Q2 2024 Dingdong (Cayman) Ltd Earnings Call Transcript
Key Points
- Dingdong (Cayman) Ltd (DDL) achieved profitability for seven consecutive quarters based on non-GAAP standards and two consecutive quarters based on GAAP standards.
- The company reported a 16.8% year-over-year increase in GMV, reaching RMB6.22 billion.
- Monthly transacting users increased by 11.7% year-over-year, reaching 7.3 million.
- Dingdong (Cayman) Ltd (DDL) expanded its station network, opening nearly 40 new frontline stations in the first half of the year.
- The company achieved a net inflow of RMB0.25 billion in operating cash flow, marking the fourth consecutive quarter of net inflow.
- Gross profit margin decreased by 1 percentage point year-over-year due to price concessions.
- Sales and marketing cost rate increased by 0.4 percentage points year-over-year.
- The company faces increasing competition from peers like JD and others expanding their frontline fulfillment stations.
- Despite profitability, the company still has to manage the pressure of expanding its station network without impacting cash flow.
- The fulfillment cost rate remains high at 22.4%, although it has improved year-over-year.
Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Dingdong Limited, second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to the first speaker today, Mr. Nicky Zheng, Director of Investor Relations. Please go ahead, sir.
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Thank you. Hello, everyone, and welcome to the Dingdong's second quarter 2024 earnings call. With me today are Mr. Changlin Liang, our Founder and CEO; and Mr. Song Wang, our CFO. You can refer to our second quarter 2024 financial results on our IR website at ir.100.me. You can also access a replay of this call on our website when it becomes available a few hours after its conclusion.
For today's call, management will go through their prepared remarks, which will be followed by a question and answer session. Before we continue, I would like to refer you to our safe harbor
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