Sign In  |  Register  |  About Pleasanton  |  Contact Us

Pleasanton, CA
September 01, 2020 1:32pm
7-Day Forecast | Traffic
  • Search Hotels in Pleasanton

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Dada Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

SHANGHAI, China, March 25, 2024 (GLOBE NEWSWIRE) -- Dada Nexus Limited (NASDAQ: DADA, “Dada” or the “Company”), China’s leading local on-demand retail and delivery platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.

Fourth Quarter 2023 Financial Results

Total net revenues were RMB2,752.2 million, an increase of 2.7% year over year from RMB2,681.0 million in the same period of 2022.

  For the three months ended December 31, YoY%
change
  2022 2023 
  (RMB in thousands)  
Net revenues      
JDDJ      
Services note (1) 1,798,041 1,547,004 (14.0)%
Sales of goods  1,527 Not applicable
Subtotal 1,798,041 1,548,531 (13.9)%
Dada Now      
Services 863,116 1,191,880 38.1%
Sales of goods 19,879 11,778 (40.8)%
Subtotal 882,995 1,203,658 36.3%
Total 2,681,036 2,752,189 2.7%

Note: (1) Includes net revenues from (i) commission fee, and online advertising and marketing services of RMB1,090,437 and RMB861,910 for the three months ended December 31, 2022 and 2023, respectively; and (ii) fulfillment services and others of RMB707,604 and RMB685,094 for the three months ended December 31, 2022 and 2023, respectively.

  • Net revenues generated from JDDJ decreased by 13.9% from RMB1,798.0 million in the fourth quarter of 2022 to RMB1,548.5 million in the fourth quarter of 2023, mainly due to the decrease in online advertising and marketing services revenues.
  • Net revenues generated from Dada Now increased by 36.3% from RMB883.0 million in the fourth quarter of 2022 to RMB1,203.7 million in the fourth quarter of 2023, mainly driven by the increase in order volume of intra-city delivery services provided to various chain merchants.

Total costs and expenses were RMB4,077.9 million, compared with RMB3,114.9 million in the same quarter of 2022.

  • Operations and support costs were RMB1,918.9 million, compared with RMB1,574.6 million in the same quarter of 2022. The increase was primarily due to an increase in rider cost as a result of increasing order volume of intra-city delivery services provided to various chain merchants.
  • Selling and marketing expenses were RMB1,002.3 million, compared with RMB1,293.5 million in the same quarter of 2022. The decrease was primarily due to (i) a decrease in promotional activities conducted on JDDJ platform, and (ii) a decrease in advertising and marketing expenses.
  • General and administrative expenses were RMB88.8 million, compared with RMB101.0 million in the same quarter of 2022. The decrease was primarily due to (i) a decrease in amortization of intangible assets arising from the acquisition of JDDJ in 2016, and (ii) a decrease in share-based compensation expenses.
  • Research and development expenses were RMB91.5 million, compared with RMB125.7 million in the same quarter of 2022. The decrease was mainly attributable to the decrease in research and development personnel cost.
  • Impairment loss of goodwill was RMB957.6 million.

Loss from operations was RMB1,314.7 million, compared with RMB399.6 million in the same quarter of 2022.

Non-GAAP loss from operations1 was RMB190.2 million, compared with RMB207.0 million in the same quarter of 2022.

Net loss was RMB1,282.4 million, compared with RMB370.6 million in the same period of 2022.

Non-GAAP net loss2 was RMB159.1 million, compared with RMB179.2 million in the same period of 2022.

Basic and diluted net loss per share was RMB1.22, compared with RMB0.36 for the fourth quarter of 2022.

Non-GAAP basic and diluted net loss per share3 was RMB0.15, compared with RMB0.18 for the fourth quarter of 2022.

Fiscal Year 2023 Financial Results4

Total net revenues were RMB10,506.3 million, an increase of 12.2% year over year from RMB9,367.6 million in the same period of 2022.

