Parcel Volume Grew 41.6% to 2.3 Billion,
Market Share Expanded to 18.6%
Adjusted Net Income
Increased 27.6% to Reach RMB966.4
Million
SHANGHAI, May 15, 2019 /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, 2019[1]. The
Company beat consensus by generating parcel volume growth of 41.6%,
19.1 percentage points faster than market average, while delivering
22.3% net income growth and 27.6% adjusted net income growth.
Market share in terms of parcel volume expanded to 18.6% during the
first quarter of 2019.
First Quarter 2019 Financial Highlights
- Revenues were RMB4,574.0 million
(US$681.6 million), an increase of
29.0% from RMB3,544.4 million in the
same period of 2018.
- Gross profit was RMB1,259.6
million (US$187.7 million), an
increase of 22.0% from RMB1,032.1
million in the same period of 2018.
- Net income was RMB681.6 million
(US$101.6 million), an increase of
22.3% from RMB557.5 million in the
same period of 2018.
- Adjusted EBITDA[2] was RMB1,441.0 million (US$214.7 million), an increase of 31.1% from
RMB1,099.1 million in the same period
of 2018.
- Adjusted net income[3] was RMB966.4 million (US$144.0
million), an increase of 27.6% from RMB757.2 million in the same period of 2018.
- Basic and diluted earnings per American depositary share
("ADS"[4]) were RMB0.87
(US$0.13), an increase of 11.5% from
RMB0.78 in the same period of
2018.
- Net cash provided by operating activities was RMB633.3 million (US$94.4million), compared with RMB214.2 million in the same period of 2018.
Operational Highlights for First Quarter 2019
- Parcel volume was 2,264 million, an increase of 41.6% from
1,599 million in the same period of 2018.
- Number of pickup/delivery outlets was approximately 29,800 as
of March 31, 2019.
- Number of direct network partners was approximately 4,500 as of
March 31, 2019.
- Number of line-haul vehicles was over 5,700 as of March 31, 2019, which included over 4,850
self-owned vehicles and over 850 vehicles owned and operated by
Tonglu Tongze Logistics Ltd., a transportation operator that works
exclusively for ZTO.
- Number of self-owned trucks increased to around 4,850 as of
March 31, 2019 from 4,500 as of
December 31, 2018. Among the
self-owned trucks, over 3,000 were high capacity 15-17-meter-long
models as of March 31, 2019, compared
to over 2,800 as of December 31,
2018.
- Number of line-haul routes between sorting hubs was over 2,200
as of March 31, 2019.
- Number of sorting hubs was 87 as of March 31, 2019, among which 78 are operated by
the Company and 9 by the Company's network partners.
[1]
|
An investor relations
presentation accompanies this earnings release and can be found at
ir.zto.com.
|
[2]
|
Adjusted EBITDA is a
non-GAAP financial measure, which is defined as net income before
depreciation, amortization, interest expenses and income tax
expenses, and further adjusted to exclude the shared-based
compensation expense and non-recurring items such as the gain on
disposal of equity investees and subsidiary which management aims
to better represent the underlying business operations.
|
[3]
|
Adjusted net income
is a non-GAAP financial measure, which is defined as net income
before share-based compensation expense and non-recurring items
such as gain on disposal of equity investees and subsidiary in
which management aims to better represent the underlying business
operations.
|
[4]
|
One ADS represents
one Class A ordinary share.
|
Mr. Meisong Lai, Founder,
Chairman and Chief Executive Officer of ZTO, commented "ZTO
strengthened its leadership position in the Chinese express
delivery industry with market share in terms of parcel volume
expanding 2.5 percentage points to 18.6% during the first quarter
of 2019."
Mr. Lai added, "Our newly implemented volume-incentive metrics
were effective in providing confidence and meaningful support to
our network partners who faced intensifying competitions in regions
with concentrated originating e-commerce volume as well as in those
previously less penetrated markets. Our continued efforts to
standardize pickup and delivery fees are paving the way to increase
couriers' wages and enhance profitability of our network partners.
