HANGZHOU, China, June 6, 2024
/PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a
leading integrated smart supply chain solutions and logistics
services provider in China and
Southeast Asia ("SEA"), today
announced its unaudited financial results for the first quarter
ended March 31, 2024.
FINANCIAL HIGHLIGHTS (1)
For the First Quarter Ended March 31,
2024:(2)
- Revenue was RMB1,942.0
million (US$269.0 million),
compared to RMB1,715.3 million in the
first quarter of 2023. The increase was primarily due to increased
revenue of BEST Freight and BEST Global.
- Gross Profit was RMB55.2
million (US$7.6 million),
compared to gross loss of RMB8.5
million in the first quarter of 2023. The increase was
primarily due to increased volume and further improvements of
operating efficiency for both BEST Freight and BEST Global.
Gross Profit Margin was 2.8% for the first quarter of 2024,
compared to Gross Loss Margin of 0.5% in the same period of
2023.
- Net Loss from continuing operations was
RMB172.1 million (US$23.8 million), compared to RMB257.6 million in the first quarter of 2023;
which represented approximately 33% improvement year over year.
Non-GAAP Net Loss from continuing
operations(3)(4) was
RMB164.9 million (US$22.8 million), compared to RMB245.5 million in the first quarter of
2023.
- Diluted loss per ADS(5) from
continuing operations was RMB8.69
(US$1.20), compared to RMB12.38 in the first quarter of 2023.
Non-GAAP diluted loss per ADS(3)(4) from
continuing operations was RMB8.30
(US$1.15), compared to RMB11.77 in the first quarter of 2023.
- EBITDA(6) from continuing
operations was negative RMB133.5
million (US$18.5 million),
compared to negative RMB218.9 million
in the first quarter of 2023. Adjusted
EBITDA(6) from continuing operations was
negative RMB126.3 million
(US$17.5 million), compared to
negative RMB206.8 million in the
first quarter of 2023.
BEST Freight – BEST Freight recorded a revenue growth of
16.3% in the first quarter of 2024, year over year. Freight's gross
margin was 3.4%, representing a 3.6 percentage points improvement
from the same period of 2023 as we continued to reduce operating
expenses and improve efficiency.
BEST Supply Chain Management – BEST Supply Chain
Management's revenue decreased by 6.6% in the first quarter of 2024
compared with the same period of last year as we discontinued
certain not-profitable key account customers.
BEST Global – In the first quarter of 2024, BEST Global
continued its robust e-commerce growth. BEST Global's first
quarter's revenue increased by 42.6% while its parcel volumes
increased by 39.4% compared with the same quarter of 2023. In
additional, for the first quarter of 2024, parcel volumes in
Vietnam and Malaysia increased by 120.0% and 23.8%,
respectively and total volume of the cross-border business
increased by 256.4%; year over year.
Key Operational Metrics
|
Three Months
Ended
|
% Change
YOY
|
|
March
31,
2022
|
|
March
31,
2023
|
|
March
31,
2024
|
|
2023 vs
2022
|
|
2024 vs
2023
|
|
|
|
|
|
|
Freight Volume (Tonne
in '000)
|
1,683
|
|
1,769
|
1,987
|
|
5.1 %
|
|
12.4 %
|
|
Supply Chain
Management
Volume (Tonne in '000)
|
330
|
|
390
|
|
360
|
|
97.0 %
|
|
(7.7 %)
|
|
Global Parcel Volume
in SEA
(in '000)
|
38,390
|
|
27,053
|
|
37,715
|
|
(29.5 %)
|
|
39.4 %
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULTS (7)
For the First Quarter Ended March 31,
2024:
Revenue
The following table sets forth a breakdown of revenue by
business segment for the periods indicated.
