BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results
FINANCIAL HIGHLIGHTS (1 )
For the Fourth Quarter Ended
-
Revenue was
RMB2,236.3 million (US$315.0 million ), compared toRMB1,981.4 million in the fourth quarter of 2022. The increase was primarily due to increased revenue of BEST Freight and BEST Global. -
Gross Profit was
RMB118.3 million (US$16.7 million ), compared to gross loss ofRMB58.5 million in the fourth quarter of 2022. The increase was primarily due to further improvements in operating efficiency across our business lines. Gross Profit Margin was 5.3% for the fourth quarter of 2023, compared to Gross Loss Margin of 3.0% in the same period of 2022. -
Net Loss
from continuing operations was
RMB283.5 million (US$39.9 million ), compared toRMB365.8 million in the fourth quarter of 2022. Non-GAAP Net Loss from continuing operations(3)(4) wasRMB177.9 million (US$25.1 million ), compared toRMB338.0 million in the fourth quarter of 2022. -
Diluted loss per ADS
(5
)
from continuing operations was
RMB12.41 (US$ 1.75 ), compared toRMB17.96 in the fourth quarter of 2022. Non-GAAP diluted loss per ADS(3)(4)from continuing operations wasRMB7.10 (US$ 1.00 ), compared toRMB16.52 in the fourth quarter of 2022. -
EBITDA
(6
)
from continuing operations was negative
RMB248.6 million (US$35.0 million ), compared to negativeRMB324.7 million in the fourth quarter of 2022. Adjusted EBITDA(6) from continuing operations was negativeRMB143.0 million (US$20.1 million ), compared to negativeRMB296.9 million in the fourth quarter of 2022.
For the Fiscal Year Ended
-
Revenue was
RMB8,315.8 million (US$1,171.3 million ), compared toRMB7,744.1 million in 2022. The increase was primarily due to increased revenue for all business lines. -
Gross Profit was
RMB250.4 million (US$35.3 million ), compared to gross loss ofRMB263.6 million in 2022. The increase was primarily due to further improvements for all business lines. Gross Profit Margin was 3.0%, compared to Gross Loss Margin of 3.4% in 2022. -
Net Loss
from continuing operations was
RMB908.6 million (US$128.0 million ), compared toRMB1,464.8 million in 2022. Non-GAAP Net Loss from continuing operations(7)(8) wasRMB765.6 million (US$107.8 million ), compared toRMB1,380.4 million in 2022. -
Diluted loss per ADS
(9
)
from continuing operations was
RMB43 .60 (US$ 6.20 ), compared to a loss ofRMB72 .68 in 2022. Non-GAAP diluted loss per ADS(3)(4)from continuing operations wasRMB36.10 (US$5.14 ), compared to a loss ofRMB68 .36 in 2022. -
EBITDA
(10
)
from continuing operations was negative
RMB756.8 million (US$106.6 million ), compared to negativeRMB1,266.2 million in 2022. Adjusted EBITDA(6) from continuing operations was negativeRMB613.7 million (US$86.4million ), compared to negativeRMB1,181.8 million in 2022.
BEST Freight – BEST Freight recorded revenue growth of 19.1% in the fourth quarter of 2023, year over year. Freight's gross margin was 5.3%, representing a 6.6 percentage points improvement from the same period of 2022. For the full year of 2023, Freight recorded revenue growth of 10.6% compared to 2022. Freight's gross margin was 3.7%, representing an 8.3 percentage points improvement of 2022 as we continued to reduce operating expenses and improve efficiency.
BEST
BEST Global – In the fourth quarter, BEST Global continued its robust post-COVID recovery. BEST Global's revenue increased by 20.0% and its parcel volumes increased by 60.1%, both year over year, with parcel volumes in
Key Operational Metrics
|
Three Months Ended |
% Change YOY |
||||||||
|
|
|
|
|
202 3 |
|
202
2
vs |
|
202
3
vs |
|
|
|
|
|
|
||||||
Freight Volume (Tonne in '000) |
2,408 |
|
2,226 |
2,571 |
|
(7.6 %) |
|
15.5 % |
||
Global Parcel Volume in
SEA |
43,707 |
|
25,421 |
|
40,688 |
|
(41.8 %) |
|
60.1 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
% Change YoY |
|||||||
|
|
|
|
|
|
|
202
2
vs |
|
202
3
vs |
|
|
|
|
|
|||||
Freight Volume (Tonne in '000) |
9,218 |
8,659 |
9,280 |
|
(6.1 %) |
7.2 % |
|||
Global Parcel Volume in
SEA |
150,392 |
|
121,637 |
|
139,415 |
|
(19.1 %) |
|
14.6 % |
FINANCIAL RESULTS (11)
For the Fourth Quarter Ended
Revenue
The following table sets forth a breakdown of revenue by business segment for the periods indicated.