With years of continued investments in shared-success culture and
operational infrastructure, ZTO is able to deliver consistent and
strong operating performances on both volume and earnings. The road
ahead can be both challenging and promising. By focusing on being
the best we can, ZTO strives to seize opportunities in the Chinese
express delivery industry to achieve strong market presence and
solid earnings, creating sustainable value to our investors."
Ms. Huiping Yan, Chief Financial
Officer of ZTO, added, "With key performance matrix well aligned
with daily operating measures, ZTO exceeded expectations for both
parcel volume growth and adjusted net income for the first quarter
of 2019. Competition-led decline on ASP was partially offset by
continued cost productivity gain for our core express delivery
business resulting in a 22.6% gross profit gain on a 31.8% revenue
increase. Together with a stable corporate cost structure and
healthy yield on cash deposits, adjusted net income hiked 27.6% to
reach RMB 966.4 million. adjusted
EBITDA margin remained stable at 31.5% compared to 31.0% last
year."
First Quarter 2019 Financial Results
|
|
Three
Months Ended March 31,
|
|
2018
|
|
2019
|
|
RMB
|
|
%
|
|
RMB
|
|
US$
|
|
%
|
|
(in thousands,
except percentages)
|
|
Express delivery
services
|
3,086,997
|
|
87.1
|
|
4,059,372
|
|
604,865
|
|
88.7
|
Freight forwarding
services
|
293,275
|
|
8.3
|
|
289,314
|
|
43,109
|
|
6.3
|
Sale of
accessories
|
150,843
|
|
4.3
|
|
208,838
|
|
31,118
|
|
4.6
|
Others
|
13,289
|
|
0.3
|
|
16,506
|
|
2,460
|
|
0.4
|
Total
revenues
|
3,544,404
|
|
100.0
|
|
4,574,030
|
|
681,552
|
|
100.0
|
|
Revenues were RMB4,574.0
million (US$681.6 million), an
increase of 29.0% from RMB3,544.4
million in the same period of 2018. Revenue from express
delivery services increased by 31.5% compared to the same period of
2018, mainly driven by a 41.6% increase in parcel volume and
partially offset by a 7.0% decrease in unit price per parcel
resulted mainly from incremental volume incentives in response to
competition. Revenue from freight forwarding services decreased
1.4% when compared to the same period of 2018. The increase in
revenue from sales of accessories was in-line with the increase in
the sale of thermal paper used for the printing of digital
waybills. Other revenues are composed of new service offerings such
as financing and advertising services.
|
Three Months Ended
March 31,
|
|
2018
|
|
2019
|
|
|
|
%
of
|
|
|
|
|
|
%
of
|
|
RMB
|
|
revenues
|
|
RMB
|
|
US$
|
|
revenues
|
|
(in thousands,
except percentages)
|
Line-haul
transportation cost
|
1,183,638
|
|
33.4
|
|
1,594,007
|
|
237,515
|
|
34.8
|
Sorting hub
cost
|
686,437
|
|
19.4
|
|
891,069
|
|
132,773
|
|
19.5
|
Freight forwarding
cost
|
283,670
|
|
8.0
|
|
283,115
|
|
42,185
|
|
6.2
|
Cost of accessories
sold
|
88,717
|
|
2.5
|
|
119,686
|
|
17,834
|
|
2.6
|
Other
costs
|
269,816
|
|
7.6
|
|
426,562
|
|
63,560
|
|
9.4
|
Total cost of
revenues
|
2,512,278
|
|
70.9
|
|
3,314,439
|
|
493,867
|
|
72.5
|
Total cost of revenues was RMB3,314.4 million (US$493.9 million), an increase of 31.9% from
RMB2,512.3 million in the same period
last year.
- Line haul transportation cost was RMB1,594.0 million (US$237.5 million), an increase of 34.7% from
RMB1,183.6 million in the same period
last year. The increased use of cost-effective self-owned trucks
and more efficient high-capacity trailer trucks enhanced
transportation cost leverage on scale. Total transportation cost of
self-owned trucks accounted for 59.8% of the total truck
transportation cost for the quarter, compared to 53.4% in the same
period last year.
