SHANGHAI, May 17, 2017
/PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO)
("ZTO" or the "Company"), a leading and fast-growing express
delivery company in China, today
announced its unaudited financial results for the first quarter
ended March 31, 20171.
First Quarter 2017 Financial Highlights
- Revenues were RMB2,614.6 million
(US$379.9 million), an increase of
33.5% from the same period of 2016.
- Gross profit was RMB730.6 million
(US$106.2 million), an increase of
21.5% from RMB601.4 million in the
same period of 2016.
- Net income was RMB502.9 million
(US$73.1 million), an increase of
48.4% from RMB338.8 million in the
same period of 2016.
- EBITDA was RMB804.8 million
(US$116.9 million), an increase of
54.7% from RMB520.2 million in the
same period of 2016.
- Adjusted EBITDA2 was RMB805.0
million (US$117.0 million), an
increase of 46.6% from RMB549.3
million in the same period of 2016.
- Adjusted net income3 was RMB503.1 million (US$73.1
million), an increase of 36.8% from RMB367.9 million in the same period of 2016.
- Basic and diluted earnings per American depositary share
("ADS"4) were RMB0.70
(US$0.10), compared to RMB0.47 in the same period of 2016.
- Net cash provided by operating activities was RMB331.5 million (US$48.2
million), compared with RMB263.6
million in the same period of 2016.
First Quarter 2017 Operational Highlights
- Parcel volume in the first quarter of 2017 was 1,175 million,
an increase of 41.9% from 828 million in the same period last
year.
- Number of pickup/delivery outlets was around 27,000 as of
March 31, 2017.
- Number of network partners was over 9,200, which included over
3,600 direct network partners and over 5,600 indirect network
partners as of March 31, 2017.
- Number of line-haul vehicles was over 4,200 as of March 31, 2017, which included over 3,000
self-owned vehicles and around 1,200 vehicles owned and operated by
Tonglu Tongze Logistics Ltd., a transportation operator that works
exclusively for ZTO.
- Number of self-owned trucks increased to over 3,000 as of
March 31, 2017, from 2,930 as of
December 31, 2016, of which over
1,200 were high capacity 15-17 meter long models as of March 31, 2017, compared to over 1,145 as of
December 31, 2016.
- Number of line-haul routes between sorting hubs was over 1,930
as of March 31, 2017.
- Number of sorting hubs was 75 as of March 31, 2017, among which 69 are operated by
the Company and 6 by the Company's network partners.
- An investor relations presentation accompanies this earnings
release and can be found at ir.zto.com
- 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
(i) shared-based compensation expense; and (ii) gain on
deemed disposal of equity method investments.
- Adjusted net income is a non-GAAP financial measure, which is
defined as net income before (i) share-based compensation
expense and (ii) gain on deemed disposal of equity method
investments.
- One ADS represents one Class A ordinary share.
"I'm proud to announce that we started off the year on a very
strong footing," commented Mr. Meisong
Lai, Founder and Chief Executive Officer of ZTO. "Our market
share continued to increase along with our parcel volume during the
quarter which exceeded the industry average by 10 percentage points
according to the State Post Bureau. I believe this demonstrates the
effectiveness our strategy on strengthening our industry-leading
position and our ability to provide high-quality service to our
customers and users. Our strategy allows us to carefully balance
growing our market share with service quality and profitability,
while aligning the interest of our network partners with ZTO to
create a strong and stable network. According to the data compiled
by the State Post Bureau, ZTO received the highest score for
customer satisfaction among the Tongda Operators and second highest
overall during the quarter. We are creating new and innovative ways
to further support and integrate our network partners by improving
their marketing and business development capabilities,
strengthening big-data analytics, integrating real time data
tracking across our network, helping them diagnose and resolve
operational issues with enhanced training and strengthening their
day-to-day management of service outlets to improve service
quality. All of these measures have effectively ensured the
stability of our network, improved our reputation and customer
satisfaction, and enabled us to provide more cost-effective
services. We are leveraging the economies of scale being created by
the rapid growth in our parcel volume to further cut costs and
improve operational efficiency by installing more automated sorting
equipment in our sorting hubs."
