PDD Holdings Inc.

NasdaqGS-PDD

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Net Income	—	112,434.5	60,026.5	31,538.1	7,768.7	-7,179.7	-6,967.6	-10,217.1	-525.1	-292
Net Income
Depreciation & Amortization	—	2,640.9	1,888.2	2,735.1	1,844.2	800.5	711	497	2.3	0.8
Depreciation and Amortization
Depreciation and Amortization
Amortization of Right-of-Use Assets
Share-Based Compensation Expense	—	9,883.6	7,078.8	7,718.4	4,774.7	3,613	2,557.7	6,841.6	13.4	4.1
Share-Based Compensation
Other Adjustments	—	-9,693.1	-1,287.3	-907.1	833.7	-86.8	-85.8	-76.1	7.5	8.7
Interest Expense
Allowance for Credit Losses
Deferred Income Tax, Net
Impairment of Long Term Investment
Change in the Fair Value of Warrant Liability
Interest and Investment Gain, Net
Loss on Disposal of Property and Equipment
Foreign Exchange Gain
Share of Results of Equity Investees
Fair Value Change of Investments
Gain on Extinguishment of Convertible Bonds
Changes in Trade Receivables	—	48.8	-3,326.4	86	55.8	321.4	-803.4	-159.4	-77.9	-8.3
Receivables from Online Payment Platforms
Changes in Accounts Payable	—	16,885.2	11,623.1	749.4	8,686.5	23,934.2	12,650.8	7,437.4	8,721.7	1,091.6
Change in Payable Due to Merchants
Changes in Accrued Expenses	—	13,781.2	34,258.2	7,004	3,492	5,849.1	2,648.9	1,864.2	318.4	-95.4
Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	—	802.4	755	222.9	-1,256.4	1,817.2	414.5	135	54.3	-102.7
Customer Advances and Deferred Revenues
Changes in Other Operating Activities	—	-24,854.3	-16,853.6	-638.9	2,583.8	-872.3	3,694.9	1,445.4	1,171.8	273.1
Amounts Due from Related Parties
Prepayments and Other Current Assets
Amounts Due to Related Parties
Merchant Deposits
Lease Liabilities
Short-Term Investments
Change in Other Non-Current Assets
Change in Other Non-Current Liabilities
Cash from Operating Activities	112,366.3	121,929.3	94,162.5	48,507.9	28,783	28,196.6	14,821	7,767.9	9,686.3	879.8
Net Cash Generated from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Capital Expenditure	—	-967.1	-583.9	-635.7	-3,287.2	-43	-27.4	-27.3	-8.9	-2.3
Purchase of Property, Equipment and Software and Intangible Assets
Proceeds from Sale of Property, Plant & Equipment	—	0.5	0.5	0	0.4	0.1	0.5	0	0.4	—
Proceeds from Disposal of Property and Equipment
Purchases of Investments	—	-267,852.7	-189,501.2	-170,792.2	-130,267.6	-93,160.3	-52,665.7	-7,701	-1,393	-335
Purchase of Short-Term Investments
Purchase of Long-Term Investments
Purchase of Short-Term Time Deposits, Held to Maturities and Other Investments
Purchases of Available-for-Sale Investments
Purchase of Long-Term Time Deposits, Held to Maturities and Other Investments
Proceeds from Sale of Investments	—	150,428.1	134,523.6	149,066.2	97,547	55,083.4	24,797.6	55	1,633	30
Proceeds from Sales of Short-Term Investments
Proceeds from Disposal of a Long-Term Investment
Proceeds from Sales of Short-Term Time Deposits, Held to Maturities and Other Investments
Proceeds from Sales of Available-for-Sale Debt Securities
Proceeds from Sales of Long-Term Time Deposits, Held to Maturities and Other Investments
Other Investing Activities	—	35.2	129.8	—	445	-238	-424.6	124.8	-159.8	—
Loans to Related Parties
Repayments from Related Parties
Repayments from Third Parties
Others
Cash from Investing Activities	-75,506.7	-118,356	-55,431.3	-22,361.7	-35,562.4	-38,357.9	-28,319.7	-7,548.5	71.7	-307.3
Net Cash Provided by Investing Activities
Net Cash Flow Generated from Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Issuance of Short-Term Debt	—	—	—	—	—	1,828.9	897	—	—	—
Proceeds from Short-Term Borrowings
Repayments of Short-Term Debt	—	—	—	—	-1,875.5	-922.9	—	—	—	—
Repayment of Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	-1,875.5	906	897	—	—	—
Issuance of Long-Term Debt	—	—	—	—	—	13,024.2	6,963.9	—	—	—
Net Proceeds from the Issuance of Convertible Bonds
Repayments of Long-Term Debt	—	-0.1	-8,968.8	—	—	—	—	—	—	—
Repurchase of Convertible Bonds
Net Issuance / (Repayments) of Long-Term Debt	—	-0.1	-8,968.8	—	—	13,024.2	6,963.9	—	—	—
Issuance of Common Shares	—	—	—	—	—	37,868.8	7,993.8	11,523.6	—	—
Net Proceeds from the Initial Public Offering
Net Proceeds from the Follow-on Offerings
Proceeds from the Private Placements
Repurchases of Common Shares	—	—	—	—	—	—	—	—	-32.7	—
Repurchase of Class B Ordinary Shares
Net Issuance / (Repurchases) of Common Shares	—	—	—	—	—	37,868.8	7,993.8	11,523.6	-32.7	—
Issuance of Preferred Shares	—	—	—	—	—	—	—	5,820.7	1,446.9	511.9
Net Proceeds from the Issuance of Convertible Preferred Shares
Proceeds from Issuance of Convertible Preferred Shares
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—	—	5,820.7	1,446.9	511.9
Other Financing Activities	—	1.3	8.2	10.1	0.3	-0	—	—	-15.4	-25.4
Deemed Distribution
Others
Costs Incurred for the Issuance of Convertible Preferred Shares
Cash from Financing Activities	1.4	1.2	-8,960.6	10.1	-1,875.2	51,799	15,854.7	17,344.4	1,398.9	486.5
Net Cash Generated from Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
Free Cash Flow	112,366.3	120,962.2	93,578.7	47,872.1	25,495.8	28,153.6	14,793.5	7,740.6	9,677.4	877.5
NOPAT	78,412.5	91,864	49,021.4	26,440.1	5,522.3	-9,380.3	-8,538.2	-10,799.7	-595.7	-286.2
Levered Free Cash Flow	102,270.1	120,722.7	82,144.7	40,974.8	17,956.1	38,236.1	20,985.9	1,054	9,760.8	842.6
Unlevered Free Cash Flow	78,412.5	100,152.3	80,108.4	35,876.9	17,585.2	22,105.3	11,554.4	551.9	9,663.8	878.8
Net Change in Cash	36,861	3,574.4	29,770.6	26,156.3	-8,654.5	41,637.7	2,356	17,563.8	11,156.8	1,059