- Sorting hub operating cost was RMB891.1 million (US$132.8
million), an increase of 29.8% or RMB204.1(US$30.4
million) from RMB686.4 million
in the same period last year. Of this increase (i) RMB126.6 million (US$18.9
million) was associated with sorting hub labor costs. The
average headcount of sorting hub workers increased by 16.7% which
was significantly less than the related 41.6% increase in parcel
volume demonstrating effective cost productivity gain and (ii)
RMB42.7 million (US$6.4 million) came from depreciation costs
associated with the newly installed automated sorting equipment. As
of March 31, 2019, 130 sets of
automated sorting equipment have been put into use, compared to 59
sets as of March 31, 2018.
- Cost of accessories was RMB119.7
million (US$17.8 million), an
increase of 34.9% from RMB88.7
million in the same period last year. The increase was in
line with the increase in the sale of accessories for thermal
paper.
- Other costs were RMB426.6
million (US$63.6 million), an
increase of RMB156.7 million
(US$23.3 million) compared to the
same period last year, as a net result of (i) an increase of
RMB120.8 million (US$18.0 million) in dispatching costs associated
with serving enterprise customers, (ii) an increase of RMB57.8 million (US$8.6
million) in expenses related to IT and technology
development and (iii) a decrease of RMB 10.0
million (US$1.5 million) in
tax surcharges.
Gross Profit was RMB1,259.6
million (US$187.7million), an
increase of 22.0% from RMB1,032.1
million in the same period last year. Gross margin decreased
to 27.5% from 29.1% in the same period last year. The decrease in
gross margin was a net result of parcel volume growth and continued
cost productivity gain offset by competition-led unit price decline
and an increase in lower-margin large enterprise customers
businesses.
Total Operating Expenses were RMB499.7 million (US$74.5
million), compared to RMB333.7
million in the same period last year.
- Selling, general and administrative expenses were
RMB557.8 million (US$83.1 million), compared to RMB415.6 million in the same period last year.
The increase was mainly due to (i) an increase in share-based
compensation expenses from RMB199.7
million in the first quarter of 2018 to RMB284.3 (US$42.4
million) in the first quarter of 2019 and (ii) an increase
of RMB59.6 million (US$8.9 million) in salaries and accrued bonuses.
As a percentage of revenue, selling, general and administrative
expenses accounted for 12.2%, compared to 11.7% during the same
period last year.
- Other operating income, net was RMB58.1 million (US$8.7
million) for the quarter. Other operating income mainly
consisted of government subsidies of RMB48.9
million (US$7.3 million)
received in the first quarter of 2019.
Income from operations was RMB759.9 million (US$113.2
million), an increase of 8.8% from RMB698.4 million for the same period last year.
Operating margin decreased to 16.6% from 19.7% in the same period
last year, mainly driven by a 1.6 percentage point decrease in
gross margin and the impact from share-based compensation expenses
of 0.6 percentage points.
Interest income was RMB146.5
million (US$21.8 million),
compared with RMB60.3 million in the
same period in 2018, primarily due to an increase in the amount of
cash and interest-bearing bank deposits.
Interest expense was zero compared with RMB0.8 million in the same period in 2018. There
was no borrowing during the first quarter of 2019.
Foreign currency exchange loss, before tax was
RMB26.0 million (US$3.9 million) in the first quarter of 2019,
resulted from the depreciation of the U.S. dollar against the
Chinese renminbi in the first quarter of 2019.
Income tax expenses were RMB191.9
million (US$28.6 million) and
the effective income tax rate was 21.8% for the first quarter of
2019 taking into consideration the non-tax-deductible share-based
compensation expenses recorded in the first quarter.
Net income was RMB681.6
million (US$101.6 million), an
increase of 22.3% from RMB557.5
million in the same period last year.
Basic and diluted earnings per ADS were RMB0.87 (US$0.13),
compared with basic and diluted earnings per ADS of RMB0.78 in the same period last year.
Adjusted net income was RMB966.4
million (US$144.0 million),
compared with adjusted net income of RMB757.2 million during the same quarter last
year.
EBITDA was RMB1,156.2
million (US$172.3 million),
compared with RMB899.4 million in the
same period last year.
Adjusted EBITDA was RMB1,441.0
million (US$214.7 million),
compared to RMB1,099.1 million in the
same period last year.
