SHANGHAI, Nov. 16, 2016 /PRNewswire/ --
- Net revenues increased by 47.8%
year-over-year
- Net income increased by 269.5%
year-over-year
eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC),
a leading car rentals and car services provider in China, today announced its unaudited financial
results for the third quarter ended September 30, 2016.
Third Quarter 2016 Highlights
- Net revenues increased by 47.8% year-over-year to RMB582.1 million (US$87.3
million[1]) for the third quarter of 2016, from
RMB393.8 million for the third
quarter of 2015.
|
Three
months ended September 30,
|
|
Year-Over-Year
|
(RMB '000)
|
2015
|
|
2016
|
|
Comparison
|
Car
rentals
|
300,700
|
|
464,271
|
|
54.4%
|
Car
services
|
93,080
|
|
117,783
|
|
26.5%
|
Total Net
Revenues
|
393,780
|
|
582,054
|
|
47.8%
|
- Gross profit[2] increased by 83.9% year-over-year to
RMB165.7 million (US$24.8 million) for the third quarter of 2016,
from RMB90.1 million for the third
quarter of 2015. Gross profit margin[2] increased to
28.5% for the third quarter of 2016, from 22.9% for the third
quarter of 2015.
- Net income increased by 269.5% year-over-year to RMB22.3 million (US$3.3
million) for the third quarter of 2016, from RMB6.0 million for the third quarter of 2015. Net
income margin increased to 3.8% for the third quarter of 2016, from
1.5% for the third quarter of 2015.
- Non-GAAP adjusted EBIT[3] increased by 97.4%
year-over-year to RMB80.6 million
(US$12.1 million) for the third
quarter of 2016, from RMB40.8 million
for the third quarter of 2015. Non-GAAP adjusted EBIT
margin[3] increased to 13.8% for the third quarter of
2016, from 10.4% for the third quarter of 2015.
- Non-GAAP adjusted EBITDA[4] increased by 60.0%
year-over-year to RMB264.5 million
(US$39.7 million) for the third
quarter of 2016, from RMB165.3
million for the third quarter of 2015. Non-GAAP adjusted
EBITDA margin[4] increased to 45.4% for the third
quarter of 2016, from 42.0% for the third quarter of 2015.
- Total average available fleet size[5] increased by
46.5% year-over-year to 41,742 vehicles for the third quarter of
2016, from 28,499 vehicles for the third quarter of 2015. Total
fleet RevPAC[6] increased to RMB152 for the third quarter of 2016, from
RMB150 for the third quarter of
2015.
[1] The
Company's business is conducted in China and substantially all of
its revenues are denominated in Renminbi (RMB). However, this
earnings announcement contains translations of RMB amounts into
U.S. dollars (US$) at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB6.6685 to US$1.00, the
effective noon buying rate as of September 30, 2016 in The City of
New York for cable transfers of RMB as certified for customs
purposes by the Federal Reserve Bank of New York.
|
[2] Gross
profit is defined as net revenues less cost of net revenues
(vehicle operating expenses). Gross profit margin is defined
as the percentage representing gross profit divided by net
revenues.
|
[3] Non-GAAP adjusted EBIT is defined
as net income before share-based compensation, interest expenses,
interest income, provision for income taxes, gains from waiver of
warrants and gains from sale of cost method investment. For more
information, refer to "About Non-GAAP Financial Measures" and
"Reconciliation of GAAP and Non-GAAP Results" at the end of this
press release. Non-GAAP adjusted EBIT margin is defined as the
percentage representing Non-GAAP adjusted EBIT divided by net
revenues.
|
[4]
Non-GAAP adjusted EBITDA is defined as net income before
depreciation and amortization, share-based compensation, interest
expenses, interest income, provision for income taxes, gains from
waiver of warrants and gains from sale of cost method investment.
