Quhuo Limited (NASDAQ: QH) (“Quhuo,” the “Company,” “we” or “our”),
a leading tech-enabled workforce operational solution platform in
China, today announced its unaudited financial results for the
second quarter ended June 30, 2021.
Financial and Operational Highlights for the Second
Quarter of 2021
- Total revenues were RMB991.8 million (US$153.6 million),
representing an 81.1% year-over-year increase.
- Revenues from on-demand delivery solutions increased 74.1%
year-over-year.
- Revenues from mobility service solutions, consisting of
shared-bike maintenance and ride hailing solutions, increased
336.9% year-over-year.
- Revenues from housekeeping and accommodation solutions
increased 56 times year-over-year and 67.2%
quarter-over-quarter.
- General and administrative expenses (excluding share-based
compensation expenses), as a percentage of revenues, declined to
4.1% from 5.1% in the second quarter of 2020.
- Adjusted EBITDA was RMB29.1 million (US$4.5 million),
representing a significant improvement from adjusted EBITDA loss of
RMB78.5 million in the first quarter of 2021.
- Adjusted net income was RMB9.9 million (US$1.5 million),
representing a significant improvement from adjusted net loss of
RMB79.3 million in the first quarter of 2021.
- The number of average monthly delivery orders was 45.0 million,
representing an 85.2% year-over-year increase.
- We provided services in 1,205 business circles across 139
cities nationwide in the second quarter of 2021, compared with 952
business circles across 75 cities in the same period in 2020.
Comment from Leslie Yu, Chairman and Chief Executive Officer of
QUHUO: “We are pleased to report another strong quarter as total
revenues grew by 81% year-over-year and almost reached milestone of
RMB1 billion, thanks to strong demand for our services and our
large workforce networks across the country. All three of our main
business lines — on-demand delivery solutions, mobility service
solutions, and housekeeping and accommodation solutions — cover the
needs of people’s daily necessities, and saw robust growth momentum
in the second quarter. At the same time, we achieved adjusted net
income of RMB9.9 million, a significant improvement from the first
quarter. These results reflect the economy of scale of our business
model and strong execution of our multi-scenario deployment
strategy. Looking ahead, we are strongly motivated by the
tremendous growth opportunities as we rapidly scale our platform to
meet growing demand in various service areas. We are fully
committed to delivering long-term value and profitable growth for
our shareholders.”
Unaudited Second Quarter 2021 Financial
Results
Total revenues were RMB991.8 million (US$153.6 million),
representing an increase of 81.1% year-over-year, primarily due to
the rapid growth of our major business lines.
- Revenues from on-demand delivery
solutions were RMB942.2 million (US$145.9 million), representing an
increase of 74.1% from RMB541.3 million in the second quarter of
2020, primarily due to the increase in delivery orders fulfilled as
a result of the industry growth in the aftermath of COVID-19 and
our continued penetration and expansion into new geographical
markets.
- Revenues from mobility service
solutions, consisting of shared-bike maintenance and ride hailing
solutions, were RMB25.7 million (US$4.0 million), representing an
increase of 336.9% from RMB5.9 million in the second quarter of
2020, primarily due to our enlarged customer base and service scope
in shared-bike maintenance solutions and the increase in the
numbers of ride-hailing drivers on our platform.
- Revenues from housekeeping and
accommodation solutions were RMB21.8 million (US$3.4 million),
representing a significant increase from RMB0.4 million in the
second quarter of 2020. This was primarily due to our enlarged
customer base for provision of housekeeping and accommodation
solutions, including hotels and B&Bs, as part of the network
synergy we achieved following the acquisition of Lailai and Chengtu
Home.
Cost of revenues was RMB920.0 million (US$142.5 million),
representing an increase of 88.8% year-over-year, primarily
attributable to increased labor cost in line with our continuing
business expansion.
General and administrative expenses were RMB84.7 million
(US$13.1 million), representing an increase of 187.2% from RMB29.5
million in the second quarter of 2020. The increase was primarily
due to the increases in (1) share-based compensation expenses from
RMB 1.3 million in the second quarter of 2020 to RMB 44.4 million
in the second quarter of 2021, and (2) professional service
expenses. Excluding share-based compensation expenses, general and
administrative expenses increased by 42.9% year-over-year and, as a
percentage of revenues, declined to 4.1% from 5.1% in
the second quarter of 2020.
