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    Dingdong (Cayman) Limited Announces Third Quarter 2024 Financial Results

    11/6/24 5:00:00 AM ET
    $DDL
    Catalog/Specialty Distribution
    Consumer Discretionary
    Get the next $DDL alert in real time by email

    SHANGHAI, Nov. 6, 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 September 30, 2024.

    Third Quarter 2024 Highlights:

    • GMV for the third quarter of 2024 increased by 28.3% year over year to RMB7,267.0 million (US$1,035.5 million) from RMB5,665.4 million in the same quarter of 2023. All regions experienced positive year-over-year growth in scale for the third quarter of 2024. GMV for the third quarter of 2024 increased on a year-over-year basis for three straight quarters, also, reached new quarterly high.
    • Non-GAAP net income for the third quarter of 2024 increased by 942.0% year over year to RMB161.6 million (US$23.0 million), the eighth consecutive quarter of non-GAAP profitability, compared with non-GAAP net income of RMB15.5 million in the same quarter of 2023.
    • Net income for the third quarter of 2024 increased by 6,240.6% year over year to RMB133.4 million (US$19.0 million), compared with net income of RMB2.1 million in the same quarter of 2023. Both non-GAAP and GAAP net income this quarter made record highs in the Company's history.
    • Net cash provided by operating activities for the third quarter of 2024 was RMB397.6 million (US$56.7 million), the fifth consecutive quarter of net operating cash inflow.

    Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "As of the third quarter of 2024, Dingdong has achieved non-GAAP profitability for the eighth consecutive quarter and GAAP profitability for the third consecutive quarter. Revenue also increased on a year-over-year basis for three straight quarters. Both GMV and net profit also reached new quarterly highs. For the outlook for fourth quarter and full year of 2024, we are increasing our full-year targets based on our current performance. We expect non-GAAP and GAAP net profit and the overall scale of our business to continue growing significantly on a year-over-year basis next quarter and for the year. We are confident in the rapid development potential of our business throughout the remainder of the year and going forward."

    Mr. Song Wang, Chief Financial Officer of Dingdong, stated, "In the third quarter of 2024, we generated revenue of RMB6.54 billion, a year-over-year increase of 27.2%. This significant growth also allowed us to achieve a new historic high in profitability with a non-GAAP net profit of RMB162 million, over nine times higher than the same period last year. Non-GAAP net profit margin was 2.5%, an increase of 2.2 percentage points from the same period last year. GAAP net profit was RMB133 million, an increase of RMB131 million year-over-year with net profit margin expanding 2.0 percentage points from the same period last year to 2%. Operating net cash inflow reached RMB400 million, an increase of RMB270 million compared to the same period last year. This marks the fifth consecutive quarter of net cash inflow from operating activities."

    Third Quarter 2024 Financial Results

    Total revenues were RMB6,538.2 million (US$931.7 million) compared with total revenues of RMB5,139.7 million in the same quarter of 2023, increased by 27.2% year over year, primarily attributed to the accelerating increased numbers of transacting users and frequency of monthly purchases and expanding our station network in Jiangsu, Zhejiang, and Shanghai this year.

    • Product Revenues were RMB6,458.4 million (US$920.3 million) compared with product revenues of RMB5,082.5 million in the same quarter of 2023.
    • Service Revenues were RMB79.8 million (US$11.4 million) compared with service revenues of RMB57.2 million in the same quarter of 2023, primarily driven by the increase of customers subscribing to Dingdong's membership program.

    Total operating costs and expenses were RMB6,438.5 million (US$917.5 million) compared with RMB5,163.7 million in the same quarter of 2023, with a detailed breakdown as below:   

