HANGZHOU, China, March 27,
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 fourth quarter and fiscal year ended December 31, 2023.
FINANCIAL HIGHLIGHTS (1)
For the Fourth Quarter Ended December
31, 2023:(2)
- Revenue was RMB2,236.3
million (US$315.0 million),
compared to RMB1,981.4 million in the
fourth quarter of 2022. The increase was primarily due to increased
revenue of BEST Freight and BEST Global.
- Gross Profit was RMB118.3
million (US$16.7 million),
compared to gross loss of RMB58.5
million in the fourth quarter of 2022. The increase was
primarily due to further improvements in operating efficiency
across our business lines. Gross Profit Margin was 5.3% for
the fourth quarter of 2023, compared to Gross Loss Margin of 3.0%
in the same period of 2022.
- Net Loss from continuing operations was
RMB283.5 million (US$39.9 million), compared to RMB365.8 million in the fourth quarter of 2022.
Non-GAAP Net Loss from continuing
operations(3)(4) was
RMB177.9 million (US$25.1 million), compared to RMB338.0 million in the fourth quarter of
2022.
- Diluted loss per ADS(5) from
continuing operations was RMB12.41 (US$
1.75), compared to RMB17.96 in
the fourth quarter of 2022. Non-GAAP diluted loss per
ADS(3)(4) from continuing operations was
RMB7.10 (US$
1.00), compared to RMB16.52 in
the fourth quarter of 2022.
- EBITDA(6) from continuing
operations was negative RMB248.6
million (US$35.0 million),
compared to negative RMB324.7 million
in the fourth quarter of 2022. Adjusted
EBITDA(6) from continuing operations was
negative RMB143.0 million
(US$20.1 million), compared to
negative RMB296.9 million in the
fourth quarter of 2022.
For the Fiscal Year Ended December 31,
2023:
- Revenue was RMB8,315.8
million (US$1,171.3 million),
compared to RMB7,744.1 million in
2022. The increase was primarily due to increased revenue for all
business lines.
- Gross Profit was RMB250.4
million (US$35.3 million),
compared to gross loss of RMB263.6
million in 2022. The increase was primarily due to
further improvements for all business lines. Gross Profit
Margin was 3.0%, compared to Gross Loss Margin of 3.4% in
2022.
- Net Loss from continuing operations was
RMB908.6 million (US$128.0 million), compared to RMB1,464.8 million in 2022. Non-GAAP Net Loss
from continuing
operations(7)(8) was
RMB765.6 million (US$107.8 million), compared to RMB1,380.4 million in 2022.
- Diluted loss per
ADS(9) from continuing
operations was RMB43.60 (US$ 6.20), compared to a
loss of RMB72.68 in 2022.
Non-GAAP diluted loss per ADS(3)(4) from
continuing operations was RMB36.10 (US$5.14), compared to a loss of
RMB68.36 in 2022.
- EBITDA(10) from continuing
operations was negative RMB756.8
million (US$106.6 million),
compared to negative RMB1,266.2
million in 2022. Adjusted
EBITDA(6) from continuing operations was
negative RMB613.7 million
(US$86.4million), compared to
negative RMB1,181.8 million in
2022.
BEST Freight – BEST Freight recorded revenue growth of
19.1% in the fourth quarter of 2023, year over year. Freight's
gross margin was 5.3%, representing a 6.6 percentage points
improvement from the same period of 2022. For the full year of
2023, Freight recorded revenue growth of 10.6% compared to 2022.
Freight's gross margin was 3.7%, representing an 8.3 percentage
points improvement of 2022 as we continued to reduce operating
expenses and improve efficiency.
BEST Supply Chain Management – Driven by its
best-in-class service quality and digital capabilities, BEST Supply
Chain Management recorded gross margin of 5.8% compared to 4.4% in
the same period of 2022. For the full year of 2023, Supply Chain
Management recorded gross margin of 8.5% compared to 6.1% in
2022.
BEST Global – In the fourth quarter, BEST Global
continued its robust post-COVID recovery. BEST Global's revenue
increased by 20.0% and its parcel volumes increased by 60.1%, both
year over year, with parcel volumes in Vietnam and Malaysia, increased by 173.0% and 27.3%,
respectively. Total volume of the cross-border business in the
fourth quarter increased by 55.6% compared with the third quarter
of 2023. For the full year of 2023, BEST Global's revenue increased
by 3.2% and its parcel volumes increased by 14.6%, both year over
year, with parcel volumes in Vietnam and Malaysia, increased by 28.6% and 56.3%,
respectively.