Research and development expenses were RMB4.5 million
(US$692,000), representing an increase of 63.6% from RMB2.7 million
in the second quarter of 2020, primarily due to the increase in
compensation for research and development personnel.
Operating loss was RMB14.7 million (US$2.3 million), compared to
operating profit of RMB29.6 million in the second quarter of 2020.
Excluding share-based compensation expenses, the adjusted operating
profit was RMB29.7 million, compared to RMB30.9 million in the
second quarter of 2020.
We recorded other loss, net, of RMB7.0 million (US$1.1 million),
compared to other income, net, of RMB3.6 million in the second
quarter of 2020, primarily due to the decrease in fair value change
of investment in a mutual fund.
Income tax expense was RMB11.2 million (US$ 1.7 million), which
remained relatively stable as compared to RMB11.5 million in the
second quarter of 2020.
Net loss attributable to Quhuo Limited was RMB31.0 million
(US$4.8 million), compared to net income of RMB20.7million in the
second quarter of 2020.
Adjusted EBITDA was RMB29.1 million (US$4.5 million), compared
to adjusted EBITDA of RMB40.3 million in the second quarter of
2020.(1)
Adjusted net income was RMB9.9 million (US$1.5 million),
compared to adjusted net income of RMB21.0 million in the second
quarter of 2020.(1) _____________
(1) See “Use of Non-GAAP
Financial Measures.”Balance Sheet
As of June 30, 2021, the Company had cash, short-term
investments and restricted cash of RMB248.6 million (US$38.5
million) and short-term debt of RMB141.6 million (US$21.9
million).
Financial outlook
For the third quarter of 2021, the Company expects total
revenues to be in the range of RMB1,100 million to RMB1,200
million, representing an increase of 43% to 56% year-over-year.
The forecast reflects the Company’s current and preliminary
views on the market and its operational conditions, which is
subject to change.
CONFERENCE CALL
Quhuo will hold a conference call on Wednesday,
August 25, 2021 at 8:00 a.m. U.S. Eastern Time (8:00 p.m.
Beijing/Hong Kong time on the same day) to discuss the financial
results.
Participant can register for the conference call
by navigating to
http://apac.directeventreg.com/registration/event/3734964. Once
preregistration has been completed, participants will receive
dial-in numbers, a direct event passcode, and a unique registrant
ID.
To join the conference, please dial the number
you receive, enter the direct event passcode followed by your
unique registrant ID, and you will be joined to the conference
instantly.
A live and archived webcast of the conference
call will also be available at the Company’s investor relations
website at https://ir.quhuo.cn/.
A replay will be accessible through 9:59 a.m.
U.S. Eastern Time on September 2, 2021 (9:59 p.m. Beijing/Hong Kong
time on the same day):
United
States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
China Domestic: |
400-6322-162 |
Hong Kong: |
+852-3051-2780 |
Conference ID: |
3734964# |
USE OF NON-GAAP FINANCIAL
MEASURES
Quhuo has provided in this press release financial information
that has not been prepared in accordance with generally accepted
accounting principles in the United States (GAAP).
Quhuo uses adjusted net income (loss) and adjusted EBITDA, which
are non-GAAP financial measures, in evaluating our operating
results and for financial and operational decision-making purposes.
Adjusted net income (loss) represents net income (loss) before
share-based compensation expenses. Adjusted EBITDA represents
adjusted net income(loss) before income tax benefit(expense),
amortization, depreciation and interest. Quhuo believes that these
non-GAAP financial measures help identify underlying trends in its
business that could otherwise be distorted by the effect of
share-based compensation expenses, income tax benefits or expenses,
amortization, depreciation and interest. Quhuo believes that such
non-GAAP financial measures also 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 its management in
its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. They should not
be considered in isolation or construed as alternatives to net loss
or any other measure of performance or as an indicator of Quhuo’s
operating performance. Further, these non-GAAP financial measures
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 the Company’s data. Quhuo encourages investors and
others to review the Company’s financial information in its
entirety and not rely on a single financial measure. Investors are
encouraged to compare the historical non-GAAP financial measures
with the most directly comparable GAAP measures. Quhuo mitigates
these limitations by reconciling the non-GAAP financial measures to
the most comparable U.S. GAAP performance measures, all of which
should be considered when evaluating its performance. The following
table sets forth a reconciliation of our net income (loss) to
adjusted net income and adjusted EBITDA, respectively.
