ZTO Reports Fourth Quarter 2023 and Full Year 2023 Unaudited Financial Results
30.2 Billion Annual Parcels Expanded Market Share to 22.9%
Upsizes Share Repurchase Program by
Fourth Quarter 2023 Financial Highlights
- Revenues were
RMB10,619.4 million (US$1,495.7 million ), an increase of 7.6% fromRMB9,871.3 million in the same period of 2022. - Gross profit was
RMB3,128.2 million (US$440.6 million ), an increase of 12.8% fromRMB2,772.6 million in the same period of 2022. - Net income was
RMB2,209.8 million (US$311.2 million ), an increase of 3.8% fromRMB2,129.3 million in the same period of 2022. - Adjusted EBITDA[3] was
RMB3,651.8 million (US$514.3 million ), an increase of 7.5% fromRMB3,397.5 million in the same period of 2022. - Adjusted net income was
RMB2,214.4 million (US$311.9 million ), an increase of 4.4% fromRMB2,120.2 million in the same period of 2022. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB2.72 (US$0.38 ) andRMB2.66 (US$0.37 ), an increase of 1.9% and 1.9% fromRMB2.67 andRMB2.61 in the same period of 2022, respectively. - Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were
RMB2.73 (US$0.38 ) andRMB2.67 (US$0.38 ), an increase of 2.6% and 2.7% fromRMB2.66 andRMB2.60 in the same period of 2022, respectively. - Net cash provided by operating activities was
RMB3,923.3 million (US$552.6 million ), compared withRMB3,769.8 million in the same period of 2022.
Fiscal Year 2023 Financial Highlights
- Revenues were
RMB38,418.9 million (US$5,411.2 million ), an increase of 8.6% fromRMB35,377.0 million in 2022. - Gross profit was
RMB11,662.5 million (US$1,642.6 million ), an increase of 29.0% fromRMB9,039.3 million in 2022. - Net income was
RMB8,754.5 million (US$1,233.0 million ), an increase of 31.5% fromRMB6,659.0 million in 2022. - Adjusted EBITDA[3] was
RMB14,107.3 million (US$1,987.0 million ), an increase of 25.0% fromRMB11,289.1 million in 2022. - Adjusted net income[2] was
RMB9,005.9 million (US$1,268.5 million ), an increase of 32.3% fromRMB6,806.0 million in 2022. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB10.83 (US$1.53 ) andRMB10.60 (US$1.49 ), an increase of 28.8% and 26.8% fromRMB8.41 andRMB8.36 in 2022. - Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders were
RMB11.14 (US$1.57 ) andRMB10.90 (US$1.54 ), an increase of 29.7% and 27.6% fromRMB8.59 andRMB8.54 in 2022. - Net cash provided by operating activities was
RMB13,361.0 million (US$1,881.9 million ), compared withRMB11,479.3 million in 2022.
Operational Highlights for Fourth Quarter 2023
- Parcel volume was 8,705 million, an increase of 32.0% from 6,593 million in the same period of 2022.
- Number of pickup/delivery outlets was over 31,000 as of
December 31, 2023 . - Number of direct network partners was over 6,000 as of
December 31, 2023 . - Number of self-owned line-haul vehicles was over 10,000 as of
December 31, 2023 . - Out of the over 10,000 self-owned trucks, over 9,200 were high capacity 15 to 17-meter-long models as of
December 31, 2023 , compared to approximately 11,000 as ofDecember 31, 2022 . - Number of line-haul routes between sorting hubs was over 3,900 as of
December 31, 2023 , compared to approximately 3,750 as ofDecember 31, 2022 . - Number of sorting hubs was 99 as of
December 31, 2023 , among which 91 are operated by the Company and 8 by the Company's network partners.
(1) |
An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com. |
(2) |
Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as gain on disposal of equity investments and subsidiaries and corresponding tax impact which management aims to better represent the underlying business operations. |
(3) |
Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as the gain on disposal of equity investments and subsidiaries which management aims to better represent the underlying business operations. |
(4) |
One ADS represents one Class A ordinary share. |
(5) |
Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and American depositary diluted shares, respectively. |
Mr.
