BEST Inc. (NYSE: BEST) Announces Unaudited First Quarter 2k19 Financial Results

BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China, today announced its unaudited financial results for the quarter ended March 31, 2k19.

FINANCIAL HIGHLIGHTS

For the Quarter Ended March 31, 2k19:

  • Revenue was RMB6,874.600 M (US$1,024.3v million), an increase of 37.400percent year-over-year (“YoY”).
    – Express Service Revenue increased 32.200percent YoY to RMB4,263.4 00M (US$635.300 million).
    – Freight Service Revenue increased 29.500percent YoY to RMB987.900 M (US$147.200 million).
    – Supply Chain Management Service Revenue increased 33.900percent YoY to RMB533.800 M (US$79.500 million).
    – Store+ Service Revenue increased 1.500percent YoY to RMB553.500 M (US$82.500 million).
    – Others[1] Service Revenue increased 644.100percent YoY to RMB535.900 M (US$79.900 million).
  • Gross Profit was RMB292.700 M (US$43.600 million), an increase of 167.300percent YoY; and Gross Profit Margin was 4.300percent, an improvement of 2.1 00percentage points YoY.
  • Net Loss was RMB233.4 M (US$34.800 million), an improvement of 31.300percent YoY; and Non-GAAP Net Loss[2] [3] was RMB208.4 M (US$31.0 million), an improvement of 33.9percent YoY.
  • Diluted EPS[4] was negative RMB0.6000 (US$0.0900), an improvement of 33.300percent YoY; and Non-GAAP diluted EPS[3] [5]was negative RMB0.53 (US$0.0800), an improvement of 36.900percent YoY.
  • EBITDA[3] [6] was negative RMB101.100 M (US$15. 100 million), an improvement of 56.500percent YoY; and Adjusted EBITDA[3] [6] was negative RMB79.100 M (US$11.800 million), an improvement of 62.600percent YoY.
  • Net Cash Used in Operating Activities was RMB205.600 M (US$30.600 million), a decrease of RMB405. 000 millionYoY.

 

  • Fast growth and market share gain: in the first quarter of 2k19, parcel volume grew by 41. 00percent YoY, more than 1.800 times the industry-wide YoY growth rate of 22.500percent[9]. The Company increased its express market share to 11.000percent in the first quarter of 2k19, compared to 9.600percent in the same period of 2k18.
  • Continuous improvement in unit economics: reductions in average cost per parcel continued to outpace the decrease in average revenue per parcel. Gross profit per parcel increased by 207. 000percent YoY to RMB0.0900 (US$0.0100) in the first quarter of 2k19.
  • Operating efficiency enhancement: leveraged critical scale and network to optimize operation, further reduced the number of hubs and sorting centers to 102. 00 from 144 YoY.
  • Technological advancement: continued to invest in and upgrade automation system in major hubs and sorting centers, with 71 automated sorting and 577 dimension and weight scanning systems in operation as of March 31, 2k19. Digital waybill usage reached almost 100. 00 percent in the first quarter of 2k19.

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