Revenue Increased 54% YoY to RMB5
Billion and Gross Profit Margin Improved by 6.4 Percentage
Points
HANGZHOU, China, May 10, 2018 /PRNewswire/ -- BEST Inc. (NYSE:
BSTI) ("BEST" or the "Company"), a leading smart supply chain and
logistics services and solutions provider in China, today announced its unaudited financial
results for the quarter ended March
31, 2018.
"We started off 2018 very strongly thanks to the great jobs done
by all of our business units to achieve our target of high revenue
growth with significant margin improvement. First quarter is
traditionally a low season due to business slowdowns over the long
Chinese New Year holiday. We generated revenue of over RMB5 billion, which represented a 54%
year-over-year increase," said Johnny
Chou, Chairman and Chief Executive Officer of BEST. "As we
continue to innovate and invest in technology to build new services
and solutions, and to improve operational efficiencies, I am
confident that we will continue to execute our business strategies
and initiatives that drive long-term growth and shareholder
value."
"We delivered another excellent quarter thanks to strong growth
momentum across all segments. Our gross profit margin improved by
6.4 percentage points to positive 2.2%, and our non-GAAP net loss
was reduced by over 25% year-over-year," said Alice Guo, BEST's Chief Accounting Officer and
Senior Vice President of Finance. "As of March 31, 2018, our cash and cash equivalents,
restricted cash and short-term investments were RMB4.7 billion, or US$756.6 million. Our strong balance sheet gives
us the resources and flexibility to achieve our business and
strategic objectives."
FINANCIAL HIGHLIGHTS
|
|
|
|
Three Months
Ended
|
%
Change
|
(RMB million,
except for %)
|
March 31,
2017
|
March 31,
2018
|
Year-over-Year
|
Revenue
|
3,248
|
5,004
|
54.0%
|
Express
|
2,097
|
3,225
|
53.8%
|
Freight
|
558
|
763
|
36.8%
|
Supply Chain Management
|
309
|
399
|
28.7%
|
Store+
|
273
|
545
|
100.1%
|
Others(1)
|
11
|
72
|
543.8%
|
Gross Profit /
(Loss)
|
(137)
|
110
|
n/m
|
Gross Profit /
(Loss) Margin
|
(4.2%)
|
2.2%
|
6.4ppts
|
Express
|
(3.9%)
|
0.9%
|
4.8ppts
|
Freight
|
(14.0%)
|
(2.2%)
|
11.8ppts
|
Supply Chain Management
|
5.8%
|
5.0%
|
(0.8ppts)
|
Store+
|
0.3%
|
10.1%
|
9.8ppts
|
Others
|
27.4%
|
30.4%
|
3.0ppts
|
Adjusted
EBITDA(2)(3)
|
(339)
|
(211)
|
37.7%
|
Adjusted EBITDA
Margin
|
(10.4%)
|
(4.2%)
|
6.2ppts
|
Non-GAAP Net
Loss(4)(5)
|
(423)
|
(315)
|
25.5%
|
Non-GAAP Net
Loss Margin
|
(13.0%)
|
(6.3%)
|
6.7ppts
|
(1)
Others include BEST Global, BEST Capital, BEST UCargo and other
new initiatives.
|
(2)
EBITDA represents net loss excluding depreciation, amortization,
interest expense and income tax expense and minus interest
income.
|
(3)
Adjusted EBITDA represents EBITDA excluding share-based
compensation expenses.
|
(4)
Non-GAAP net loss represents net loss excluding share-based
compensation expense and amortization of intangible assets
resulting from business acquisitions. 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)
In the first quarter of 2018, the Company recorded share-based
compensation expense of RMB21.5 million, of which approximately
RMB0.5 million was allocated to cost of revenue, RMB1.0 million was
allocated to selling expenses, RMB17.8 million was allocated to
general and administrative expenses, and RMB2.2 million was
allocated to research and development expenses.