Ms.
Fourth Quarter 2023 Unaudited Financial Results
|
|
|
Three Months Ended |
|
|||||
|
2022 |
|
2023 |
||||||
|
RMB |
|
% |
|
RMB |
|
US$ |
|
% |
|
(in thousands, except percentages) |
||||||||
Express delivery services |
9,168,541 |
|
92.9 |
|
9,759,253 |
|
1,374,562 |
|
91.9 |
Freight forwarding services |
254,130 |
|
2.6 |
|
236,640 |
|
33,330 |
|
2.2 |
Sale of accessories |
404,683 |
|
4.1 |
|
579,138 |
|
81,570 |
|
5.5 |
Others |
43,973 |
|
0.4 |
|
44,403 |
|
6,254 |
|
0.4 |
Total revenues |
9,871,327 |
|
100.0 |
|
10,619,434 |
|
1,495,716 |
|
100.0 |
Total Revenues were
|
Three Months Ended |
||||||||
|
2022 |
|
2023 |
||||||
|
|
|
% of |
|
|
|
|
|
% of |
|
RMB |
|
revenues |
|
RMB |
|
US$ |
|
revenues |
|
(in thousands, except percentages) |
||||||||
Line-haul transportation cost |
3,394,342 |
|
34.4 |
|
3,964,208 |
|
558,347 |
|
37.3 |
Sorting hub operating cost |
2,139,620 |
|
21.7 |
|
2,257,047 |
|
317,898 |
|
21.3 |
Freight forwarding cost |
238,464 |
|
2.4 |
|
227,547 |
|
32,049 |
|
2.1 |
Cost of accessories sold |
147,838 |
|
1.5 |
|
162,227 |
|
22,849 |
|
1.5 |
Other costs |
1,178,501 |
|
11.9 |
|
880,156 |
|
123,968 |
|
8.3 |
Total cost of revenues |
7,098,765 |
|
71.9 |
|
7,491,185 |
|
1,055,111 |
|
70.5 |
Total cost of revenues was
Line haul transportation cost was
Sorting hub operating cost was
Cost of accessories sold was
Other costs were
Gross Profit was
Total Operating Expenses were
Selling, general and administrative expenses were
Other operating income, net was
Income from operations was
Interest income was
Interest expenses was
Loss from fair value changes of financial instruments was
Income tax expenses were
Net income was
Basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted net income was
EBITDA
[1] was
Adjusted EBITDA was
Net cash provided by operating activities was
(1) |
EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations. |
Fiscal Year 2023 Financial Results
|
Year Ended |
||||||||||
|
2022 |
|
2023 |
||||||||
|
RMB |
|
% |
|
RMB |
|
US$ |
|
% |
||
|
(in thousands, except percentages) |
||||||||||
Express delivery services |
32,575,698 |
|
92.1 |
|
35,488,060 |
|
4,998,389 |
|
92.4 |
||
Freight forwarding services |
1,212,677 |
|
3.4 |
|
906,802 |
|
127,720 |
|
2.4 |
||
Sale of accessories |
1,384,674 |
|
3.9 |
|
1,876,624 |
|
264,317 |
|
4.9 |
||
Others |
203,947 |
|
0.6 |
|
147,429 |
|
20,765 |
|
0.3 |
||
Total revenues |
35,376,996 |
|
100.0 |
|
38,418,915 |
|
5,411,191 |
|
100.0 |
Total Revenues were
|
Year Ended |
||||||||||
|
2022 |
|
2023 |
||||||||
|
|
|
% of |
|
|
|
|
|
% of |
||
|
RMB |
|
revenues |
|
RMB |
|
US$ |
|
revenues |
||
|
(in thousands, except percentages) |
||||||||||
Line-haul transportation cost |
12,480,170 |
|
35.3 |
|
13,591,627 |
|
1,914,341 |
|
35.4 |
||
Sorting hub operating cost |
7,845,491 |
|
22.2 |
|
8,253,522 |
|
1,162,484 |
|
21.5 |
||
Freight forwarding cost |
1,137,140 |
|
3.2 |
|
854,533 |
|
120,358 |
|
2.2 |
||
Cost of accessories sold |
463,448 |
|
1.3 |
|
513,391 |
|
72,310 |
|
1.3 |
||
Other costs |
4,411,472 |
|
12.4 |
|
3,543,316 |
|
499,066 |
|
9.2 |
||
Total cost of revenues |
26,337,721 |
|
74.4 |
|
26,756,389 |
|
3,768,559 |
|
69.6 |
Total cost of revenues was
Line haul transportation cost was
Sorting hub operating cost was
Cost of accessories sold was
Other costs were
Gross Profit was
