Adjusted Net Income Increased 23.1% to Reach
RMB781.6 Million
ZTO
Reports First Quarter 2021 Unaudited Financial Results
SHANGHAI, May 19, 2021
/PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:
2057), a leading and fast-growing express delivery company in
China ("ZTO" or the "Company"),
today announced its unaudited financial results for the first
quarter ended March 31,
2021[1]. The Company delivered a parcel volume
growth of 88.5% and expanded market share by 1.5 percentage points
to 20.4% while maintaining high quality of service and customer
satisfaction. Adjusted net income beat market expectations by
growing 23.1% to reach RMB781.6
million. Cash generated from operating activities was
RMB477.0 million.
First Quarter 2021 Financial Highlights
- Revenues were RMB6,472.5 million
(US$987.9 million), an increase of
65.3% from RMB3,915.9 million in the
same period of 2020.
- Gross profit was RMB1,096.5
million (US$167.4 million), an
increase of 33.9% from RMB818.7
million in the same period of 2020.
- Net income was RMB533.5 million
(US$81.4 million), an increase of
43.8% from RMB371.0 million in the
same period of 2020.
- Adjusted EBITDA[2] was RMB1,468.1 million (US$224.1 million), an increase of 25.1% from
RMB1,173.4 million in the same period
of 2020.
- Adjusted net income[3] was RMB781.6 million (US$119.3
million), an increase of 23.1% from RMB635.1 million in the same period of 2020.
- Basic and diluted earnings per American depositary share
("ADS"[4]) were RMB0.64
(US$0.10), an increase of 33.3% from
RMB0.48 in the same period of
2020.
- Adjusted basic and diluted earnings per American depositary
share[5] attributable to ordinary shareholders were
RMB0.94 (US$0.14), an increase of 14.6% from RMB0.82 in the same period of 2020.
- Net cash provided by operating activities was RMB477.0 million (US$72.8
million), compared with RMB177.8
million in the same period of 2020.
Operational Highlights for First Quarter 2021
- Parcel volume was 4,475 million, an increase of 88.5% from
2,374 million in the same period of 2020.
- Number of pickup/delivery outlets was approximately 30,000 as
of March 31, 2021.
- Number of direct network partners was over 5,350 as of
March 31, 2021.
- Number of line-haul vehicles was over 10,450 as of March 31, 2021, which included over 10,050
self-owned vehicles and approximately 400 vehicles owned and
operated by Tonglu Tongze Logistics Ltd., a transportation operator
that works exclusively for ZTO.
- Out of the over 10,050 self-owned trucks, over 8,100 were high
capacity 15 to 17-meter-long models as of March 31, 2021, compared to approximately 7,900
as of December 31, 2020.
- Number of line-haul routes between sorting hubs was over 3,650
as of March 31, 2021, compared to
over 3,600 as of December 31,
2020.
- Number of sorting hubs was 95 as of March 31, 2021, among which 84 are operated by
the Company and 11 by the Company's network partners.
(1) An investor
relations presentation accompanies this earnings release and can be
found at http://zto.investorroom.com.
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(2) Adjusted EBITDA
is a non-GAAP financial measure, which is defined as net income
before depreciation, amortization, interest expenses and income tax
expenses, and further adjusted to exclude the shared-based
compensation expense and non-recurring items such as the gain on
disposal of equity investment and subsidiary which management aims
to better represent the underlying business operations.
|
(3) Adjusted net
income is a non-GAAP financial measure, which is defined as net
income before share-based compensation expense and non-recurring
items such as gain on disposal of equity investment and subsidiary
in which management aims to better represent the underlying
business operations.
|
(4) One ADS
represents one Class A ordinary share.
|
(5) Adjusted basic
and diluted earnings per American depositary share attributable to
ordinary shareholders is a non-GAAP financial measure. It is
defined as adjusted net income attributable to ordinary
shareholders divided by weighted average number of basic and
diluted shares, respectively.
|
Mr. Meisong Lai, Founder,
Chairman and Chief Executive Officer of ZTO, commented, "For the first quarter,
China's express delivery industry
benefited from the steady recovery and growth of domestic economy
and achieved a 75% parcel volume growth against a low comparative
base last year. With 4.5 billion parcels, ZTO grew its volume 13.5
percentage points faster than the industry average and expanded our
market share by 1.5 percentage points to 20.4% from last year."