Net cash provided by operating activities was
RMB633.3 million (US$94.4 million), compared with RMB214.2 million in the same period last year,
mainly attributable to growth in net income.
Business Outlook
Based on the current market conditions and current operations,
the Company maintains its previous annual guidance: parcel volume
for 2019 is expected to be in the range of 11.51 billion to 11.93
billion , representing a 35% to 40% increase year over year, and
the Company's adjusted net income is expected to be in the range of
RMB4.8 billion to RMB5.2 billion, representing a 14.3% to 23.8%
increase from the same period of 2018. The Company will no longer
provide quarterly estimates going forward. Above estimates
represent management's current and preliminary view, which are
subject to change.
Company Share Purchase
On November 15, 2018, the Company
announced a new share repurchase program whereby ZTO was authorized
to repurchase its own Class A ordinary shares in the form of ADSs
with an aggregate value of up to US$500
million during an 18-month period thereafter. The Company
expects to fund the repurchase out of its existing cash balance. As
of March 31, 2019, the Company has
purchased an aggregate of 1,743,563 ADSs at an average purchase
price of US$15.85, including
repurchase commissions.
The Company believes that the share repurchase program
represents ZTO's confidence in the overall market opportunities as
well as ZTO's solid operating fundamentals and financial strength
for sustained profitable growth and value creation for its
shareholders.
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
RMB6.7112 to US$1.00, the noon buying rate on March 29, 2019 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 15, 2019 (9:00 AM Beijing Time on May 16, 2019).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
1-888-317-6003
|
Hong
Kong:
|
852-5808-1995
|
China:
|
4001-206-115
|
International:
|
1-412-317-6061
|
Passcode:
|
5764429
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until May 23,
2019:
United
States:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Passcode:
|
10130430
|
Additionally, a live and archived webcast of the conference call
will be available at http://zto.investorroom.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://zto.investorroom.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
2019, 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. The financial results to which this news release is
related 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,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
Revenues
|
3,544,404
|
|
4,574,030
|
|
681,552
|
Cost of
revenues
|
(2,512,278)
|
|
(3,314,439)
|
|
(493,867)
|
Gross profit
|
1,032,126
|
|
1,259,591
|
|
187,685
|
Operating income
(expenses):
|
|
|
|
|
|
Selling, general and
administrative
|
(415,626)
|
|
(557,778)
|
|
(83,112)
|
Other operating
income, net
|
81,907
|
|
58,102
|
|
8,657
|
Total operating
expenses
|
(333,719)
|
|
(499,676)
|
|
(74,455)
|
Income from
operations
|
698,407
|
|
759,915
|
|
113,230
|
Other income
(expenses):
|
|
|
|
|
|
Interest
income
|
60,321
|
|
146,471
|
|
21,825
|
Interest
expense
|
(773)
|
|
—
|
|
—
|
Loss on disposal of
equity investees and subsidiary
|
—
|
|
(529)
|
|
(79)
|
Foreign currency
exchange gain/(loss), before tax
|
(36,752)
|
|
(25,954)
|
|
(3,867)
|
Income before income
tax, and share of loss in equity method investments
|
721,203
|
|
879,903
|
|
131,109
|
Income tax
expense
|
(154,280)
|
|
(191,858)
|
|
(28,588)
|
Share of gain/(loss)
in equity method investments
|
(9,468)
|
|
(6,398)
|
|
(953)
|
Net income
|
557,455
|
|
681,647
|
|
101,568
|
Net loss (income)
attributable to noncontrolling interests
|
(696)
|
|
(932)
|
|
(139)
|
Net income attributable
to ZTO Express (Cayman) Inc.
|
556,759
|
|
680,715
|
|
101,429
|
Net income attributable
to ordinary shareholders
|
556,759
|
|
680,715
|
|
101,429
|
Net earnings per
share/ADS attributable to ordinary shareholders
|
|
|
|
|
|
Basic
|
0.78
|
|
0.87
|
|
0.13
|
Diluted
|
0.78
|
|
0.87
|
|
0.13
|
Weighted average shares
used in calculating net earnings per ordinary share/ADS
|
|
|
|
|
|
Basic
|
710,715,557
|
|
786,032,440
|
|
786,032,440
|
Diluted
|
711,321,353
|
|
786,212,265
|
|
786,212,265
|
Other comprehensive
income, net of tax of nil:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(266,504)
|
|
(344,228)
|
|
(51,292)
|
Comprehensive
income
|
290,951
|
|
337,419
|
|
50,276
|
Comprehensive loss
(income) attributable to noncontrolling interests
|
(696)
|
|
(932)
|
|
(139)
|
Comprehensive income
attributable to ZTO Express (Cayman) Inc.