|
Table 1 – Breakdown
of Revenue by Business Segment
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
2023
|
|
March 31,
2024
|
|
|
|
(In '000, except for
%)
|
RMB
|
% of
Revenue
|
|
RMB
|
US$
|
% of
Revenue
|
|
% Change
YOY
|
|
Freight
|
1,051,873
|
61.3 %
|
|
1,223,486
|
169,451
|
63.0 %
|
|
16.3 %
|
|
Supply Chain
Management
|
440,254
|
25.7 %
|
|
411,009
|
56,924
|
21.2 %
|
|
(6.6 %)
|
|
Global
|
197,028
|
11.5 %
|
|
280,874
|
38,901
|
14.4 %
|
|
42.6 %
|
|
Others(8)
|
26,107
|
1.5 %
|
|
26,666
|
3,693
|
1.4 %
|
|
2.1 %
|
|
Total
Revenue
|
1,715,262
|
100.0 %
|
|
1,942,035
|
268,969
|
100.0 %
|
|
13.2 %
|
- Freight Service Revenue was RMB1,223.5
million (US$169.5 million) for
the first quarter of 2024, compared to RMB1,051.9 million in the same period of last
year. Freight service revenue increased by 16.3% year over year,
primarily due to increase in both volume and average selling price
per tonne.
- Supply Chain Management Service Revenue decreased by 6.6% year
over year to RMB411.0 million
(US$56.9 million) for the first
quarter of 2024 from RMB440.3 million
in the same period of last year as we discontinued certain
not-profitable key account customers.
- Global Service Revenue increased by 42.6% year over year to
RMB280.9 million (US$38.9 million) for the first quarter of 2024
from RMB197.0 million in the same
period of last year, primarily due to volume growth in Vietnam, Malaysia and cross-border business.
Cost of Revenue
The following table sets forth a breakdown of cost of revenue by
business segment for the periods indicated.
|
Table 2 – Breakdown
of Cost of Revenue by Business Segment
|
|
|
|
Three Months
Ended
|
|
% of Revenue
Change
YOY
|
|
March 31,
2023
|
|
March 31,
2024
|
|
|
(In '000, except for
%)
|
RMB
|
% of
Revenue
|
|
RMB
|
US$
|
% of
Revenue
|
|
|
Freight
|
(1,054,635)
|
100.3 %
|
|
(1,182,417)
|
(163,763)
|
96.6 %
|
|
(3.6 %)
|
|
Supply Chain
Management
|
(404,350)
|
91.8 %
|
|
(383,345)
|
(53,093)
|
93.3 %
|
|
1.4 %
|
|
Global
|
(249,204)
|
126.5 %
|
|
(313,793)
|
(43,460)
|
111.7 %
|
|
(14.8 %)
|
|
Others
|
(15,538)
|
59.5 %
|
|
(7,256)
|
(1,004)
|
27.2 %
|
|
(32.3 %)
|
|
Total Cost of
Revenue
|
(1,723,727)
|
100.5 %
|
|
(1,886,811)
|
(261,320)
|
97.2 %
|
|
(3.3 %)
|
- Cost of Revenue for Freight was RMB1,182.4 million (US$163.8 million), or 96.6% of revenue in the
first quarter of 2024. The 3.6 percentage points year-over-year
decrease in cost of revenue as a percentage of revenue was mainly
due to higher volume and improved efficiency.
- Cost of Revenue for Supply Chain Management was RMB383.3 million (US$53.1
million), or 93.3% of revenue, in the first quarter of 2024,
compared to cost of revenue as a percentage of revenue of 91.8% in
the first quarter of 2023. The increase of cost of revenue was
mainly due to new business development with lower growth
margin.
- Cost of Revenue for Global was RMB313.8
million (US$43.5 million), or
111.7% of revenue, in the first quarter of 2024. The 14.8
percentage points year-over-year decrease in cost of revenue as a
percentage of revenue due to increased parcel volume and operating
efficiency.
Gross Profit was RMB55.2
million (US$7.6 million) in
the first quarter of 2024, compared to gross loss of RMB8.5 million in the first quarter of 2023;
Gross Margin was 2.8%, compared to negative 0.5% in the
first quarter of 2023.
Operating Expenses
Selling, General and Administrative ("SG&A") Expenses
were RMB220.4 million (US$30.5 million), or 11.3% of revenue in the
first quarter of 2024, compared to RMB247.7
million, or 14.4% of revenue in the same quarter of 2023, as
we continued to optimize our organizational structure.
Research and Development Expenses were RMB29.3 million (US$4.1
million), or 1.5% of revenue in the first quarter of 2024,
compared to RMB28.7 million, or 1.7%
of revenue in the first quarter of 2023.