Key Operational Metrics
|
Three Months
Ended
|
% Change
YOY
|
|
December 31,
2021
|
|
December 31,
2022
|
|
December
31,
2023
|
|
2022 vs
2021
|
|
2023 vs
2022
|
|
|
|
|
|
|
Freight Volume (Tonne
in '000)
|
2,408
|
|
2,226
|
2,571
|
|
(7.6 %)
|
|
15.5 %
|
|
Global Parcel Volume
in SEA
(in '000)
|
43,707
|
|
25,421
|
|
40,688
|
|
(41.8 %)
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
Ended
|
% Change
YoY
|
|
December 31,
2021
|
|
December 31,
2022
|
|
December 31,
2023
|
|
2022 vs
2021
|
|
2023 vs
2022
|
|
|
|
|
|
|
Freight Volume (Tonne
in '000)
|
9,218
|
8,659
|
9,280
|
|
(6.1 %)
|
7.2 %
|
|
Global Parcel Volume
in SEA
(in '000)
|
150,392
|
|
121,637
|
|
139,415
|
|
(19.1 %)
|
|
14.6 %
|
FINANCIAL RESULTS (11)
For the Fourth Quarter Ended December
31, 2023:
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
|
|
|
December 31,
2022
|
|
December 31,
2023
|
|
|
|
(In '000, except for
%)
|
RMB
|
% of
Revenue
|
|
RMB
|
US$
|
% of
Revenue
|
|
% Change
YOY
|
|
Freight
|
1,261,196
|
63.7 %
|
|
1,501,909
|
211,539
|
67.2 %
|
|
19.1 %
|
|
Supply Chain
Management
|
500,602
|
25.3 %
|
|
471,379
|
66,392
|
21.1 %
|
|
(5.8 %)
|
|
Global
|
195,680
|
9.9 %
|
|
234,906
|
33,086
|
10.5 %
|
|
20.0 %
|
|
Others(12)
|
23,917
|
1.1 %
|
|
28,057
|
3,952
|
1.2 %
|
|
17.3 %
|
|
Total
Revenue
|
1,981,395
|
100.0 %
|
|
2,236,251
|
314,969
|
100.0 %
|
|
12.9 %
|
- Freight Service Revenue was RMB1,501.9
million (US$211.5 million) for
the fourth quarter of 2023, compared to RMB1,261.2 million in the same period last year.
Freight service revenue increased by 19.1% year over year,
primarily due to increases in both volume and average selling price
per tonne.
- Supply Chain Management Service Revenue decreased by 5.8% year
over year to RMB471.4 million
(US$66.4 million) for the fourth
quarter of 2023 from RMB500.6 million
in the same period of last year, primarily due to further
optimization of its customer mix.
- Global Service Revenue increased by 20.0% year over year to
RMB234.9 million (US$33.1 million) for the fourth quarter of 2023
from RMB195.7 million in the same
period of last year, primarily due to volume growth in Vietnam, Malaysia and cross-border business.
Cost of Revenue
The following table sets forth a breakdown of cost of revenue by
business segment for the periods indicated.
|
Table 2 – Breakdown
of Cost of Revenue by Business Segment
|
|
|
|
Three Months
Ended
|
|
% of Revenue
Change
YOY
|
|
December 31,
2022
|
|
December 31,
2023
|
|
|
(In '000, except for
%)
|
RMB
|
% of
Revenue
|
|
RMB
|
US$
|
% of
Revenue
|
|
|
Freight
|
(1,277,026)
|
101.3 %
|
|
(1,422,351)
|
(200,334)
|
94.7 %
|
|
(6.6 %)
|
|
Supply Chain
Management
|
(478,511)
|
95.6 %
|
|
(443,927)
|
(62,526)
|
94.2 %
|
|
(1.4 %)
|
|
Global
|
(264,014)
|
134.9 %
|
|
(270,146)
|
(38,049)
|
115.0 %
|
|
(19.9 %)
|
|
Others
|
(20,321)
|
85.0 %
|
|
18,500
|
2,606
|
(65.9 %)
|
|
(151.0 %)
|
|
Total Cost of
Revenue
|
(2,039,872)
|
103.0 %
|
|
(2,117,924)
|
(298,303)
|
94.7 %
|
|
(8.3 %)
|
- Cost of Revenue for Freight was RMB1,422.4 million (US$200.3 million), or 94.7% of revenue, in the
fourth quarter of 2023. The 6.6 percentage points year-over-year
decrease in cost of revenue as a percentage of revenue was mainly
due to reduced unit cost.
- Cost of Revenue for Supply Chain Management was RMB443.9 million (US$62.5
million), or 94.2% of revenue, in the fourth quarter of
2023. The 1.4 percentage points year-over-year decrease in cost of
revenue as a percentage of revenue was primarily due to improved
operating efficiency and optimized customer mix.
- Cost of Revenue for Global was RMB270.1
million (US$38.0 million), or
115.0% of revenue, in the fourth quarter of 2023. The 19.9
percentage points year-over-year decrease in cost of revenue as a
percentage of revenue due to increased parcel volume.
Gross Profit was RMB118.3
million (US$16.7 million) in
the fourth quarter of 2023, compared to gross loss of RMB58.5 million in the fourth quarter of 2022;
Gross Margin was 5.3%, compared to negative 3.0% in the
fourth quarter of 2022.
Operating Expenses
Selling, General and Administrative ("SG&A") Expenses
were RMB281.5 million (US$39.6 million), or 12.6% of revenue in the
fourth quarter of 2023, compared to RMB263.4
million, or 13.3% of revenue in the same quarter of
2022.
Research and Development Expenses were RMB29.4 million (US$4.1
million), or 1.3% of revenue in the fourth quarter of 2023,
compared to RMB29.2 million, or 1.5%
of revenue in the fourth quarter of 2022.
Share-based Compensation ("SBC") Expenses included in the
cost and expense items above were RMB10.9
million (US$1.5 million) in
the fourth quarter of 2023, compared to RMB15.6 million in the same period of 2022. Of
the total SBC expenses, RMB0.05
million (US$0.01 million) was
allocated to cost of revenue, RMB0.5
million (US$0.07 million) was
allocated to selling expenses, RMB9.5
million (US$1.3 million) was
allocated to general and administrative expenses, and RMB0.8 million (US$0.1
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 fourth quarter
of 2023 was RMB283.5 million
(US$39.9 million), compared to
RMB365.8 million in the same period
of 2022. Non-GAAP Net Loss from continuing operations in the
fourth quarter of 2023 was RMB177.9
million (US$25.1 million),
compared to RMB338.0 million in the
fourth quarter of 2022.