Mr. Lai added, "The competitive dynamics of China's express delivery industry continued to
evolve. While profit level declined for the industry due to price
competition that remained intense, those with stronger capacity and
more stable partner network delivered better performance results.
Since its early years, ZTO has devoted resources towards continuous
development of infrastructure and cultivation of trust and loyalty
by its network partners. Relying on our leading throughput
capability and effective incentive policies across our network, we
achieved healthy levels of market share expansion and earnings as
we remained number one in customer satisfaction ranking. We firmly
believe, our consistent strategy and execution through high quality
of service backed by leading scale and efficiency will provide the
winning edge going forward."
Ms. Huiping Yan, Chief Financial
Officer of ZTO, commented, "We achieved RMB
782 million adjusted net profit that increased 23.1%. Our
core express delivery business ASP declined by 12.4%,
the least amount of drop compared with industry peers, yet we
have achieved the most market share gain. The combined unit sorting
and transportation costs efficiency gain was 5.2% despite the
absence of favorable effects of ETC toll waiver policy that expired
May last year, and our lean corporate structure continued to
contribute positively to the bottom line."
Ms. Yan added, "Cash flow from operating activities increased
168.3% to reach RMB 477 million in
the quarter. Capital expenditures was RMB
2.3 billion as we focus more on building comprehensive
logistics service capabilities. We have set distinctive targets
towards differentiating products and services across logistics
landscape to serve a greater array of consumers and businesses in
the next 3 to 5 years."
First Quarter 2021 Financial Results
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2020
|
|
|
|
|
|
2021
|
|
|
|
RMB
|
%
|
|
RMB
|
US$
|
|
%
|
|
|
|
|
(in thousands,
except percentages)
|
|
|
|
Express delivery
services
|
3,406,410
|
|
|
87.0
|
|
5,672,809
|
|
|
865,840
|
|
87.6
|
Freight forwarding
services
|
295,476
|
|
|
7.5
|
|
492,986
|
|
|
75,244
|
|
7.6
|
Sale of
accessories
|
177,025
|
|
|
4.5
|
|
260,179
|
|
|
39,711
|
|
4.0
|
Others
|
36,978
|
|
|
1.0
|
|
46,563
|
|
|
7,107
|
|
0.8
|
Total
revenues
|
3,915,889
|
|
|
100.0
|
|
6,472,537
|
|
|
987,902
|
|
100.0
|
Total Revenues were RMB6,472.5
million (US$987.9 million), an
increase of 65.3% from RMB3,915.9
million in the same period of 2020. Revenue from the
core express delivery business increased by 65.2% compared to the
same period of 2020, as a combined result of an 88.5% increase in
parcel volume and a 12.4% decrease in parcel unit price mainly
driven by competition and per parcel weight decline. Revenue from
freight forwarding services increased by 66.8% compared to the same
period of 2020, driven by surging cross border e-commerce demand
and improved pricing amidst the COVID-19 outbreak globally. Revenue
from sales of accessories, largely consisting of the sales of
thermal paper used for digital waybills' printing, increased by
47.0%, much lower than volume increase due to increasing usage of
lower-priced single-sheet digital waybill that reduces carbon
footprint. Other revenues were mainly derived from financing
services and advertising services.