For more information, refer to "About Non-GAAP Financial Measures"
and "Reconciliation of GAAP and Non-GAAP Results" at the end of
this press release. Non-GAAP adjusted EBITDA margin is defined as
the percentage representing Non-GAAP adjusted EBITDA divided by net
revenues.
|
[5]
"Average available fleet size" is calculated by dividing the
aggregate number of days in which the Company's fleet was in
operation during a given period by the total number of days during
the same period. In determining the size of the Company's fleet in
operation, eHi includes all vehicles in its car rentals and/or car
services fleets except for vehicles that have been written off in
accordance with its accounting policy and vehicles that have not
been consistently made available for rent and that it may consider
to dispose of when appropriate opportunities arise.
|
[6]
"RevPAC" refers to average daily net revenue per available car,
which is calculated by dividing the net revenues during a given
period by the aggregate number of days in which the Company's fleet
was in operation during the same period.
|
|
Average
Available
Fleet Size
|
|
|
|
RevPAC
(RMB)
|
|
|
|
2015Q3
|
|
2016Q3
|
|
Year-Over-Year
Comparison
|
|
2015Q3
|
|
2016Q3
|
|
Year-Over-Year
Comparison
|
Car
rentals
|
26,200
|
|
39,227
|
|
49.7%
|
|
125
|
|
129
|
|
3.2%
|
Car
services
|
2,299
|
|
2,515
|
|
9.4%
|
|
440
|
|
509
|
|
15.7%
|
Total
|
28,499
|
|
41,742
|
|
46.5%
|
|
150
|
|
152
|
|
1.3%
|
- Fleet utilization rate[7] for car rentals was 71.9%
for the third quarter of 2016, compared with 73.8% for the third
quarter of 2015.
- As of September 30, 2016, total
period-end fleet size[8] was 48,934 vehicles.
[7] "Fleet
utilization rate" refers to the aggregate transaction days for the
Company's car rental fleet during a given period divided by the
aggregate days the car rental fleet was in operation during the
same period.
|
[8]
"Period-end fleet size" refers to the aggregate number of vehicles
in the Company's car rentals and car services fleets as of the last
day of a given period which the Company holds legal title to and
reflects in its balance sheet, including vehicles that are
currently missing but have not been written off in accordance with
its accounting policy. The period-end fleet size as of September
30, 2016 excluded 144 vehicles which the Company had written off
from its balance sheet in accordance with its accounting
policy.
|
Mr. Ray Zhang, eHi's Chairman and
Chief Executive Officer, said, "Our business continued to thrive during the third
quarter, leading to both strong top-line growth and significant
improvement in profitability. As a fast-growing company, we are
committed to driving ongoing operating leverage and are
well-positioned to capture the growing demand from China's rapidly rising domestic tourism and
business-related travel."
"The recent regulations regarding online car-hailing business in
China, we believe, provide us with
greater potential to explore business and strategic cooperation
opportunities to enhance our competitive position. Looking ahead,
we remain focused on continuing to execute on our growth plan and
achieving our strategic objectives," Mr. Zhang concluded.
Mr. Colin Sung, eHi's Chief
Financial Officer, said, "We are pleased to report strong third
quarter results with net revenues increasing by 47.8%
year-over-year, while recording 269.5% bottom-line growth from the
prior-year period. Notably, our continued focus on operating
efficiency and cost control measures contributed to broad-based
margin improvement. Our gross margin and non-GAAP adjusted EBITDA
margin both reached record-highs of 28.5% and 45.4%, respectively.
Our financial discipline is well-established, and we remain
committed to prudent expansion and a balanced approach between
growth and profitability."
Third Quarter 2016 Financial
Results
Net revenues for the third quarter of 2016 were
RMB582.1 million (US$87.3 million), up 47.8% year-over-year,
attributable to increased net revenues from both car rentals and
car services.
Net revenues from car rentals for the third
quarter of 2016 were RMB464.3 million
(US$69.6 million), up 54.4%
year-over-year, primarily driven by the growing average available
fleet size for car rentals in response to customer demand.
Net revenues from car services for the third
quarter of 2016 were RMB117.8 million
(US$17.7 million), up 26.5%
year-over-year, primarily driven by the increased car services
RevPAC as we provided services to more business clients.
Cost of revenues (vehicle operating
expenses) for the third quarter of 2016 was RMB416.4 million (US$62.4
million), up 37.1% year-over-year, primarily driven by
increased depreciation and labor costs.
In the third quarter of 2016, 486 used vehicles were disposed
of, and 358 used vehicles were under sales contracts pending title
transfer. The Company recognized a disposal loss of RMB0.3 million (US$0.04
million) in aggregate for these 844 vehicles. In addition, a
disposal gain of RMB0.7 million
(US$0.1 million), which was
unrecognized in the previous quarters, was recognized in the third
quarter of 2016 as a result of the completion of title transfer
during such period. The disposal loss and gain were both recognized
as adjustments to the vehicle-related depreciation expense as part
of the cost of revenues.