Mr. Lai added, "Our strategy is creating a healthy and
sustainable base for us to continue expanding the scale of our
network and improve service quality and operational efficiency.
With a solid strategy in place and the scale of our network bearing
more fruit as it grows, I believe ZTO is well positioned to become
a long-term winner as the market consolidates."
"I am pleased with our performance during the first quarter with
revenue exceeding the high-end of our guidance," commented Mr.
James Guo, Chief Financial Officer
of ZTO. "With our economies of scale and cost cutting measures
beginning to bear more fruit, unit cost fell to RMB1.60 from RMB1.64 during the same period last year despite
higher fuel prices. Adjusted net income during the quarter
increased 36.8% year-over-year, while operating margin also
expanded to 25.1% from 23.2% during the same period last year."
First Quarter 2017 Financial Results
|
|
Three Months Ended March
31,
|
|
|
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
%
|
|
RMB
|
|
US$
|
|
%
|
|
|
|
|
(in thousands, except percentages)
|
|
Express delivery
services
|
|
1,894,590
|
|
96.7
|
|
2,510,668
|
|
364,753
|
|
96.0
|
|
|
|
Sale of
accessories
|
|
63,958
|
|
3.3
|
|
103,926
|
|
15,099
|
|
4.0
|
|
|
|
Total
revenues
|
|
1,958,548
|
|
100.0
|
|
2,614,594
|
|
379,852
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues were RMB2,614.6
million (US$379.9 million), an
increase of 33.5% from RMB1,958.5
million in the same period of 2016. The increase was mainly
driven by an increase in parcel volume as a result of overall
market growth and an increase in the Company's market share in
terms of parcel volume. The Company's parcel volume increased to
1,175 million during the first quarter of 2017, an increase of
41.9% from 828 million in the same period of 2016. The
year-over-year increase in revenue during the first quarter of 2017
was lower than parcel volume growth primarily due to a decrease in
network transit fees the Company charged its network partners
during the second quarter of 2016.
|
|
Three Months Ended March
31,
|
|
|
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
% of
revenues
|
|
RMB
|
|
US$
|
|
% of
revenues
|
|
|
|
|
(in thousands, except percentages)
|
|
Line-haul
transportation cost
|
|
781,591
|
|
39.9
|
|
1,120,089
|
|
162,728
|
|
42.8
|
|
|
Sorting hub
cost
|
|
432,711
|
|
22.1
|
|
556,186
|
|
80,803
|
|
21.3
|
|
|
Cost of accessories
sold
|
|
46,391
|
|
2.4
|
|
62,448
|
|
9,073
|
|
2.4
|
|
|
Other costs
|
|
96,407
|
|
4.9
|
|
145,222
|
|
21,098
|
|
5.6
|
|
|
Total cost of
revenues
|
|
1,357,100
|
|
69.3
|
|
1,883,945
|
|
273,702
|
|
72.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues were RMB1,883.9 million (US$273.7 million), an increase of 38.8% from
RMB1,357.1 million in the same period
last year. The increase was primarily a result of increases in
line-haul transportation costs, sorting hub operating costs, and
cost of accessories sold, which were partially offset by a decrease
in waybill material cost due to the increased use of digital
waybills which bear lower costs than paper waybills by the
Company's end customers.