Total Operating Expenses were
Selling, general and administrative expenses were
Other operating income, net was
Income from operations was
Interest income was
Interest expenses was
Gain from fair value changes of financial instruments was
Foreign currency exchange Gain, before tax was
Income tax expenses were
Net income was
Basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted net income was
EBITDA
[1] was
Adjusted EBITDA was
Net cash provided by operating activities was
Recent Developments
Declaration of Dividend Payment
The board of directors (the "Board") has approved a cash dividend of US$0.62 per ADS and ordinary share for the fiscal year 2023, representing a 68% increase compared to the dividend for the fiscal year 2022, to holders of its ordinary shares and ADSs as of the close of business on
Adoption of Semi-Annual Regular Dividend Policy
The Board has approved a semi-annual regular cash dividend policy starting from 2024. Under the semi-annual dividend policy, starting from 2024, the Company will declare and distribute a recurring cash dividend semi-annually, in which the aggregate amount of the semi-annual dividend for each year is equivalent to no less than 40% of the Company's distributable profit in such fiscal year, or as otherwise authorized by the Board. The determination to make dividend distributions and the exact amount of such distributions in any particular semi-annual period will be based upon the Company's operations and earnings, cash flow, financial condition, and other relevant factors, and subject to adjustment and determination by the Board.
Upsize and Extension of Share Repurchase Program
The Board has approved its share repurchase program in
The Board has approved to upsize the share repurchase program with
Business Outlook
Based on current market conditions and current operations, the Company's parcel volume for 2024 is expected to be in the range of 34.73 billion to 35.64 billion, representing a 15% to 18% increase year over year. Such estimates represent management's current and preliminary view, which are subject to change.
Exchange Rate
This announcement contains translation of certain Renminbi amounts into
Use of Non-GAAP Financial Measures
The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating ZTO's operating results and for financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to its
The Company believes that EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in income from operations and net income. The Company believes that EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by ZTO's management in its financial and operational decision-making.
EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.
Conference Call Information
ZTO's management team will host an earnings conference call at
Dial-in details for the earnings conference call are as follows:
|
1-888-317-6003 |
|
800-963-976 |
Mainland China: |
4001-206-115 |
|
800-120-5863 |
International: |
1-412-317-6061 |
Passcode: |
2471294 |
Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until
United States: |
1-877-344-7529 |
International: |
1-412-317-0088 |
Passcode: |
6936390 |
Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com.
About
ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in
For more information, please visit http://zto.investorroom.com.