Gross profit for the third quarter of 2016 was
RMB165.7 million (US$24.8 million), up 83.9%
year-over-year. Gross profit margin for the third
quarter of 2016 was 28.5%, compared with 22.9% for the third
quarter of 2015. Gross profit margin improvement was due to certain
cost controls primarily in vehicle insurance, and to a lesser
extent, in vehicle repair and maintenance as well as labor costs,
in connection with enhanced economies of scale and operating
efficiency.
Selling and marketing
expenses for the third quarter of 2016 were
RMB28.5 million (US$4.3 million), up 81.8% year-over-year,
primarily due to increased channel marketing and promotion fees as
the Company expanded branding and channel promotion activities
during such period.
General and administrative expenses for the third
quarter of 2016 were RMB63.1 million
(US$9.5 million), up 38.6%
year-over-year, primarily due to increased employee-related costs
including salaries and welfare expenses as a result of increased
headcount, as well as a foreign exchange loss in the third quarter
of 2016 compared with a foreign exchange gain in the third quarter
of 2015.
Profit from operations for the third
quarter of 2016 was RMB77.0 million
(US$11.5 million), up 124.2%
year-over-year.
Interest expense for the third quarter of 2016 was
RMB55.7 million (US$8.3 million), up 79.5% year-over-year,
primarily attributable to the interest expense associated with the
Company's senior unsecured notes of US$200
million due 2018.
Net income for the third quarter of
2016 was RMB22.3 million
(US$3.3 million), up 269.5% from
RMB6.0 million for the third quarter
of 2015. Net income margin for the third quarter of
2016 was 3.8%, compared with 1.5% for the third quarter of
2015.
Basic and diluted earnings per ADS for the third
quarter of 2016 were RMB0.32
(US$0.05) each, compared with basic
and diluted earnings per ADS of RMB0.09 (US$0.01)
each for the third quarter of 2015.
Non-GAAP adjusted EBIT for the third quarter of
2016 was RMB80.6 million
(US$12.1 million), up 97.4%
year-over-year. Non-GAAP adjusted EBIT
margin for the third quarter of 2016 was 13.8%, compared
with 10.4% for the third quarter of 2015.
Non-GAAP adjusted EBITDA for the
third quarter of 2016 was RMB264.5
million (US$39.7 million), up
60.0% year-over-year. Non-GAAP adjusted EBITDA
margin for the third quarter of 2016 was 45.4%, compared
with 42.0% for the third quarter of 2015.
As of September 30, 2016, the
Company's cash, cash equivalents and restricted cash
balance was RMB1.5 billion
(US$223.7 million).
Recent Development
On August 30, 2016, the Company
entered into a US$150 million
syndicated loan facility agreement. This loan facility agreement
includes an initial facility of US$110
million and a greenshoe facility of US$40 million. The loan facilities have a
three-year term and will be repaid in installments. The interest
margin is priced at 350 basis points per annum over LIBOR. Deutsche
Bank AG, Singapore Branch is
acting as the original mandated lead arranger of the loan
facilities. The Company had fully drawn down the US$150 million facility as of September 27, 2016, and used part of the proceeds
for repaying certain existing indebtedness with high interest
rates. The remaining proceeds will be used for funding capital
expenditures and other general corporate purposes of the
Company.
Outlook
The Company estimates that net revenues for the full year of
2016 will range from RMB2.1 billion to
RMB2.2 billion, and total period-end fleet size will reach
approximately 57,000 vehicles as of December
31, 2016. This outlook reflects the Company's current and
preliminary view, which is subject to change.
Conference Call Information
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
November 16, 2016 (9:00 PM Beijing/Hong
Kong time on November 16,
2016).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-346-8982
|
International:
|
1-412-902-4272
|
Hong Kong (toll
free):
|
800-905-945
|
Hong Kong:
|
852-3018-4992
|
China:
|
400-120-1203
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the "eHi Car
Services call."
Additionally, a live and archived webcast of the conference call
will be available on the investor relations section of eHi's
website at http://ir.ehi.com.cn.