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2020
|
|
|
|
|
|
2021
|
|
|
|
RMB
|
%
of
|
|
RMB
|
US$
|
|
%
of
|
|
revenues
|
|
|
|
revenues
|
|
|
|
|
(in thousands,
except percentages)
|
|
|
|
Line-haul
transportation cost
|
1,297,417
|
|
|
33.1
|
|
2,533,913
|
|
|
386,751
|
|
39.1
|
Sorting hub
cost
|
965,756
|
|
|
24.7
|
|
1,511,370
|
|
|
230,680
|
|
23.4
|
Freight forwarding
cost
|
287,613
|
|
|
7.3
|
|
436,393
|
|
|
66,607
|
|
6.7
|
Cost of accessories
sold
|
74,475
|
|
|
1.9
|
|
74,575
|
|
|
11,382
|
|
1.2
|
Other
costs
|
471,968
|
|
|
12.1
|
|
819,753
|
|
|
125,118
|
|
12.7
|
Total cost of
revenues
|
3,097,229
|
|
|
79.1
|
|
5,376,004
|
|
|
820,538
|
|
83.1
|
Total cost of revenues was RMB5,376.0 million (US$820.5 million), an increase of 73.6% from
RMB3,097.2 million in the same period
last year.
Line haul transportation cost was RMB2,533.9 million (US$386.8 million), an increase of 95.3% from
RMB1,297.4 million in the same period
last year. The increase was mainly due to (i) expiration of
federal toll road fee waiver policy from mid-February to early
May 2020 during the pandemic, and
(ii) lower domestic diesel price during the pandemic outbreak last
year. As a result, the line-haul transportation cost per parcel
increased by 3.6% to RMB0.57 net of
positive effects from increased usage of more self-owned
higher-capacity vehicles.
Sorting hub operating cost was RMB1,511.4 million (US$230.7 million), an increase of 56.5% from
RMB965.8 million in the same period
last year. The increase was primarily consisted of (i)
RMB436.5 million (US$66.6 million) increase in labor-associated
costs, and (ii) RMB61.8 million
(US$9.4 million) increase in
depreciation and amortization costs due to the increased number of
installed automated sorting equipment. As of March 31, 2021, 349 sets of automated sorting
equipment were in service, compared to 265 sets as of March 31, 2020. The sorting hub operating cost
per parcel decreased by 17.0% to RMB0.34 benefiting from higher level of
automation and improved economies of scale.
Cost of accessories sold was RMB74.6 million (US$11.4
million), relatively stable compared with RMB74.5 million in the same period last year as a
combined result of package volume increase and per unit cost
decrease as single-sheet digital waybill adoption rate
increased.
Other costs were RMB819.8
million (US$125.1 million), an
increase of RMB347.8 million
(US$53.1 million) compared to the
same period last year. The increase was mainly consisted of
(i) an increase of RMB243.3 million
(US$37.1 million) in dispatching
costs serving enterprise customers which is reasonable against the
associated volume increase of 117.3%, (ii) an increase of
RMB84.0 million (US$12.8 million) in expenses related to the
development of technology platform and (iii) an increase of
RMB21.2 million (US$3.2 million) in tax surcharge.
Gross Profit was RMB1,096.5
million (US$167.4 million), an
increase of 33.9% from RMB818.7
million in the same period last year. Gross margin
rate was 16.9% compared to 20.9% in the same period last year
as a net result of competition-led ASP decline of 12.4% for the
core express delivery partially offset by related unit cost decline
of 6.7%.
Total Operating Expenses were RMB463.7 million (US$70.8
million), compared to RMB446.6
million in the same period last year.
Selling, general and administrative expenses were
RMB620.2 million (US$94.7 million), increased by 10.7% from
RMB560.1 million in the same period
last year, mainly due to an increase of RMB50.3 million (US$7.7
million) in salaries and accrued performance-based
bonuses.
Other operating income, net was RMB156.6 million (US$23.9
million), compared to RMB113.4
million in the same period last year. Other operating
income mainly consisted of (i) government subsidies and tax rebates
of RMB89.7 million (US$13.7 million), and (ii) RMB56.6 million (US$8.6
million) of VAT super deduction.
