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Dingdong (Cayman) Limited Announces Third Quarter 2024 Financial Results

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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,
2023

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

 

 

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SOMERVILLE, N.J., Nov. 23, 2024 /PRNewswire/ — Specified Technologies Inc. has announced their latest Firestop Clash Management (FCM) and Firestop Locator (FSL) releases. FCM automates the process of locating and assigning firestop solutions to conditions within Autodesk® Revit®, enabling firestop novices to find firestop solutions like a firestop expert. In this latest release, STI has further expanded the capabilities of FCM by integrating it with their firestop documentation and compliance tool, Firestop Locator (FSL). FSL enables contractors and facilities’ teams to document the status, location, and products used for any and all fire life safety services across a building.

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Contact: Jess Bern; jbern@stifirestop.com

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BEIJING, Nov. 23, 2024 /CNW/ — During the Wuzhen Summit of the World Internet Conference, ZICC interviewed Internet experts from all over the world.

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SEOUL, South Korea, Nov. 23, 2024 /PRNewswire/ — JCF Technology is a startup that independently developed ‘MecKare’, a radar sensor that measures biological signals in a non-contact manner, and provides a platform service that automatically connects users and guardians in two-way emergency situations through an artificial intelligence analysis system. Since its establishment in 2016, it has developed a highly accurate non-contact multi-biological radar sensor through many years of technology accumulation, and succeeded in commercializing the product for the first time in 2021.

MecKare uses microwave radar and micro-Doppler signal processing technology to measure the user’s heart rate, respiratory rate, and skin temperature within 16.4 ft in real time. The sensor can measure human body movement patterns using precise and highly responsive thermal infrared rays and can detect falls through pattern analysis based on changes in human movement. In particular, the movement and change of thermal infrared rays within the measurement range are detected in real time, and the trend of biomarkers that appear as advance signs before a person falls can be checked through differential motion detection that measures the user’s movement pattern. It provides an alarm in advance by predicting before a person falls, enabling accuracy and quick response to accidents. As a result, it is possible to prevent safety accidents in the elderly by detecting emergency situations such as lonely death, cardiac arrest, breathing difficulties, and falls. Additionally, unlike other existing wearable devices such as smart watches or bands, MecKare does not need to be worn or attached to the body, so it can be used remotely via Wi-Fi without causing stress to the user.

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MecKare can be installed in the bedroom, bathroom, living room, or entrance of a home or facilities(Assisted Living, Nursing Home, etc) to provide 24-hour monitoring without a camera and detect abnormal signs in advance using a biometric information analysis algorithm and deliver them to the guardian.

MecKare’s radar biometric sensor is recognized in the global market for its technology as a device that obtains precisely customized biometric information while overcoming spatial constraints and without risk of privacy infringement. MecKare is being supplied to senior care facilities in Australia, Germany, Poland, Saudi Arabia, and China. In 2025, MecKare plans to conduct verification of vital signs such as attendance, fall prevention, and asthma of elderly people living in hospitals or assisted living in conjunction with local PPOs/HMOs in the United States.

In summary, MecKare is a system that reduces user inconvenience and enables management of multiple patients. By being able to provide personalized health data analysis results, it will serve as an opportunity to change the market paradigm towards preventive smart care. We expect MecKare’s A.I to play a role as an innovator that complements, rather than replaces, humans in care settings.

View original content:https://www.prnewswire.com/news-releases/hankyungcom-introduces-meckare-leading-the-ai-powered-innovation-in-health-monitoring-solution-302310743.html

SOURCE Hankyung.com

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