Safe Harbor Statement
This announcement contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the
UNAUDITED CONSOLIDATED FINANCIAL DATA
|
||||||||||||
Summary of Unaudited Consolidated Comprehensive Income Data: |
||||||||||||
|
||||||||||||
|
|
Three Months Ended |
Year Ended |
|||||||||
|
|
2022 |
|
2023 |
|
2022 |
|
2023 |
||||
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(in thousands, except for share and per share data) |
||||||||||
Revenues |
|
9,871,327 |
|
10,619,434 |
|
1,495,716 |
|
35,376,996 |
|
38,418,915 |
|
5,411,191 |
Cost of revenues |
|
(7,098,765) |
|
(7,491,185) |
|
(1,055,111) |
|
(26,337,721) |
|
(26,756,389) |
|
(3,768,559) |
Gross profit |
|
2,772,562 |
|
3,128,249 |
|
440,605 |
|
9,039,275 |
|
11,662,526 |
|
1,642,632 |
Operating (expenses)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
(560,859) |
|
(700,357) |
|
(98,643) |
|
(2,077,372) |
|
(2,425,253) |
|
(341,590) |
Other operating income, net |
|
248,132 |
|
327,203 |
|
46,086 |
|
774,578 |
|
770,651 |
|
108,544 |
Total operating expenses |
|
(312,727) |
|
(373,154) |
|
(52,557) |
|
(1,302,794) |
|
(1,654,602) |
|
(233,046) |
Income from operations |
|
2,459,835 |
|
2,755,095 |
|
388,048 |
|
7,736,481 |
|
10,007,924 |
|
1,409,586 |
Other income / (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
111,768 |
|
201,383 |
|
28,364 |
|
503,722 |
|
706,765 |
|
99,546 |
Interest expense |
|
(76,147) |
|
(61,804) |
|
(8,705) |
|
(190,521) |
|
(289,533) |
|
(40,780) |
Gain / (loss) from fair value changes of |
|
|
|
|
|
|
|
|
|
|
|
|
financial instruments |
|
83,504 |
|
(51,247) |
|
(7,218) |
|
46,246 |
|
164,517 |
|
23,172 |
Gain/ (loss) on disposal of equity |
|
|
|
|
|
|
|
|
|
|
|
|
investees and subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
and others |
|
9,083 |
|
(4,589) |
|
(646) |
|
69,598 |
|
5,485 |
|
773 |
Impairment of investment in equity |
|
|
|
|
|
|
|
|
|
|
|
|
investee |
|
- |
|
- |
|
- |
|
(26,328) |
|
- |
|
- |
Foreign currency exchange gain |
|
|
|
|
|
|
|
|
|
|
|
|
before tax |
|
9,064 |
|
17,972 |
|
2,531 |
|
147,254 |
|
93,543 |
|
13,175 |
Income before income tax, and share of |
|
|
|
|
|
|
|
|
|
|
|
|
loss in equity method |
|
2,597,107 |
|
2,856,810 |
|
402,374 |
|
8,286,452 |
|
10,688,701 |
|
1,505,472 |
Income tax expense |
|
(500,518) |
|
(636,621) |
|
(89,666) |
|
(1,633,330) |
|
(1,938,600) |
|
(273,046) |
Share of gain/( loss ) in equity method |
|
|
|
|
|
|
|
|
|
|
|
|
investments |
|
32,696 |
|
(10,376) |
|
(1,461) |
|
5,844 |
|
4,356 |
|
614 |
Net income |
|
2,129,285 |
|
2,209,813 |
|
311,247 |
|
6,658,966 |
|
8,754,457 |
|
1,233,040 |
Net loss/(gain) attributable to non-controlling interests |
|
33,326 |
|
(17,507) |
|
(2,466) |
|
150,090 |
|
(5,453) |
|
(768) |
Net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
(Cayman) Inc. |
|
2,162,611 |
|
2,192,306 |
|
308,781 |
|
6,809,056 |
|
8,749,004 |
|
1,232,272 |
Net income attributable to ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
shareholders |
|
2,162,611 |
|
2,192,306 |
|
308,781 |
|
6,809,056 |
|
8,749,004 |
|
1,232,272 |
Net earnings per share attributed to |
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
2.67 |
|
2.72 |
|
0.38 |
|
8.41 |
|
10.83 |
|
1.53 |
Diluted |
|
2.61 |
|
2.66 |
|
0.37 |
|
8.36 |
|
10.60 |
|
1.49 |
Weighted average shares used in |
|
|
|
|