  For the year ended December 31, YoY%
change
  2022 2023 
  (RMB in thousands)  
Net revenues      
JDDJ      
Services note (2) 6,205,180 6,489,420 4.6%
Sales of goods 4,845 2,334 (51.8)%
Subtotal 6,210,025 6,491,754  4.5%
Dada Now      
Services 3,082,928 3,963,593 28.6%
Sales of goods 74,642 50,903 (31.8)%
Subtotal 3,157,570 4,014,496  27.1%
Total 9,367,595 10,506,250 12.2%

Note: (2) Includes net revenues from (i) commission fee, and online advertising and marketing services of RMB3,831,218 and RMB3,810,368 for fiscal year 2022 and 2023, respectively; and (ii) fulfillment services and others of RMB2,373,962 and RMB2,679,052 for fiscal year 2022 and 2023, respectively.

  • Net revenues generated from JDDJ increased by 4.5% from RMB6,210.0 million in 2022 to RMB6,491.8 million in 2023, mainly due to the increase in fulfillment services and commission fee, partially offset by the decrease in online advertising and marketing services.
  • Net revenues generated from Dada Now increased by 27.1% from RMB3,157.6 million in 2022 to RMB4,014.5 million in 2023, mainly driven by the increase in order volume of intra-city delivery services provided to various chain merchants.

Total costs and expenses were RMB12,678.6 million, compared with RMB11,608.0 million in 2022.

  • Operations and support costs were RMB6,530.3 million, compared with RMB5,743.0 million in 2022. The increase was primarily due to an increase in rider cost as a result of increasing order volume of intra-city delivery services provided to various chain merchants.
  • Selling and marketing expenses were RMB4,474.1 million, compared with RMB4,747.9 million in 2022. The decrease was primarily due to (i) a decrease in promotional activities conducted on JDDJ platform, and (ii) a decrease in advertising and marketing expenses.
  • General and administrative expenses were RMB252.8 million, compared with RMB408.8 million in 2022. The decrease was primarily due to (i) a decrease in amortization of intangible assets arising from the acquisition of JDDJ in 2016, (ii) a decrease in share-based compensation expenses.
  • Research and development expenses were RMB416.3 million, compared with RMB630.9 million in 2022. The decrease was mainly attributable to the decrease in research and development personnel cost.
  • Impairment loss of goodwill was RMB957.6 million.

Loss from operations was RMB2,108.5 million, compared with RMB2,119.5 million in 2022.

Non-GAAP loss from operations1 was RMB487.8 million, compared with RMB1,432.7 million in 2022.

Net loss was RMB1,957.5 million, compared with RMB2,008.0 million in 2022.

Non-GAAP net loss2 was RMB341.8 million, compared with RMB1,326.2 million in 2022.

Basic and diluted net loss per share was RMB1.88, compared with RMB1.98 in 2022.

Non-GAAP basic and diluted net loss per share3 was RMB0.33, compared with RMB1.31 in 2022.

As of December 31, 2023, the Company had RMB3,970.6 million in cash, cash equivalents, restricted cash and short-term investments, compared with RMB4,370.4 million as of December 31, 2022.

Environment, Social Responsibility and Governance (ESG)

  • ESG honors:
    • In September 2023, the S&P Global Corporate Sustainability Assessment (CSA) gave Dada an ESG score of 37, placing Dada in the top 16% of the industry. The S&P CSA is an annual evaluation of companies' sustainability practices which powers the Dow Jones Sustainability Index.
    • In December 2023, Morgan Stanley Capital International (MSCI) upgraded Dada's ESG rating from BBB to A. MSCI is a leading provider of critical decision support tools and services for the global investment community with over 50 years of expertise in research, data and technology. The MSCI ESG rating is designed to measure a company's resilience to long-term industry, environmental, social and governance risks.
  • Care for riders:
    • From October 2023 to the end of February 2024, Dada held about 200 rider care events nationwide and distributed hundreds of thousands of winter care kits to riders. In addition, Dada invested around RMB100 million in rider incentives and subsidies to improve riders’ earnings.