Diluted loss per ADS and Non-GAAP diluted loss per ADS from
continuing operations
Diluted loss per ADS from continuing operations in
the fourth quarter of 2023 was RMB12.41 (US$
1.75), compared to a loss of RMB17.96 in the same period of 2022. Non-GAAP
diluted loss per ADS from continuing operations in the fourth
quarter of 2023 was RMB 7.10
(US$1.00), compared to a loss of
RMB16.52 in the fourth quarter of
2022. 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 fourth
quarter of 2023 was negative RMB143.0
million (US$20.1 million),
compared to negative RMB296.9 million
in the same period of 2022. Adjusted EBITDA Margin from
continuing operations in the fourth quarter of 2023 was
negative 6.4%, compared to negative 15.0% in the same period of
2022.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investments
As of December 31, 2023, cash and
cash equivalents, restricted cash and short-term investments were
RMB2.3 billion (US$321.5 million), compared to RMB3.2 billion as of December 31, 2022. In 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 generated from continuing operating activities in the
fourth quarter of 2023 was RMB0.9million (US$0.1
million), compared to RMB241.9
million of net cash used in continuing operating activities
in the same period of 2022.
For the Fiscal Year Ended December 31,
2023:
Revenue
The following table sets forth a breakdown of revenue by
business segment for the periods indicated.
|
Table 3 – Breakdown
of Revenue by Business Segment
|
|
|
|
|
Fiscal Year
Ended
|
|
|
31-Dec-22
|
|
31-Dec-23
|
|
|
|
(In '000, except for
%)
|
RMB
|
% of
Revenue
|
|
RMB
|
US$
|
% of
Revenue
|
|
% Change
YoY
|
|
Freight
|
4,888,278
|
63.2 %
|
|
5,404,395
|
761,193
|
65.0 %
|
|
10.6 %
|
|
Supply Chain
Management
|
1,822,075
|
23.5 %
|
|
1,858,629
|
261,782
|
22.4 %
|
|
2.0 %
|
|
Global
|
916,907
|
11.8 %
|
|
946,513
|
133,314
|
11.4 %
|
|
3.2 %
|
|
Others
|
116,812
|
1.5 %
|
|
106,307
|
14,973
|
1.2 %
|
|
(9.0 %)
|
|
Total
Revenue
|
7,744,072
|
100.0 %
|
|
8,315,844
|
1,171,262
|
100.0 %
|
|
7.4 %
|
- Freight Service Revenue was RMB5,404.4
million (US$761.2 million) in
2023, compared to RMB4,888.3 million
in 2022. Freight service revenue increased by 10.6% year over year,
primarily resulting from increases in both freight volume and
average selling price per tonne.
- Supply Chain Management Service Revenue increased by 2% year
over year to RMB1,858.6 million
(US$261.8 million) in 2023 from
RMB1,822.1 million in 2022.
- Global Service Revenue increased by 3.2% year over year to
RMB946.5 million (US$133.3 million) in 2023 from RMB916.9 million in 2022 primarily due to volume
growth in Vietnam, Malaysia and cross-border business, partially
offset by the decrease of parcel volume in Thailand.
Cost of Revenue
The following table sets forth a breakdown of cost of revenue by
business segment for the periods indicated.
|
Table 4 – Breakdown
of Cost of Revenue by Business Segment
|
|
|
|
Fiscal Year
Ended
|
|
% of
Revenue
Change
YoY
|
|
December 31,
2022
|
|
December 31,
2023
|
|
|
(In '000, except for
%)
|
RMB
|
% of
Revenue
|
|
RMB
|
US$
|
% of
Revenue
|
|
|
Freight
|
(5,114,937)
|
104.6 %
|
|
(5,206,967)
|
(733,386)
|
96.3 %
|
|
(8.3 %)
|
|
Supply Chain
Management
|
(1,711,818)
|
93.9 %
|
|
(1,700,467)
|
(239,506)
|
91.5 %
|
|
(2.4 %)
|
|
Global
|
(1,081,587)
|
118.0 %
|
|
(1,131,484)
|
(159,366)
|
119.5 %
|
|
1.5 %
|
|
Others
|
(99,288)
|
85.0 %
|
|
(26,489)
|
(3,731)
|
24.9 %
|
|
(60.1 %)
|
|
Total Cost of
Revenue
|
(8,007,630)
|
103.4 %
|
|
(8,065,407)
|
(1,135,989)
|
97.0 %
|
|
(6.4 %)
|
- Cost of Revenue for Freight was RMB5,207.0 million (US$733.4 million), or 96.3% of revenue in 2023.
The 8.3 percentage points year-over-year decrease in cost of
revenue as a percentage of revenue was mainly due to reduced unit
cost.
- Cost of Revenue for Supply Chain Management was RMB1,700.5 million (US$239.5 million), or 91.5% of revenue in 2023.
The 2.4 percentage points year-over-year decrease in cost of
revenue as a percentage of revenue was primarily due to improved
operating efficiency and optimized customer mix.
- Cost of Revenue for Global was RMB1,131.5 million (US$159.4 million), or 119.5% of revenue in 2023.
The 1.5 percentage points year-over-year increase in cost of
revenue as a percentage of revenue was primarily due to lower
parcel volume of Thailand.
Gross Profit was RMB250.4
million (US$35.3 million) in
2023, compared to gross loss of RMB263.6
million in 2022; Gross Margin was 3.0%, compared to
negative 3.4% in 2022.
Operating Expenses
Selling, General and Administrative ("SG&A") Expenses
were RMB994.4 million (US$140.0 million), or 12.0% of revenue in 2023,
compared to RMB1,127.3 million, or
14.6% of revenue in 2022.
Research and Development Expenses were RMB115.9 million (US$16.3
million), or 1.4% of revenue in 2023, compared to
RMB144.2 million, or 1.9% of revenue
in 2022.