    • Cost of goods sold was RMB4,591.4 million (US$654.3 million), an increase of 28.3% from RMB3,577.5 million in the same quarter of 2023. Cost of goods sold as a percentage of revenues increased slightly to 70.2% from 69.6% in the same quarter of 2023.
    • Fulfillment expenses were RMB1,397.8 million (US$199.2 million), an increase of 17.1% from RMB1,193.4 million in the same quarter of 2023. Fulfillment expenses as a percentage of total revenues decreased to 21.4% from 23.2% 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 RMB144.9 million (US$20.6 million), an increase of 39.1% from RMB104.2 million in the same quarter of 2023. Sales and marketing expenses as a percentage of total revenues increased to 2.2% from 2.0% in the same quarter of 2023, mainly due to the increased spending on sales and marketing activities to acquire new customers.
    • General and administrative expenses were RMB102.0 million (US$14.5 million), an increase of 14.2% from RMB89.3 million in the same quarter of 2023, mainly due to the increase of staff cost.
    • Product development expenses were RMB202.4 million (US$28.8 million), a slightly increase of 1.6% from RMB199.3 million in the same quarter of 2023. 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.

    Income from operations was RMB110.5 million (US$15.8 million), compared with operating loss of RMB8.6 million in the same quarter of 2023.

    Non-GAAP income from operations, which is a non-GAAP measure for income from operations that excludes share-based compensation expenses, was RMB138.8 million (US$19.8 million), increased by 2,804.1% year over year, compared with non-GAAP income from operations of RMB4.8 million in the same quarter of 2023.

    Net income was RMB133.4 million (US$19.0 million), increased by 6,240.6% year over year, compared with net income of RMB2.1 million in the same quarter of 2023. Net income margin was 2.04% compared with 0.04% in the same quarter of 2023.

    Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB161.6 million (US$23.0 million), increased by 942.0% year over year, compared with non-GAAP net income of RMB15.5 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 2.4% compared with 0.3% in the same quarter of 2023.

    Basic and diluted net income per share was RMB0.40 (US$0.06), compared with net loss per share of RMB0.00 in the same quarter of 2023. Non-GAAP net income per share, basic and diluted, was RMB0.49 (US$0.07), compared with RMB0.04 in the same quarter of 2023.

    Cash and cash equivalents, restricted cash and short-term investments were RMB4,296.9 million (US$612.3 million) as of September 30, 2024, compared with RMB4,157.6 million as of June 30, 2024. We have been working diligently to optimize our capital usage and financing structure. The total balance of cash and cash equivalents, restricted cash and short-term investments deducting the balance of short-term borrowings, is RMB2.64 billion, a net increase for the fifth consecutive quarter.

    Guidance

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

    Management change

    As part of the Company's ongoing efforts to optimize our organizational structure and enhance operational efficiency, the Company has re-evaluated certain executive roles. Ms. Hongli Gong, previously the CHRO, has been reassigned to other management positions in the Company. The responsibilities previously overseen by CHRO will be redistributed to other existing leadership team member to ensure seamless continuity in the Company's human resources functions. This change reflects the Company's commitment to agile and effective management, aligning the Company's resources with strategic priorities to better serve the stakeholders.

    On behalf of the Company and the Board, Mr. Changlin Liang, Chairman and CEO of Dingdong, expressed, "We would like to give our warmest and heartfelt thanks to Ms. Hongli Gong for her remarkable stewardship and contributions service as Chief Human Resources Officer. We wish her the best of success in her new roles within the Company."

    Conference Call

    The Company's management will hold an earnings conference call at 7:00 A.M. Eastern Time on Wednesday, November 6, 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:



    6835527

    The replay will be accessible through November 13, 2024 by dialing the following numbers:

    International:



    1-412-317-0088

    United States:



    1-877-344-7529

    Access Code:



    1452469

    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 RMB7.0176 to US$1.00, the exchange rate on September 30, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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





    September 30,

    2024





    September 30,

    2024









    RMB





    RMB





    US$















    (Unaudited)



    ASSETS





















    Current assets:





















    Cash and cash equivalents





    1,209,225





    899,769





    128,216



    Restricted cash





    480





    4,673





    666



    Short-term investments





    4,099,977





    3,392,420





    483,416



    Accounts receivable, net





    107,879





    136,089





    19,393



    Inventories, net





    471,872





    593,436





    84,564



    Advance to suppliers





    73,732





    100,633





    14,340



    Prepayments and other current assets





    187,486





    136,345





    19,429



    Total current assets





    6,150,651





    5,263,365





    750,024

























    Non-current assets:





