Income from operations was RMB632.9 million (US$96.6
million), an increase of 70.1% from RMB372.0 million for the same period last year.
Operating margin rate increased to 9.8% from 9.5% in the same
period last year mainly due to improved operating leverage.
Interest income was RMB75.5
million (US$11.5 million),
compared with RMB126.2 million in the
same period last year.
Interest expenses was RMB15.6
million (US$2.4 million),
compared with RMB0.3 million in the
same period last year.
Gain from fair value changes of financial
instruments was RMB15.8
million (US$2.4 million),
which reflected fair value changes, assessed using redemption
prices estimated by selling banks, on dual currency notes/deposits,
foreign exchange options and forward contracts. There were no
similar financial instruments in the same period last year.
Income tax expenses were RMB149.6
million (US$22.8 million)
compared to RMB129.8 million in the
same period last year.
Net income was RMB533.5
million (US$81.4 million),
which increased by 43.8% from RMB371.0
million in the same period.
Basic and diluted earnings per ADS attributable to ordinary
shareholders were RMB0.64
(US$0.10), compared to basic and
diluted earnings per ADS of RMB0.48 in the same period last year.
Adjusted basic and diluted earnings per ADS attributable to
ordinary shareholders were RMB0.94 (US$0.14),
compared with RMB0.82 in the
same period last year.
Adjusted net income was RMB781.6
million (US$119.3 million),
compared with RMB635.1 million during
the same period last year.
EBITDA was RMB1,220.1
million (US$186.2 million),
compared with RMB909.3 million in the
same period last year.
Adjusted EBITDA was RMB1,468.1
million (US$224.1 million),
compared to RMB1,173.4 million in the
same period last year.
Net cash provided by operating activities was
RMB477.0 million (US$72.8 million), compared with RMB177.8 million in the same period last
year.
Business Outlook
The Company makes no changes to its previously stated annual
volume guidance. Based on the current market conditions and
current operations, the Company's parcel volume for 2021 is
expected to be in the range of 22.95 billion to 23.80 billion,
representing a 35% to 40% increase year over year. Above estimates
represent management's current and preliminary view, which are
subject to change.
Company Share Purchase
On November 15, 2018, the Company
announced a share repurchase program whereby ZTO was authorized to
repurchase its own Class A ordinary shares in the form of ADSs with
an aggregate value of up to US$500
million during an 18-month period thereafter. On
March 13, 2020, the board of
directors of the Company approved the extension of the active share
repurchase program to June 30, 2021.
On March 31, 2021, the board of
directors has approved changes to the share repurchase program,
increasing the aggregate value of shares that may be repurchased
from US$500 million to US$1 billion and extending the effective time by
two years through June 30,
2023. The Company expects to fund the repurchases out of its
existing cash balance. As of March 31,
2021, the Company has purchased an aggregate of 17,395,023
ADSs at an average purchase price of US$23.14, including repurchase commissions.
Exchange Rate
This announcement contains translation of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars were made at the exchange rate of
RMB6.5518 to US$1.00, the noon buying rate on March 31, 2021 as set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve Systems.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA, adjusted net income, adjusted
net income attributable to ordinary shareholders and adjusted basic
and diluted earnings per American depositary share, each a non-GAAP
financial measure, in evaluating ZTO's operating results and for
financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to
its U.S. GAAP financial measures are shown in tables at the end of
this earnings release, which provide more details about the
non-GAAP financial measures.
The Company believes that adjusted EBITDA, adjusted net income,
adjusted net income attributable to ordinary shareholders and
adjusted basic and diluted earnings per American depositary share
help identify underlying trends in ZTO's business that could
otherwise be distorted by the effect of the expenses and gains that
the Company includes in income from operations and net income. The
Company believes that adjusted EBITDA, adjusted net income,
adjusted net income attributable to ordinary shareholders and
adjusted basic and diluted earnings per American depositary share
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 ZTO's management in its financial and operational
decision-making.