Share-based Compensation ("SBC") Expenses included in the
cost and expense items above were RMB48.3
million (US$6.8 million) in
2023, compared to RMB72.1 million in
2022. Of the total SBC expenses, RMB0.2
million (US$0.03 million) was
allocated to cost of revenue, RMB2.1
million (US$0.3 million) was
allocated to selling expenses, RMB42.5
million (US$6.0 million) was
allocated to general and administrative expenses, and RMB3.6 million (US$0.5
million) was allocated to research and development
expenses.
Net Loss and Non-GAAP Net Loss from continuing
operations
Net Loss from continuing operations in 2023 was
RMB908.6 million (US$128.0 million), compared to RMB1,464.8 million in 2022. Non-GAAP Net Loss
from continuing operations in 2023 was RMB765.6 million (US$107.8
million), compared to RMB1,380.4
million in 2022.
Diluted loss per ADS and Non-GAAP diluted loss per ADS from
continuing operations
Diluted loss per ADS from continuing operations in
2023 was RMB43.60 (US$6.20), compared to a loss of RMB72.68 in 2022. Non-GAAP diluted loss per
ADS from continuing operations in 2023 was RMB36.10 (US$5.14), compared to a loss of
RMB68.36 in 2022. 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 2023 was
negative RMB613.7 million
(US$86.4 million), compared to
negative RMB1,181.8 million in 2022.
Adjusted EBITDA Margin from continuing operations in 2023
was negative 7.4%, compared to negative 15.3% in 2022.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investments
As of December 31, 2023, cash and
cash equivalents, restricted cash and short-term investments were
RMB2.3 billion (US$321.5 million), compared to RMB3.2 billion as of December 31, 2022. In 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 2023 was
RMB554.7 million (US$78.1 million), compared to RMB1,051.7 million of net cash used in continuing
operating activities in 2022.
SHARES OUTSTANDING
As of March 11, 2024, the Company
had approximately 401.9 million ordinary shares
outstanding([13]). Each American Depositary Share
represents five (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 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 supply chain. 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 December 31,
|
|
Fiscal Year Ended December 31,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Freight
|
1,261,196
|
|
1,501,909
|
211,539
|
|
4,888,278
|
|
5,404,395
|
761,193
|
|
Supply Chain
Management
|
500,602
|
|
471,379
|
66,392
|
|
1,822,075
|
|
1,858,629
|
261,782
|
|
Global
|
195,680
|
|
234,906
|
33,086
|
|
916,907
|
|
946,513
|
133,314
|
|
Others
|
23,917
|
|
28,057
|
3,952
|
|
116,812
|
|
106,307
|
14,973
|
|
Total
Revenue
|
1,981,395
|
|
2,236,251
|
314,969
|
|
7,744,072
|
|
8,315,844
|
1,171,262
|
|
Cost of
Revenue
|
|
|
|
|
|
|
|
|
|
|
Freight
|
(1,277,026)
|
|
(1,422,351)
|
(200,334)
|
|
(5,114,937)
|
|
(5,206,967)
|
(733,386)
|
|
Supply Chain
Management
|
(478,511)
|
|
(443,927)
|
(62,526)
|
|
(1,711,818)
|
|
(1,700,467)
|
(239,506)
|
|
Global
|
(264,014)
|
|
(270,146)
|
(38,049)
|
|
(1,081,587)
|
|
(1,131,484)
|
(159,366)
|
|
Others
|
(20,321)
|
|
18,500
|
2,606
|
|
(99,288)
|
|
(26,489)
|
(3,731)
|
|
Total Cost of
Revenue
|
(2,039,872)
|
|
(2,117,924)
|
(298,303)
|
|
(8,007,630)
|
|
(8,065,407)
|
(1,135,989)
|
|
Gross
(Loss)/Profit
|
(58,477)
|
|
118,327
|
16,666
|
|
(263,558)
|
|
250,437
|
35,273
|
|
Selling
Expenses
|
(54,621)
|
|
(72,080)
|
(10,152)
|
|
(237,918)
|
|
(256,621)
|
(36,144)
|
|
General and
Administrative Expenses
|
(208,738)
|
|
(209,400)
|
(29,493)
|
|
(889,345)
|
|
(737,775)
|
(103,913)
|
|
Research and
Development Expenses
|
(29,247)
|
|
(29,449)
|
(4,148)
|
|
(144,181)
|
|
(115,917)
|
(16,327)
|
|
Impairment of
long-lived assets
|
-
|
|
(94,699)
|
(13,338)
|
|
-
|
|
(94,699)
|
(13,338)
|
|
Other operating income,
net
|
3,387
|
|
2,575
|
363
|
|
108,817
|
|
2,658
|
374
|
|
Loss from
Operations
|
(347,696)
|
|
(284,726)
|
(40,102)
|
|
(1,426,185)
|
|
(951,917)
|
(134,075)
|
|
Interest
Income
|
19,208
|
|
17,848
|
2,514
|
|
80,361
|
|
83,810
|
11,805
|
|
Interest
Expense
|
(16,329)
|
|
(13,864)
|
(1,953)
|
|
(89,058)
|
|
(64,283)
|
(9,055)
|
|
Foreign Exchange
Gain/(loss)
|
68,318
|
|
11,750
|
1,655
|
|
(132,730)
|
|
(14,010)
|
(1,974)
|
|
Other Income
|
2,149
|
|
469
|
66
|
|
25,914
|
|
11,067
|
1,559
|
|
Other
Expense
|
(13,815)
|
|
(635)
|
(89)
|
|
5,763
|
|
(4,454)
|
(628)
|
|
(Loss)/Gain on changes
in the fair value of
derivative assets/liabilities
|
(77,577)
|
|
(14,114)
|
(1,988)
|
|
71,619
|
|
32,322
|
4,553
|
|
Loss before Income
Tax and Share of
Net Loss of Equity Investees
|
(365,742)
|
|
(283,272)
|
(39,897)
|
|
(1,464,316)
|
|
(907,465)
|
(127,815)
|
|
Income Tax
Expense
|
(106)
|
|
(249)
|
(35)
|
|
(511)
|
|
(1,141)
|
(161)
|
|
Loss before Share of
Net loss of Equity
Investees
|
(365,848)
|
|
(283,521)
|
(39,932)
|
|
(1,464,827)
|
|
(908,606)
|
(127,976)
|
|
Share of Net Loss of
Equity Investees
|
-
|
|
-
|
-
|
|
-
|
|
-
|
-
|
|
Net Loss from
continuing operations
|
(365,848)
|
|
(283,521)
|
(39,932)
|
|
(1,464,827)
|
|
(908,606)
|
(127,976)
|
|
Net (loss)/gain from
discontinued operations
|
(31,787)
|
|
-
|
-
|
|
(38,464)
|
|
15,222
|
2,144
|
|
Net
Loss
|
(397,635)
|
|
(283,521)
|
(39,932)
|
|
(1,503,291)
|
|
(893,384)
|
(125,832)
|
|
Net Loss from
continuing operations attributable
to non-controlling interests
|
(13,055)
|
|
(36,811)
|
(5,185)
|
|
(39,980)
|
|
(78,982)
|
(11,124)
|
|
Net Loss
attributable to BEST Inc.