Share-based Compensation ("SBC") Expenses included in the
cost and expense items above were RMB7.2
million (US$1.0 million) in
the first quarter of 2024, compared to RMB12.1 million in the same period of 2023. Of
the total SBC expenses, RMB0.04
million (US$0.01 million) was
allocated to cost of revenue, RMB0.3
million (US$0.03 million) was
allocated to selling expenses, RMB6.3
million (US$0.9 million) was
allocated to general and administrative expenses, and RMB0.7 million (US$0.09
million) was allocated to research and development
expenses.
Net Loss and Non-GAAP Net Loss from continuing
operations
Net Loss from continuing operations in the first quarter
of 2024 was RMB172.1 million
(US$23.8 million), compared to
RMB257.6 million in the same period
of 2023. Non-GAAP Net Loss from continuing operations in the
first quarter of 2024 was RMB164.9
million (US$22.8 million),
compared to RMB245.5 million in the
first quarter of 2023.
Diluted loss per ADS and Non-GAAP diluted loss per ADS from
continuing operations
Diluted loss per ADS from continuing operations in
the first quarter of 2024 was RMB8.69
(US$1.20), compared to a loss of
RMB12.38 in the same period of 2023.
Non-GAAP diluted loss per ADS from continuing operations in
the first quarter of 2024 was RMB8.30
(US$1.15), compared to a loss of
RMB11.77 in the first quarter of
2023. A reconciliation of non-GAAP diluted loss per ADS to diluted
loss per ADS is included at the end of this results
announcement.
Adjusted EBITDA and Adjusted EBITDA Margin from continuing
operations
Adjusted EBITDA from continuing operations in the first
quarter of 2024 was negative RMB126.3
million (US$17.5 million),
compared to negative RMB206.8 million
in the same period of 2023. Adjusted EBITDA Margin from
continuing operations in the first quarter of 2024 was negative
6.5%, compared to negative 12.1% in the same period of 2023.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investments
As of March 31, 2024, cash and
cash equivalents, restricted cash and short-term investments were
RMB2,095.8 million (US$290.3 million), compared to RMB3,171.8 million as of March 31, 2023. In July
2023, the Company repurchased approximately US$75 million (RMB542
million) aggregate principal amount of its existing
Convertible Senior Notes due 2024.
Net Cash Used In Continuing Operating
Activities
Net cash used in continuing operating activities in the first
quarter of 2024 was RMB138.5 million
(US$19.2 million), compared to
RMB163.2 million of net cash used in
continuing operating activities in the same period of 2023.
SHARES OUTSTANDING
As of May 17, 2024, the Company
had approximately 401.9 million ordinary shares
outstanding(9). Each American Depositary Share
represents twenty (20) Class A ordinary shares.
As previously announced, effective from April 4, 2023, the Company changed the ratio of
its American Depositary Shares to its Class A ordinary shares, par
value US$0.01 per share, from the
original ADS ratio of one (1) ADS to five (5) Class A ordinary
share, to a new ADS ratio of one (1) ADS to twenty (20) Class A
ordinary shares.
Effective as of September 25,
2023, the Company's board of directors terminated its
previously announced share repurchase program, under which the
Company could repurchase up to US$20
million worth of its outstanding American Depositary Shares
over a 12-month period. Prior to the program's termination, the
Company repurchased a total of 1,265,685 ADSs for a total amount
paid of approximately US$3.3 million
(excluding commissions) under the program.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China and SEA. Through its proprietary
technology platform and extensive networks, BEST offers a
comprehensive set of logistics and value-added services, including
freight delivery, supply chain management, cross-border and global
logistics services. BEST's mission is to empower business and
enrich life by leveraging technology and business model innovation
to create a smarter, more efficient integrated supply chain
management eco-system. For more information, please visit:
http://www.best-inc.com/en/.
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
compete effectively; BEST's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates, 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/income, non-GAAP net
loss/income margin, adjusted EBITDA, adjusted EBITDA margin,
EBITDA, and non-GAAP Diluted earnings/loss per ADS, 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.
