the first quarter of 2024 increased by 1.4% year over year to RMB5,525.1 million (US$765.2 million) from RMB5,451.2 million in the same quarter of 2023, while our same-store GMV grew by 4.4% year over year. In March of 2024, GMV reached RMB1,971.1 million (US$273.0 million), an increase of 6.5% year over year.
    • Total number of orders increased by 3.5% year over year in the first quarter of 2024.
    • Non-GAAP net income for the first quarter of 2024 increased by 583.2% year over year to RMB41.5 million (US$5.7 million), the sixth consecutive quarter of non-GAAP profitability, compared with non-GAAP net income of RMB6.1 million in the same quarter of 2023.
    • Net income for the first quarter of 2024 was RMB12.3 million (US$1.7 million), compared with net loss of RMB52.4 million in the same quarter of 2023. Both non-GAAP and GAAP net income this quarter made record highs for the past 12 months.
    • Net cash provided by operating activities for the first quarter of 2024 was RMB94.8 million (US$ 13.1 million), the third consecutive quarter of net operating cash inflow.

    Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "In the first quarter of 2024, we achieved non-GAAP profitability for the sixth consecutive quarter. Notably, we recorded a substantial increase in our net profit margin and revenue growth in March 2024. This success can be largely attributed to Dingdong's world's leading fresh grocery supply chain capabilities. These capabilities will not only contribute to Dingdong's continued expansion and profitability within the domestic market but also position the company to make a substantial impact on the global market, generating greater and lasting value. Looking ahead to the remaining months of 2024, and based on the growth we have already observed, we forecast a tangible, sustained improvement in our performance. We think that the strategic advantages of our supply chain capabilities will only become more apparent, and will play a crucial role in boosting our profits and scale. With this in mind, we have raised our expectations for both net profit and scale, and are anticipating considerable year-over-year growth for the second quarter and this year. We are looking to achieve both non-GAAP and GAAP profits in the second quarter and for the entire year of 2024."

    Mr. Song Wang, Chief Financial Officer of Dingdong, stated, "In the first quarter of 2024, our GMV reached 5.53 billion RMB, marking a year-over-year increase of 1.4%. After accounting for the impact of store closures in Sichuan, Chongqing, Guangzhou and Shenzhen, we saw a 4.4% year-over-year increase in existing stores. The company's non-GAAP net profit margin rose to 0.8%, with a year-over-year increase of 0.7 percentage points, while its non-GAAP net profit surged 6.8 times year-over-year. Dingdong also accomplished GAAP profitability in the same period, posting a net profit margin of 0.2%, up by 1.3 percentage points year-over-year, with a net profit growth of 64.7 million RMB. Besides that, the company's operating cash flow net inflow was 95 million RMB, marking its third consecutive quarter of net operating cash inflow. Dingdong's cash and cash equivalent, restricted cash and short-term investments after deducting the balance of short-term borrowings was 2.09 billion RMB, a net increase for the third consecutive quarter. Our financial performance is improving, with simultaneous growth in revenue and profit, and we have sufficient financial reserves. With all of this in mind, we are confident that we will achieve this year's growth and profit targets."

    First Quarter 2024 Financial Results

    Total revenues were RMB5,024.0 million (US$695.8 million) compared with total revenues of RMB4,997.5 million in the same quarter of 2023, primarily due to the rise of number of orders, further growth in Shanghai, Jiangsu and Zhejiang market, and new opened frontline fulfillment stations with density and market penetration improved in East China. The increase was offset by strategic suspension of operations in a number of cities and stations, more outbound residents from Jiangsu, Zhejiang, and Shanghai during this Chinese New Year, and the impact of the ongoing decline in food CPI prices in the first quarter of 2024.

    • Product Revenues were RMB4,944.3 million (US$684.8 million) compared with product revenues of RMB4,937.8 million in the same quarter of 2023.
    • Service Revenues were RMB79.8 million (US$11.0 million) compared with service revenues of RMB59.7 million in the same quarter of 2023, primarily driven by the increase of customers subscribing to Dingdong's membership program, and more delivery fees collected with more orders in this quarter.