|
OPERATIONAL HIGHLIGHTS
BEST
Express:
|
|
|
|
Three Months
Ended
|
%
Change
|
|
March 31,
2017
|
March 31,
2018
|
YoY
|
Parcel Volume (in
'000)
|
571,601
|
950,498
|
66.3%
|
BEST Express Market Share
(6) (%)
|
7.5%
|
9.6%
|
2.1ppts
|
Gross (Loss)/Profit
per Parcel (RMB)
|
(0.14)
|
0.03
|
n/m
|
Average Revenue Per
Parcel (RMB)
|
3.67
|
3.39
|
(7.5%)
|
Average Weight Per
Parcel (kg)
|
1.43
|
1.23
|
(13.7%)
|
Average Cost Per
Parcel (RMB)
|
3.81
|
3.36
|
(11.8%)
|
Hubs & Sortation
Centers (as of March 31)
|
216
|
144
|
(33.3%)
|
- Express volume continued to grow significantly by 66.3%
year-over-year, more than double the industry-wide growth rate of
30.7%(7). The Company achieved positive gross profit per
parcel, compared to gross loss per parcel in the same quarter of
2017.
- The Company increased application of technology and artificial
intelligence to dynamic routing and network planning, which
contributed to significantly lower transportation cost of
RMB0.93 (US$0.15) per parcel from RMB1.22; reduced average number of transit stops
per parcel to 0.65 from 0.80; increased digital waybill usage to
95.5% from 82.4% in the same quarter of 2017.
(6)
Express market share calculated as the Company's parcel volume
as a percentage of aggregate national express delivery parcel
volume for the relevant period, based on data published by State
Post Bureau of the PRC.
|
(7) Based on data
published by State Post Bureau of the PRC.
|
- For January
2018 data, see State Post Bureau of the PRC Published Post Industry
Operation Statistics for January 2018, State Post Bureau of the
PRC, February 13, 2018, available in Chinese at
http://www.spb.gov.cn/xw/dtxx_15079/201802/t20180213_1492180.html
|
- For February
2018 data, see State Post Bureau of the PRC Published Post Industry
Operation Statistics for February 2018, State Post Bureau of the
PRC, March 14, 2018, available in Chinese at
http://www.spb.gov.cn/xw/dtxx_15079/201803/t20180314_1508323.html
|
- For March 2018
data, see State Post Bureau of the PRC Published Post Industry
Operation Statistics for March 2018, State Post Bureau of the PRC,
April 13, 2018, available in Chinese at
http://www.spb.gov.cn/sj/tjxx_1/201804/t20180413_1540378.html
|
BEST
Freight:
|
|
|
|
Three Months
Ended
|
%
Change
|
|
March 31,
2017
|
March 31,
2018
|
YoY
|
Freight Volume (Tonne
in '000)
|
790
|
985
|
24.7%
|
Average Revenue per
Tonne (RMB)
|
706.1
|
774.6
|
9.7%
|
Average Weight Per
Order (kg)
|
150.0
|
144.0
|
(4.0%)
|
Average Cost Per
Tonne (RMB)
|
805.1
|
791.9
|
(1.6%)
|
Hubs & Sortation
Centers (as of March 31)
|
172
|
132
|
(23.3%)
|
Last-mile Service
Stations (as of March 31)
|
4,787
|
10,534
|
120.1%
|
- Freight revenue grew by 36.8% and gross margin improved 11.8
percentage points year-over-year. Peak daily volume reached a
company record of 19,300 tonnes.
BEST Supply Chain
Management:
|
|
|
|
Three Months
Ended
|
%
Change
|
|
March 31,
2017
|
March 31,
2018
|
YoY
|
Number of Orders
Fulfilled by Cloud OFCs (in '000)
|
32,432
|
45,345
|
39.8%
|
Total Number of Cloud
OFCs (as of March 31)
|
290
|
330
|
13.8%
|
Total GFA (million
m2) (as of March 31)
|
1.9
|
2.3
|
20.1%
|
|
|
|
|
- Supply Chain Management provided B2B, B2C and O2O fulfillment
and transportation services to over 500 corporate customers.
- Supply Chain Management started building out intra-city same
day delivery network by leveraging the Company's technology
infrastructure and synergy with Express network. It has already
rolled out services in Shanghai
and is expected to cover more cities throughout the year.
- The ongoing platform integration of Supply Chain Management,
Express, Freight and UCargo further improves transportation
solutions the Company offers to customers. It has resulted in
several large wins and is expected to continue to give the Company
competitive advantages.