Share Repurchase

The board of directors of the Company (the “Board”) has authorized a share repurchase program of up to US$40 million of American depository shares funded by existing cash balance for a two-year period through March 2026. The share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.

Conference Call

The Company will host a conference call to discuss the earnings at 9:30 p.m. Eastern Time on Monday, March 25, 2024 (9:30 a.m. Beijing time on Tuesday, March 26, 2024).

Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10036981-hg876t.html

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference.

A telephone replay of the call will be available after the conclusion of the conference call through April 2, 2024.

Dial-in numbers for the replay are as follows:

U.S./Canada1-855-883-1031
Mainland China400-1209-216
Hong Kong800-930-639
Replay PIN10036981
  

A live and archived webcast of the conference call will be available on the Investor Relations section of Dada’s website at https://ir.imdada.cn/.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net margin, and non-GAAP net income/(loss) per share as supplemental measures to review and assess its financial and operating performance. Non-GAAP income/(loss) from operations is income/(loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from acquisitions and impairment loss of goodwill. Non-GAAP net income/(loss) is net income/(loss) excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from acquisitions, tax benefit from amortization of such intangible assets, and impairment loss of goodwill. Non-GAAP net margin is non-GAAP net income/(loss) as a percentage of total net revenues. Non-GAAP net income/(loss) per share is non-GAAP net income/(loss) divided by weighted average number of shares used in calculating net income/(loss) per share.

The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. Non-GAAP income/(loss) from operations and non-GAAP net income/(loss) enable the Company’s management to assess the Company’s financial and operating results without considering the impact of share-based compensation expenses, amortization of intangible assets resulting from acquisitions, tax benefit from amortization of such intangible assets, and impairment loss of goodwill. The Company also believes that the use of the non-GAAP financial measures facilitates investors’ assessment of the Company’s financial and operating performance.

The non-GAAP financial measures are not defined under accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation expenses, amortization of intangible assets resulting from acquisitions, and tax benefit from amortization of such intangible assets have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Impairment loss of goodwill is not considered by the management when evaluating the core operating results and may not be indicative of the Company's business outlook. Further, the non-GAAP financial measures may differ from the non-GAAP financial measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, non-GAAP financial measures should not be considered in isolation from or as an alternative to financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Forward-Looking Statements

This press release contains statements that may constitute “forward-looking” statements pursuant to 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,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Dada 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 third parties. Statements that are not historical facts, including statements about Dada’s beliefs, plans 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: Dada’s strategies; Dada’s future business development, financial condition and results of operations; Dada’s ability to maintain its relationship with major strategic investors; its ability to offer quality on-demand retail experience and provide efficient on-demand delivery services; its ability to maintain and enhance the recognition and reputation of its brands; 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 Dada’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Dada does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Dada

Dada is a leading local on-demand retail and delivery platform in China. It operates JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The Company’s two platforms are inter-connected and mutually beneficial. The vast volume of on-demand delivery orders from the JDDJ platform increases order volume and density for the Dada Now platform. Meanwhile, the Dada Now platform enables improved delivery experience for participants on the JDDJ platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure.

For more information, please visit https://ir.imdada.cn/.

For investor inquiries, please contact:

Dada Nexus Limited
Ms. Caroline Dong
E-mail: ir@imdada.cn

Christensen

In China
Mr. Rene Vanguestaine
Phone: +86-178-1749 0483
E-mail: rene.vanguestaine@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com

For media inquiries, please contact:

Dada Nexus Limited
E-mail: PR@imdada.cn


Appendix I

DADA NEXUS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
      
  As of December 31, As of December 31, 
  2022 2023 
  RMB RMB 
ASSETS     
Current assets     
Cash and cash equivalents 1,233,974 1,893,032 
Restricted cash 433,895 519,207 
Short-term investments 2,702,524 1,558,315 
Accounts receivable, net 313,502 386,768 
Inventories 8,826 9,270 
Amount due from related parties 1,060,987 1,287,080 
Prepayments and other current assets 606,502 415,326 
Total current assets 6,360,210 6,068,998 
Non-current assets     
Property and equipment, net 16,849 8,392 
Goodwill 957,605  
Intangible assets, net 1,665,320 1,479,644 
Operating lease right-of-use assets 37,592 16,335 
Other non-current assets 8,223 512 
Total non-current assets 2,685,589 1,504,883 
      