|
Summary of Unaudited
Condensed Consolidated Income Statements
|
|
(In
Thousands)
|
|
|
Three Months
Ended March 31,
|
|
2023
|
2024
|
|
RMB
|
RMB
|
US$
|
|
Revenue
|
|
|
|
|
Freight
|
1,051,873
|
1,223,486
|
169,451
|
|
Supply Chain
Management
|
440,254
|
411,009
|
56,924
|
|
Global
|
197,028
|
280,874
|
38,901
|
|
Others
|
26,107
|
26,666
|
3,693
|
|
Total
Revenue
|
1,715,262
|
1,942,035
|
268,969
|
|
Cost of
Revenue
|
|
|
|
|
Freight
|
(1,054,635)
|
(1,182,417)
|
(163,763)
|
|
Supply Chain
Management
|
(404,350)
|
(383,345)
|
(53,093)
|
|
Global
|
(249,204)
|
(313,793)
|
(43,460)
|
|
Others
|
(15,538)
|
(7,256)
|
(1,004)
|
|
Total Cost of
Revenue
|
(1,723,727)
|
(1,886,811)
|
(261,320)
|
|
Gross
(Loss)/Profit
|
(8,465)
|
55,224
|
7,649
|
|
Selling
Expenses
|
(53,817)
|
(68,145)
|
(9,438)
|
|
General and
Administrative Expenses
|
(193,890)
|
(152,225)
|
(21,083)
|
|
Research and
Development Expenses
|
(28,697)
|
(29,284)
|
(4,056)
|
|
Other operating
expense,
net
|
(1,366)
|
(3,272)
|
(453)
|
|
Loss from
Operations
|
(286,235)
|
(197,702)
|
(27,381)
|
|
Interest
Income
|
21,678
|
15,688
|
2,173
|
|
Interest
Expense
|
(17,621)
|
(12,445)
|
(1,724)
|
|
Foreign Exchange
Gain/(loss)
|
14,724
|
(314)
|
(43)
|
|
Other Income
|
5,224
|
2,285
|
316
|
|
Other
Expense
|
(651)
|
(1,875)
|
(260)
|
|
Gain on changes in the
fair value of derivative assets/liabilities
|
5,392
|
22,365
|
3,098
|
|
Loss before Income
Tax and Share of Net Loss of
Equity Investees
|
(257,489)
|
(171,998)
|
(23,821)
|
|
Income Tax
Expense
|
(138)
|
(103)
|
(15)
|
|
Net Loss from
continuing operations
|
(257,627)
|
(172,101)
|
(23,836)
|
|
Net (loss)/gain from
discontinued operations
|
-
|
-
|
-
|
|
Net
Loss
|
(257,627)
|
(172,101)
|
(23,836)
|
|
Net Loss from
continuing operations attributable to
non-controlling
interests
|
(13,428)
|
(11,169)
|
(1,547)
|
|
Net Loss
attributable to BEST Inc.
|
(244,199)
|
(160,932)
|
(22,289)
|
|
|
|
|
|
|
Summary of Unaudited
Condensed Consolidated Balance Sheets
|
|
(In
Thousands)
|
|
|
|
|
As of December
31,2023
|
As of March 31,
2024
|
|
RMB
|
|
RMB
|
US$
|
|
Assets
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and Cash
Equivalents
|
425,976
|
|
232,923
|
32,259
|
|
Restricted
Cash
|
1,008,318
|
|
1,349,705
|
186,932
|
|
Accounts and Notes
Receivables
|
829,802
|
|
750,916
|
104,001
|
|
Inventories
|
7,794
|
|
8,116
|
1,124
|
|
Prepayments and Other
Current Assets
|
674,100
|
|
757,848
|
104,961
|
|
Short‑term
Investments
|
35,888
|
|
61,749
|
8,552
|
|
Amounts Due from
Related Parties
|
60,394
|
|
48,916
|
6,775
|
|
Lease Rental
Receivables
|
47,925
|
|
25,234
|
3,495
|
|
Total Current
Assets
|
3,090,197
|
|
3,235,407
|
448,099
|
|
Non‑current