Adjusted EBITDA, adjusted net income, adjusted net income
attributable to ordinary shareholders and adjusted basic and
diluted earnings per American depositary share should not be
considered in isolation or construed as an alternative to net
income or any other measure of performance or as an indicator of
the Company's operating performance. Investors are encouraged to
compare the historical non-GAAP financial measures to the most
directly comparable GAAP measures. Adjusted EBITDA, adjusted net
income, adjusted net income attributable to ordinary shareholders
and adjusted basic and diluted earnings per American depositary
share presented here may not be comparable to similarly titled
measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to ZTO's data. ZTO encourages
investors and others to review the Company's financial information
in its entirety and not rely on a single financial measure.
Conference Call Information
ZTO's management team will host an earnings conference call at
8:30 PM U.S. Eastern Time on
Wednesday, May 19, 2021 (8:30 AM Beijing Time on May 20, 2021).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
1-888-317-6003
|
Hong Kong:
|
852-5808-1995
|
Mainland
China:
|
4001-206-115
|
Singapore:
|
800-120-5863
|
International:
|
1-412-317-6061
|
Passcode:
|
8671970
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until May 26,
2021:
United
States:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Passcode:
|
10155754
|
Additionally, a live and archived webcast of the conference call
will be available at http://zto.investorroom.com.
About ZTO Express (Cayman) Inc.
ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) ("ZTO" or
the "Company") is a leading and fast-growing express delivery
company in China. ZTO provides
express delivery service as well as other value-added logistics
services through its extensive and reliable nationwide network
coverage in China.
ZTO operates a highly scalable network partner model, which the
Company believes is best suited to support the significant growth
of e-commerce in China. The
Company leverages its network partners to provide pickup and
last-mile delivery services, while controlling the mission-critical
line-haul transportation and sorting network within the express
delivery service value chain.
For more information, please visit
http://zto.investorroom.com.
Safe Harbor Statement
This news release contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include but are not
limited to the Company's unaudited results for the first quarter of
2021, ZTO management quotes and the Company's financial
outlook.
These forward-looking statements are not historical facts but
instead represent only the Company's belief regarding expected
results and events, many of which, by their nature, are inherently
uncertain and outside of its control. The Company's actual results
and other circumstances may differ, possibly materially, from the
anticipated results and events indicated in these forward-looking
statements. Announced results for the first quarter 2021 are
preliminary, unaudited and subject to audit adjustment. In
addition, the Company may not meet its financial outlook included
in this news release and may be unable to grow its business in the
manner planned. The Company may also modify its strategy for
growth. In addition, there are other risks and uncertainties that
could cause the Company's actual results to differ from what it
currently anticipates, including those relating to the development
of the e-commerce industry in China, its significant reliance on the Alibaba
ecosystem, risks associated with its network partners and their
employees and personnel, intense competition which could adversely
affect the Company's results of operations and market share, any
service disruption of the Company's sorting hubs or the outlets
operated by its network partners or its technology system. For
additional information on these and other important factors that
could adversely affect the Company's business, financial condition,
results of operations, and prospects, please see its filings with
the U.S. Securities and Exchange Commission.
All information provided in this press release and in the
attachments is as of the date of the press release. The Company
undertakes no obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise,
after the date of this release, except as required by law. Such
information speaks only as of the date of this release.
