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.
View original content:https://www.prnewswire.com/news-releases/best-inc-announces-unaudited-first-quarter-2024-financial-results-302165920.html
SOURCE BEST Inc.
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