Assets
|
|
|
|
|
|
Property and Equipment,
Net
|
624,205
|
|
594,836
|
82,384
|
|
Intangible Assets,
Net
|
93,173
|
|
91,196
|
12,631
|
|
Long‑term
Investments
|
156,859
|
|
156,859
|
21,725
|
|
Goodwill
|
54,135
|
|
54,135
|
7,498
|
|
Non‑current
Deposits
|
81,869
|
|
52,971
|
7,336
|
|
Other Non‑current
Assets
|
46,913
|
|
43,931
|
6,084
|
|
Restricted
Cash
|
812,371
|
|
451,431
|
62,522
|
|
Lease Rental
Receivables
|
314
|
|
-
|
-
|
|
Operating Lease
Right-of-use Assets
|
1,293,526
|
|
1,216,540
|
168,488
|
|
Total non‑current
Assets
|
3,163,365
|
|
2,661,899
|
368,668
|
|
Total
Assets
|
6,253,562
|
|
5,897,306
|
816,767
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Long-term
borrowings-current
|
721
|
|
55
|
8
|
|
Long-term
Bank Loans-current
|
794,679
|
|
956,858
|
132,523
|
|
Convertible Senior
Notes held by related parties
|
531,202
|
|
106,425
|
14,740
|
|
Convertible Senior
Notes held by third parties
|
78
|
|
78
|
11
|
|
Short‑term Bank
Loans
|
401,755
|
|
459,400
|
63,626
|
|
Accounts and Notes
Payable
|
1,640,864
|
|
1,483,687
|
205,488
|
|
Income Tax
Payable
|
2,777
|
|
2,604
|
361
|
|
Customer Advances and
Deposits and
Deferred Revenue
|
288,184
|
|
286,732
|
39,711
|
|
Accrued Expenses and
Other Liabilities
|
1,091,573
|
|
1,057,814
|
146,506
|
|
Financing Lease
Liabilities
|
418
|
|
474
|
66
|
|
Operating Lease
Liabilities
|
509,450
|
|
551,756
|
76,417
|
|
Amounts Due to Related
Parties
|
1,119
|
|
1,196
|
166
|
|
Total Current
Liabilities
|
5,262,820
|
|
4,907,079
|
679,623
|
|
|
|
|
|
|
|
Summary of Unaudited
Condensed Consolidated Balance Sheets (Cont'd)
|
|
(In
Thousands)
|
|
|
As of December 31,
2023
|
|
As of March 31,
2024
|
|
RMB
|
|
RMB
|
US$
|
|
Non-current
Liabilities
|
|
|
|
|
|
Convertible senior
notes held by related parties
|
-
|
|
425,700
|
58,959
|
|
Operating Lease
Liabilities
|
876,854
|
|
776,519
|
107,547
|
|
Financing Lease
Liabilities
|
1,231
|
|
1,202
|
166
|
|
Other Non‑current
Liabilities
|
22,837
|
|
18,009
|
2,494
|
|
Long-term Bank
Loans
|
159,729
|
|
133
|
18
|
|
Total Non‑current
Liabilities
|
1,060,651
|
|
1,221,563
|
169,184
|
|
Total
Liabilities
|
6,323,471
|
|
6,128,642
|
848,807
|
|
Mezzanine
Equity:
|
|
|
|
|
|
Convertible
Non-controlling Interests
|
191,865
|
|
191,865
|
26,573
|
|
Total mezzanine
equity
|
191,865
|
|
191,865
|
26,573
|
|
Shareholders'
Deficit
|
|
|
|
|
|
Ordinary
Shares
|
25,988
|
|
25,988
|
3,599
|
|
Treasury
Shares
|
(23,853)
|
|
(23,853)
|
(3,304)
|
|
Additional Paid‑In
Capital
|
19,529,806
|
|
19,537,054
|
2,705,851
|
|
Accumulated
Deficit
|
(19,749,262)
|
|
(19,910,194)
|
(2,757,530)
|
|
Accumulated Other
Comprehensive Income
|
119,169
|
|
122,595
|
16,979
|
|
BEST Inc.