Table 1 – Breakdown of Revenue by Business Segment |
||||||||
|
|
|
||||||
|
Three Months Ended |
|
||||||
|
|
|
|
|
|
|||
(In '000, except for %) |
RMB |
% of |
|
RMB |
US$ |
% of |
|
% Change |
Freight |
1,261,196 |
63.7 % |
|
1,501,909 |
211,539 |
67.2 % |
|
19.1 % |
|
500,602 |
25.3 % |
|
471,379 |
66,392 |
21.1 % |
|
(5.8 %) |
Global |
195,680 |
9.9 % |
|
234,906 |
33,086 |
10.5 % |
|
20.0 % |
Others (12) |
23,917 |
1.1 % |
|
28,057 |
3,952 |
1.2 % |
|
17.3 % |
Total Revenue |
1,981,395 |
100.0 % |
|
2,236,251 |
314,969 |
100.0 % |
|
12.9 % |
- Freight Service Revenue was
RMB1,501.9 million (US$211.5 million ) for the fourth quarter of 2023, compared toRMB1,261.2 million in the same period last year. Freight service revenue increased by 19.1% year over year, primarily due to increases in both volume and average selling price per tonne. - Supply Chain Management Service Revenue decreased by 5.8% year over year to
RMB471.4 million (US$66.4 million ) for the fourth quarter of 2023 fromRMB500.6 million in the same period of last year, primarily due to further optimization of its customer mix. - Global Service Revenue increased by 20.0% year over year to
RMB234.9 million (US$33.1 million ) for the fourth quarter of 2023 fromRMB195.7 million in the same period of last year, primarily due to volume growth inVietnam ,Malaysia and cross-border business.
Cost of Revenue
The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.
Table 2 – Breakdown of Cost of Revenue by Business Segment |
||||||||
|
|
|||||||
|
Three Months Ended |
|
% of Revenue YOY |
|||||
|
|
|
|
|
||||
(In '000, except for %) |
RMB |
% of |
|
RMB |
US$ |
% of |
|
|
Freight |
(1,277,026) |
101.3 % |
|
(1,422,351) |
(200,334) |
94.7 % |
|
(6.6 %) |
|
(478,511) |
95.6 % |
|
(443,927) |
(62,526) |
94.2 % |
|
(1.4 %) |
Global |
(264,014) |
134.9 % |
|
(270,146) |
(38,049) |
115.0 % |
|
(19.9 %) |
Others |
(20,321) |
85.0 % |
|
18,500 |
2,606 |
(65.9 %) |
|
(151.0 %) |
Total Cost of Revenue |
(2,039,872) |
103.0 % |
|
(2,117,924) |
(298,303) |
94.7 % |
|
(8.3 %) |
- Cost of Revenue for Freight was
RMB1,422.4 million (US$200.3 million ), or 94.7% of revenue, in the fourth quarter of 2023. The 6.6 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to reduced unit cost. - Cost of Revenue for
Supply Chain Management wasRMB443.9 million (US$62.5 million ), or 94.2% of revenue, in the fourth quarter of 2023. The 1.4 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to improved operating efficiency and optimized customer mix. - Cost of Revenue for Global was
RMB270.1 million (US$38.0 million ), or 115.0% of revenue, in the fourth quarter of 2023. The 19.9 percentage points year-over-year decrease in cost of revenue as a percentage of revenue due to increased parcel volume.
Gross Profit was
Operating Expenses
Selling, General and Administrative ("SG&A") Expenses were
Research and Development Expenses were
Share-based Compensation ("SBC") Expenses included in the cost and expense items above were
Net Loss and Non-GAAP Net Loss from continuing operations
Net Loss from continuing operations in the fourth quarter of 2023 was
Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations
Diluted loss per ADS from continuing operations in the fourth quarter of 2023 was
Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations
Adjusted EBITDA from continuing operations in the fourth quarter of 2023 was negative
Cash and Cash Equivalents, Restricted Cash and Short-term Investments
As of
Net cash generated from continuing operating activities in the fourth quarter of 2023 was
For the Fiscal Year Ended
Revenue
The following table sets forth a breakdown of revenue by business segment for the periods indicated.