- Line haul transportation cost was RMB1,120.1 million (US$162.7 million), an increase of 43.3% from
RMB781.6 million in the same period
last year. The increase was in line with the increase in parcel
volume and was mainly due to an increase of RMB167.8 million (US$24.4
million) in costs associated with the Company's self-owned
fleet and includes fuel, tolls, drivers' compensation, depreciation
and maintenance expenses, and an increase of RMB163.4 million (US$23.7
million) in outsourced transportation costs. As a percentage
of revenues, line haul transportation cost accounted for 42.8%, an
increase from 39.9% in the same period last year, mainly due to (i)
an increase in fuel cost beginning in November 2016; (ii) a RMB31.7 million increase in depreciation costs
related to newly purchased trucks which were under-utilized during
the Chinese New Year holiday period;
and (iii) higher-than-expected outsourced transportation costs
resulting from a shortage of transportation capacity which extended
from the fourth quarter of 2016 into the first quarter of 2017.
- Sorting hub operating cost was RMB556.2 million (US$80.8
million), an increase of 28.5% from RMB432.7 million in the same period last year.
The increase was mainly due to (i) increased labor costs of
RMB73.9 million (US$10.7 million) as a result of wage and
headcount increases; (ii) an RMB30.8
million increase in depreciation costs, and (iii) an
increase of RMB18.5 million in rental
and related utilities costs. As a percentage of revenues, sorting
hub operating cost accounted for 21.3%, a decrease from 22.1% in
the same period last year, mainly due to economies of scale and
improved sorting efficiency as a result of the increased use of
automation equipment in the Company's sorting facilities.
- Cost of accessories was RMB62.4
million (US$9.1 million), an
increase of 34.5% from RMB46.4
million in the same period last year. The increase was in
line with growth in the Company's revenue from the sale of
accessories to its network partners, which includes thermal paper
for digital waybill printing, portable bar code readers, and
ZTO-branded packaging materials and uniforms. As a percentage of
revenues, cost of accessories accounted for 2.4%, essentially
unchanged from the same period last year.
- Other costs were RMB145.2
million (US$21.1 million), an
increase of 50.6% from RMB96.4
million in the same period last year, primarily due to an
increase in dispatching costs associated with serving enterprise
customers, which were partially offset by a decrease in costs
associated with the increased use of digital waybills.
Gross Profit was RMB730.6 million (US$106.2 million), an increase of 21.5% from
RMB601.4 million in the same period
last year. Gross margin decreased to 27.9% from 30.7% in the same
period last year, mainly attributable to the downward adjustment to
network transit fees the Company began charging its network
partners in the second quarter of 2016 and the increase in
line-haul transportation cost.
Total Operating Expenses were RMB73.9 million (US$10.7
million), a decrease of 49.7% from RMB147.0 million in the same period last
year.
- Selling, general and administrative expenses were
RMB162.0 million (US$23.5 million), a decrease of 0.4% from
RMB162.6 million in the same period
last year. The decrease was mainly due to a decrease in share-based
compensation expenses from RMB38.6
million in the first quarter of 2016 to RMB251,000 in the first quarter of 2017. The
decrease in share-based compensation expenses was partially offset
by an increase in employee compensation expenses and professional
service fees of RMB12.0 million and
RMB 8.0 million in the first quarter
of 2017, respectively. As a percentage of revenue, selling, general
and administrative expenses accounted for 6.2%, compared to 8.3%
during the same period last year, primarily due to increased
operating leverage.
- Other operating income, net was RMB88.0 million (US$12.8
million), compared with other operating expenses of
RMB15.6 million in the same period
last year. The increase was mainly due to an increase in government
subsidies to RMB94.2 million in the
first quarter of 2017 from RMB23.4
million during the same period last year.
Income from operations was RMB656.7 million (US$95.4
million), an increase of 44.5% from RMB454.5 million in the same period last year.
Operating margin increased to 25.1% from 23.2% in the same period
last year, primarily attributable to increases in economies of
scale and government subsidies.
Interest income was RMB28.6
million (US$4.2 million),
compared with RMB9.1 million in the
same period in 2016, primarily due to the increased amount of cash
and bank deposits available for investment since the Company's
initial public offering in October
2016.