Shareholders' Deficit
|
(98,152)
|
|
(248,410)
|
(34,405)
|
|
Non-controlling
Interests
|
(163,622)
|
|
(174,791)
|
(24,208)
|
|
Total Shareholders'
Deficit
|
(261,774)
|
|
(423,201)
|
(58,613)
|
|
Total Liabilities,
Mezzanine Equity and
Shareholders' Deficit
|
6,253,562
|
|
5,897,306
|
816,767
|
|
Summary of Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
(In
Thousands)
|
|
|
Three Months
Ended March 31,
|
|
2023
|
|
2024
|
|
RMB
|
|
RMB
|
US$
|
|
Net cash used in
continuing operating activities
|
(163,187)
|
|
(138,518)
|
(19,185)
|
|
Net cash used in
operating activities
|
(163,187)
|
|
(138,518)
|
(19,185)
|
|
Net cash generated
from/(used in)
continuing investing
activities
|
683,000
|
|
(132,734)
|
(18,383)
|
|
Net cash generated
from/(used in) investing
activities
|
683,000
|
|
(132,734)
|
(18,383)
|
|
Net cash
generated from continuing financing activities
|
117,619
|
|
52,007
|
7,203
|
|
Net
cash generated from financing
activities
|
117,619
|
|
52,007
|
7,203
|
|
Exchange Rate Effect on
Cash and Cash Equivalents, and
Restricted Cash
|
(13,222)
|
|
6,639
|
919
|
|
Net
increase/(decrease) in Cash and Cash Equivalents,
and Restricted Cash
|
624,210
|
|
(212,606)
|
(29,446)
|
|
Cash and Cash
Equivalents, and Restricted Cash at
Beginning of Period
|
2,478,423
|
|
2,246,665
|
311,160
|
|
Cash and Cash
Equivalents, and Restricted Cash at
End of Period
|
3,102,633
|
|
2,034,059
|
281,714
|
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST
COMPARABLE GAAP MEASURES
For the Company's continuing operations, 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:
|
Table 3 –
Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA
Margin
|
|
|
Three Months
Ended March 31,
2024
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(10)
|
Total
|
|
Net
Loss
|
(42,439)
|
(13,438)
|
(100,337)
|
(6,040)
|
(9,847)
|
(172,101)
|
|
Add
|
|
|
|
|
|
|
|
Depreciation &
Amortization
|
18,243
|
8,602
|
10,921
|
54
|
3,902
|
41,722
|
|
Interest
Expense
|
-
|
-
|
-
|
-
|
12,445
|
12,445
|
|
Income Tax
Expense
|
-
|
-
|
-
|
103
|
-
|
103
|
|
Subtract
|
|
|
|
|
|
|
|
Interest
Income
|
-
|
-
|
-
|
-
|
(15,688)
|
(15,688)
|
|
EBITDA
|
(24,196)
|
(4,836)
|
(89,416)
|
(5,883)
|
(9,188)
|
(133,519)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
1,271
|
696
|
265
|
6
|
5,010
|
7,248
|
|
Adjusted
EBITDA
|
(22,925)
|
(4,140)
|
(89,151)
|
(5,877)
|
(4,178)
|
(126,271)
|
|
Adjusted EBITDA
Margin
|
(1.87 %)
|
(1.01 %)
|
(31.74 %)
|
(22.04 %)
|
-
|
(6.50 %)
|
|
Three Months
Ended March 31, 2023
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated
|
Total
|
|
Net
Loss
|
(80,238)
|
376
|
(111,867)
|
(20,362)
|
(45,536)
|
(257,627)
|
|
Add
|
|
|
|
|
|
|
|
Depreciation &
Amortization
|
19,316
|
8,648
|
9,232
|
509
|
4,952
|
42,657
|
|
Interest
Expense
|
-
|
-
|
-
|
-
|
17,621
|
17,621
|
|
Income Tax
Expense/(Benefit)
|
-
|
-
|
(11)
|
149
|
-
|
138
|
|
Subtract
|
|
|
|
|
|
|
|
Interest
Income
|
-
|
-
|
-
|
-
|
(21,678)
|
(21,678)
|
|
EBITDA
|
(60,922)
|
9,024
|
(102,646)
|
(19,704)
|
(44,641)
|
(218,889)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
1,852
|
788
|
650
|
20
|
8,783
|
12,093
|
|
Adjusted
EBITDA
|
(59,070)
|
9,812
|
(101,996)
|
(19,684)
|
(35,858)
|
(206,796)
|
|
Adjusted EBITDA
Margin
|
(5.62 %)
|
2.23 %
|
(51.77 %)
|
(75.40 %)
|
-
|
(12.06 %)
|
For the Company's continuing operations, 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:
|
Table 4 –
Reconciliation of Non-GAAP Net Loss and Non-GAAP Net Loss
Margin
|
|
|
|
Three Months
Ended March 31,
2024
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(11)
|
Total
|
|
Net Loss
|
(42,439)
|
(13,438)
|
(100,337)
|
(6,040)
|
(9,847)
|
(172,101)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
1,271
|
696
|
265
|
6
|
5,010
|
7,248
|
|
Non-GAAP Net
Loss
|
(41,168)
|
(12,742)
|
(100,072)
|
(6,034)
|
(4,837)
|
(164,853)
|
|