UNAUDITED CONSOLIDATED FINANCIAL DATA
Summary of
Unaudited Consolidated Comprehensive
Income Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
Mar 31,
|
|
|
2020
|
|
2021
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
Revenues
|
|
3,915,889
|
|
6,472,537
|
|
987,902
|
Cost of
revenues
|
|
(3,097,229)
|
|
(5,376,004)
|
|
(820,538)
|
Gross
profit
|
|
818,660
|
|
1,096,533
|
|
167,364
|
Operating
(expenses)/income:
|
|
|
|
|
|
Selling, general and
administrative
|
(560,051)
|
|
(620,224)
|
|
(94,665)
|
Other operating
income, net
|
113,403
|
|
156,571
|
|
23,897
|
Total operating
expenses
|
(446,648)
|
|
(463,653)
|
|
(70,768)
|
Income from
operations
|
372,012
|
|
632,880
|
|
96,596
|
Other
income/(expenses):
|
|
|
|
|
|
Interest
income
|
|
126,227
|
|
75,482
|
|
11,521
|
Interest
expense
|
|
(291)
|
|
(15,582)
|
|
(2,378)
|
Gain from fair value
changes of financial instruments
|
-
|
|
15,799
|
|
2,411
|
Foreign currency
exchange gain/(loss), before tax
|
16,453
|
|
(333)
|
|
(51)
|
Income before income
tax, and share of loss in equity method
investments
|
514,401
|
|
708,246
|
|
108,099
|
Income tax
expense
|
(129,772)
|
|
(149,638)
|
|
(22,839)
|
Share of loss in
equity method investments
|
(13,656)
|
|
(25,082)
|
|
(3,828)
|
Net income
|
|
370,973
|
|
533,526
|
|
81,432
|
Net loss (income)
attributable to noncontrolling interests
|
3,727
|
|
99
|
|
15
|
Net income
attributable to ZTO Express (Cayman) Inc.
|
374,700
|
|
533,625
|
|
81,447
|
Net income
attributable to ordinary shareholders
|
|
374,700
|
|
533,625
|
|
81,447
|
Net earnings per
share/ADS attributable to ordinary shareholders
|
|
|
|
|
|
Basic
|
|
0.48
|
|
0.64
|
|
0.10
|
Diluted
|
|
0.48
|
|
0.64
|
|
0.10
|
Weighted average
shares used in calculating net earnings per ordinary
share/ADS
|
|
|
|
|
Basic
|
|
782,354,037
|
|
828,504,517
|
|
828,504,517
|
Diluted
|
|
782,553,924
|
|
828,504,517
|
|
828,504,517
|
Other comprehensive
income, net of tax of nil:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
176,926
|
|
17,911
|
|
2,734
|
Comprehensive
income
|
547,899
|
|
551,437
|
|
84,166
|
Comprehensive loss
(income) attributable to noncontrolling interests
|
3,727
|
|
99
|
|
15
|
Comprehensive income
attributable to ZTO Express (Cayman) Inc.
|
551,626
|
|
551,536
|
|
84,181
|
Unaudited
Consolidated Balance Sheets Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
December 31,
2020
|
March 31,
2021
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
14,212,778
|
|
11,074,124
|
|
1,690,241
|
Restricted
cash
|
|
133,196
|
|
404,048
|
|
61,670
|
Accounts receivable,
net
|
|
746,013
|
|
721,511
|
|
110,124
|
Financing
receivables
|
|
492,159
|
|
531,534
|
|
81,128
|
Short-term
investment
|
|
3,690,402
|
|
5,528,308
|
|
843,785
|
Inventories
|
|
53,070
|
|
51,833
|
|
7,911
|
Advances to
suppliers
|
|
589,042
|
|
635,302
|
|
96,966
|
Prepayments and other
current assets
|
|
2,334,688
|
|
2,520,114
|
|
384,645
|
Amounts due from
related parties
|
|
73,278
|
|
55,078
|
|
8,407
|
Total current
assets
|
|
22,324,626
|
|
21,521,852
|
|
3,284,877
|
Investments in equity
investee
|
|