|
(384,580)
|
|
(246,710)
|
(34,747)
|
|
(1,463,311)
|
|
(814,402)
|
(114,708)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Unaudited
Condensed Consolidated Balance Sheets
|
|
(In
Thousands)
|
|
|
As of December
31,2022
|
|
As of December 31,
2023
|
|
RMB
|
|
RMB
|
US$
|
|
Assets
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and Cash
Equivalents
|
533,481
|
|
425,976
|
59,997
|
|
Restricted
Cash
|
399,337
|
|
1,008,318
|
142,019
|
|
Accounts and Notes
Receivables
|
691,324
|
|
829,802
|
116,875
|
|
Inventories
|
16,480
|
|
7,794
|
1,098
|
|
Prepayments and Other
Current Assets
|
777,842
|
|
674,100
|
94,945
|
|
Short‑term
Investments
|
725,043
|
|
35,888
|
5,055
|
|
Amounts Due from
Related Parties
|
76,368
|
|
60,394
|
8,506
|
|
Lease Rental
Receivables
|
43,067
|
|
47,925
|
6,750
|
|
Total Current
Assets
|
3,262,942
|
|
3,090,197
|
435,245
|
|
Non‑current
Assets
|
|
|
|
|
|
Property and Equipment,
Net
|
784,732
|
|
624,205
|
87,917
|
|
Intangible Assets,
Net
|
75,553
|
|
93,173
|
13,123
|
|
Long‑term
Investments
|
156,859
|
|
156,859
|
22,093
|
|
Goodwill
|
54,135
|
|
54,135
|
7,625
|
|
Non‑current
Deposits
|
50,767
|
|
81,869
|
11,531
|
|
Other Non‑current
Assets
|
75,666
|
|
46,913
|
6,608
|
|
Restricted
Cash
|
1,545,605
|
|
812,371
|
114,420
|
|
Lease Rental
Receivables
|
40,188
|
|
314
|
44
|
|
Operating Lease
Right-of-use Assets
|
1,743,798
|
|
1,293,526
|
182,189
|
|
Total non‑current
Assets
|
4,527,303
|
|
3,163,365
|
445,550
|
|
Total
Assets
|
7,790,245
|
|
6,253,562
|
880,795
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Long-term
borrowings-current
|
79,148
|
|
721
|
102
|
|
Long-term
Bank Loans-current
|
-
|
|
794,679
|
111,928
|
|
Convertible Senior
Notes held by related parties
|
522,744
|
|
531,202
|
74,818
|
|
Convertible Senior
Notes held by third parties
|
77
|
|
78
|
11
|
|
Short‑term Bank
Loans
|
183,270
|
|
401,755
|
56,586
|
|
Accounts and Notes
Payable
|
1,430,004
|
|
1,640,864
|
231,111
|
|
Income Tax
Payable
|
1,563
|
|
2,777
|
391
|
|
Customer Advances and
Deposits and
Deferred Revenue
|
277,737
|
|
288,184
|
40,590
|
|
Accrued Expenses and
Other Liabilities
|
1,145,654
|
|
1,091,573
|
153,745
|
|
Financing Lease
Liabilities
|
11,873
|
|
418
|
59
|
|
Operating Lease
Liabilities
|
544,262
|
|
509,450
|
71,755
|
|
Amounts Due to Related
Parties
|
1,315
|
|
1,119
|
158
|
|
Total Current
Liabilities
|
4,197,647
|
|
5,262,820
|
741,254
|
|
|
|
|
|
|
|
Summary of Unaudited
Condensed Consolidated Balance Sheets (Cont'd)
|
|
(In
Thousands)
|
|
|
As of December 31,
2022
|
|
As of December 31,
2023
|
|
RMB
|
|
RMB
|
US$
|
|
Non-current
Liabilities
|
|
|
|
|
|
Convertible senior
notes held by related parties
|
522,744
|
|
-
|
-
|
|
Long-term
borrowings
|
381
|
|
-
|
-
|
|
Operating Lease
Liabilities
|
1,292,057
|
|
876,854
|
123,502
|
|
Financing Lease
Liabilities
|
26,024
|
|
1,231
|
173
|
|
Other Non‑current
Liabilities
|
18,752
|
|
22,837
|
3,216
|
|
Long-term Bank
Loans
|
928,894
|
|
159,729
|
22,497
|
|
Total Non‑current
Liabilities
|
2,788,852
|
|
1,060,651
|
149,388
|
|
Total
Liabilities
|
6,986,499
|
|
6,323,471
|
890,642
|
|
Mezzanine
Equity:
|
|
|
|
|
|
Convertible
Non-controlling Interests
|
191,865
|
|
191,865
|
27,024
|
|
Total mezzanine
equity
|
191,865
|
|
191,865
|
27,024
|
|
Shareholders'
Equity
|
|
|
|
|
|
Ordinary
Shares
|
25,988
|
|
25,988
|
3,660
|
|
Treasury
Shares
|
-
|
|
(23,853)
|
(3,360)
|
|
Additional Paid‑In
Capital
|
19,481,417
|
|
19,529,806
|
2,750,715
|
|
Accumulated
Deficit
|
(18,934,860)
|
|
(19,749,262)
|
(2,781,625)
|
|
Accumulated Other
Comprehensive Income
|
124,464
|
|
119,169
|
16,785
|
|
BEST Inc.