Interest expense was RMB5.7
million (US$0.8 million),
compared with RMB3.6 million in the
same period in 2016, as a result of the increased borrowings during
the first quarter of 2017.
Foreign currency exchange loss, before tax was
RMB3.0 million (US$0.4 million), which was mainly due to the
depreciation of the U.S. dollar against the Chinese renminbi.
Net income was RMB502.9
million (US$73.1 million),
compared with RMB338.8 million in the
same period last year.
Basic and diluted earnings per ADS were RMB0.70 (US$0.10),
compared with basic and diluted earnings per ADS of RMB0.47 in the same period last year.
Adjusted net income was RMB503.1
million (US$73.1 million),
compared with adjusted net income of RMB367.9 million during the same quarter last
year.
EBITDA was RMB804.8million
(US$116.9 million), compared with
RMB520.2 million in the same period
last year.
Adjusted EBITDA was RMB805.0million (US$117.0
million), compared to RMB549.3
million in the same period last year.
Net cash provided by operating activities was
RMB331.5million (US$48.2million), compared with 263.6 million in
the same period last year.
Business Outlook
Based on current market conditions and current operations,
revenues for the second quarter of 2017 is expected to be in the
range of RMB2.95 billion (US$428.6 million) to RMB3.05 billion
(US$443.1 million), representing a
29.0% to 33.4% increase from the same period of 2016. This
represents management's current and preliminary view, which is
subject to change.
Exchange Rate
This announcement contains translation of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars were made at the exchange rate of
RMB6.8832 to US$1.00, the noon buying rate on March 31, 2017 as set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve Systems.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA and adjusted net income, 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 U.S. GAAP financial measures are shown in tables at the end of
this earnings release, which provide more details about the
non-GAAP financial measures.
The Company believes that adjusted EBITDA and adjusted net
income 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 adjusted EBITDA and adjusted net income
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.
Adjusted EBITDA and adjusted net income 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 review the
historical non-GAAP financial measures to the most directly
comparable GAAP measures. Adjusted EBITDA and adjusted net income
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
9:00 PM U.S. Eastern Time on
Wednesday, May 17, 2017 (9:00 AM Beijing Time on May 18, 2017).
Dial-in details for the earnings conference call are as
follows:
|
|
United
States:
|
1-888-317-6003
|
Hong Kong:
|
852-5808-1995
|
China:
|
4001-206115
|
International:
|
1-412-317-6061
|
Passcode:
|
6235404
|
|
|
Please dial in ten 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 May 24,
2017:
|
|
United
States:
|
1-877-344-7529
|
|
|
International:
|
1-412-317-0088
|
|
|
Passcode:
|
10106990
|
|
|
Additionally, a live and archived webcast of the conference call
will be available at http://ir.zto.com/.
About ZTO Express (Cayman) Inc.
ZTO Express (Cayman) Inc. (NYSE: ZTO) ("ZTO" or the "Company")
is a leading and fast-growing express delivery company in
China. ZTO provides express
delivery service as well as other value-added logistics services
through its extensive and reliable nationwide network coverage in
China.
ZTO operates a highly scalable network partner model, which the
Company believes is best suited to support the significant growth
of e-commerce in China. The
Company leverages its network partners to provide pickup and
last-mile delivery services, while controlling the mission-critical
line-haul transportation and sorting network within the express
delivery service value chain.
For more information, please visit http://ir.zto.com.
Safe Harbor Statement
This news release contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include but are not limited to the Company's unaudited results for
the first quarter of 2017, ZTO management quotes and the Company's
financial outlook.