Table 3 – Breakdown of Revenue by Business Segment |
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|
|
|
||||||
|
Fiscal Year Ended |
|
||||||
|
|
|
|
|
|
|||
(In '000, except for %) |
RMB |
% of |
|
RMB |
US$ |
% of |
|
% Change |
Freight |
4,888,278 |
63.2 % |
|
5,404,395 |
761,193 |
65.0 % |
|
10.6 % |
|
1,822,075 |
23.5 % |
|
1,858,629 |
261,782 |
22.4 % |
|
2.0 % |
Global |
916,907 |
11.8 % |
|
946,513 |
133,314 |
11.4 % |
|
3.2 % |
Others |
116,812 |
1.5 % |
|
106,307 |
14,973 |
1.2 % |
|
(9.0 %) |
Total Revenue |
7,744,072 |
100.0 % |
|
8,315,844 |
1,171,262 |
100.0 % |
|
7.4 % |
- Freight Service Revenue was
RMB5,404.4 million (US$761.2 million ) in 2023, compared toRMB4,888.3 million in 2022. Freight service revenue increased by 10.6% year over year, primarily resulting from increases in both freight volume and average selling price per tonne. - Supply Chain Management Service Revenue increased by 2% year over year to
RMB1,858.6 million (US$261.8 million ) in 2023 fromRMB1,822.1 million in 2022. - Global Service Revenue increased by 3.2% year over year to
RMB946.5 million (US$133.3 million ) in 2023 fromRMB916.9 million in 2022 primarily due to volume growth inVietnam ,Malaysia and cross-border business, partially offset by the decrease of parcel volume inThailand .
Cost of Revenue
The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.
Table 4 – Breakdown of Cost of Revenue by Business Segment |
||||||||
|
|
|||||||
|
Fiscal Year Ended |
|
% of YoY |
|||||
|
|
|
|
|
||||
(In '000, except for %) |
RMB |
% of |
|
RMB |
US$ |
% of |
|
|
Freight |
(5,114,937) |
104.6 % |
|
(5,206,967) |
(733,386) |
96.3 % |
|
(8.3 %) |
|
(1,711,818) |
93.9 % |
|
(1,700,467) |
(239,506) |
91.5 % |
|
(2.4 %) |
Global |
(1,081,587) |
118.0 % |
|
(1,131,484) |
(159,366) |
119.5 % |
|
1.5 % |
Others |
(99,288) |
85.0 % |
|
(26,489) |
(3,731) |
24.9 % |
|
(60.1 %) |
Total Cost of Revenue |
(8,007,630) |
103.4 % |
|
(8,065,407) |
(1,135,989) |
97.0 % |
|
(6.4 %) |
- Cost of Revenue for Freight was
RMB5,207.0 million (US$733.4 million ), or 96.3% of revenue in 2023. The 8.3 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to reduced unit cost. - Cost of Revenue for
Supply Chain Management wasRMB1,700.5 million (US$239.5 million ), or 91.5% of revenue in 2023. The 2.4 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to improved operating efficiency and optimized customer mix. - Cost of Revenue for Global was
RMB1,131.5 million (US$159.4 million ), or 119.5% of revenue in 2023. The 1.5 percentage points year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume ofThailand .
Gross Profit was
Operating Expenses
Selling, General and Administrative ("SG&A") Expenses were
Research and Development Expenses were
Share-based Compensation ("SBC") Expenses included in the cost and expense items above were
Net Loss and Non-GAAP Net Loss from continuing operations
Net Loss from continuing operations in 2023 was
Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations
Diluted loss per ADS from continuing operations in 2023 was
Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations
Adjusted EBITDA from continuing operations in 2023 was negative
Cash and Cash Equivalents, Restricted Cash and Short-term Investments
As of
Net cash used in continuing operating activities in 2023 was
SHARES OUTSTANDING
As of
As previously announced, effective from
Effective as of
ABOUT
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
USE OF NON-GAAP FINANCIAL MEASURES
