Pinduoduo Inc. (PDD) CEO Chen Lei on Q1 2022 Results - Earnings Call Transcript

Pinduoduo Inc. (NASDAQ:PDD) Q1 2022 Earnings Conference Call May 27, 2022 7:30 AM ET

Company Participants

Chen Lei - Chairman & Chief Executive Officer

Liu Jun - Vice President, Finance

Conference Call Participants

Thomas Chong - Jefferies

Eddy Wang - Morgan Stanley

Kenneth Fong - Credit Suisse

Natalie Wu - Haitong International

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Pinduoduo’s First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation, followed by question-and- answer session. [Operator Instructions] I must advise you that this conference is being recorded today.

I would now like to hand the conference over to your host today, Mr. Chen Penn [ph]. Sir, please go ahead.

Unidentified Company Representative

Thank you, operator. Hello, everyone, and thank you for joining us today. My name is Chen, and I will help host the earnings call. Pinduoduo earnings release was distributed earlier and is available on IR website at investor.pinduoduo.com, as well as through GlobeNewswire services.

Before we begin, I would like to refer you to our Safe Harbor statement in the earnings press release, which applies to this call, as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to GAAP measures.

Joining us today on the call are Chen Lei, our Chairman and Chief Executive Officer; Liu Jun, our VP of Finance. Lei will make some general remarks on our performance for the past quarter and our strategic focus going forward. Jun will then take us through our financial results for the first quarter ended March 31, 2022.

During the Q&A session, Lei will answer questions in Chinese and I will help translate. Please kindly note that all translations provided are for reference purposes only. In case of any discrepancy between original remarks and the translated version, statements in the original language should prevail.

Now, it is my pleasure to introduce our Chairman and Chief Executive Officer, Chen Lei. Lei, please go ahead.

Chen Lei

Thank you, Chen. Hello, everyone. Thank you for joining our earnings call for the first quarter of 2022. Let me start by giving a brief overview of our first quarter results. Our total revenue for this quarter, excluding revenue from merchandise sales, was RMB23.7 billion. This represents a year-on-year increase of 39%. Our annual active buyers reached RMB881.9 million for 12 months ending on March 31, with RMB751.3 million average quarterly MAU.