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QUHUO LIMITED |
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Reconciliation of GAAP and Non-GAAP Results |
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, 2020 |
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June 30, 2021 |
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June 30, 2021 |
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June 30, 2020 |
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June 30, 2021 |
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June 30, 2021 |
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(RMB) |
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(RMB) |
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(US$) |
|
(RMB) |
|
(RMB) |
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(US$) |
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Net income/(loss) |
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19,680 |
|
|
(34,452 |
) |
|
(5,335 |
) |
|
(1,899 |
) |
|
(119,557 |
) |
|
(18,519 |
) |
Less: Share-based
Compensation |
|
(1,290 |
) |
|
(44,401 |
) |
|
(6,877 |
) |
|
(2,580 |
) |
|
(50,252 |
) |
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(7,783 |
) |
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Adjusted net
income/(loss) |
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20,970 |
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9,949 |
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|
1,542 |
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|
681 |
|
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(69,305 |
) |
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(10,736 |
) |
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Less: Income tax expense |
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(11,518 |
) |
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(11,201 |
) |
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(1,735 |
) |
|
(14,436 |
) |
|
(3,854 |
) |
|
(597 |
) |
Depreciation |
|
(2,640 |
) |
|
(1,992 |
) |
|
(309 |
) |
|
(4,113 |
) |
|
(3,818 |
) |
|
(591 |
) |
Amortization |
|
(2,977 |
) |
|
(4,257 |
) |
|
(659 |
) |
|
(6,033 |
) |
|
(9,127 |
) |
|
(1,414 |
) |
Interest expense |
|
(2,223 |
) |
|
(1,710 |
) |
|
(265 |
) |
|
(4,663 |
) |
|
(3,097 |
) |
|
(480 |
) |
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Adjusted
EBITDA |
|
40,328 |
|
|
29,109 |
|
|
4,510 |
|
|
29,926 |
|
|
(49,409 |
) |
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(7,654 |
) |
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EXCHANGE RATE INFORMATION
This press release contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB 6.4566 to US$1.00, the rate
in effect as of June 30, 2021 as set forth in the H.10 statistical
release of the Federal Reserve Board. The Company makes no
representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
SAFE HARBOR STATEMENT
This press 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 the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical or current fact
included in this press release are forward-looking statements,
including but not limited to statements regarding Quhuo’s business
development, financial outlook, beliefs and expectations.
Forward-looking statements include statements containing words such
as “expect,” “anticipate,” “believe,” “project,” “will” and similar
expressions intended to identify forward-looking statements. These
forward-looking statements are based on Quhuo’s current
expectations and involve risks and uncertainties. Quhuo’s actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these
risks and uncertainties, which include, without limitation, risks
and uncertainties related to Quhuo’s abilities to (1) manage its
growth and expand its operations, (2) address any or all of the
risks and challenges in the future in light of its limited
operating history and evolving business portfolios, (3) remain its
competitive position in the on-demand food delivery market or
further diversify its solution offerings and customer portfolio,
(4) maintain relationships with major customers and to find
replacement customers on commercially desirable terms or in a
timely manner or at all, (5) maintain relationship with existing
industry customers or attract new customers, (6) attract, retain
and manage workers on its platform, and (7) maintain its market
shares to competitors in existing markets and its success in
expansion into new markets, as well as the length and severity of
the recent COVID-19 outbreak and its impact on Quhuo’s business and
industry. Other risks and uncertainties are included under the
caption “Risk Factors” and elsewhere in the Company’s filings with
the Securities and Exchange Commission, including, without
limitation, the final prospectus related to the IPO filed with the
SEC on July 10, 2020 and the Company’s latest annual report on Form
20-F. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and Quhuo undertakes
no obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date hereof.
ABOUT QUHUO LIMITED
Quhuo Limited (NASDAQ: QH) is a leading
workforce operational solution platform in China. Quhuo provides
tech-enabled, end-to-end operational solutions to blue-chip
on-demand consumer service businesses in industries with
significant e-commerce exposure, primarily including on-demand
delivery, mobility services, housekeeping and accommodation.
Quhuo’s platform helps its industry customers mobilize a large team
of workers and utilizes a combination of training, performance
monitoring and refinement, and incentives to transform them into
skilled workers who can follow industry-specific, standardized and
highly efficient service procedures. Within the on-demand consumer
service ecosystem, the Company plays a unique and indispensable
role as the link between consumer service businesses and the end
consumers to enable the delivery of goods, services and experiences
to consumers.