In evaluating its business, BEST considers and uses non-GAAP measures, such as non-GAAP net loss/income, non-GAAP net loss/income margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, and non-GAAP Diluted earnings/loss per ADS, as supplemental measures in the evaluation of the Company's operating results and in the Company's financial and operational decision-making. The Company believes these non-GAAP financial measures that help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in loss from operations and net loss. The Company believes that these non-GAAP financial measures 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 the Company's management in its financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with
Summary of Unaudited Condensed Consolidated Income Statements |
|||||||||||
(In Thousands) |
|||||||||||
|
|||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
||||
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
||
Revenue |
|
|
|
|
|
|
|
|
|
||
Freight |
1,261,196 |
|
1,501,909 |
211,539 |
|
4,888,278 |
|
5,404,395 |
761,193 |
||
|
500,602 |
|
471,379 |
66,392 |
|
1,822,075 |
|
1,858,629 |
261,782 |
||
Global |
195,680 |
|
234,906 |
33,086 |
|
916,907 |
|
946,513 |
133,314 |
||
Others |
23,917 |
|
28,057 |
3,952 |
|
116,812 |
|
106,307 |
14,973 |
||
Total Revenue |
1,981,395 |
|
2,236,251 |
314,969 |
|
7,744,072 |
|
8,315,844 |
1,171,262 |
||
Cost of Revenue |
|
|
|
|
|
|
|
|
|
||
Freight |
(1,277,026) |
|
(1,422,351) |
(200,334) |
|
(5,114,937) |
|
(5,206,967) |
(733,386) |
||
|
(478,511) |
|
(443,927) |
(62,526) |
|
(1,711,818) |
|
(1,700,467) |
(239,506) |
||
Global |
(264,014) |
|
(270,146) |
(38,049) |
|
(1,081,587) |
|
(1,131,484) |
(159,366) |
||
Others |
(20,321) |
|
18,500 |
2,606 |
|
(99,288) |
|
(26,489) |
(3,731) |
||
Total Cost of Revenue |
(2,039,872) |
|
(2,117,924) |
(298,303) |
|
(8,007,630) |
|
(8,065,407) |
(1,135,989) |
||
Gross (Loss)/ Profit |
(58,477) |
|
118,327 |
16,666 |
|
(263,558) |
|
250,437 |
35,273 |
||
Selling Expenses |
(54,621) |
|
(72,080) |
(10,152) |
|
(237,918) |
|
(256,621) |
(36,144) |
||
General and Administrative Expenses |
(208,738) |
|
(209,400) |
(29,493) |
|
(889,345) |
|
(737,775) |
(103,913) |
||
Research and Development Expenses |
(29,247) |
|
(29,449) |
(4,148) |
|
(144,181) |
|
(115,917) |
(16,327) |
||
Impairment of long-lived assets |
- |
|
(94,699) |
(13,338) |
|
- |
|
(94,699) |
(13,338) |
||
Other operating income, net |
3,387 |
|
2,575 |
363 |
|
108,817 |
|
2,658 |
374 |
||
Loss from Operations |
(347,696) |
|
(284,726) |
(40,102) |
|
(1,426,185) |
|
(951,917) |
(134,075) |
||
Interest Income |
19,208 |
|
17,848 |
2,514 |
|
80,361 |
|
83,810 |
11,805 |
||
Interest Expense |
(16,329) |
|
(13,864) |
(1,953) |
|
(89,058) |
|
(64,283) |
(9,055) |
||
Foreign Exchange Gain/(loss) |
68,318 |
|
11,750 |
1,655 |
|
(132,730) |
|
(14,010) |
(1,974) |
||
Other Income |
2,149 |
|
469 |
66 |
|
25,914 |
|
11,067 |
1,559 |
||
Other Expense |
(13,815) |
|
(635) |
(89) |
|
5,763 |
|
(4,454) |
(628) |
||
(Loss)/Gain on changes in the fair value of |
(77,577) |
|
(14,114) |
(1,988) |
|
71,619 |
|
32,322 |
4,553 |
||
Loss before Income Tax and Share of |
(365,742) |
|
(283,272) |
(39,897) |
|
(1,464,316) |
|
(907,465) |
(127,815) |
||
Income Tax Expense |
(106) |
|
(249) |
(35) |
|
(511) |
|
(1,141) |
(161) |
||
Loss before Share of Net loss of Equity |
(365,848) |
|
(283,521) |
(39,932) |
|
(1,464,827) |
|
(908,606) |
(127,976) |
||
Share of Net Loss of Equity Investees |
- |
|
- |
- |
|
- |
|
- |
- |
||
Net Loss from continuing operations |
(365,848) |
|
(283,521) |
(39,932) |
|
(1,464,827) |
|
(908,606) |
(127,976) |
||
Net (loss)/gain from discontinued operations |
(31,787) |
|
- |
- |
|
(38,464) |
|
15,222 |
2,144 |
||
Net Loss |
(397,635) |
|
(283,521) |
(39,932) |
|
(1,503,291) |
|
(893,384) |
(125,832) |
||
Net Loss from continuing operations attributable |
(13,055) |
|
(36,811) |
(5,185) |
|
(39,980) |
|
(78,982) |
(11,124) |
||
Net Loss attributable to |