    Property and equipment, net





    189,084





    171,619





    24,456



    Operating lease right-of-use assets





    1,262,134





    1,323,093





    188,539



    Other non-current assets





    96,687





    115,109





    16,403



    Total non-current assets





    1,547,905





    1,609,821





    229,398

























    TOTAL ASSETS





    7,698,556





    6,873,186





    979,422

























    LIABILITIES, MEZZANINE EQUITY AND

    SHAREHOLDERS' EQUITY



    Current liabilities:





















    Accounts payable





    1,422,183





    1,735,794





    247,349



    Customer advances and deferred revenue





    240,280





    269,109





    38,348



    Accrued expenses and other current

         liabilities





    656,408





    775,869





    110,560



    Salary and welfare payable





    233,073





    268,815





    38,306



    Operating lease liabilities, current





    653,529





    578,411





    82,423



    Short-term borrowings





    3,300,214





    1,656,477





    236,046



    Total current liabilities





    6,505,687





    5,284,475





    753,032

























    Non-current liabilities:





















    Operating lease liabilities, non-current





    568,039





    701,812





    100,007



    Other non-current liabilities





    126,206





    135,612





    19,325



    Total non-current liabilities





    694,245





    837,424





    119,332

























    TOTAL LIABILITIES





    7,199,932





    6,121,899





    872,364



     

     

    DINGDONG (CAYMAN) LIMITED 



    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)



    (Amounts in thousands of RMB and US$) 













    As of









    December 31,

    2023





    September 30,

    2024





    September 30,

    2024









    RMB





    RMB





    US$















    (Unaudited)



    LIABILITIES, MEZZANINE EQUITY AND

    SHAREHOLDERS' EQUITY (CONTINUED)



    Mezzanine Equity:





















    Redeemable noncontrolling interests





    116,090





    122,994





    17,527

























    TOTAL MEZZANINE EQUITY





    116,090





    122,994





    17,527

























    Shareholders' equity:





















    Ordinary shares





    4





    4





    1



    Additional paid-in capital





    14,061,992





    14,155,411





    2,017,130



    Treasury stock





    (20,666)





    (51,176)





    (7,293)



    Accumulated deficit





    (13,679,965)





    (13,474,064)





    (1,920,039)



    Accumulated other comprehensive

         income/(loss)





    21,169





    (1,882)





    (268)

























    TOTAL SHAREHOLDERS' EQUITY





    382,534





    628,293





    89,531

























    TOTAL LIABILITIES, MEZZANINE EQUITY

         AND SHAREHOLDERS' EQUITY





    7,698,556





    6,873,186





    979,422



     

     

    DINGDONG (CAYMAN) LIMITED 



    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME



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













    For the three months ended

    September 30,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)



    Revenues:





















    Product revenues





    5,082,513





    6,458,447





    920,321



    Service revenues





    57,168





    79,788





    11,370















































    Total revenues





    5,139,681





    6,538,235





    931,691















































    Operating costs and expenses:





















    Cost of goods sold





    (3,577,451)





    (4,591,429)





    (654,273)



    Fulfillment expenses





    (1,193,391)





    (1,397,785)





    (199,183)



    Sales and marketing expenses





    (104,176)





    (144,868)





    (20,644)



    Product development expenses





    (199,313)





    (202,412)





    (28,843)



    General and administrative expenses





    (89,337)





    (101,988)





    (14,533)

























    Total operating costs and expenses





    (5,163,668)





    (6,438,482)





    (917,476)















































    Other operating income, net





    15,359





    10,796





    1,538



    (Loss) /income from operations





    (8,628)





    110,549





    15,753



    Interest income





    40,103





    38,446





    5,479



    Interest expenses





    (24,412)





    (9,650)





    (1,375)



    Other loss, net





    (1,463)





    (2,865)





    (408)















































    Income before income tax





    5,600





    136,480





    19,449















































    Income tax expenses





    (3,496)





    (3,074)





    (438)















