For more information about Quhuo, please visit
https://ir.quhuo.cn/.
CONTACTS:
Investor RelationsQuhuo
LimitedAnnia SunE-mail: ir@meishisong.cn
ChristensenIn ChinaMr. Eric YuanPhone:
+86-13801110739E-mail: Eyuan@christensenir.com
In USMs. Linda BergkampPhone:
+1-480-614-3004E-mail: lbergkamp@christensenir.com
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QUHUO LIMITED |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
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(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”),
except for number of shares and per share data) |
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As of December 31, 2020 |
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As of June 30, 2021 |
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As of June 30, 2021 |
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(RMB) |
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(RMB) |
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(US$) |
Assets |
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Current assets |
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Cash |
|
97,807 |
|
67,305 |
|
10,424 |
Restricted cash |
|
5,948 |
|
7,802 |
|
1,208 |
Short-term investments |
|
201,578 |
|
173,500 |
|
26,872 |
Accounts receivable, net |
|
381,248 |
|
430,510 |
|
66,678 |
Prepayments and other current assets |
|
45,462 |
|
48,939 |
|
7,580 |
Amounts due from related parties |
|
2,940 |
|
- |
|
- |
Total current assets |
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734,983 |
|
728,056 |
|
112,762 |
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Property and equipment, net |
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23,390 |
|
25,963 |
|
4,021 |
Intangible assets, net |
|
111,990 |
|
128,743 |
|
19,940 |
Long-term investments |
|
1,065 |
|
1,065 |
|
165 |
Right-of-use assets, net |
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32,534 |
|
7,933 |
|
1,229 |
Goodwill |
|
118,724 |
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118,724 |
|
18,388 |
Deferred tax assets |
|
2,370 |
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7,786 |
|
1,206 |
Other non-current assets |
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105,501 |
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133,622 |
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20,694 |
Total non-current assets |
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395,574 |
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423,836 |
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65,643 |
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Total
assets |
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1,130,557 |
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1,151,892 |
|
178,405 |
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|
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Liabilities,
non-controlling interests and shareholders’ equity |
|
|
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|
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Current liabilities |
|
|
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|
|
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Accounts payables |
|
268,939 |
|
289,369 |
|
44,818 |
Short-term lease liabilities |
|
17,707 |
|
5,025 |
|
778 |
Accrued expenses and other current liabilities |
|
105,744 |
|
136,104 |
|
21,079 |
Short-term debt |
|
73,837 |
|
141,563 |
|
21,925 |
Total current liabilities |
|
466,227 |
|
572,061 |
|
88,600 |
|
|
|
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|
|
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Deferred tax liabilities |
|
727 |
|
- |
|
- |
Long-term debt |
|
5,135 |
|
1,762 |
|
273 |
Long-term lease liabilities |
|
14,623 |
|
1,980 |
|
307 |
Other non-current liabilities |
|
41,014 |
|
44,786 |
|
6,936 |
Total non-current liabilities |
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61,499 |
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48,528 |
|
7,516 |
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Total
liabilities |
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527,726 |
|
620,589 |
|
96,116 |
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QUHUO LIMITED |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
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|
