Dingdong (Cayman) Limited (NYSE:DDL) Q2 2023 Earnings Conference Call September 1, 2023 8:00 AM ET

Company Participants

Nicky Zheng - Director of Investor Relations

Changlin Liang - Founder and Chief Executive Officer

Song Wang - Senior Vice President

Conference Call Participants

Thomas Chong - Jefferies

Joyce Ju - Bank of America

Robin Leung - Daiwa

Jiajing Chen - CICC

Operator

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Dingdong Limited Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note that this event is being recorded.

I will now turn the conference over to the first speaker today, Nicky Zheng, Director of Investor Relations. Please go ahead, sir.

Nicky Zheng

Thank you. Hello, everyone, and welcome to Dingdong's second quarter 2023 earnings call. With us today are Mr. Changlin Liang, our Founder and CEO; and Mr. Song Wang, our Senior Vice President. You can refer to our second quarter 2023 financial results on our IR website at ir.100.me. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion.

For today's call, management will provide their prepared remarks first, and then we will be hosting a question-and-answer session. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call.

As we will be making forward-looking statements, please note that all numbers stated in the following management's prepared remarks are in RMB terms, and we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC.

I will now turn the call to our first speaker today, the Founder and the CEO of Dingdong, Mr. Liang.

Changlin Liang

[Foreign Language] [Interpreted]

Hello everyone and welcome to Dingdong’s 2023 second quarter earnings call. I'll stand by, by providing -- I'll start by providing a brief overview of our operating performance in Q2 2023.

In the second quarter, we recorded RMB4.84 billion in revenue with a non-GAAP net profit margin of 0.2%, if excluding one-time expenses, we were profitable on a GAAP basis. At the same time, if we exclude the impact of year-end bonuses issued in Q2 we were operating cash flow positive. This strong performance reflects our steadfast commitment to our efficiency first with due consideration of scale approach, which has resulted in three consecutive quarters of non-GAAP profitability.