BEST
Store+:
|
|
|
|
Three Months
Ended
|
%
Change
|
|
March 31,
2017
|
March 31,
2018
|
YoY
|
Number of Store
Orders Fulfilled
|
333,876
|
581,121
|
74.1%
|
Number of Membership
Stores (as of March 31)
|
257,658
|
375,469
|
45.7%
|
Number of Branded
Stores (as of March 31)
|
0
|
452
|
n/m
|
|
|
|
|
- Store+ continued to expand its network and
accelerated its integration with Supply Chain Management and
Express to build up last-mile services network.
- Store+ continued to focus on deepening engagement
with stores as well as optimizing merchandise selection and product
offerings.
- Store+ has entered into strategic agreements with
four major fast-moving consumer goods, or FMCG brands, to directly
distribute and promote their products in the Store+
network.
Others:
- BEST Global continued to broaden its global reach to ten
countries and regions outside of Mainland China. It started
coverage through partners in Spain
and Thailand to provide
cross-border logistics and supply chain services.
- BEST Capital has entered into strategic agreements with
multiple truck manufacturers to leverage their resources and
network to expand BEST Capital's financing offering and solutions
to transportation service providers.
- UCargo opened its platform to external clients to source
truckload capacity. The Company
will accelerate its development to increase transaction volume and
revenue by attracting more merchants and transportation service
providers to the platform.
- The Company continued to
introduce technological enhancements to deliver improved
capabilities and enhanced efficiency. BEST
Cloud integrated convenience stores' POS and membership
rewards program with Store+ and Supply Chain Management
for full data visibility. It also integrated Express and Freight's
dynamic routing calculation that is expected to further reduce
transportation costs. In addition, BEST Cloud has started a pilot
simulation process in Cloud OFCs and Express hubs to analyze and
optimize personnel resources planning in order to increase labor
utilization efficiency.
FINANCIAL RESULTS
Revenue increased by 54.0% to RMB5,003.8 million (US$797.7 million) from RMB3,248.2 million in the same quarter of
2017.
- Express Service Revenue increased by 53.8% to RMB3,224.8 million (US$514.1 million) from RMB2,096.9 million.
- Freight Service Revenue increased by 36.8% to RMB763.0 million (US$121.6
million) from RMB557.8
million.
- Supply Chain Management Service Revenue increased by 28.7% to
RMB398.5 million (US$63.5 million) from RMB309.6 million.
- BEST Store+ Service Revenue increased by 100.1% to
RMB545.4 million (US$87.0 million) from RMB272.6 million.
- Other Service Revenues increased by 543.8% to RMB72.0 million (US$11.5
million) from RMB11.2 million,
primarily due to increased revenue generated from BEST Capital,
BEST Global and BEST UCargo.
Cost of Revenue increased by 44.6% to RMB4,894.3 million (US$780.3 million) from RMB3,385.7 million in the same quarter of 2017.
The increase was primarily attributable to increase in
transportation, labor and lease costs in connection with
significant volume growth, as well as increase in the amount of
merchandise sold by Store+.
Gross Profit was RMB109.5
million (US$17.5 million),
compared to gross loss of RMB137.5
million in the same quarter of 2017.
Operating Expenses increased by 57.4% to RMB457.7 million (US$73.0
million) from RMB290.8 million
in the same quarter of 2017.
- Selling Expenses increased by 89.3% to RMB214.4 million (US$34.2
million) from RMB113.2
million. This increase was primarily attributable to
increase in fulfillment, labor, and
lease costs in connection with the expansion of BEST
Store+ network.
- General and Administrative Expenses increased by 40.2% to
RMB211.3 million (US$33.7 million) from RMB150.7 million. This increase was primarily
attributable to increase in labor
costs in connection with the growth of the Company's operations and
the inclusion of share-based compensation expense.
- Research and Development Expenses increased by 19.1% to
RMB32.0 million (US$5.1 million) from RMB26.9 million.
Net Loss was RMB339.6
million (US$54.1 million),
compared to RMB422.8 million in the
same quarter of 2017.
Non-GAAP Net Loss (8) was
RMB315.1 million (US$50.2 million), compared to RMB422.8 million in the same quarter of 2017.
EBITDA (9) was negative RMB232.7 million (negative US$37.1 million), compared to negative
RMB338.9 million in the same quarter
of 2017.
Adjusted EBITDA (10) was negative
RMB211.2 million (negative
US$33.7 million), compared to
negative RMB338.9 million in the same
quarter of 2017.