|
|
|
|
|
|
|
|
calculating net earnings per ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
share/ADS |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
809,601,049 |
|
806,082,185 |
|
806,082,185 |
|
809,442,862 |
|
807,739,616 |
|
807,739,616 |
Diluted |
|
841,226,602 |
|
837,291,253 |
|
837,291,253 |
|
820,273,531 |
|
838,948,683 |
|
838,948,683 |
Net income |
|
2,129,285 |
|
2,209,813 |
|
311,247 |
|
6,658,966 |
|
8,754,457 |
|
1,233,040 |
Other comprehensive income/ |
|
|
|
|
|
|
|
|
|
|
|
|
(expenses), net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
35,752 |
|
70,677 |
|
9,955 |
|
155,432 |
|
(104,052) |
|
(14,655) |
Comprehensive income |
|
2,165,037 |
|
2,280,490 |
|
321,202 |
|
6,814,398 |
|
8,650,405 |
|
1,218,385 |
Comprehensive loss/(income) |
|
|
|
|
|
|
|
|
|
|
|
|
attributable to non-controlling |
|
|
|
|
|
|
|
|
|
|
|
|
interests |
|
33,326 |
|
(17,507) |
|
(2,466) |
|
150,090 |
|
(5,453) |
|
(768) |
Comprehensive income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,198,363 |
|
2,262,983 |
|
318,736 |
|
6,964,488 |
|
8,644,952 |
|
1,217,617 |
Unaudited Consolidated Balance Sheets Data: |
||||||
|
As of |
|||||
|
|
|
|
|||
|
2022 |
|
2023 |
|||
|
RMB |
|
RMB |
|
US$ |
|
|
(in thousands, except for share data) |
|||||
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
11,692,773 |
|
12,333,884 |
|
1,737,191 |
|
Restricted cash |
895,483 |
|
686,568 |
|
96,701 |
|
Accounts receivable, net |
818,968 |
|
572,558 |
|
80,643 |
|
Financing receivables |
951,349 |
|
1,135,445 |
|
159,924 |
|
Short-term investment |
5,753,483 |
|
7,454,633 |
|
1,049,963 |
|
Inventories |
40,537 |
|
28,074 |
|
3,954 |
|
Advances to suppliers |
861,573 |
|
821,942 |
|
115,768 |
|
Prepayments and other current assets |
3,146,378 |
|
3,772,377 |
|
531,328 |
|
Amounts due from related parties |
314,483 |
|
148,067 |
|
20,855 |
|
Total current assets |
24,475,027 |
|
26,953,548 |
|
3,796,327 |
|
Investments in equity investee |
3,950,544 |
|
3,455,119 |
|
486,643 |
|
Property and equipment, net |
28,813,204 |
|
32,181,025 |
|
4,532,603 |
|
Land use rights, net |
5,442,951 |
|
5,637,101 |
|
793,969 |
|
Intangible assets, net |
29,437 |
|
23,240 |
|
3,273 |
|
Operating lease right-of-use assets |
808,506 |
|
672,193 |
|
94,676 |
|
|
4,241,541 |
|
4,241,541 |
|
597,409 |
|
Deferred tax assets |
750,097 |
|
879,772 |
|
123,914 |
|
Long-term investment |
7,322,545 |
|
12,170,881 |
|
1,714,233 |
|
Long-term financing receivables |
1,295,755 |
|
964,780 |
|
135,886 |
|
Other non-current assets |
816,839 |
|
701,758 |
|
98,841 |
|
Amounts due from related parties-non current |
577,140 |
|
584,263 |
|
82,292 |
|
TOTAL ASSETS |
78,523,586 |
|
88,465,221 |
|
12,460,066 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term bank borrowing |
5,394,423 |
|
7,765,990 |
|
1,093,817 |
|
Accounts payable |
2,202,692 |
|
2,557,010 |
|
360,147 |
|
Notes payable |
200,000 |
|
- |
|
- |
|
Advances from customers |
1,374,691 |
|
1,745,727 |
|
245,881 |
|
Income tax payable |
228,422 |
|
333,257 |
|
46,938 |
|
Amounts due to related parties |
49,138 |
|
234,683 |
|
33,054 |
|
Operating lease liabilities |
229,718 |
|
186,253 |
|
26,233 |
|
Dividends payable |
1,497 |
|
1,548 |
|
218 |
|
Other current liabilities |
6,724,743 |
|
7,236,716 |
|
1,019,271 |
|
Total current liabilities |