TOTAL ASSETS 9,045,799 7,573,881 
      
LIABILITIES AND SHAREHOLDERS’ EQUITY     
Current liabilities     
Short-term loan 100,000  
Accounts payable 9,791 5,008 
Payable to riders and drivers 794,320 867,323 
Amount due to related parties 147,003 190,039 
Accrued expenses and other current liabilities 931,943 922,483 
Operating lease liabilities 24,460 14,719 
Total current liabilities 2,007,517 1,999,572 
      
Non-current liabilities     
Deferred tax liabilities 21,988 16,979 
Non-current operating lease liabilities 16,574 414 
Total non-current liabilities 38,562 17,393 
      
TOTAL LIABILITIES 2,046,079 2,016,965 
      
TOTAL SHAREHOLDERS’ EQUITY 6,999,720 5,556,916 
      
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 9,045,799 7,573,881 
      


DADA NEXUS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands, except share and per share data and otherwise noted)
      
  For the three months ended December 31, For the year ended
December 31,
 
  2022
 2023
 2022
 2023
 
  RMB RMB RMB RMB 
          
          
Net revenues 2,681,036  2,752,189  9,367,595  10,506,250  
Costs and expenses         
Operations and support (1,574,603) (1,918,942) (5,743,010) (6,530,343) 
Selling and marketing (1,293,509) (1,002,293) (4,747,926) (4,474,087) 
General and administrative (101,009) (88,754) (408,771) (252,802) 
Research and development (125,665) (91,490) (630,911) (416,346) 
Impairment loss of goodwill   (957,605)   (957,605) 
Other operating expenses (20,113) (18,770) (77,423) (47,456) 
Total costs and expenses (3,114,899) (4,077,854) (11,608,041) (12,678,639) 
Other operating income 34,237  10,932  120,921  63,859  
Loss from operations (399,626) (1,314,733) (2,119,525) (2,108,530) 
          
Other income/(expenses)         
Interest expenses (5,477)   (10,946) (807) 
Others, net 33,268  31,091  117,625  146,782  
Total other income 27,791  31,091  106,679  145,975  
Loss before income tax benefits (371,835) (1,283,642) (2,012,846) (1,962,555) 
Income tax benefits 1,253  1,253  4,841  5,012  
Net loss (370,582) (1,282,389) (2,008,005) (1,957,543) 
          
Net loss per ordinary share:         
Basic (0.36) (1.22) (1.98) (1.88) 
Diluted (0.36) (1.22) (1.98) (1.88) 
          
Weighted average shares used in calculating net loss per share         
Basic 1,021,484,524  1,049,683,427  1,015,265,686  1,040,680,392  
Diluted 1,021,484,524  1,049,683,427  1,015,265,686  1,040,680,392  
          
Net loss (370,582) (1,282,389) (2,008,005) (1,957,543) 
Other comprehensive (loss)/income         
Foreign currency translation adjustments, net of tax of nil (36,054) (33,112) 333,507  89,780  
Total comprehensive loss (406,636) (1,315,501) (1,674,498) (1,867,763) 
 


DADA NEXUS LIMITED
Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except share, per share and percentage data)
      
  For the three months ended
December 31,
 For the year ended
December 31,
 
  2022
 2023
 2022
 2023
 
  RMB RMB RMB RMB 
          
Loss from operations (399,626) (1,314,733) (2,119,525) (2,108,530) 
Add:         
Share-based compensation expenses 55,838  46,584  218,730  163,153  
Amortization of intangible assets resulting from acquisitions 136,755  120,380  468,058  500,015  
Impairment loss of goodwill   957,605    957,605  
Non-GAAP loss from operations (207,033) (190,164) (1,432,737) (487,757) 
          