Non-GAAP Net
Loss Margin
|
(3.36 %)
|
(3.10 %)
|
(35.63 %)
|
(22.63 %)
|
-
|
(8.49 %)
|
|
Three Months
Ended March 31, 2023
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(12)
|
Total
|
|
Net
Loss
|
(80,238)
|
376
|
(111,867)
|
(20,362)
|
(45,536)
|
(257,627)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
1,852
|
788
|
650
|
20
|
8,783
|
12,093
|
|
Non-GAAP Net
Loss
|
(78,386)
|
1,164
|
(111,217)
|
(20,342)
|
(36,753)
|
(245,534)
|
|
Non-GAAP Net Loss
Margin
|
(7.45 %)
|
0.26 %
|
(56.45 %)
|
(77.92 %)
|
-
|
(14.31 %)
|
For the Company's continuing operations, the table below sets
forth a reconciliation of the Company's diluted loss per ADS to
Non-GAAP diluted loss per ADS for the periods indicated:
|
Table 5 –
Reconciliation of diluted loss per ADS and Non-GAAP diluted loss
per ADS
|
|
|
Three Months
Ended March 31,
|
|
2024
|
|
(In
'000)
|
RMB
|
US$
|
|
Net Loss Attributable
to Ordinary Shareholders
|
(160,932)
|
(22,289)
|
|
Add
|
|
|
|
Share-based
Compensation Expenses
|
7,248
|
1,004
|
|
Non-GAAP Net Loss
Attributable to Ordinary Shareholders
|
(153,684)
|
(21,285)
|
|
Weighted Average
Diluted Ordinary
Shares Outstanding During
the Quarter
|
|
|
|
Diluted
|
370,219,148
|
370,219,148
|
|
Diluted
(Non-GAAP)
|
370,219,148
|
370,219,148
|
|
Diluted loss
per ordinary share
|
(0.43)
|
(0.06)
|
|
Add
|
|
|
|
Non-GAAP adjustment to
net loss per ordinary
share
|
0.01
|
0.00
|
|
Non-GAAP diluted
loss per ordinary share
|
(0.42)
|
(0.06)
|
|
|
|
|
Diluted loss
per ADS
|
(8.69)
|
(1.20)
|
|
Add
|
|
|
|
Non-GAAP adjustment to
net loss per ADS
|
0.39
|
0.05
|
|
Non-GAAP diluted
loss per ADS
|
(8.30)
|
(1.15)
|
|
(1) All
numbers presented have been rounded to the nearest integer, tenth,
or hundredth, and year over year comparisons are based on figures
before
rounding.
|
|
|
(2) In
December 2021, BEST sold its China express business, the principal
terms of which were previously announced. As a result, China
express business has been deconsolidated from the Company and its
historical financial results are reflected in the Company's
consolidated financial statements as discontinued operations
accordingly. The financial information and non-GAAP financial
information disclosed in this press release is presented on a
continuing operations basis, unless otherwise specifically
stated.
|
|
|
(3) Non-GAAP net income/loss represents net
income/loss excluding share-based compensation expenses.
|
|
|
(4) 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) Diluted earnings/loss per ADS, is calculated by
dividing net income/loss attributable to ordinary shareholders as
adjusted for the effect of dilutive ordinary equivalent shares, if
any, by the weighted average number of ordinary and dilutive
ordinary equivalent shares expressed in ADS outstanding during the
period.
|
|
|
(6) EBITDA represents net income/loss excluding
depreciation, amortization, interest expense and income tax expense
and minus interest income. Adjusted EBITDA represents EBITDA
excluding share-based compensation expenses.
|
|
|
(7) All numbers represented the financial results
from continuing operations, unless otherwise
stated.
|
|
|
(8) "Others"
Segment primarily represents Capital business
units.
|
|
|
(9) 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.
|
|
|
(10) Unallocated expenses are primarily related to
corporate administrative expenses and other miscellaneous items
that are not allocated to individual segments.
|
|
|
(11) Unallocated expenses are primarily related to
corporate administrative expenses and other miscellaneous items
that are not allocated to individual segments.
|
|
|
(12) Unallocated expenses are primarily related to
corporate administrative expenses and other miscellaneous items
that are not allocated to individual segments.
|
|
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SOURCE BEST Inc.