    Net income





    2,104





    133,406





    19,011















































    Accretion of redeemable noncontrolling interests





    (2,187)





    (2,363)





    (337)















































    Net (loss) /income attributable to ordinary

         shareholders





    (83)





    131,043





    18,674



     

     

    DINGDONG (CAYMAN) LIMITED



    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (CONTINUED)



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













    For the three months ended

    September 30,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)



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

         share:





















    Basic and diluted





    (0.00)





    0.40





    0.06



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

         Class B ordinary share computation:





















    Basic





    325,139,721





    324,194,950





    324,194,950



    Diluted





    325,139,721





    330,928,010





    330,928,010



    Other comprehensive income, net of tax of nil:





















    Foreign currency translation adjustments





    (12,481)





    (36,009)





    (5,131)

























    Comprehensive (loss) /income





    (10,377)





    97,397





    13,880















































    Accretion of redeemable noncontrolling interests





    (2,187)





    (2,363)





    (337)

























    Comprehensive (loss) /income attributable to

         ordinary shareholders





    (12,564)





    95,034





    13,543



     

     

    DINGDONG (CAYMAN) LIMITED 



    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



    (Amounts in thousands of RMB and US$) 













    For the three months ended

    September 30,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)

























    Net cash generated from operating activities





    130,111





    397,639





    56,663

























    Net cash used in investing activities





    (380,246)





    (352,490)





    (50,229)

























    Net cash generated from/ (used in) financing activities





    18,448





    (200,107)





    (28,515)

























    Effect of exchange rate changes on cash and cash

         equivalents and restricted cash





    (785)





    (2,267)





    (323)



    Net decrease in cash and cash equivalents and

         restricted cash





    (232,472)





    (157,225)





    (22,404)

























    Cash and cash equivalents and restricted cash at the

         beginning of the period





    1,530,180





    1,061,667





    151,286



    Cash and cash equivalents and restricted cash at the

         end of the period





    1,297,708





    904,442





    128,882



     

     

    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

    September 30,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)



    (Loss) /income from operations





    (8,628)





    110,549





    15,753



    Add: share-based compensation expenses (1)





    13,406





    28,210





    4,020



    Non-GAAP income from operations





    4,778





    138,759





    19,773















































    Operating margin





    (0.2 %)





    1.6 %





    1.6 %



    Add: share-based compensation expenses





    0.3 %





    0.5 %





    0.5 %



    Non-GAAP operating margin





    0.1 %





    2.1 %





    2.1 %

























    Net income





    2,104





    133,406





    19,011



    Add: share-based compensation expenses (1)





    13,406





    28,210





    4,020



    Non-GAAP net income





    15,510





    161,616





    23,031















































    Net income margin





    0.0 %





    2.0 %





    2.0 %



    Add: share-based compensation expenses





    0.3 %





    0.5 %





    0.5 %



    Non-GAAP net income margin





    0.3 %





    2.5 %





    2.5 %

























    Net (loss) /income attributable to ordinary shareholders





    (83)





    131,043





    18,674

























    Add: share-based compensation expenses (1)





    13,406





    28,210





    4,020



    Non-GAAP net income attributable to ordinary

         shareholders





    13,323





    159,253





    22,694



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





















    Basic and diluted





    (0.00)





    0.40





    0.06



    Add: share-based compensation expenses





    0.04





    0.09





    0.01



    Non-GAAP net income per Class A and Class B

         ordinary share:





















    Basic and diluted





    0.04





    0.49





    0.07

























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









    For the three months ended

    September 30,









    2023





    2024





    2024









    RMB





    RMB





    US$









    (Unaudited)

























    Fulfillment expenses





    5,335





    4,707





    671



    Sales and marketing expenses





    332





    1,057





    151



    Product development expenses





    6,881





    13,288





    1,893



    General and administrative expenses





    858





    9,158





    1,305

























    Total





    13,406





    28,210





    4,020



     

     

    Cision View original content:https://www.prnewswire.com/news-releases/dingdong-cayman-limited-announces-third-quarter-2024-financial-results-302297367.html

    SOURCE Dingdong (Cayman) Limited

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