A replay of the conference call will be accessible by phone at
the following numbers until November 23,
2016:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10096501
|
About eHi Car Services Limited
eHi Car Services Limited (NYSE: EHIC) is China's No. 1 car services provider and No. 2
car rentals provider in terms of market share by revenues in 2013,
according to Frost & Sullivan. The Company's mission is to
provide comprehensive mobility solutions as an alternative to car
ownership by best utilizing existing resources and sharing economy
to create optimal value. eHi distinguishes itself in China's fast-growing car rental and car
services market through its complementary business model,
customer-centric corporate culture, broad geographic coverage,
efficient fleet management, leading brand name, and commitment to
technological innovation. eHi is the exclusive strategic partner in
China of Enterprise, the largest
car rental company in the world, and is the designated and
preferred business partner of Ctrip, a leader in the online travel
agency industry in China. For more
information regarding eHi, please visit http://en.1hai.cn.
About Non-GAAP Financial Measures
To supplement its unaudited condensed consolidated financial
statements which are presented in accordance with U.S. GAAP, the
Company uses adjusted EBIT and adjusted EBITDA as non-GAAP
financial measures. Adjusted EBIT represents net income or loss
before share-based compensation, interest expenses, interest
income, provision for income taxes, gains from waiver of warrants
and gains from sale of cost method investment. Adjusted EBITDA
represents net income or loss before depreciation and amortization,
share-based compensation, interest expenses, interest income,
provision for income taxes, gains from waiver of warrants and gains
from sale of cost method investment. The Company's management
believes that adjusted EBIT and adjusted EBITDA facilitate a better
understanding of operating results from quarter to quarter and
provide management with a better capability to plan and forecast
future periods. For more information on the non-GAAP financial
measures, please see the table captioned "Reconciliation of GAAP
and Non-GAAP Results" set forth at the end of this press
release.
Non-GAAP information is not prepared in accordance with GAAP and
may be different from non-GAAP methods of accounting and reporting
used by other companies. The presentation of this additional
information should not be considered a substitute for GAAP results.
A limitation of using these Non-GAAP financial measures excludes
depreciation and amortization, share-based compensation, interest
expenses, interest income and provision for income taxes, as
applicable, that have been and will continue to be significant
recurring portions of the Company's business for the foreseeable
future.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. eHi may also make
written or oral forward-looking statements in its reports filed
with or furnished to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Any statements that are not historical facts, including
statements about eHi's beliefs and expectations, are
forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks include, but not limited to the following: eHi's goals and
strategies; its future business development, financial condition
and results of operations; its ability to achieve and sustain
profitability; its heavy reliance on its proprietary technology
platform; its ability to compete successfully against current and
future competitors; the expected growth of China's car rentals and car services market;
its ability to sustain its growth rates and manage its expansion
plan; its ability to dispose used vehicles at desirable prices or
timing or through appropriate channels; its ability to raise
sufficient capital to fund and expand its operations at a
reasonable cost; various government policies on automobile control
and purchase restrictions in certain Chinese cities; its ability to
enhance its brand recognition and maintain a high level of customer
satisfaction; its ability to control the losses resulting from
customer violation of traffic rules; and its ability to obtain all
of the requisite permits, licenses or making all of the requisite
filings or registrations or meeting other regulatory requirements
for operating car rentals and car services business in China. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the SEC. All information provided in this press
release is current as of the date of the press release, and eHi
does not undertake any obligation to update such information,
except as required under applicable law.
For investor and media inquiries, please contact:
eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
E-mail: ir@ehic.com.cn
The Piacente Group, Inc.