These forward-looking statements are not historical facts but
instead represent only the Company's belief regarding expected
results and events, many of which, by their nature, are inherently
uncertain and outside of its control. The Company's actual results
and other circumstances may differ, possibly materially, from the
anticipated results and events indicated in these forward-looking
statements. Announced results for the first quarter of 2017 are
preliminary, unaudited and subject to audit adjustment. In
addition, the Company may not meet its financial outlook included
in this news release and may be unable to grow its business in the
manner planned. The Company may also modify its strategy for
growth. In addition, there are other risks and uncertainties that
could cause the Company's actual results to differ from what it
currently anticipates, including those relating to the development
of the e-commerce industry in China, its significant reliance on the Alibaba
ecosystem, risks associated with its network partners and their
employees and personnel, intense competition which could
adversely affect the Company's results of operations and
market share, any service disruption of the Company's sorting
hubs or the outlets operated by its network partners or its
technology system. For additional information on these and other
important factors that could adversely affect the Company's
business, financial condition, results of operations, and
prospects, please see its filings with the U.S. Securities and
Exchange Commission.
All information provided in this press release and in the
attachments is as of the date of the press release. The Company
undertakes no obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise,
after the date of this release, except as required by law. Such
information speaks only as of the date of this release.
UNAUDITED CONSOLIDATED FINANCIAL DATA
Summary of Unaudited Consolidated Comprehensive
Income Data:
|
|
Three Months Ended March
31,
|
|
|
|
2016
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
1,958,548
|
|
2,614,594
|
|
379,852
|
|
Cost of
revenues
|
|
(1,357,100)
|
|
(1,883,945)
|
|
(273,702)
|
|
Gross profit
|
|
601,448
|
|
730,649
|
|
106,150
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
(162,631)
|
|
(161,974)
|
|
(23,532)
|
|
Other operating
income, net
|
|
15,640
|
|
88,039
|
|
12,790
|
|
Total operating
expenses
|
|
(146,991)
|
|
(73,935)
|
|
(10,742)
|
|
Income from
operations
|
|
454,457
|
|
656,714
|
|
95,408
|
|
Other income
(expenses):
|
|
|
|
|
|
|
|
Interest
income
|
|
9,057
|
|
28,624
|
|
4,159
|
|
Interest
expense
|
|
(3,644)
|
|
(5,708)
|
|
(829)
|
|
Gain on deemed
disposal of equity method investments
|
|
9,551
|
|
—
|
|
—
|
|
Foreign currency
exchange gain, before tax
|
|
—
|
|
(2,972)
|
|
(432)
|
|
Income before income
tax, and share of loss in equity method investments
|
|
469,421
|
|
676,658
|
|
98,306
|
|
Income tax
expense
|
|
(122,018)
|
|
(166,609)
|
|
(24,205)
|
|
Share of loss in
equity method investments
|
|
(8,589)
|
|
(7,179)
|
|
(1,043)
|
|
Net income
|
|
338,814
|
|
502,870
|
|
73,058
|
|
Net loss (income)
attributable to noncontrolling interests
|
|
(39)
|
|
681
|
|
99
|
|
Net income attributable
to ZTO Express (Cayman) Inc.
|
|
338,775
|
|
503,551
|
|
73,157
|
|
Change in redemption
value of convertible redeemable preferred shares
|
|
(38,675)
|
|
—
|
|
—
|
|
Net income attributable
to ordinary shareholders
|
|
300,100
|
|
503,551
|
|
73,157
|
|
Net earnings per
share/ADS attributable to
ordinary shareholders
|
|
|
|
|
|
|
|
Basic
|
|
0.47
|
|
0.70
|
|
0.10
|
|
Diluted
|
|
0.47
|
|
0.70
|
|
0.10
|
|
Weighted average shares
used in calculating net earnings per ordinary share/ADS
|
|
|
|
|
|
|
|
Basic
|
|
613,826,522
|
|
720,564,604
|
|
720,564,604
|
|
Diluted
|
|
613,826,522
|
|
721,326,067
|
|
721,326,067
|
|
Other comprehensive
income, net of tax of nil:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(7,082)
|
|
(89,013)
|
|
(12,932)
|
|
Comprehensive
income
|
|
331,732
|
|
413,857
|
|
60,126
|
|
Comprehensive loss
(income) attributable to noncontrolling interests
|
|
(39)
|
|
681
|
|
99
|
|
Comprehensive income
attributable to ZTO Express (Cayman) Inc.