|
290,255
|
|
336,487
|
|
50,137
|
|
|
|
|
|
|
Unaudited Consolidated Balance Sheets Data:
|
|
As of
|
|
|
December 31,
2018
|
|
March 31,
2019
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
4,622,554
|
|
6,092,247
|
|
907,773
|
Restricted
cash
|
|
400
|
|
100
|
|
15
|
Accounts receivable,
net of allowance for doubtful accounts of RMB13,996 and RMB14,218
at December 31, 2018 and March 31, 2019,
respectively
|
|
596,995
|
|
517,709
|
|
77,141
|
Financing
receivables, net of allowance for doubtful accounts of RMB4,139 and
RMB4,439 at December 31, 2018 and March 31, 2019,
respectively
|
|
517,983
|
|
581,574
|
|
86,657
|
Short-term
investment
|
|
13,599,852
|
|
11,287,282
|
|
1,681,857
|
Inventories
|
|
43,813
|
|
30,801
|
|
4,589
|
Advances to
suppliers
|
|
337,874
|
|
276,392
|
|
41,184
|
Prepayments and other
current assets
|
|
1,507,996
|
|
1,463,499
|
|
218,068
|
Amounts due from
related parties
|
|
6,600
|
|
25,197
|
|
3,754
|
Total current
assets
|
|
21,234,067
|
|
20,274,801
|
|
3,021,038
|
Investments in equity
investees
|
|
2,207,410
|
|
2,185,992
|
|
325,723
|
Property and
equipment, net
|
|
9,035,704
|
|
9,232,496
|
|
1,375,685
|
Land use rights,
net
|
|
1,969,176
|
|
2,171,076
|
|
323,500
|
Intangible assets,
net
|
|
54,227
|
|
52,677
|
|
7,849
|
Right-of-use
assets[5]
|
|
—
|
|
840,507
|
|
125,239
|
Goodwill
|
|
4,241,541
|
|
4,241,541
|
|
632,009
|
Deferred tax
assets
|
|
318,063
|
|
410,073
|
|
61,103
|
Other non-current
assets
|
|
622,669
|
|
724,468
|
|
107,951
|
TOTAL
ASSETS
|
|
39,682,857
|
|
40,133,631
|
|
5,980,097
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
1,311,807
|
|
1,032,482
|
|
153,845
|
Advances from
customers
|
|
436,710
|
|
559,446
|
|
83,360
|
Income tax
payable
|
|
405,683
|
|
191,553
|
|
28,542
|
Amounts due to
related parties
|
|
132,216
|
|
63,247
|
|
9,424
|
Lease
liabilities[5]
|
|
—
|
|
249,884
|
|
37,234
|
Acquisition
consideration payable
|
|
19,581
|
|
22,942
|
|
3,418
|
Dividends
payable
|
|
1,699
|
|
1,270,753
|
|
189,348
|
Other current
liabilities
|
|
2,833,769
|
|
2,317,253
|
|
345,280
|
Total current
liabilities
|
|
5,141,465
|
|
5,707,560
|
|
850,451
|
Lease
liabilities[5]
|
|
—
|
|
550,248
|
|
81,990
|
Deferred tax
liabilities
|
|
157,940
|
|
156,705
|
|
23,350
|
Acquisition
consideration payable
|
|
22,942
|
|
-
|
|
-
|
Other non-current
liabilities
|
|
90,961
|
|
88,787
|
|
13,230
|
TOTAL
LIABILITIES
|
|
5,413,308
|
|
6,503,300
|
|
969,021
|
|
[5] In February 2016,
the FASB issued ASU 2016-02, Leases (Topic 842), which requires
lessees to recognize a right-of-use asset and lease liability on
their balance sheet for all leases. The Group adopted this ASU on
January 1, 2019 using the modified retrospective approach and will
not restate comparative periods.