Ms. Brandi Piacente
Tel: +1-212-481-2050
E-mail: ehi@tpg-ir.com
eHi Car Services
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
December 31,
2015
|
|
September
30,
2016
|
|
September
30,
2016
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
2,610,088,382
|
|
1,481,514,421
|
|
222,166,067
|
Restricted
cash
|
|
206,944,000
|
|
10,331,882
|
|
1,549,356
|
Accounts receivable,
net
|
|
185,418,831
|
|
253,071,160
|
|
37,950,238
|
Prepayments and other
current assets
|
|
379,344,970
|
|
561,726,718
|
|
84,235,843
|
Short term loans
receivable
|
|
-
|
|
50,000,000
|
|
7,497,938
|
Assets held for
sale
|
|
45,467,038
|
|
37,719,344
|
|
5,656,346
|
Total current
assets
|
|
3,427,263,221
|
|
2,394,363,525
|
|
359,055,788
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
4,096,617,720
|
|
5,051,150,230
|
|
757,464,232
|
Intangible
assets
|
|
45,367,164
|
|
54,551,639
|
|
8,180,496
|
Vehicle purchase
deposits
|
|
216,727,900
|
|
353,772,104
|
|
53,051,227
|
Other non-current
assets
|
|
14,943,879
|
|
52,780,332
|
|
7,914,874
|
Total
assets
|
|
7,800,919,884
|
|
7,906,617,830
|
|
1,185,666,617
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
785,898,613
|
|
171,590,207
|
|
25,731,455
|
Accrued expenses and
other current liabilities
|
|
203,742,878
|
|
261,696,741
|
|
39,243,720
|
Income tax
payable
|
|
89,220,792
|
|
820,853
|
|
123,094
|
Short-term
debt
|
|
803,131,683
|
|
636,408,841
|
|
95,435,082
|
Total current
liabilities
|
|
1,881,993,966
|
|
1,070,516,642
|
|
160,533,351
|
|
|
|
|
|
|
|
Long-term
debt
|
|
1,969,452,640
|
|
2,815,621,454
|
|
422,227,106
|
Deferred tax
liabilities, non-current
|
|
-
|
|
1,061,542
|
|
159,188
|
Other non-current
liabilities
|
|
1,400,000
|
|
742,367
|
|
111,323
|
Total
liabilities
|
|
3,852,846,606
|
|
3,887,942,005
|
|
583,030,968
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Common
shares
|
|
867,001
|
|
878,463
|
|
131,733
|
Additional paid-in
capital
|
|
4,433,439,156
|
|
4,469,482,485
|
|
670,238,057
|
Accumulated other
comprehensive income
|
|
74,554,822
|
|
89,712,395
|
|
13,453,160
|
Accumulated
deficits
|
|
(560,787,701)
|
|
(541,397,518)
|
|
(81,187,301)
|
Total
shareholders' equity
|
|
3,948,073,278
|
|
4,018,675,825
|
|
602,635,649
|
Total liabilities
and shareholders' equity
|
|
7,800,919,884
|
|
7,906,617,830
|
|
1,185,666,617
|
eHi Car Services
Limited
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30,
|
|
|
For the Nine Months Ended September 30,
|
|
|
2015
|
|
2016
|
|
2016
|
|
|
2015
|
|
2016
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
RMB
|
|
RMB
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
Unaudited
|
|
Unaudited
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Car rentals
|
|
300,700,336
|
|
464,270,838
|
|
69,621,480
|
|
|
779,070,657
|
|
1,217,057,877
|
Car
services
|
|
93,079,632
|
|
117,783,367
|
|
17,662,648
|
|
|
250,087,845
|
|
326,845,322
|
Total net
revenues
|
|
393,779,968
|
|
582,054,205
|
|
87,284,128
|
|
|
1,029,158,502
|
|
1,543,903,199
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
(303,707,282)
|
|
(416,369,986)
|
|
(62,438,327)
|
|
|
(818,556,937)
|
|
(1,106,966,780)
|
Gross
profit
|
|
90,072,686
|
|
165,684,219
|
|
24,845,801
|
|
|
210,601,565
|
|
436,936,419
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
(15,694,495)
|
|
(28,524,805)
|
|
(4,277,544)
|
|
|
(39,853,995)
|
|
(77,700,305)
|
General and
administrative
expenses
|
|
(45,528,982)
|
|
(63,106,703)
|
|
(9,463,403)
|
|
|
(127,320,622)
|
|
(179,326,716)
|
Other operating
income
|
|
5,475,372
|
|
2,897,399
|
|
434,489
|
|
|
7,862,113
|