|
|
331,693
|
|
414,538
|
|
60,225
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Balance Sheets Data:
|
|
As of
|
|
|
|
December 31,
2016
|
|
March
31, 2017
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
11,287,789
|
|
6,328,572
|
|
919,423
|
|
Restricted
cash
|
|
635,366
|
|
746,017
|
|
108,382
|
|
Accounts receivable,
net of allowance for doubtful accounts
of RMB5,124 and RMB6,435
at December 31, 2016 and March
31, 2017,
respectively
|
|
197,803
|
|
167,888
|
|
24,391
|
|
Short-term
investment
|
|
—
|
|
4,818,240
|
|
700,000
|
|
Inventories
|
|
33,959
|
|
31,941
|
|
4,640
|
|
Advances to
suppliers
|
|
646,666
|
|
297,310
|
|
43,194
|
|
Prepayments and other
current assets
|
|
379,055
|
|
514,482
|
|
74,745
|
|
Amounts due from
related parties
|
|
5,400
|
|
5,400
|
|
785
|
|
Total current
assets
|
|
13,186,038
|
|
12,909,850
|
|
1,875,560
|
|
Investments in equity
investees
|
|
537,175
|
|
525,370
|
|
76,326
|
|
Property and
equipment, net
|
|
4,065,562
|
|
4,599,075
|
|
668,159
|
|
Land use rights,
net
|
|
1,302,869
|
|
1,452,923
|
|
211,082
|
|
Goodwill
|
|
4,157,111
|
|
4,157,111
|
|
603,950
|
|
Deferred tax
assets
|
|
109,030
|
|
146,340
|
|
21,260
|
|
Other non-current
assets
|
|
45,953
|
|
50,953
|
|
7,403
|
|
TOTAL
ASSETS
|
|
23,403,738
|
|
23,841,622
|
|
3,463,740
|
|
LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Short-term bank
borrowing
|
|
450,000
|
|
700,000
|
|
101,697
|
|
Accounts
payable
|
|
636,422
|
|
675,359
|
|
98,117
|
|
Advances from
customers
|
|
229,724
|
|
169,990
|
|
24,696
|
|
Income tax
payable
|
|
418,310
|
|
253,750
|
|
36,865
|
|
Amounts due to
related parties
|
|
131,425
|
|
95,527
|
|
13,878
|
|
Other current
liabilities
|
|
1,656,590
|
|
1,620,808
|
|
235,474
|
|
Total current
liabilities
|
|
3,522,471
|
|
3,515,434
|
|
510,727
|
|
Deferred tax
liabilities
|
|
130,520
|
|
129,785
|
|
18,855
|
|
Other non-current
liabilities
|
|
—
|
|
31,548
|
|
4,583
|
|
TOTAL
LIABILITIES
|
|
3,652,991
|
|
3,676,767
|
|
534,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.0001 par value; 10,000,000,000 shares authorized,
731,406,440 shares issued and
720,564,604 shares outstanding as of
December 31, 2016 and as of March 31,
2017)
|
|
471
|
|
471
|
|
68
|
|
Additional paid-in
capital
|
|
15,940,206
|
|
15,940,457
|
|
2,315,850
|
|
Retained
earnings
|
|
3,509,707
|
|
4,013,258
|
|
583,051
|
|
Accumulated other
comprehensive (loss) income
|
|
294,649
|
|
205,636
|
|
29,875
|
|
ZTO Express
(Cayman) Inc. shareholders' equity
|
|
19,745,033
|
|
20,159,822
|
|
2,928,844
|
|
Noncontrolling
interests
|
|
5,714
|
|
5,033
|
|
731
|
|
Total
Equity
|
|
19,750,747
|
|
20,164,855
|
|
2,929,575
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
|
23,403,738
|
|
23,841,622
|
|
3,463,740
|
|
Summary of Unaudited Consolidated Cash Flow Data:
|
|
Three Months Ended March
31,
|
|
|
|
|
2016
|
|
2017
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
263,580
|
|
331,508
|
|
48,161
|
|
|
Net cash used in
investing activities5
|
|
(645,935)
|
|