Shareholders' Equity
|
697,009
|
|
(98,152)
|
(13,825)
|
|
Non-controlling
Interests
|
(85,128)
|
|
(163,622)
|
(23,046)
|
|
Total Shareholders'
Equity/(Deficit)
|
611,881
|
|
(261,774)
|
(36,871)
|
|
Total Liabilities,
Mezzanine Equity and
Shareholders' Equity/(Deficit)
|
7,790,245
|
|
6,253,562
|
880,795
|
|
Summary of Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
(In
Thousands)
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Fiscal Year Ended
December 31,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
Net cash
(used
in)/generated
from
continuing
operating activities
|
(241,890)
|
|
884
|
125
|
|
(1,051,662)
|
|
(554,725)
|
(78,131)
|
|
Net cash used in
discontinued operating
activities
|
-
|
|
-
|
-
|
|
(66,174)
|
|
-
|
-
|
|
Net cash
(used in)/generated from operating
activities
|
(241,890)
|
|
884
|
125
|
|
(1,117,836)
|
|
(554,725)
|
(78,131)
|
|
Net cash generated
from/(used
in)
continuing investing
activities
|
239,536
|
|
(3,460)
|
(487)
|
|
150,756
|
|
698,238
|
98,345
|
|
Net cash generated
from/(used in)
investing activities
|
239,536
|
|
(3,460)
|
(487)
|
|
150,756
|
|
698,238
|
98,345
|
|
Net cash
generated from/(used
in)
continuing financing
activities
|
481
|
|
(1,752)
|
(247)
|
|
(1,948,367)
|
|
(377,114)
|
(53,115)
|
|
Net
cash generated from/ (used
in)
financing
activities
|
481
|
|
(1,752)
|
(247)
|
|
(1,948,367)
|
|
(377,114)
|
(53,115)
|
|
Exchange Rate Effect on
Cash and Cash
Equivalents, and Restricted Cash
|
(14,864)
|
|
(73,490)
|
(10,352)
|
|
77,722
|
|
1,843
|
258
|
|
Net
decrease in Cash and Cash Equivalents,
and Restricted Cash
|
(16,737)
|
|
(77,818)
|
(10,961)
|
|
(2,837,725)
|
|
(231,758)
|
(32,643)
|
|
Cash and Cash
Equivalents, and
Restricted Cash at Beginning
of Period
|
2,495,160
|
|
2,324,483
|
327,397
|
|
5,316,148
|
|
2,478,423
|
349,079
|
|
Cash and Cash
Equivalents, and
Restricted Cash at End
of Period
|
2,478,423
|
|
2,246,665
|
316,436
|
|
2,478,423
|
|
2,246,665
|
316,436
|
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 5 –
Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA
Margin
|
|
|
|
Three Months
Ended December 31, 2023
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(14)
|
Total
|
|
Net
Loss
|
(3,519)
|
(12,501)
|
(202,039)
|
(11,296)
|
(54,166)
|
(283,521)
|
|
Add
|
|
|
|
|
|
|
|
Depreciation &
Amortization
|
19,060
|
8,423
|
7,857
|
124
|
3,213
|
38,677
|
|
Interest
Expense
|
-
|
-
|
-
|
-
|
13,864
|
13,864
|
|
Income Tax
Expense/(Benefit)
|
32
|
(4)
|
-
|
221
|
-
|
249
|
|
Subtract
|
|
|
|
|
|
|
|
Interest
Income
|
-
|
-
|
-
|
-
|
(17,848)
|
(17,848)
|
|
EBITDA
|
15,573
|
(4,082)
|
(194,182)
|
(10,951)
|
(54,937)
|
(248,579)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
1,535
|
849
|
493
|
9
|
8,038
|
10,924
|
|
Impairment of
long-lived assets
|
-
|
-
|
94,699
|
-
|
-
|
94,699
|
|
Adjusted
EBITDA
|
17,108
|
(3,233)
|
(98,990)
|
(10,942)
|
(46,899)
|
(142,956)
|
|
Adjusted EBITDA
Margin
|
1.1 %
|
(0.7 %)
|
(42.1 %)
|
(39.0 %)
|
-
|
(6.4 %)
|
|
Three Months Ended
December 31, 2022
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated
|
Total
|
|
Net
Loss
|
(137,133)
|
(13,939)
|
(134,200)
|
(25,378)
|
(55,198)
|
(365,848)
|
|
Add
|
|
|
|
|
|
|
|
Depreciation &
Amortization
|
19,411
|
7,492
|
11,682
|
847
|
4,448
|
43,880
|
|
Interest
Expense
|
-
|
-
|
-
|
-
|
16,329
|
16,329
|
|
Income
Tax (Benefit) /Expense
|
-
|
(12)
|
(5)
|
123
|
-
|
106
|
|
Subtract
|
|
|
|
|
|
|
|
Interest
Income
|
-
|
-
|
-
|
-
|
(19,208)
|
(19,208)
|
|
EBITDA
|
(117,722)
|
(6,459)
|
(122,523)
|
(24,408)
|
(53,629)
|
(324,741)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
2,237
|
1,259
|
(235)
|
25
|
12,291
|
15,577
|
|
Fair value change of
equity
Investments
|
-
|
-
|
-
|
-
|
12,312
|
12,312
|
|
Adjusted
EBITDA
|
(115,485)
|
(5,200)
|
(122,758)
|
(24,383)
|
(29,026)
|
(296,852)
|
|
Adjusted EBITDA
Margin
|
(9.2 %)
|
(1.0 %)
|
(62.7 %)
|
(101.9 %)
|
-
|
(15.0 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