(384,580) |
|
(246,710) |
(34,747) |
|
(1,463,311) |
|
(814,402) |
(114,708) |
||
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Unaudited Condensed Consolidated Balance Sheets |
|||||
(In Thousands) |
|||||
|
|||||
|
As of |
|
As of |
||
|
RMB |
|
RMB |
US$ |
|
Assets |
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash and Cash Equivalents |
533,481 |
|
425,976 |
59,997 |
|
Restricted Cash |
399,337 |
|
1,008,318 |
142,019 |
|
Accounts and Notes Receivables |
691,324 |
|
829,802 |
116,875 |
|
Inventories |
16,480 |
|
7,794 |
1,098 |
|
Prepayments and Other Current Assets |
777,842 |
|
674,100 |
94,945 |
|
Short‑term Investments |
725,043 |
|
35,888 |
5,055 |
|
Amounts Due from Related Parties |
76,368 |
|
60,394 |
8,506 |
|
Lease Rental Receivables |
43,067 |
|
47,925 |
6,750 |
|
Total Current Assets |
3,262,942 |
|
3,090,197 |
435,245 |
|
Non‑current Assets |
|
|
|
|
|
Property and Equipment, Net |
784,732 |
|
624,205 |
87,917 |
|
Intangible Assets, Net |
75,553 |
|
93,173 |
13,123 |
|
Long‑term Investments |
156,859 |
|
156,859 |
22,093 |
|
|
54,135 |
|
54,135 |
7,625 |
|
Non‑current Deposits |
50,767 |
|
81,869 |
11,531 |
|
Other Non‑current Assets |
75,666 |
|
46,913 |
6,608 |
|
Restricted Cash |
1,545,605 |
|
812,371 |
114,420 |
|
Lease Rental Receivables |
40,188 |
|
314 |
44 |
|
Operating Lease Right-of-use Assets |
1,743,798 |
|
1,293,526 |
182,189 |
|
Total non‑current Assets |
4,527,303 |
|
3,163,365 |
445,550 |
|
Total Assets |
7,790,245 |
|
6,253,562 |
880,795 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Long-term borrowings-current |
79,148 |
|
721 |
102 |
|
Long-term Bank Loans-current |
- |
|
794,679 |
111,928 |
|
Convertible Senior Notes held by related parties |
522,744 |
|
531,202 |
74,818 |
|
Convertible Senior Notes held by third parties |
77 |
|
78 |
11 |
|
Short‑term Bank Loans |
183,270 |
|
401,755 |
56,586 |
|
Accounts and Notes Payable |
1,430,004 |
|
1,640,864 |
231,111 |
|
Income Tax Payable |
1,563 |
|
2,777 |
391 |
|
Customer Advances and Deposits and |
277,737 |
|
288,184 |
40,590 |
|
Accrued Expenses and Other Liabilities |
1,145,654 |
|
1,091,573 |
153,745 |
|
Financing Lease Liabilities |
11,873 |
|
418 |
59 |
|
Operating Lease Liabilities |
544,262 |
|
509,450 |
71,755 |
|
Amounts Due to Related Parties |
1,315 |
|
1,119 |
158 |
|
Total Current Liabilities |
4,197,647 |
|
5,262,820 |
741,254 |
|
|
|
|
|
|
|
Summary of Unaudited Condensed Consolidated Balance Sheets (Cont'd) |
||||
(In Thousands) |
||||
|
||||
|
As of |
|
As of |
|
|
RMB |
|
RMB |
US$ |
Non-current Liabilities |
|
|
|
|
Convertible senior notes held by related parties |
522,744 |
|
- |
- |
Long-term borrowings |
381 |
|
- |
- |
Operating Lease Liabilities |
1,292,057 |
|
876,854 |
123,502 |
Financing Lease Liabilities |
26,024 |
|
1,231 |
173 |
Other Non‑current Liabilities |
18,752 |
|
22,837 |
3,216 |
Long-term Bank Loans |
928,894 |
|
159,729 |
22,497 |
Total Non‑current Liabilities |
2,788,852 |
|
1,060,651 |
149,388 |
Total Liabilities |
6,986,499 |
|
6,323,471 |
890,642 |
Mezzanine Equity: |
|
|
|
|
Convertible Non-controlling Interests |
191,865 |
|
191,865 |
27,024 |
Total mezzanine equity |
191,865 |
|
191,865 |
27,024 |
Shareholders' Equity |
|
|
|
|
Ordinary Shares |
25,988 |
|
25,988 |
3,660 |
Treasury Shares |
- |
|
(23,853) |
(3,360) |
Additional Paid‑In Capital |
19,481,417 |
|
19,529,806 |
2,750,715 |
Accumulated Deficit |
(18,934,860) |
|
(19,749,262) |
(2,781,625) |
Accumulated Other Comprehensive Income |
124,464 |
|
119,169 |
16,785 |
|
697,009 |
|
(98,152) |
(13,825) |
Non-controlling Interests |
(85,128) |
|
(163,622) |
(23,046) |
Total Shareholders' Equity/(Deficit) |
611,881 |
|
(261,774) |
(36,871) |
Total Liabilities, Mezzanine Equity and |
7,790,245 |