Net loss (370,582) (1,282,389) (2,008,005) (1,957,543) 
Add:         
Share-based compensation expenses 55,838  46,584  218,730  163,153  
Amortization of intangible assets resulting from acquisitions 136,755  120,380  468,058  500,015  
Impairment loss of goodwill   957,605    957,605  
Income tax benefit (1,253) (1,253) (5,012) (5,012) 
Non-GAAP net loss (179,242) (159,073) (1,326,229) (341,782) 
          
Net revenues 2,681,036  2,752,189  9,367,595  10,506,250  
          
Non-GAAP net margin (6.7)% (5.8)% (14.2)% (3.3)% 
          
Non-GAAP net loss per ordinary share         
Basic (0.18) (0.15) (1.31) (0.33) 
Diluted (0.18) (0.15) (1.31) (0.33) 
          
Weighted average shares used in calculating net loss per share         
Basic 1,021,484,524  1,049,683,427  1,015,265,686  1,040,680,392  
Diluted 1,021,484,524  1,049,683,427  1,015,265,686  1,040,680,392  
              


Appendix II

Corrections to Certain Line Items of Previously Released Unaudited Quarterly Condensed Consolidated Financial Statements for the First, Second and Third Quarters of Fiscal Year 2023
 

As previously disclosed by the Company in its Form 6-K filed on January 8, 2024, the audit committee of its Board, with the assistance of independent professional advisers, initiated an independent review of certain suspicious practices that were identified during a routine internal audit by the Company and that might cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023 (the “Independent Review”). Based on the findings of the Independent Review, the Company’s net revenues were overstated by approximately RMB40 million in the first quarter of 2023, RMB214 million in the second quarter of 2023, and RMB245 million in the third quarter of 2023, respectively. The Company’s operations and support costs were overstated by approximately RMB42 million in the first quarter of 2023, RMB214 million in the second quarter of 2023, and RMB250 million in the third quarter of 2023, respectively. Transactions at issue prior to fiscal year 2023 had immaterial impact on the Company’s financial statements, therefore no corrections were made to the previously issued unaudited/audited consolidated financial statements prior to fiscal year 2023.

The Company is setting forth corrections to certain line items for the transactions at issue, which include net revenues, operations and support costs, accounts receivable, net, and prepayments and other current assets. The tables below illustrate the impact of the aforementioned corrections on the Company’s unaudited condensed consolidated balance sheets, and unaudited condensed consolidated statements of operations and comprehensive loss for the applicable quarterly periods of fiscal year 2023.


DADA NEXUS LIMITED
CORRECTED LINE ITEMS OF UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
 
 
  As of March 31, 2023
 As of June 30, 2023
 As of September 30, 2023
  As previously reported Adjustments
 As revised As previously reported Adjustments
 As revised As previously reported Adjustments
 As revised
  RMB   RMB RMB    RMB RMB   RMB
                
                
ASSETS               
Current assets               
Accounts receivable, net 346,069 (36,652) 309,417 402,429 (46,440) 355,989 432,746 (39,281) 393,465
Prepayments and other current assets 587,309 36,652  623,961 319,007 46,440  365,447 253,193 39,281  292,474
Total current assets 5,813,300   5,813,300 5,766,159   5,766,159 6,105,208   6,105,208
Total non-current assets 2,526,302   2,526,302 2,736,390   2,736,390 2,609,384   2,609,384
                
TOTAL ASSETS 8,339,602   8,339,602 8,502,549   8,502,549 8,714,592   8,714,592
                
TOTAL LIABILITIES 1,678,029   1,678,029 1,541,214   1,541,214 1,888,813   1,888,813
TOTAL SHAREHOLDERS’ EQUITY 6,661,573   6,661,573 6,961,335   6,961,335 6,825,779   6,825,779
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 8,339,602   8,339,602 8,502,549   8,502,549 8,714,592   8,714,592
                      



 
DADA NEXUS LIMITED
CORRECTED LINE ITEMS OF UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands)
        