16,405,324 |
|
20,061,184 |
|
2,825,559 |
|
Non-current operating lease liabilities |
510,349 |
|
455,879 |
|
64,209 |
|
Deferred tax liabilities |
346,472 |
|
638,200 |
|
89,889 |
|
Convertible senior bond |
6,788,971 |
|
7,029,550 |
|
990,091 |
|
TOTAL LIABILITIES |
24,051,116 |
|
28,184,813 |
|
3,969,748 |
|
Shareholders' equity |
|
|
|
|
|
|
Ordinary shares ( |
|
|
|
|
|
|
shares issued and 809,247,109 shares outstanding as of 2023) |
535 |
|
525 |
|
74 |
|
Additional paid-in capital |
26,717,727 |
|
24,201,745 |
|
3,408,744 |
|
|
(2,062,530) |
|
(510,986) |
|
(71,971) |
|
Retained earnings |
29,459,491 |
|
36,301,185 |
|
5,112,915 |
|
Accumulated other comprehensive loss |
(86,672) |
|
(190,724) |
|
(26,862) |
|
|
54,028,551 |
|
59,801,745 |
|
8,422,900 |
|
Noncontrolling interests |
443,919 |
|
478,663 |
|
67,418 |
|
Total Equity |
54,472,470 |
|
60,280,408 |
|
8,490,318 |
|
TOTAL LIABILITIES AND EQUITY |
78,523,586 |
|
88,465,221 |
|
12,460,066 |
Summary of Unaudited Consolidated Cash Flow Data: |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
||||
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
(in thousands) |
|
|
|
|
|
|
||||
Net cash provided by operating activities |
3,769,838 |
|
3,923,285 |
|
552,583 |
|
11,479,308 |
|
13,360,967 |
|
1,881,851 |
Net cash used in investing activities |
(4,380,805) |
|
1,181,169 |
|
166,364 |
|
(16,041,890) |
|
(12,252,751) |
|
(1,725,762) |
Net cash (used in) / provided by financing |
|
|
|
|
|
|
|
|
|
|
|
activities |
(1,707,120) |
|
(2,166,101) |
|
(305,089) |
|
7,058,202 |
|
(769,836) |
|
(108,429) |
Effect of exchange rate changes on cash, |
|
|
|
|
|
|
|
|
|
|
|
cash equivalents and restricted cash |
(59,220) |
|
4,450 |
|
627 |
|
338,106 |
|
109,843 |
|
15,471 |
Net (decrease) / increase in cash, cash |
|
|
|
|
|
|
|
|
|
|
|
equivalents and restricted cash |
(2,377,307) |
|
2,942,803 |
|
414,485 |
|
2,833,726 |
|
448,223 |
|
63,131 |
Cash, cash equivalents and restricted |
|
|
|
|
|
|
|
|
|
|
|
cash at beginning of period |
14,980,394 |
|
10,108,507 |
|
1,423,753 |
|
9,769,361 |
|
12,603,087 |
|
1,775,107 |
Cash, cash equivalents and restricted |
|
|
|
|
|
|
|
|
|
|
|
cash at end of period |
12,603,087 |
|
13,051,310 |
|
1,838,238 |
|
12,603,087 |
|
13,051,310 |
|
1,838,238 |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:
|
As of |
||||
|
|
|
|
||
|
2022 |
|
2023 |
||
|
RMB |
|
RMB |
|
US$ |
|
(in thousands) |
||||
Cash and cash equivalents |
11,692,773 |
|
12,333,884 |
|
1,737,191 |
Restricted cash, current |
895,483 |
|
686,568 |
|
96,701 |
Restricted cash, non-current |
14,831 |
|
30,858 |
|
4,346 |
Total cash, cash equivalents and restricted cash |
12,603,087 |
|
13,051,310 |
|
1,838,238 |
Reconciliations of GAAP and Non-GAAP Results |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||
|
Three Months Ended |
Year Ended |
||||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|||||
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US $ |
|
|
(in thousands, except for share and per share data) |
|||||||||||
Net income |
2,129,285 |
|
2,209,813 |
|
311,247 |
|
6,658,966 |
|
8,754,457 |
|
1,233,040 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense [1] |
- |
|
- |
|
- |
|
178,980 |
|
254,976 |
|
35,913 |
|
Impairment of investment in equity |
- |
|
- |
|
- |
|
26,328 |
|
- |
|
- |
|