|
6,253,562 |
880,795 |
Summary of Unaudited Condensed Consolidated Statements of Cash Flows |
|||||||||
(In Thousands) |
|||||||||
|
|
|
|
||||||
|
Three Months Ended
|
|
Fiscal Year Ended |
||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
||
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Net cash
(
used in
)/generated from |
(241,890) |
|
884 |
125 |
|
(1,051,662) |
|
(554,725) |
(78,131) |
Net cash used in discontinued operating |
- |
|
- |
- |
|
(66,174) |
|
- |
- |
Net cash
(
used in
)/generated from
operating |
(241,890) |
|
884 |
125 |
|
(1,117,836) |
|
(554,725) |
(78,131) |
Net cash generated from
/
(
used in
) |
239,536 |
|
(3,460) |
(487) |
|
150,756 |
|
698,238 |
98,345 |
Net cash generated from
/
(
used in
) |
239,536 |
|
(3,460) |
(487) |
|
150,756 |
|
698,238 |
98,345 |
Net cash
generated from/
(
used in
) |
481 |
|
(1,752) |
(247) |
|
(1,948,367) |
|
(377,114) |
(53,115) |
Net cash generated from/ (used in) |
481 |
|
(1,752) |
(247) |
|
(1,948,367) |
|
(377,114) |
(53,115) |
Exchange Rate Effect on Cash
and
Cash |
(14,864) |
|
(73,490) |
(10,352) |
|
77,722 |
|
1,843 |
258 |
Net
d
ecrease in Cash and Cash Equivalents, |
(16,737) |
|
(77,818) |
(10,961) |
|
(2,837,725) |
|
(231,758) |
(32,643) |
Cash and Cash Equivalents, and |
2,495,160 |
|
2,324,483 |
327,397 |
|
5,316,148 |
|
2,478,423 |
349,079 |
Cash and Cash Equivalents, and |
2,478,423 |
|
2,246,665 |
316,436 |
|
2,478,423 |
|
2,246,665 |
316,436 |
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
For the Company's continuing operations, the table below sets forth a reconciliation of the Company's net loss to EBITDA, adjusted EBITDA and adjusted EBITDA margin for the periods indicated:
Table 5 – Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin |
||||||
|
|
|||||
|
Three Months Ended
|
|||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated (14) |
Total |
Net Loss |
(3,519) |
(12,501) |
(202,039) |
(11,296) |
(54,166) |
(283,521) |
Add |
|
|
|
|
|
|
Depreciation & Amortization |
19,060 |
8,423 |
7,857 |
124 |
3,213 |
38,677 |
Interest Expense |
- |
- |
- |
- |
13,864 |
13,864 |
Income Tax Expense/(Benefit) |
32 |
(4) |
- |
221 |
- |
249 |
Subtract |
|
|
|
|
|
|
Interest Income |
- |
- |
- |
- |
(17,848) |
(17,848) |
EBITDA |
15,573 |
(4,082) |
(194,182) |
(10,951) |
(54,937) |
(248,579) |
Add |
|
|
|
|
|
|
Share-based Compensation Expenses |
1,535 |
849 |
493 |
9 |
8,038 |
10,924 |
Impairment of long-lived assets |
- |
- |
94,699 |
- |
- |
94,699 |
Adjusted EBITDA |
17,108 |
(3,233) |
(98,990) |
(10,942) |
(46,899) |
(142,956) |
Adjusted EBITDA Margin |
1.1 % |
(0.7 %) |
(42.1 %) |
(39.0 %) |
- |
(6.4 %) |
|
Three Months Ended |
|||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated |
Total |
Net Loss |
(137,133) |
(13,939) |
(134,200) |
(25,378) |
(55,198) |
(365,848) |
Add |
|
|
|
|
|
|
Depreciation & Amortization |
19,411 |
7,492 |
11,682 |
847 |
4,448 |
43,880 |
Interest Expense |
- |
- |
- |
- |
16,329 |
16,329 |
Income Tax (Benefit) /Expense |
- |
(12) |
(5) |
123 |
- |
106 |
Subtract |
|
|
|
|
|
|
Interest Income |
- |
- |
- |
- |
(19,208) |
(19,208) |
EBITDA |
(117,722) |
(6,459) |
(122,523) |
(24,408) |
(53,629) |
(324,741) |
Add |
|
|
|
|
|
|
Share-based Compensation Expenses |
2,237 |
1,259 |
(235) |
25 |
12,291 |
15,577 |
Fair value change of equity |
- |
- |
- |
- |
12,312 |
12,312 |
Adjusted EBITDA |
(115,485) |
(5,200) |
(122,758) |
(24,383) |
(29,026) |
(296,852) |
Adjusted EBITDA Margin |
(9.2 %) |
(1.0 %) |
(62.7 %) |
(101.9 %) |
- |
(15.0 %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated (15) |
Total |
Net Loss |
(121,828) |
(3,239) |
(541,602) |
(59,653) |
(182,284) |
(908,606) |
Add |
|
|
|
|
|
|
Depreciation & Amortization |
76,672 |
34,070 |
40,977 |
1,333 |