    Total operating costs and expenses were RMB5,045.0 million (US$698.7 million) compared with RMB5,043.3 million in the same quarter of 2023, with a detailed breakdown as below:   

    • Cost of goods sold was RMB3,488.7 million (US$483.2 million), an increase of 0.8% from RMB3,462.3 million in the same quarter of 2023. Cost of goods sold as a percentage of revenues increased slightly to 69.4% from 69.3% in the same quarter of 2023. Gross margin remained stable at 30.6% compared with the fourth quarter of 2023.
    • Fulfillment expenses were RMB1,147.0 million (US$158.9 million), a decrease of 3.9% from RMB1,193.8 million in the same quarter of 2023. Fulfillment expenses as a percentage of total revenues decreased to 22.8% from 23.9% in the same quarter of 2023. This was mainly due to the increased order volume that boosted operational efficiency. In addition, we optimized the layout of the regional processing centers in the second half of 2023, which will continue to improve their operation efficiency this year.
    • Sales and marketing expenses were RMB111.0 million (US$15.4 million), an increase of 23.7% from RMB89.8 million in the same quarter of 2023. Sales and marketing expenses as a percentage of total revenues increased slightly to 2.2% from 2.1% in the fourth quarter of 2023.
    • General and administrative expenses were RMB105.0 million (US$14.5 million), an increase of 20.9% from RMB86.8 million in the same quarter of 2023, mainly due to the increase of professional service fees.
    • Product development expenses were RMB193.3 million (US$26.8 million), a decrease of 8.2% from RMB210.6 million in the same quarter of 2023, primarily due to lower share-based compensation expenses. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure, to further enhance our competitiveness.

    Loss from operations was RMB11.1 million (US$1.5 million), compared with operating loss of RMB50.1 million in the same quarter of 2023.

    Non-GAAP income from operations, which is a non-GAAP measure for loss from operations that excludes share-based compensation expenses, was RMB18.1 million (US$2.5 million), increased by 115.2% year over year, compared with Non-GAAP income from operations of RMB8.4 million in the same quarter of 2023.

    Net income was RMB12.3 million (US$1.7 million), compared with net loss of RMB52.4 million in the same quarter of 2023.

    Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB41.5 million (US$5.7 million), increased by 583.2% year over year, compared with non-GAAP net income of RMB6.1 million in the same quarter of 2023. In addition, non-GAAP net income margin, which is the Company's non-GAAP net income as a percentage of total revenues, was 0.8% compared with 0.1% in the same quarter of 2023.

    Basic and diluted net income per share were RMB0.03 (US$0.00), compared with net loss per share of RMB0.17 in the same quarter of 2023. Non-GAAP net income per share, basic and diluted, was RMB0.12 (US$0.00), compared with RMB0.01 in the same quarter of 2023.

    Cash and cash equivalents, restricted cash and short-term investments were RMB4,510.1 million (US$624.6 million) as of March 31, 2024, compared with RMB5,309.7 million as of December 31, 2023. We have been working diligently to optimize our capital usage and financing structure. The cash and cash equivalents, restricted cash and short-term investments deducted the balance of short-term borrowings, is RMB 2.09 billion, a net increase for the three consecutive quarter.

    Guidance

    The Company has raised its expectations for both net profit and scale, and is anticipating considerable year-over-year growth for the second quarter and this year. The Company is looking to achieve both non-GAAP and GAAP profits in the second quarter and for the entire year of 2024.

    Conference Call

    The Company's management will hold an earnings conference call at 8:00 A.M. Eastern Time on Monday, May 13, 2024 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:

    International:



    1-412-317-6061

    United States Toll Free:



    1-888-317-6003

    Mainland China Toll Free:



    4001-206115

    Hong Kong Toll Free:



    800-963976

    Conference ID:



    2427862

    The replay will be accessible through May 20, 2024 by dialing the following numbers:

    International:                    



    1-412-317-0088

    United States:



    1-877-344-7529

    Access Code:



    6170740

    A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.100.me.

    About Dingdong (Cayman) Limited 

    We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers' evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping.

    For more information, please visit: https://ir.100.me.

    Use of Non-GAAP Financial Measures

    The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, non-GAAP net income attributable to ordinary shareholders and non-GAAP net income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. 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, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

    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, and when assessing the Company's operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

    For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement.

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2203 to US$1.00, the exchange rate on March 29, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement 

    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, business outlook and quotations from management in this announcement, as well as Dingdong's strategic and operational plans, contain forward-looking statements. Dingdong 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 interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong'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: Dingdong's goals and strategies; Dingdong's future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong's expectations regarding demand for and market acceptance of its products and services; Dingdong's expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong's industry; and relevant government policies and regulations relating to Dingdong'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 the Company's filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

     

     

     

    DINGDONG (CAYMAN) LIMITED 



    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS



    (Amounts in thousands of RMB and US$) 













    As of









    December 31,

    202
    3





    March 31,

    2024





    March 31,

    2024









    RMB





    RMB





    US$















    (Unaudited)



    ASSETS





















    Current assets:





