December 31, 2023
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(15)
|
Total
|
|
Net
Loss
|
(121,828)
|
(3,239)
|
(541,602)
|
(59,653)
|
(182,284)
|
(908,606)
|
|
Add
|
|
|
|
|
|
|
|
Depreciation &
Amortization
|
76,672
|
34,070
|
40,977
|
1,333
|
17,172
|
170,224
|
|
Interest
Expense
|
-
|
-
|
-
|
-
|
64,283
|
64,283
|
|
Income Tax
Expense/(Benefit)
|
54
|
36
|
(11)
|
1,074
|
(12)
|
1,141
|
|
Subtract
|
|
|
|
|
|
|
|
Interest
Income
|
-
|
-
|
-
|
-
|
(83,810)
|
(83,810)
|
|
EBITDA
|
(45,102)
|
30,867
|
(500,636)
|
(57,246)
|
(184,651)
|
(756,768)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
6,817
|
3,374
|
2,175
|
42
|
35,935
|
48,343
|
|
Impairment of
long-lived assets
|
-
|
-
|
94,699
|
-
|
-
|
94,699
|
|
Adjusted
EBITDA
|
(38,285)
|
34,241
|
(403,762)
|
(57,204)
|
(148,716)
|
(613,726)
|
|
Adjusted EBITDA
Margin
|
(0.7 %)
|
1.8 %
|
(42.7 %)
|
(53.8 %)
|
-
|
(7.4 %)
|
|
Fiscal Year Ended
December 31, 2022
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(16)
|
Total
|
|
Net
Loss
|
(506,411)
|
(32,277)
|
(420,687)
|
(213,794)
|
(291,658)
|
(1,464,827)
|
|
Add
|
|
|
|
|
|
|
|
Depreciation &
Amortization
|
79,273
|
35,789
|
29,300
|
22,846
|
22,179
|
189,387
|
|
Interest
Expense
|
-
|
-
|
-
|
-
|
89,058
|
89,058
|
|
Income Tax
Expense/(Benefit)
|
-
|
23
|
25
|
451
|
12
|
511
|
|
Subtract
|
|
|
|
|
|
|
|
Interest
Income
|
-
|
-
|
-
|
-
|
(80,361)
|
(80,361)
|
|
EBITDA
|
(427,138)
|
3,535
|
(391,362)
|
(190,497)
|
(260,770)
|
(1,266,232)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
10,478
|
6,081
|
4,962
|
319
|
50,256
|
72,096
|
|
Fair value change of
equity
Investments
|
-
|
-
|
-
|
-
|
12,312
|
12,312
|
|
Adjusted
EBITDA
|
(416,660)
|
9,616
|
(386,400)
|
(190,178)
|
(198,202)
|
(1,181,824)
|
|
Adjusted EBITDA
Margin
|
(8.5 %)
|
0.5 %
|
(42.1 %)
|
(162.8 %)
|
-
|
(15.3 %)
|
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 6 –
Reconciliation of Non-GAAP Net Loss and Non-GAAP Net Loss
Margin
|
|
|
Three Months
Ended December 31, 2023
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(17)
|
Total
|
|
Net Loss
|
(3,519)
|
(12,501)
|
(202,039)
|
(11,296)
|
(54,166)
|
(283,521)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
1,535
|
849
|
493
|
9
|
8,038
|
10,924
|
|
Impairment of
long-lived assets
|
-
|
-
|
94,699
|
-
|
-
|
94,699
|
|
Non-GAAP Net
Loss
|
(1,984)
|
(11,652)
|
(106,847)
|
(11,287)
|
(46,128)
|
(177,898)
|
|
Non-GAAP Net
Loss Margin
|
(0.1 %)
|
(2.5 %)
|
(45.5 %)
|
(40.2 %)
|
-
|
(8.0 %)
|
|
Three Months Ended
December 31, 2022
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(18)
|
Total
|
|
Net
Loss
|
(137,133)
|
(13,939)
|
(134,200)
|
(25,378)
|
(55,198)
|
(365,848)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
2,237
|
1,259
|
(235)
|
25
|
12,291
|
15,577
|
|
Fair value change of
equity
Investments
|
-
|
-
|
-
|
-
|
12,312
|
12,312
|
|
Non-GAAP Net
Loss
|
(134,896)
|
(12,680)
|
(134,435)
|
(25,353)
|
(30,595)
|
(337,959)
|
|
Non-GAAP Net Loss
Margin
|
(10.7 %)
|
(2.5 %)
|
(68.7 %)
|
(106.0 %)
|
-
|
(17.1 %)
|
|
Fiscal Year
Ended December 31, 2023
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(19)
|
Total
|
|
Net
Loss
|
(121,828)
|
(3,239)
|
(541,602)
|
(59,653)
|
(182,284)
|
(908,606)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
6,817
|
3,374
|
2,175
|
43
|
35,935
|
48,343
|
|
Impairment of
long-lived assets
|
-
|
-
|
94,699
|
-
|
-
|
94,699
|
|
Non-GAAP Net
Gain
|
(115,011)
|
135
|
(444,728)
|
(59,611)
|
(146,349)
|
(765,564)
|
|
Non-GAAP Net Loss
Margin
|
(2.1 %)
|
0.01 %
|
(47.0 %)
|
(56.1 %)
|
-
|
(9.2 %)
|
|
Fiscal Year
Ended December 31, 2022
|
|
(In
RMB'000)
|
Freight
|
Supply
Chain
|
Global
|
Others
|
Unallocated(20)
|
Total
|
|
Net
Loss
|
(506,411)
|
(32,277)
|
(420,687)
|
(213,794)
|
(291,658)
|
(1,464,827)
|
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
|
10,478
|
6,081
|
4,962
|
319
|
50,256
|
72,096
|
|
Fair value change of
equity