Net Cash Used in Operating Activities was RMB610.5 million (US$97.3
million), compared to RMB300.7
million in the same quarter of 2017.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investments was RMB4,745.8
million (US$756.6 million) as
of March 31, 2018.
SHARES OUTSTANDING
As of the date of this press release, the Company had
approximately 386.5 million ordinary shares outstanding
(11). Each ADS represents one Class A ordinary
share.
(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)
EBITDA represents net loss excluding depreciation, amortization,
interest expense and income tax expense and minus interest
income.
|
(10) Adjusted EBITDA represents
EBITDA excluding share-based compensation expenses.
|
(11) 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.
|
FINANCIAL GUIDANCE
Based on current market conditions and current operations,
revenue for the second quarter of 2018 is expected to be in the
range of RMB7.1 billion to
RMB7.3 billion. This represents
management's current and preliminary expectation, which is subject
to change.
WEBCAST AND CONFERENCE CALL INFORMATION
The Company will hold a conference call at 7:30 am U.S. Eastern Time on May 10, 2018 (7:30
pm Beijing Time, the same day), to discuss its financial
results and operating performance for the first quarter of
2018.
Participants may access the call by dialing the following
numbers:
United
States:
|
+1-888-317-6003
|
Hong
Kong:
|
+852-5808-1995 or
800-963976
|
China:
|
4001-206115
|
International:
|
+1-412-317-6061
|
Participant Elite
Entry Number:
|
3446294
|
A replay of the conference call will be accessible through
May 17, 2018 by dialing the following
numbers:
United
States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
10119880
|
Please visit the Company's investor relations website
http://ir.best-inc.com/ on May 10,
2018 to view the earnings release prior to the conference
call. A live and archived webcast of the conference call and an
accompanying slide presentation will be available at the same
site.
ABOUT BEST INC.
BEST Inc. (NYSE: BSTI) is a leading smart supply chain and
logistics services and solutions provider. BEST provides integrated
supply chain management solutions, express and freight delivery,
transportation brokerage, merchandise sourcing and fulfillment for
convenience stores, financial and last-mile value-added services.
BEST leverages technology and business model innovation to create a
smarter, more efficient supply chain that empowers businesses and
enriches the lives of consumers. For more information, please
visit: http://www.best-inc.com/en/.
For investor and media inquiries, please contact:
For Investors:
Kobe Ge
ir@best-inc.com
For Media:
Jill Mao
(852) 3611
2564
mmj@best-inc.com
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as BEST's strategic and operational plans,
contain forward-looking statements. BEST may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (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. Statements that are not historical
facts, including statements about BEST's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
continue to innovate, meet evolving market trends, adapt to
changing customer demands and maintain its culture of innovation;
and fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing. Further information regarding
these and other risks is included in BEST's filings with the SEC.
All information provided in this press release and in the
attachments is as of the date of this press release, and BEST does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
USE OF NON-GAAP FINANCIAL MEASURES
In evaluating its business, BEST considers and uses non-GAAP
measures, such as non-GAAP net loss, non-GAAP net loss margin,
adjusted EBITDA, adjusted EBITDA margin, and EBITDA, 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 U.S. GAAP. For more information on
these non-GAAP financial measures, please see the table captioned
"Reconciliations of Non-GAAP Measures to the Nearest Comparable
GAAP Measures" in the results announcement.
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 U.S. GAAP, but should not be considered a
substitute for, or superior to, U.S. GAAP results. In addition, the
Company's calculation of the non-GAAP financial measures may be
different from the calculation used by other companies, and
therefore comparability may be limited.