    Cash and cash equivalents





    1,209,225





    1,131,012





    156,643



    Restricted cash





    480





    462





    64



    Short-term investments





    4,099,977





    3,378,613





    467,932



    Accounts receivable, net





    107,879





    103,902





    14,390



    Inventories, net





    471,872





    450,144





    62,344



    Advance to suppliers





    73,732





    55,378





    7,670



    Prepayments and other current assets





    187,486





    206,046





    28,538



    Total current assets





    6,150,651





    5,325,557





    737,581

























    Non-current assets:





















    Property and equipment, net





    189,084





    164,389





    22,768



    Operating lease right-of-use assets





    1,262,134





    1,169,394





    161,959



    Other non-current assets





    96,687





    90,848





    12,582



    Total non-current assets





    1,547,905





    1,424,631





    197,309

























    TOTAL ASSETS





    7,698,556





    6,750,188





    934,890

























    LIABILITIES, MEZZANINE EQUITY AND

    SHAREHOLDERS' EQUITY



    Current liabilities:





















    Accounts payable





    1,422,183





    1,313,140





    181,868



    Customer advances and deferred revenue





    240,280





    249,652





    34,576



    Accrued expenses and other current

        liabilities





     

    656,408





     

    702,075





     

    97,236



    Salary and welfare payable





    233,073





    267,213





    37,009



    Operating lease liabilities, current





    653,529





    599,799





    83,071



    Short-term borrowings





    3,300,214





    2,422,163





    335,466



    Total current liabilities





    6,505,687





    5,554,042





    769,226

























    Non-current liabilities:





















    Operating lease liabilities, non-current





    568,039





    527,817





    73,102



    Other non-current liabilities





    126,206





    127,892





    17,713



    Total non-current liabilities





    694,245





    655,709





    90,815

























    TOTAL LIABILITIES





    7,199,932





    6,209,751





    860,041



     

     

     

    DINGDONG (CAYMAN) LIMITED



    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)



    (Amounts in thousands of RMB and US$)













    As of









    December 31,

    2023





    March 31,

    2024





    March 31,

    2024









    RMB





    RMB





    US$















    (Unaudited)



    LIABILITIES, MEZZANINE EQUITY AND

    SHAREHOLDERS' EQUITY (CONTINUED)



    Mezzanine Equity:





















    Redeemable noncontrolling interests





    116,090





    118,339





    16,390

























    TOTAL MEZZANINE EQUITY





    116,090





    118,339





    16,390

























    Shareholders' equity:





















    Ordinary shares





    4





    4





    1



    Additional paid-in capital





    14,061,992





    14,091,199





    1,951,607



    Treasury stock





    (20,666)





    (23,850)





    (3,303)



    Accumulated deficit





    (13,679,965)





    (13,669,941)





    (1,893,265)



    Accumulated other comprehensive income





    21,169





    24,686





    3,419

























    TOTAL SHAREHOLDERS' EQUITY





    382,534





    422,098





    58,459

























    TOTAL LIABILITIES, MEZZANINE EQUITY

        AND SHAREHOLDERS' EQUITY





    7,698,556





    6,750,188





    934,890

























     

     

     

    DINGDONG (CAYMAN) LIMITED 



    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

    (LOSS)/INCOME



    (Amounts in thousands of RMB and US$, except for number of shares and per share data)













    For the three months ended

    March 31,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)



    Revenues:





















    Product revenues





    4,937,763





    4,944,289





    684,776



    Service revenues





    59,715





    79,755





    11,046















































    Total revenues





    4,997,478





    5,024,044





    695,822















































    Operating costs and expenses:





















    Cost of goods sold





    (3,462,337)





    (3,488,696)





    (483,179)



    Fulfillment expenses





    (1,193,765)





    (1,146,982)





    (158,855)



    Sales and marketing expenses





    (89,758)





    (111,048)





    (15,380)



    Product development expenses





    (210,635)





    (193,262)





    (26,766)



    General and administrative expenses





    (86,842)





    (105,028)





    (14,546)

























    Total operating costs and expenses





    (5,043,337)





    (5,045,016)





    (698,726)















































    Other operating (loss)/ income, net





    (4,197)





    9,858





    1,365



    Loss from operations





    (50,056)





    (11,114)





    (1,539)



    Interest income





    33,751





    40,298





    5,581



    Interest expenses





    (28,876)





    (16,773)





    (2,323)



    Other income, net





    2,866





    1,561





    216















































    (Loss) /Income before income tax





    (42,315)





    13,972





    1,935















































    Income tax expenses





    (10,076)





    (1,699)