Investments
|
-
|
-
|
-
|
-
|
12,312
|
12,312
|
|
Non-GAAP Net
Loss
|
(495,933)
|
(26,196)
|
(415,725)
|
(213,475)
|
(229,090)
|
(1,380,419)
|
|
Non-GAAP Net Loss
Margin
|
(10.1 %)
|
(1.4 %)
|
(45.3 %)
|
(182.8 %)
|
-
|
(17.8 %)
|
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 7 –
Reconciliation of diluted loss per ADS and Non-GAAP diluted loss
per ADS
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Fiscal Year Ended
December 31,
|
|
2023
|
|
2023
|
|
(In
'000)
|
RMB
|
US$
|
|
RMB
|
US$
|
|
Net Loss Attributable
to Ordinary Shareholders
|
(246,710)
|
(34,747)
|
|
(829,624)
|
(116,852)
|
|
Add
|
|
|
|
|
|
|
Share-based
Compensation Expenses
|
10,924
|
1,539
|
|
48,343
|
6,809
|
|
Impairment of
long-lived assets
|
94,699
|
13,338
|
|
94,699
|
13,338
|
|
Non-GAAP Net Loss
Attributable to Ordinary
Shareholders
|
(141,087)
|
(19,870)
|
|
(686,582)
|
(96,705)
|
|
Weighted Average
Diluted Ordinary
Shares
Outstanding During
the Quarter
|
|
|
|
|
|
|
Diluted
|
397,643,268
|
397,643,268
|
|
381,429,237
|
381,429,237
|
|
Diluted
(Non-GAAP)
|
397,643,268
|
397,643,268
|
|
381,429,237
|
381,429,237
|
|
Diluted loss
per ordinary share
|
(0.62)
|
(0.09)
|
|
(2.18)
|
(0.31)
|
|
Add
|
|
|
|
|
|
|
Non-GAAP adjustment to
net loss per
ordinary share
|
0.27
|
0.04
|
|
0.38
|
0.05
|
|
Non-GAAP diluted
loss per ordinary share
|
(0.35)
|
(0.05)
|
|
(1.80)
|
(0.25)
|
|
|
|
|
|
|
|
Diluted loss
per ADS
|
(12.41)
|
(1.75)
|
|
(43.60)
|
(6.20)
|
|
Add
|
|
|
|
|
|
|
Non-GAAP adjustment to
net loss per ADS
|
5.31
|
0.75
|
|
7.50
|
1.06
|
|
Non-GAAP diluted
loss per ADS
|
(7.10)
|
(1.00)
|
|
(36.10)
|
(5.14)
|
|
(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, impairment of long-lived assets,
amortization of intangible assets resulting from business
acquisitions, and fair value change of equity investments (if
any).
|
|
(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, impairment of long-lived assets and fair value change of
equity investments (if any).
|
|
(7) Non-GAAP net
income/loss represents net income/loss excluding share-based
compensation expenses, impairment of long-lived assets,
amortization of intangible assets resulting from business
acquisitions, and fair value change of equity investments (if
any).
|
|
(8) 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.
|
|
(9) 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.
|
|
(10) 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, impairment of long-lived assets and fair value change of
equity investments (if any).
|
|
(11) All numbers
represented the financial results from continuing operations,
unless otherwise
stated.
|
|
(12) "Others"
Segment primarily represents SaaS software service and Capital
business units.
|
|
(13) 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.
|
|
(14) Unallocated expenses are
primarily related to corporate administrative expenses and other
miscellaneous items that are not allocated to individual
segments.
|
|
(15) Unallocated
expenses are primarily related to corporate administrative expenses
and other miscellaneous items that are not allocated to individual
segments.
|
|
(16) Unallocated
expenses are primarily related to corporate administrative expenses
and other miscellaneous items that are not allocated to individual
segments.
|
|
(17) Unallocated
expenses are primarily related to corporate administrative expenses
and other miscellaneous items that are not allocated to individual
segments.
|
|
(18) Unallocated
expenses are primarily related to corporate administrative expenses
and other miscellaneous items that are not allocated to individual
segments.
|
|
(19) Unallocated
expenses are primarily related to corporate administrative expenses
and other miscellaneous items that are not allocated to individual
segments.
|
|
(20) 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-fourth-quarter-and-fiscal-year-2023-financial-results-302101043.html
SOURCE BEST Inc.