UNAUDITED
CONSOLIDATED FINANCIAL DATA
|
Summary of
Unaudited Statement of Operations Data
|
(in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2017
|
2018
|
|
RMB
|
RMB
|
US$
|
Revenue
|
|
|
|
Express
|
2,096,931
|
3,224,788
|
514,107
|
Freight
|
557,839
|
763,021
|
121,643
|
Supply chain
management
|
309,617
|
398,508
|
63,532
|
Store+
|
272,639
|
545,438
|
86,956
|
Others
|
11,187
|
72,020
|
11,482
|
Total
revenue
|
3,248,213
|
5,003,775
|
797,720
|
Cost of
revenue
|
|
|
|
Express
|
2,178,001
|
3,195,497
|
509,437
|
Freight
|
636,040
|
780,028
|
124,355
|
Supply chain
management
|
291,684
|
378,525
|
60,346
|
Store+
|
271,850
|
490,084
|
78,131
|
Others
|
8,120
|
50,127
|
7,991
|
Total cost of
revenue
|
3,385,695
|
4,894,261
|
780,260
|
Gross
(loss)/profit
|
(137,482)
|
109,514
|
17,460
|
Selling
expenses
|
(113,210)
|
(214,358)
|
(34,174)
|
General and
administrative expenses
|
(150,667)
|
(211,289)
|
(33,684)
|
Research and
development expenses
|
(26,887)
|
(32,015)
|
(5,104)
|
Total operating
expenses
|
(290,764)
|
(457,662)
|
(72,962)
|
Loss from
operations
|
(428,246)
|
(348,148)
|
(55,502)
|
Interest
income
|
7,432
|
17,015
|
2,713
|
Interest
expense
|
(10,575)
|
(12,963)
|
(2,067)
|
Foreign exchange
loss
|
(49)
|
(2,914)
|
(465)
|
Other
income
|
10,514
|
13,772
|
2,196
|
Other
expense
|
(1,833)
|
(5,615)
|
(895)
|
Loss before income
tax and share of net
income/(loss) of equity investees
|
(422,757)
|
(338,853)
|
(54,020)
|
Income tax
expense
|
–
|
(560)
|
(89)
|
Loss before share
of net income/(loss) of
equity investees
|
(422,757)
|
(339,413)
|
(54,109)
|
Share of net
income/(loss) of equity investees
|
7
|
(189)
|
(30)
|
Net
loss
|
(422,750)
|
(339,602)
|
(54,139)
|
Summary of
Consolidated Balance Sheets Data
|
(in
thousands)
|
|
|
(Audited)
|
(Unaudited)
|
|
As of
December 31,2017
|
As of March
31,2018
|
|
RMB
|
RMB
|
US$
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
1,240,431
|
2,136,626
|
340,628
|
Restricted
cash
|
1,652,653
|
1,142,702
|
182,174
|
Accounts and notes
receivables
|
734,252
|
663,830
|
105,830
|
Inventories
|
156,974
|
156,064
|
24,880
|
Prepayments and other
current assets
|
1,459,755
|
1,553,917
|
247,731
|
Short‑term
investments
|
2,353,663
|
1,400,309
|
223,242
|
Amounts due from
related parties
|
164,894
|
57,064
|
9,097
|
Lease rental
receivables
|
193,703
|
209,544
|
33,406
|
Total current
assets
|
7,956,325
|
7,320,056
|
1,166,988
|
Non‑current
assets
|
|
|
|
Property and
equipment, net
|
1,307,470
|
1,311,863
|
209,142
|
Intangible assets,
net
|
158,556
|
151,288
|
24,119
|
Long‑term
investments
|
37,167
|
39,978
|
6,373
|
Goodwill
|
448,584
|
448,584
|
71,515
|
Non‑current
deposits
|
69,125
|
69,425
|
11,068
|
Other non‑current
assets
|
62,314
|
89,154
|
14,213
|
Restricted
cash
|
89,745
|
66,151
|
10,546
|
Lease rental
receivable
|
749,243
|
759,342
|
121,057
|
Total non‑current
assets
|
2,922,204
|
2,935,785
|
468,033
|
Total
Assets
|
10,878,529
|
10,255,841
|
1,635,021
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
liabilities
|
|
|
|
Short‑term bank
loans
|
1,216,384
|
1,628,268
|
259,584
|
Accounts and notes
payable
|
2,388,393
|
1,848,841
|
294,749
|
Income tax
payable
|
629
|
815
|
130
|
Customer advances and
deposits
|
910,383
|
965,126
|
153,864
|
Accrued expenses and
other liabilities
|
1,841,273
|
1,730,149
|
275,824
|
Capital lease
obligation
|
7,227
|
6,642
|
1,059
|
Amounts due to
related parties
|
12,902
|
8,842
|
1,410
|
Total current
liabilities
|
6,377,191
|
6,188,683
|
986,620
|
Non-current
liabilities
|
|
|
|
Capital lease
obligation
|
1,828
|
1,664
|
265
|
Deferred tax
liabilities
|
31,688
|
30,800
|
4,910
|
Other non‑current
liabilities
|
75,327
|
77,216
|
12,310
|
Total non‑current
liabilities
|
108,843
|
109,680
|
17,485
|
|
|
|
|
|
|
Summary of
Consolidated Balance Sheets Data (Cont'd)
|
(in
thousands)
|
|
|
(Audited)
|
(Unaudited)
|
|
As of
December 31, 2017
|
As of March 31,
2018
|
|
RMB
|
RMB
|
US$
|
Total
Liabilities
|
6,486,034
|
6,298,363
|
1,004,105
|
Shareholders'
equity
|
|
|
|
Ordinary
shares
|
24,786
|
25,596
|
4,081
|
Additional paid‑in
capital
|
19,240,912
|
19,315,498
|
3,079,345
|
Accumulated
deficit
|
(14,886,214)
|
(15,250,868)(12)
|
(2,431,347)
|
Accumulated other
comprehensive
income/(loss)
|
12,333
|
(132,748)
|
(21,163)
|
BEST Inc.