17,172 |
170,224 |
Interest Expense |
- |
- |
- |
- |
64,283 |
64,283 |
Income Tax Expense/(Benefit) |
54 |
36 |
(11) |
1,074 |
(12) |
1,141 |
Subtract |
|
|
|
|
|
|
Interest Income |
- |
- |
- |
- |
(83,810) |
(83,810) |
EBITDA |
(45,102) |
30,867 |
(500,636) |
(57,246) |
(184,651) |
(756,768) |
Add |
|
|
|
|
|
|
Share-based Compensation Expenses |
6,817 |
3,374 |
2,175 |
42 |
35,935 |
48,343 |
Impairment of long-lived assets |
- |
- |
94,699 |
- |
- |
94,699 |
Adjusted EBITDA |
(38,285) |
34,241 |
(403,762) |
(57,204) |
(148,716) |
(613,726) |
Adjusted EBITDA Margin |
(0.7 %) |
1.8 % |
(42.7 %) |
(53.8 %) |
- |
(7.4 %) |
|
Fiscal Year Ended |
|||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated (16) |
Total |
Net Loss |
(506,411) |
(32,277) |
(420,687) |
(213,794) |
(291,658) |
(1,464,827) |
Add |
|
|
|
|
|
|
Depreciation & Amortization |
79,273 |
35,789 |
29,300 |
22,846 |
22,179 |
189,387 |
Interest Expense |
- |
- |
- |
- |
89,058 |
89,058 |
Income Tax Expense/(Benefit) |
- |
23 |
25 |
451 |
12 |
511 |
Subtract |
|
|
|
|
|
|
Interest Income |
- |
- |
- |
- |
(80,361) |
(80,361) |
EBITDA |
(427,138) |
3,535 |
(391,362) |
(190,497) |
(260,770) |
(1,266,232) |
Add |
|
|
|
|
|
|
Share-based Compensation Expenses |
10,478 |
6,081 |
4,962 |
319 |
50,256 |
72,096 |
Fair value change of equity |
- |
- |
- |
- |
12,312 |
12,312 |
Adjusted EBITDA |
(416,660) |
9,616 |
(386,400) |
(190,178) |
(198,202) |
(1,181,824) |
Adjusted EBITDA Margin |
(8.5 %) |
0.5 % |
(42.1 %) |
(162.8 %) |
- |
(15.3 %) |
For the Company's continuing operations, the table below sets forth a reconciliation of the Company's net loss to non-GAAP net loss, non-GAAP net loss margin for the periods indicated:
Table 6 – Reconciliation of Non-GAAP Net Loss and Non-GAAP Net Loss Margin |
||||||
|
||||||
|
Three Months Ended
|
|||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated (17 ) |
Total |
Net Loss |
(3,519) |
(12,501) |
(202,039) |
(11,296) |
(54,166) |
(283,521) |
Add |
|
|
|
|
|
|
Share-based Compensation Expenses |
1,535 |
849 |
493 |
9 |
8,038 |
10,924 |
Impairment of long-lived assets |
- |
- |
94,699 |
- |
- |
94,699 |
Non-GAAP Net Loss |
(1,984) |
(11,652) |
(106,847) |
(11,287) |
(46,128) |
(177,898) |
Non-GAAP Net Loss Margin |
(0.1 %) |
(2.5 %) |
(45.5 %) |
(40.2 %) |
- |
(8.0 %) |
|
Three Months Ended |
|||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated (18) |
Total |
Net Loss |
(137,133) |
(13,939) |
(134,200) |
(25,378) |
(55,198) |
(365,848) |
Add |
|
|
|
|
|
|
Share-based Compensation Expenses |
2,237 |
1,259 |
(235) |
25 |
12,291 |
15,577 |
Fair value change of equity |
- |
- |
- |
- |
12,312 |
12,312 |
Non-GAAP Net Loss |
(134,896) |
(12,680) |
(134,435) |
(25,353) |
(30,595) |
(337,959) |
Non-GAAP Net Loss Margin |
(10.7 %) |
(2.5 %) |
(68.7 %) |
(106.0 %) |
- |
(17.1 %) |
|
Fiscal Year Ended |
|||||||||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated (19) |
Total |
||||||
Net Loss |
(121,828) |
(3,239) |
(541,602) |
(59,653) |
(182,284) |
(908,606) |
||||||
Add |
|
|
|
|
|
|
||||||
Share-based Compensation Expenses |
6,817 |
3,374 |
2,175 |
43 |
35,935 |
48,343 |
||||||
Impairment of long-lived assets |
- |
- |
94,699 |
- |
- |
94,699 |
||||||
Non-GAAP Net Gain |
(115,011) |
135 |
(444,728) |
(59,611) |
(146,349) |
(765,564) |
||||||
Non-GAAP Net Loss Margin |
(2.1 %) |
0.01 % |
(47.0 %) |
(56.1 %) |
- |
(9.2 %) |
|
Fiscal Year Ended |
||||||||||
(In RMB'000) |
Freight |
Supply Chain |
Global |
Others |
Unallocated (20) |
Total |
|||||
Net Loss |
(506,411) |
(32,277) |
(420,687) |
(213,794) |
(291,658) |
(1,464,827) |
|||||
Add |
|
|
|
|
|
|
|||||
Share-based Compensation Expenses |
10,478 |
6,081 |
4,962 |
319 |
50,256 |
72,096 |
|||||
Fair value change of equity |
- |