|
3,390,322
|
Total operating
expenses
|
|
(55,748,105)
|
|
(88,734,109)
|
|
(13,306,458)
|
|
|
(159,312,504)
|
|
(253,636,699)
|
Profit from
operations
|
|
34,324,581
|
|
76,950,110
|
|
11,539,343
|
|
|
51,289,061
|
|
183,299,720
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
572,788
|
|
1,920,346
|
|
287,973
|
|
|
1,843,965
|
|
6,474,201
|
Interest
expense
|
|
(31,010,270)
|
|
(55,657,590)
|
|
(8,346,343)
|
|
|
(86,985,661)
|
|
(168,250,397)
|
Gains from waiver of
warrants
|
|
-
|
|
-
|
|
-
|
|
|
16,869,935
|
|
-
|
Gains from sale of
cost method
investment
|
|
-
|
|
-
|
|
-
|
|
|
803,059,728
|
|
-
|
Other income /
(expense), net
|
|
2,980,438
|
|
(59,251)
|
|
(8,885)
|
|
|
9,280,208
|
|
1,472,620
|
Income before
income taxes
|
|
6,867,537
|
|
23,153,615
|
|
3,472,088
|
|
|
795,357,236
|
|
22,996,144
|
Provision for income
taxes
|
|
(827,299)
|
|
(834,542)
|
|
(125,147)
|
|
|
(86,672,515)
|
|
(3,605,961)
|
Net
income
|
|
6,040,238
|
|
22,319,073
|
|
3,346,941
|
|
|
708,684,721
|
|
19,390,183
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
6,040,238
|
|
22,319,073
|
|
3,346,941
|
|
|
708,684,721
|
|
19,390,183
|
Changes in cumulative
foreign
currency translation adjustment, net
of tax of nil
|
|
53,567,007
|
|
2,517,134
|
|
377,466
|
|
|
53,422,423
|
|
15,157,573
|
Comprehensive
income
|
|
59,607,245
|
|
24,836,207
|
|
3,724,407
|
|
|
762,107,144
|
|
34,547,756
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of
common shares used in
computing net income per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
136,598,332
|
|
139,322,661
|
|
139,322,661
|
|
|
123,368,430
|
|
137,789,963
|
Diluted
|
|
138,760,460
|
|
140,644,073
|
|
140,644,073
|
|
|
125,568,477
|
|
138,787,005
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share attributable to
common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.04
|
|
0.16
|
|
0.02
|
|
|
5.74
|
|
0.14
|
Diluted
|
|
0.04
|
|
0.16
|
|
0.02
|
|
|
5.64
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS*
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.09
|
|
0.32
|
|
0.05
|
|
|
11.49
|
|
0.28
|
Diluted
|
|
0.09
|
|
0.32
|
|
0.05
|
|
|
11.29
|
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
* Each ADS represents
two Class A common shares
|
eHi Car Services
Limited
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
For the Three Months Ended September
30,
|
|
For the Nine Months Ended September
30,
|
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Net
Income
|
|
6,040,238
|
|
22,319,073
|
|
3,346,941
|
|
708,684,721
|
|
19,390,183
|
Add
/(subtract):
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
3,498,581
|
|
3,664,837
|
|
549,574
|
|
9,665,155
|
|
10,821,233
|
Interest
income
|
|
(572,788)
|
|
(1,920,346)
|
|
(287,973)
|
|
(1,843,965)
|
|
(6,474,201)
|
Interest
expense
|
|
31,010,270
|
|
55,657,590
|
|
8,346,343
|
|
86,985,661
|
|
168,250,397
|
Provision for income
taxes
|
|
827,299
|
|
834,542
|
|
125,147
|
|
86,672,515
|
|
3,605,961
|
Gains from waiver of
warrants
|
|
-
|
|
-
|
|
-
|
|
(16,869,935)
|
|
-
|
Gains from sale of
cost method investment
|
|
-
|
|
-
|
|
-
|
|
(803,059,728)
|
|
-
|
Adjusted
EBIT
|
|
40,803,600
|
|
80,555,696
|
|
12,080,032
|
|
70,234,424
|
|
195,593,573
|
Depreciation and
amortization
|
|
124,517,370
|
|
183,978,793
|
|
27,589,232
|
|
336,762,058
|
|
488,710,920
|
Adjusted
EBITDA
|
|
165,320,970
|
|
264,534,489
|
|
39,669,264
|
|
406,996,482
|
|
684,304,493
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ehi-car-services-announces-third-quarter-2016-results-300364061.html
SOURCE eHi Car Services Limited