(Gain) / Loss on disposal of equity |
(9,083) |
|
4,589 |
|
646 |
|
(58,275) |
|
(3,513) |
|
(495) |
|
Adjusted net income |
2,120,202 |
|
2,214,402 |
|
311,893 |
|
6,805,999 |
|
9,005,920 |
|
1,268,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
2,129,285 |
|
2,209,813 |
|
311,247 |
|
6,658,966 |
|
8,754,457 |
|
1,233,040 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
665,400 |
|
705,117 |
|
99,314 |
|
2,540,899 |
|
2,740,819 |
|
386,037 |
|
Amortization |
35,199 |
|
33,855 |
|
4,768 |
|
129,647 |
|
134,390 |
|
18,928 |
|
Interest expenses |
76,147 |
|
61,804 |
|
8,705 |
|
190,521 |
|
289,533 |
|
40,780 |
|
Income tax expenses |
500,518 |
|
636,621 |
|
89,666 |
|
1,633,330 |
|
1,938,600 |
|
273,046 |
|
EBITDA |
3,406,549 |
|
3,647,210 |
|
513,700 |
|
11,153,363 |
|
13,857,799 |
|
1,951,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
- |
|
- |
|
- |
|
178,980 |
|
254,976 |
|
35,913 |
|
Impairment of investment in equity |
- |
|
- |
|
- |
|
26,328 |
|
- |
|
- |
|
(Gain) / Loss on disposal of equity |
(9,083) |
|
4,589 |
|
646 |
|
(69,598) |
|
(5,485) |
|
(773) |
|
Adjusted EBITDA |
3,397,466 |
|
3,651,799 |
|
514,346 |
|
11,289,073 |
|
14,107,290 |
|
1,986,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of income taxes of nil |
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of GAAP and Non-GAAP Results |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||
|
Three Months Ended |
Year Ended |
||||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|||||
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US $ |
|
|
(in thousands, except for share and per share data) |
|||||||||||
Net income attributable to ordinary |
2,162,611 |
|
2,192,306 |
|
308,781 |
|
6,809,056 |
|
8,749,004 |
|
1,232,272 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense [1] |
- |
|
- |
|
- |
|
178,980 |
|
254,976 |
|
35,913 |
|
Impairment of investment in equity |
- |
|
- |
|
- |
|
26,328 |
|
- |
|
- |
|
(Gain) / Loss on disposal of equity |
(9,083) |
|
4,589 |
|
646 |
|
(58,275) |
|
(3,513) |
|
(495) |
|
Adjusted Net income attributable to |
2,153,528 |
|
2,196,895 |
|
309,427 |
|
6,956,089 |
|
9,000,467 |
|
1,267,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in calculating net earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
809,601,049 |
|
806,082,185 |
|
806,082,185 |
|
809,442,862 |
|
807,739,616 |
|
807,739,616 |
|
Diluted |
841,226,602 |
|
837,291,253 |
|
837,291,253 |
|
820,273,531 |
|
838,948,683 |
|
838,948,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share/ADS attributable |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
2.67 |
|
2.72 |
|
0.38 |
|
8.41 |
|
10.83 |
|
1.53 |
|
Diluted |
2.61 |
|
2.66 |
|
0.37 |
|
8.36 |
|
10.60 |
|
1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net earnings per share/ADS |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
2.66 |
|
2.73 |
|
0.38 |
|
8.59 |
|
11.14 |
|
1.57 |
|
Diluted |
2.60 |
|
2.67 |
|
0.38 |
|
8.54 |
|
10.90 |
|
1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of income taxes of nil |
|
|
|
|
|
|
|
|
|
|
|
For investor and media inquiries, please contact:
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508
View original content:https://www.prnewswire.com/news-releases/zto-reports-fourth-quarter-2023-and-full-year-2023-unaudited-financial-results-302093211.html
SOURCE