- |
- |
- |
12,312 |
12,312 |
|||||
Non-GAAP Net Loss |
(495,933) |
(26,196) |
(415,725) |
(213,475) |
(229,090) |
(1,380,419) |
|||||
Non-GAAP Net Loss Margin |
(10.1 %) |
(1.4 %) |
(45.3 %) |
(182.8 %) |
- |
(17.8 %) |
For the Company's continuing operations, the table below sets forth a reconciliation of the Company's diluted loss per ADS to Non-GAAP diluted loss per ADS for the periods indicated:
Table 7 – Reconciliation of diluted loss per ADS and Non-GAAP diluted loss per ADS |
|||||
|
|
|
|
||
|
Three Months Ended
|
|
Fiscal Year Ended |
||
|
2023 |
|
2023 |
||
(In '000) |
RMB |
US$ |
|
RMB |
US$ |
Net Loss Attributable to Ordinary Shareholders |
(246,710) |
(34,747) |
|
(829,624) |
(116,852) |
Add |
|
|
|
|
|
Share-based Compensation Expenses |
10,924 |
1,539 |
|
48,343 |
6,809 |
Impairment of long-lived assets |
94,699 |
13,338 |
|
94,699 |
13,338 |
Non-GAAP Net Loss Attributable to Ordinary |
(141,087) |
(19,870) |
|
(686,582) |
(96,705) |
Weighted Average
Diluted O
rdinary
S
hare
s |
|
|
|
|
|
Diluted |
397,643,268 |
397,643,268 |
|
381,429,237 |
381,429,237 |
Diluted (Non-GAAP) |
397,643,268 |
397,643,268 |
|
381,429,237
|
381,429,237
|
Diluted loss per ordinary share |
(0.62) |
(0.09) |
|
(2.18) |
(0.31) |
Add |
|
|
|
|
|
Non-GAAP adjustment to net loss per |
0.27 |
0.04 |
|
0.38 |
0.05 |
Non-GAAP diluted loss per ordinary share |
(0.35) |
(0.05) |
|
(1.80) |
(0.25) |
|
|
|
|
|
|
Diluted loss per ADS |
(12.41) |
(1.75) |
|
(43.60) |
(6.20) |
Add |
|
|
|
|
|
Non-GAAP adjustment to net loss per ADS |
5.31 |
0.75 |
|
7.50 |
1.06 |
Non-GAAP diluted loss per ADS |
(7.10) |
(1.00) |
|
(36.10) |
(5.14) |
(1) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year over year comparisons are based on figures before rounding. |
(2)
In |
(3) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, impairment of long-lived assets, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any). |
(4) See the sections entitled "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" for more information about the non-GAAP measures referred to within this results announcement. |
(5) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period. |
(6) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses, impairment of long-lived assets and fair value change of equity investments (if any). |
(7) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, impairment of long-lived assets, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any). |
(8) See the sections entitled "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" for more information about the non-GAAP measures referred to within this results announcement. |
(9) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period. |
(10) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses, impairment of long-lived assets and fair value change of equity investments (if any). |
(11) All numbers represented the financial results from continuing operations, unless otherwise stated. |
(12) "Others" Segment primarily represents SaaS software service and Capital business units. |
(13) The total number of shares outstanding excludes shares reserved for future issuances upon exercise or vesting of awards granted under the Company's share incentive plans. |
(14 ) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments. |
(15) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments. |
(16) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments. |
(17) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments. |
(18) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments. |
(19) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments. |
(20) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments. |
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