DiDi Global

DIDIY · OTC

Services-Business Services, NEC · Fiscal year ends Dec 31 · Reports in CNY

DiDi Global reported revenue of CNY 192B in the fiscal year ended Dec 2023, up 36.6% from the year before. Operating income was −CNY 5.7B, an operating margin of −3.0%, and net income was CNY 494M. Operating cash flow of CNY 7.6B less capital expenditure of CNY 2.3B left free cash flow of CNY 5.3B. It held more cash than debt (net cash CNY 26.3B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Revenue	CNY 155B	CNY 142B	CNY 174B	CNY 141B	CNY 192B
Cost of revenue	CNY 140B	CNY 126B	CNY 157B	CNY 116B	CNY 163B
Gross profit	CNY 15.1B	CNY 15.9B	CNY 17B	CNY 25B	CNY 29.4B
Research & development	CNY 5.3B	CNY 6.3B	CNY 9.4B	CNY 9.5B	CNY 8.9B
Operating income	−CNY 8B	−CNY 13.8B	−CNY 48.4B	−CNY 17.8B	−CNY 5.7B
Interest expense	CNY 70M	CNY 136M	CNY 278M	CNY 197M	CNY 116M
Pre-tax income	−CNY 10.1B	−CNY 10.9B	−CNY 49.2B	−CNY 23.8B	CNY 625M
Income tax	−CNY 348M	−CNY 303M	CNY 166M	CNY 4M	CNY 90M
Net income	−CNY 9.7B	−CNY 10.5B	−CNY 49.3B	−CNY 23.8B	CNY 494M
Diluted EPS	−96.62	−100.10	−76.04	−20.38	−0.41
Diluted shares	101M	107M	658M	1,211M	1,225M

Balance sheet

Fiscal year	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Cash & equivalents	CNY 12.8B	CNY 19.4B	CNY 43.4B	CNY 20.9B	CNY 27.3B
Receivables	–	CNY 2.4B	CNY 2.8B	CNY 2.3B	CNY 3.3B
Inventory	–	CNY 262M	CNY 198M	CNY 135M	–
Current assets	–	CNY 68.6B	CNY 68.8B	CNY 51.1B	CNY 65.5B
Net PP&E	–	CNY 9.8B	CNY 8B	CNY 5.7B	CNY 4.3B
Goodwill	CNY 50.2B	CNY 49.1B	CNY 46.4B	CNY 46.4B	CNY 46.4B
Total assets	–	CNY 147B	CNY 153B	CNY 131B	CNY 144B
Deferred revenue	–	CNY 915M	CNY 546M	CNY 565M	CNY 1B
Current liabilities	–	CNY 26.4B	CNY 24.4B	CNY 20.2B	CNY 28.5B
Long-term debt	–	CNY 1.5B	CNY 1.7B	CNY 150M	CNY 1B
Total liabilities	–	CNY 30.1B	CNY 27.6B	CNY 21.8B	CNY 30.8B
Shareholders' equity	−CNY 62.7B	−CNY 76.2B	CNY 112B	CNY 95.3B	CNY 97.8B

Cash flow

Fiscal year	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Operating cash flow	CNY 1.4B	CNY 1.1B	−CNY 13.4B	−CNY 9.6B	CNY 7.6B
Capital expenditure	CNY 2.3B	CNY 5.8B	CNY 6.6B	CNY 2.6B	CNY 2.3B
Free cash flow	−CNY 808M	−CNY 4.7B	−CNY 20B	−CNY 12.1B	CNY 5.3B
Depreciation & amortisation	CNY 4B	CNY 5.3B	CNY 6B	CNY 5.1B	CNY 4.2B
Stock-based compensation	CNY 3.1B	CNY 3.4B	CNY 24.7B	CNY 3.4B	CNY 2.6B

Key ratios

Fiscal year	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Revenue growth (YoY)	–	−8.4%	22.6%	−19.0%	36.6%
Gross margin	9.8%	11.2%	9.8%	17.8%	15.3%
Operating margin	−5.2%	−9.7%	−27.9%	−12.7%	−3.0%
Net margin	−6.3%	−7.4%	−28.4%	−16.9%	0.3%
Return on equityBlank when equity is negative	–	–	−44.0%	−25.0%	0.5%
ROCEEBIT ÷ (assets − current liabilities)	–	−11.4%	−37.7%	−16.1%	−5.0%
Free cash flow margin	−0.5%	−3.3%	−11.5%	−8.6%	2.8%
Cash conversion (CFO ÷ net income)	−0.15x	−0.11x	0.27x	0.40x	15.5x
Receivable days	–	6	6	6	6
Inventory days	–	1	0	0	–
Interest cover	−114x	−101x	−175x	−90.3x	−49.7x
Debt ÷ equity	–	–	0.02x	0.00x	0.01x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	–	−CNY 17.9B	−CNY 41.7B	−CNY 20.7B	−CNY 26.3B
Current ratio	–	2.60x	2.82x	2.52x	2.29x

Recent filings

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.