  For the three months ended
March 31, 2023
 For the three months ended
June 30, 2023
 For the three months ended
September 30, 2023
  As previously reported
 Adjustments
 As revised
 As previously reported
 Adjustments
 As revised
 As previously reported
 Adjustments
 As revised
  RMBRMBRMBRMBRMBRMBRMBRMBRMB
           
           
Net revenues 2,575,500  (40,091) 2,535,409  2,810,599  (213,786) 2,596,813  2,866,554  (244,715) 2,621,839 
Costs and expenses          
Operations and support (1,437,235) 40,091  (1,397,144) (1,716,808) 213,786  (1,503,022) (1,955,950) 244,715  (1,711,235)
Selling and marketing (1,316,643)   (1,316,643) (1,136,655)   (1,136,655) (1,018,496)   (1,018,496)
General and administrative (78,567)   (78,567) (56,431)   (56,431) (29,050)   (29,050)
Research and development (128,795)   (128,795) (101,964)   (101,964) (94,097)   (94,097)
Other operating expenses (12,948)   (12,948) (5,978)   (5,978) (9,760)   (9,760)
Total costs and expenses (2,974,188) 40,091  (2,934,097) (3,017,836) 213,786  (2,804,050) (3,107,353) 244,715  (2,862,638)
Other operating income 12,321    12,321  10,286    10,286  30,320    30,320 
Loss from operations (386,367)   (386,367) (196,951)   (196,951) (210,479)   (210,479)
           
Total other income 34,666    34,666  36,971    36,971  43,247    43,247 
Loss before income tax benefits (351,701)   (351,701) (159,980)   (159,980) (167,232)   (167,232)
Income tax benefits 1,253    1,253  1,253    1,253  1,253    1,253 
Net loss (350,448)   (350,448) (158,727)   (158,727) (165,979)   (165,979)
Other comprehensive (loss)/income          
Foreign currency translation adjustments, net of tax of nil (29,902)   (29,902) 160,986    160,986  (8,192)   (8,192)
Total comprehensive loss (380,350)   (380,350) 2,259    2,259  (174,171)   (174,171)
                            

The table below sets forth the corrections to the breakdown of net revenues for the periods indicated:

        
  For the three months ended
March 31, 2023
 For the three months ended
June 30, 2023
 For the three months ended
September 30, 2023
  As previously reported Adjustments
 As revised As previously reported Adjustments
 As revised As previously reported Adjustments
 As revised
  RMB RMBRMB RMB RMBRMB RMB RMBRMB
                
                
Net revenues               
JDDJ               
Services 1,826,655 (40,091) 1,786,564 1,830,165 (213,786) 1,616,379 1,784,188 (244,715) 1,539,473
Sales of goods         807   807
Subtotal 1,826,655 (40,091) 1,786,564 1,830,165 (213,786) 1,616,379 1,784,995 (244,715) 1,540,280
Dada Now               
Services 733,775   733,775 965,773   965,773 1,072,165   1,072,165
Sales of goods 15,070   15,070 14,661   14,661 9,394   9,394
Subtotal 748,845   748,845 980,434   980,434 1,081,559   1,081,559
Total 2,575,500 (40,091) 2,535,409 2,810,599 (213,786) 2,596,813 2,866,554 (244,715) 2,621,839
                      

_________________________

1 Non-GAAP income/(loss) from operations represents income/(loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from acquisitions and impairment loss of goodwill.
2 Non-GAAP net income/(loss) represents net income/(loss) excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from acquisitions, tax benefit from amortization of such intangible assets, and impairment loss of goodwill.
3 Non-GAAP net income/(loss) per share is non-GAAP net income/(loss) divided by weighted average number of shares used in calculating net income/(loss) per share.
4 Fiscal year 2023 financial results had reflected the impact of corrections to certain line items of previously released unaudited quarterly condensed consolidated financial statements for the first three quarters of fiscal year 2023. Please refer to appendix II of this earnings release for details.


Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photography by Christophe Tomatis
Copyright © 2010-2020 Pleasanton.com & California Media Partners, LLC. All rights reserved.