shareholders' equity
|
4,391,817
|
3,957,478
|
630,916
|
Non-controlling
interests
|
678
|
–
|
–
|
Total
shareholders' equity
|
4,392,495
|
3,957,478
|
630,916
|
Total liabilities
and shareholders' equity
|
10,878,529
|
10,255,841
|
1,635,021
|
(12) Including accumulated
accretion to redemption value and deemed dividend in relation to
redeemable convertible preferred shares of RMB 9,493,807 and
accumulated loss from operations of RMB 5,757,061.
|
Summary of
Unaudited Condensed Consolidated Statements of Cash Flows
Data
|
(in
thousands)
|
|
|
Three months ended
March 31,
|
|
2017
|
2018
|
|
RMB
|
RMB
|
US$
|
Net cash used in
operating activities
|
(300,726)
|
(610,506)
|
(97,329)
|
Net cash (used
in)/generated
from investing activities
|
(464,401)
|
635,990
|
101,392
|
Net cash generated
from financing activities
|
563,052
|
411,135
|
65,544
|
Exchange rate effect
on cash, cash equivalents, and
restricted cash
|
(14,886)
|
(73,969)
|
(11,792)
|
Net
(decrease)/increase in cash, cash
equivalents, and restricted cash
|
(216,961)
|
362,650
|
57,815
|
Cash, cash
equivalents and restricted cash at
beginning of period
|
3,380,532
|
2,982,829
|
475,533
|
Cash, cash
equivalents and restricted cash at
end of period
|
3,163,571
|
3,345,479
|
533,348
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST
COMPARABLE GAAP MEASURES
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:
|
Three Months Ended
March 31,
|
|
2017
|
2018
|
(In
'000)
|
RMB
|
RMB
|
US$
|
Net
loss
|
(422,750)
|
(339,602)
|
(54,141)
|
Add
|
|
|
|
Depreciation & Amortization
|
80,664
|
110,392
|
17,600
|
Interest Expense
|
10,575
|
12,963
|
2,067
|
Income Tax Expense
|
0
|
560
|
89
|
Subtract
|
|
|
|
Interest Income
|
(7,432)
|
(17,015)
|
(2,713)
|
EBITDA
|
(338,943)
|
(232,702)
|
(37,098)
|
Add
|
|
|
|
Share-based
Compensation Expense
|
–
|
21,491
|
3,426
|
Adjusted
EBITDA
|
(338,943)
|
(211,211)
|
(33,672)
|
Adjusted EBITDA
Margin
|
(10.4%)
|
(4.2%)
|
(4.2%)
|
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:
|
Three Months Ended
March 31,
|
|
2017
|
2018
|
(In
'000)
|
RMB
|
RMB
|
US$
|
Net
loss
|
(422,750)
|
(339,602)
|
(54,139)
|
Share-based
Compensation Expense
|
–
|
21,491
|
3,426
|
Amortization of
Intangible
Assets Resulting from
Business Acquisitions
|
–
|
2,970
|
474
|
Non-GAAP Net
Loss
|
(422,750)
|
(315,141)
|
(50,239)
|
Non-GAAP Net
Loss Margin
|
(13.0%)
|
(6.3%)
|
(6.3%)
|
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SOURCE BEST Inc