3,224,463
|
|
3,231,216
|
|
493,180
|
Property and
equipment, net
|
|
18,565,161
|
|
19,286,227
|
|
2,943,653
|
Land use rights,
net
|
|
4,360,673
|
|
4,740,924
|
|
723,606
|
Intangible assets,
net
|
|
41,832
|
|
40,282
|
|
6,148
|
Operating lease right-of-use
assets
|
|
876,259
|
|
871,501
|
|
133,017
|
Goodwill
|
|
4,241,541
|
|
4,241,541
|
|
647,386
|
Deferred tax
assets
|
|
720,561
|
|
988,442
|
|
150,866
|
Long-term
investment
|
|
1,842,000
|
|
1,974,680
|
|
301,395
|
Long-term financing
receivables
|
|
1,970,340
|
|
1,947,143
|
|
297,192
|
Other non-current
assets
|
|
537,294
|
|
756,104
|
|
115,404
|
Amounts due from
related parties-non current
|
|
500,000
|
|
512,000
|
|
78,146
|
TOTAL
ASSETS
|
|
59,204,750
|
|
60,111,912
|
|
9,174,870
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Short-term bank
borrowing
|
|
1,432,929
|
|
2,914,791
|
|
444,884
|
Accounts
payable
|
|
1,635,888
|
|
1,551,327
|
|
236,779
|
Notes
payable
|
|
326,200
|
|
100,980
|
|
15,413
|
Advances from
customers
|
|
1,119,666
|
|
1,196,208
|
|
182,577
|
Income tax
payable
|
|
48,628
|
|
-
|
|
-
|
Amounts due to
related parties
|
|
16,655
|
|
36,382
|
|
5,553
|
Operating lease
Liabilities
|
|
246,394
|
|
240,127
|
|
36,651
|
Acquisition
consideration payable
|
|
22,942
|
|
22,942
|
|
3,502
|
Dividends
payable
|
|
11,198
|
|
1,365,307
|
|
208,387
|
Other current
liabilities
|
|
4,487,084
|
|
3,869,612
|
|
590,615
|
Total current
liabilities
|
|
9,347,584
|
|
11,297,676
|
|
1,724,361
|
Non-current operating
lease Liabilities
|
|
502,481
|
|
520,760
|
|
79,484
|
Deferred tax
liabilities
|
|
254,987
|
|
246,297
|
|
37,592
|
TOTAL
LIABILITIES
|
|
10,105,052
|
|
12,064,733
|
|
1,841,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.0001 par value; 10,000,000,000 shares authorized,
855,301,115 shares issued and 828,869,972
shares outstanding as of
December 31, 2020; 855,301,115 shares
issued and 827,127,508 shares
outstanding as of March 31,
2021)
|
|
553
|
|
553
|
|
84
|
Additional paid-in
capital
|
|
30,613,948
|
|
29,499,693
|
|
4,502,533
|
Treasury shares, at
cost
|
|
(2,578,870)
|
|
(3,056,574)
|
|
(466,524)
|
Retained
earnings
|
|
21,038,753
|
|
21,541,857
|
|
3,287,930
|
Accumulated other
comprehensive loss
|
|
(95,571)
|
|
(77,660)
|
|
(11,853)
|
ZTO Express
(Cayman) Inc. shareholders' equity
|
|
48,978,813
|
|
47,907,869
|
|
7,312,170
|
Noncontrolling
interests
|
|
120,885
|
|
139,310
|
|
21,263
|
Total
Equity
|
|
49,099,698
|
|
48,047,179
|
|
7,333,433
|
TOTAL LIABILITIES
AND EQUITY
|
|
59,204,750
|
|
60,111,912
|
|
9,174,870
|
Summary of
Unaudited Consolidated Cash Flow Data:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
2020
|
|
2021
|
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
177,791
|
|
476,952
|
|
72,797
|
|
Net cash used in
investing activities
|
(714,703)
|
|
(4,371,990)
|
|
(667,296)
|
|
Net cash provided by financing
activities
|
297,654
|
|
993,968
|
|
151,709
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
17,315
|
|
33,268
|
|
5,078
|
|
Net decrease in cash, cash
equivalents and restricted cash
|
(221,943)
|
|
(2,867,802)
|
|