(5,305,894)
|
|
(770,847)
|
|
|
Net cash provided by
financing activities
|
|
98,000
|
|
250,000
|
|
36,321
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(5,871)
|
|
(124,180)
|
|
(18,041)
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
(290,226)
|
|
(4,848,566)
|
|
(704,406)
|
|
|
Cash, cash equivalents
and restricted cash at beginning
of period6
|
|
2,718,762
|
|
11,923,155
|
|
1,732,211
|
|
|
Cash, cash equivalents
and restricted cash at end of period6
|
|
2,428,536
|
|
7,074,589
|
|
1,027,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
The amount for the
three months ended March 31, 2017 mainly included purchases of
approximately RMB4.8 billion (US$700.0 million) in
fixed term bank deposits with an original maturity of six to nine
months.
|
6
|
In November
2016, the FASB issued ASU No. 2016-18 ("ASU 2016-18"), Statement of
Cash Flows (Topic 230) - Restricted Cash. This ASU requires amounts
generally described as restricted cash and restricted cash
equivalents to be included with cash and cash equivalents when
reconciling beginning-of-period and end-of-period total amounts
shown on the statement of cash flows. The provisions of ASU 2016-18
are effective for reporting periods beginning after December 15,
2017 and are to be applied retrospectively; early adoption is
permitted. We elected, as permitted by the standards, to early
adopt ASU 2016-18 in the first quarter of 2017. In connection
with the adoption of this update, we have reclassified RMB30.5
millions of restricted cash from operating activities to the cash,
cash equivalents, and restricted cash balance in the three-month
period ended March 31, 2016 to be consistent with the 2017
presentation.
|
Reconciliations of GAAP and Non-GAAP Results
|
|
Three Months Ended March
31,
|
|
|
2016
|
|
2017
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands, except for share and per share data)
|
|
|
|
Net income
|
|
338,814
|
|
502,870
|
|
73,058
|
Add:
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
38,634
|
|
251
|
|
36
|
Less:
|
|
|
|
|
|
|
Gain on deemed
disposal of equity method
investment
|
|
(9,551)
|
|
—
|
|
—
|
Adjusted net
income
|
|
367,897
|
|
503,121
|
|
73,094
|
|
|
|
|
|
|
|
Net income
|
|
338,814
|
|
502,870
|
|
73,058
|
Add:
|
|
|
|
|
|
|
Depreciation
|
|
51,008
|
|
122,011
|
|
17,726
|
Amortization
|
|
4,688
|
|
7,595
|
|
1,103
|
Interest
expenses
|
|
3,644
|
|
5,708
|
|
829
|
Income tax
expenses
|
|
122,018
|
|
166,609
|
|
24,205
|
EBITDA
|
|
520,172
|
|
804,793
|
|
116,921
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
38,634
|
|
251
|
|
36
|
Less:
|
|
|
|
|
|
|
Gain on deemed
disposal of equity method
investments
|
|
(9,551)
|
|
—
|
|
—
|
Adjusted
EBITDA
|
|
549,255
|
|
805,044
|
|
116,957
|
|
|
|
|
|
|
|
For investor and media inquiries, please contact:
ZTO
Ms. Sophie Li
Investor Relations Director
E-mail: ir@zto.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/zto-reports-first-quarter-2017-unaudited-financial-results-300459402.html
SOURCE ZTO Express (Cayman) Inc.