|
|
As of
|
|
December 31,
2018
|
|
March 31,
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.0001 par value; 10,000,000,000 shares authorized, 811,267,551
shares issued and 785,463,859 shares outstanding as of
December 31, 2018; 809,523,988 shares issued and 787,920,337
shares outstanding as of March 31, 2019)
|
523
|
|
522
|
|
78
|
Additional paid-in
capital
|
24,137,681
|
|
22,864,321
|
|
3,406,890
|
Treasury shares, at
cost
|
(1,545,077)
|
|
(1,263,253)
|
|
(188,231)
|
Retained
earnings
|
11,052,395
|
|
11,733,110
|
|
1,748,288
|
Accumulated other
comprehensive (loss) income
|
571,716
|
|
227,488
|
|
33,897
|
ZTO Express
(Cayman) Inc. shareholders' equity
|
34,217,238
|
|
33,562,188
|
|
5,000,922
|
Noncontrolling
interests
|
52,311
|
|
68,143
|
|
10,154
|
Total
Equity
|
34,269,549
|
|
33,630,331
|
|
5,011,076
|
TOTAL LIABILITIES
AND EQUITY
|
39,682,857
|
|
40,133,631
|
|
5,980,097
|
Summary of Unaudited Consolidated Cash Flow Data:
|
Three Months Ended
March 31,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands)
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
214,173
|
|
633,270
|
|
94,359
|
Net cash provided
by/(used in) investing activities[6]
|
(1,597,557)
|
|
895,365
|
|
133,414
|
Net cash used in
financing activities
|
(805,117)
|
|
(14,009)
|
|
(2,087)
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
(89,542)
|
|
(45,233)
|
|
(6,740)
|
Net increase/(decrease)
in cash, cash equivalents and restricted cash
|
(2,278,043)
|
|
1,469,393
|
|
218,946
|
Cash, cash equivalents
and restricted cash at beginning of period
|
5,773,734
|
|
4,622,954
|
|
688,842
|
Cash, cash equivalents
and restricted cash at end of period
|
3,495,691
|
|
6,092,347
|
|
907,788
|
|
[6] The amount of
cash used in investing activities mainly includes purchases of the
fixed term bank deposits with an original maturity of three months
to one year. For the first quarter of 2019 the amounts of net
cashflow in for receiving the short-term investment are
approximately RMB2,030 million (US$302.5 million), and the amounts
of net cashflow out for purchasing the short-term investment are
approximately RMB503.4 million in the same period last
year.
|
Reconciliations of GAAP and Non-GAAP Results
|
Three Months Ended
March 31,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
Net income
|
557,455
|
|
681,647
|
|
101,568
|
Add:
|
|
|
|
|
|
Share-based
compensation expense
|
199,744
|
|
284,264
|
|
42,357
|
Loss on disposal of
equity investees and subsidiary, net of income taxes
|
—
|
|
529
|
|
79
|
Adjusted net
income
|
757,199
|
|
966,440
|
|
144,004
|
|
|
|
|
|
|
Net income
|
557,455
|
|
681,647
|
|
101,568
|
Add:
|
|
|
|
|
|
Depreciation
|
176,197
|
|
271,423
|
|
40,443
|
Amortization
|
10,670
|
|
11,293
|
|
1,683
|
Interest
expenses
|
773
|
|
—
|
|
—
|
Income tax
expenses
|
154,280
|
|
191,858
|
|
28,588
|
EBITDA
|
899,375
|
|
1,156,221
|
|
172,282
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
Share-based
compensation expense
|
199,744
|
|
284,264
|
|
42,357
|
Loss on disposal of
equity investees and subsidiary, before income taxes
|
—
|
|
529
|
|
79
|
Adjusted
EBITDA
|
1,099,119
|
|
1,441,014
|
|
214,718
|
|
|
|
|
|
|
|
For investor and media inquiries, please contact:
ZTO
Investor Relations Department
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
View original
content:http://www.prnewswire.com/news-releases/zto-reports-first-quarter-2019-unaudited-financial-results-300851034.html
SOURCE ZTO Express (Cayman) Inc.