(437,712)
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
5,277,414
|
|
14,360,092
|
|
2,191,778
|
|
Cash, cash
equivalents and restricted cash at end of period
|
5,055,471
|
|
11,492,290
|
|
1,754,066
|
|
The following table provides a reconciliation of cash, cash
equivalents and restricted cash reported within the condensed
consolidated balance sheets that sum to the total of the same such
amounts shown in the condensed consolidated statements of cash
flows:
|
|
|
|
|
As
of
|
|
|
|
|
|
March 31,
2020
|
March 31,
2021
|
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
(in
thousands)
|
|
|
Cash and cash
equivalents
|
|
|
5,020,188
|
|
11,074,124
|
|
1,690,241
|
Restricted
cash,current
|
|
|
21,169
|
|
404,048
|
|
61,670
|
Restricted
cash,non-current
|
|
|
14,114
|
|
14,118
|
|
2,155
|
Total cash, cash
equivalents and restricted cash
|
|
5,055,471
|
|
11,492,290
|
|
1,754,066
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
Three Months Ended
Dec 31,
|
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands, except for share and per share data)
|
Net income
|
|
370,973
|
|
533,526
|
|
81,432
|
Add:
|
|
|
|
|
|
|
Share-based
compensation expense (1)
|
|
264,154
|
|
248,027
|
|
37,856
|
Adjusted net
income
|
|
635,127
|
|
781,553
|
|
119,288
|
|
|
|
|
|
|
|
Net income
|
|
370,973
|
|
533,526
|
|
81,432
|
Add:
|
|
|
|
|
|
|
Depreciation
|
|
392,580
|
|
495,708
|
|
75,660
|
Amortization
|
|
15,648
|
|
25,651
|
|
3,915
|
Interest
expenses
|
|
291
|
|
15,582
|
|
2,378
|
Income tax
expenses
|
|
129,772
|
|
149,638
|
|
22,839
|
EBITDA
|
|
909,264
|
|
1,220,105
|
|
186,224
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
264,154
|
|
248,027
|
|
37,856
|
Adjusted
EBITDA
|
|
1,173,418
|
|
1,468,132
|
|
224,080
|
|
|
|
|
|
|
|
(1) Net of income
taxes of nil
|
|
|
|
|
|
|
Reconciliations of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
Dec 31,
|
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands, except for share and per share data)
|
Net income
attributable to ordinary shareholders
|
|
374,700
|
|
533,625
|
|
81,447
|
Add:
|
|
|
|
|
|
|
Share-based
compensation expense (1)
|
|
264,154
|
|
248,027
|
|
37,856
|
Adjusted Net income
attributable to ordinary
shareholders
|
|
638,854
|
|
781,652
|
|
119,303
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating net earnings per ordinary
share/ADS
|
|
|
|
|
|
|
Basic
|
|
782,354,037
|
|
828,504,517
|
|
828,504,517
|
Diluted
|
|
782,553,924
|
|
828,504,517
|
|
828,504,517
|
|
|
|
|
|
|
|
Net earnings per
share/ADS attributable to ordinary shareholders
|
|
|
|
|
|
|
Basic
|
|
0.48
|
|
0.64
|
|
0.10
|
Diluted
|
|
0.48
|
|
0.64
|
|
0.10
|
|
|
|
|
|
|
|
Adjusted net earnings
per share/ADS attributable to ordinary shareholders
|
|
|
|
|
|
|
Basic
|
|
0.82
|
|
0.94
|
|
0.14
|
Diluted
|
|
0.82
|
|
0.94
|
|
0.14
|
|
|
|
|
|
|
|
(1) Net of income
taxes of nil
|
|
|
|
|
|
|
For investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508
View original
content:http://www.prnewswire.com/news-releases/4-5-billion-parcels-expanded-market-share-to-20-4-301294589.html
SOURCE ZTO Express (Cayman) Inc.