As of December 31, 2020 |
|
As of June 30, 2021 |
|
As of June 30, 2021 |
|
|
(RMB) |
|
(RMB) |
|
(US$) |
|
|
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Shareholders’
equity |
|
|
|
|
|
|
Ordinary shares |
|
36 |
|
|
36 |
|
|
6 |
|
Additional paid-in capital |
|
1,779,923 |
|
|
1,830,458 |
|
|
283,502 |
|
Accumulated deficit |
|
(1,208,827 |
) |
|
(1,320,304 |
) |
|
(204,489 |
) |
Accumulated other comprehensive income |
|
(14,843 |
) |
|
(16,623 |
) |
|
(2,575 |
) |
Total Quhuo Limited shareholders’
equity |
|
556,289 |
|
|
493,567 |
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|
76,444 |
|
Non-controlling interests |
|
46,542 |
|
|
37,736 |
|
|
5,845 |
|
Total shareholders’
equity |
|
602,831 |
|
|
531,303 |
|
|
82,289 |
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
1,130,557 |
|
|
1,151,892 |
|
|
178,405 |
|
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QUHUO LIMITED |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
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|
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(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”),
except for number of shares and per share data) |
|
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|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2021 |
|
(RMB) |
|
(RMB) |
|
(US$) |
|
(RMB) |
|
(RMB) |
|
(US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
547,577 |
|
|
991,830 |
|
|
153,615 |
|
|
940,195 |
|
|
1,838,326 |
|
|
284,720 |
|
Cost of revenues |
|
(487,224 |
) |
|
(920,017 |
) |
|
(142,492 |
) |
|
(868,700 |
) |
|
(1,788,774 |
) |
|
(277,046 |
) |
General and administrative |
|
(29,487 |
) |
|
(84,692 |
) |
|
(13,117 |
) |
|
(57,014 |
) |
|
(128,903 |
) |
|
(19,965 |
) |
Research and development |
|
(2,732 |
) |
|
(4,470 |
) |
|
(692 |
) |
|
(5,317 |
) |
|
(9,181 |
) |
|
(1,422 |
) |
Gains on disposal of intangible assets, net |
|
1,437 |
|
|
2,616 |
|
|
405 |
|
|
1,292 |
|
|
2,972 |
|
|
460 |
|
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Operating
income/(loss) |
|
29,571 |
|
|
(14,733 |
) |
|
(2,281 |
) |
|
10,456 |
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|
(85,560 |
) |
|
(13,253 |
) |
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Interest income |
|
254 |
|
|
207 |
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|
32 |
|
|
515 |
|
|
377 |
|
|
58 |
|
Interest expense |
|
(2,223 |
) |
|
(1,710 |
) |
|
(265 |
) |
|
(4,663 |
) |
|
(3,097 |
) |
|
(480 |
) |
Other income/(loss), net |
|
3,601 |
|
|
(7,015 |
) |
|
(1,086 |
) |
|
6,930 |
|
|
(27,375 |
) |
|
(4,240 |
) |
Foreign exchange loss |
|
(5 |
) |
|
- |
|
|
- |
|
|
(701 |
) |
|
(48 |
) |
|
(7 |
) |
Income/(Loss) before
income tax |
|
31,198 |
|
|
(23,251 |
) |
|
(3,600 |
) |
|
12,537 |
|
|
(115,703 |
) |
|
(17,922 |
) |
Income tax expense |
|
(11,518 |
) |
|
(11,201 |
) |
|
(1,735 |
) |
|
(14,436 |
) |
|
(3,854 |
) |
|
(597 |
) |
Net
income/(loss) |
|
19,680 |
|
|
(34,452 |
) |
|
(5,335 |
) |
|
(1,899 |
) |
|
(119,557 |
) |
|
(18,519 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interests |
|
980 |
|
|
3,502 |
|
|
542 |
|
|
2,956 |
|
|
8,080 |
|
|
1,251 |
|
Net income/(loss)
attributable to ordinary shareholders of Quhuo
limited |
|
20,660 |
|
|
(30,950 |
) |
|
(4,793 |
) |
|
1,057 |
|
|
(111,477 |
) |
|
(17,268 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Data |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income/(loss) |
|
20,970 |
|
|
9,949 |
|
|
1,542 |
|
|
681 |
|
|
(69,305 |
) |
|
(10,736 |
) |
Adjusted EBITDA |
|
40,328 |
|
|
29,109 |
|
|
4,510 |
|
|
29,926 |
|
|
(49,409 |
) |
|
(7,654 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.53 |
|
|
(0.71 |
) |
|
(0.11 |
) |
|
0.03 |
|
|
(2.56 |
) |
|
(0.40 |
) |
Diluted |
|
0.53 |
|
|
(0.71 |
) |
|
(0.11 |
) |
|
0.03 |
|
|
(2.56 |
) |
|
(0.40 |
) |
Net
income/(loss) used in basic and diluted earnings/(loss) per share
calculation |
20,660 |
|
|
(30,950 |
) |
|
(4,793 |
) |
|
1,057 |
|
|
(111,477 |
) |
|
(17,268 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary sharesused in
earnings/(loss) per share computation: |
|
|
|
|
|
|
|
|
Basic |
|
14,972,760 |
|
|
43,631,893 |
|
|
43,631,893 |
|
|
14,972,760 |
|
|
43,467,334 |
|
|
43,467,334 |
|
Diluted |
|
39,103,860 |
|
|
43,631,893 |
|
|
43,631,893 |
|
|
39,103,860 |
|
|
43,467,334 |
|
|
43,467,334 |
|
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