    (235)















































    Net (loss)/income





    (52,391)





    12,273





    1,700















































    Accretion of redeemable noncontrolling interests





    (2,060)





    (2,249)





    (311)















































    Net (loss)/income attributable to ordinary

        shareholders





    (54,451)





    10,024





    1,389

















































     

     

     

    DINGDONG (CAYMAN) LIMITED 



    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

    (LOSS)/INCOME (CONTINUED)



    (Amounts in thousands of RMB and US$, except for number of shares and per share data)































    For the three months ended

    March 31,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)



    Net (loss)/ income per Class A and Class B ordinary

        share:





















    Basic and diluted





    (0.17)





    0.03





    —



    Shares used in net (loss)/income per Class A and

        Class B ordinary share computation:





















    Basic





    324,539,178





    325,024,592





    325,024,592



    Diluted





    324,539,178





    328,469,733





    328,469,733



    Other comprehensive (loss)/income, net of tax of nil:





















    Foreign currency translation adjustments





    (26,478)





    3,517





    487

























    Comprehensive (loss)/income





    (78,869)





    15,790





    2,187















































    Accretion of redeemable noncontrolling interests





    (2,060)





    (2,249)





    (311)

























    Comprehensive (loss)/income attributable to

        ordinary shareholders





    (80,929)





    13,541





    1,876

























     

     

     

    DINGDONG (CAYMAN) LIMITED



    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



    (Amounts in thousands of RMB and US$)













    For the three months ended

    March 31,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)

























    Net cash (used in) / generated from operating activities





    (306,839)





    94,775





    13,126

























    Net cash generated from investing activities





    669,811





    708,001





    98,057

























    Net cash used in financing activities





    (432,873)





    (881,234)





    (122,049)

























    Effect of exchange rate changes on cash and cash

        equivalents and restricted cash





    (3,209)





    228





    31



    Net decrease in cash and cash equivalents and

        restricted cash





    (73,110)





    (78,230)





    (10,835)

























    Cash and cash equivalents and restricted cash at the

        beginning of the period





    1,858,951





    1,209,704





    167,542



    Cash and cash equivalents and restricted cash at the

        end of the period





    1,785,841





    1,131,474





    156,707

























     

     

     

    DINGDONG (CAYMAN) LIMITED



    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS



    (Amounts in thousands of RMB and US$, except for number of shares and per share data)













    For the three months ended



    March 31,







    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)



    Loss from operations





    (50,056)





    (11,114)





    (1,539)



    Add: share-based compensation expenses (1)





    58,462





    29,207





    4,045

























    Non-GAAP income from operations





    8,406





    18,093





    2,506















































    Operating margin





    (1.0 %)





    (0.2 %)





    (0.2 %)



    Add: share-based compensation expenses





    1.2 %





    0.6 %





    0.6 %



    Non-GAAP operating margin





    0.2 %





    0.4 %





    0.4 %

























    Net (loss)/income





    (52,391)





    12,273





    1,700



    Add: share-based compensation expenses (1)





    58,462





    29,207





    4,045

























    Non-GAAP net income





    6,071





    41,480





    5,745















































    Net (loss)/income margin





    (1.1 %)





    0.2 %





    0.2 %



    Add: share-based compensation expenses





    1.2 %





    0.6 %





    0.6 %



    Non-GAAP net income margin





    0.1 %





    0.8 %





    0.8 %

























    Net (loss)/income attributable to ordinary shareholders





    (54,451)





    10,024





    1,389

























    Add: share-based compensation expenses (1)





    58,462





    29,207





    4,045

























    Non-GAAP net income attributable to ordinary

        shareholders





    4,011





    39,231





    5,434

























    Net (loss)/income per Class A and Class B ordinary share:





















    Basic and diluted





    (0.17)





    0.03





    —



    Add: share-based compensation expenses





    0.18





    0.09





    —



    Non-GAAP net income per Class A and Class B

        ordinary share:











































    Basic and diluted





    0.01





    0.12





    —

























    (1) Share-based compensation expenses are recognized as follows:









    For the three months ended



    March 31,







    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)

























    Fulfillment expenses





    11,970





    3,974





    550



    Sales and marketing expenses





    789





    1,155





    160



    Product development expenses





    28,424





    15,544





    2,153



    General and administrative expenses





    17,279





    8,534





    1,182

























    Total





    58,462





    29,207





    4,045

























     

     

     

    Cision View original content:https://www.prnewswire.com/news-releases/dingdong-cayman-limited-announces-first-quarter-2024-financial-results-302143331.html

    SOURCE Dingdong (Cayman) Limited

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