Income from Operations Increased 16.4% to
RMB1.4 Billion
Volume Grew 23.3% to reach 5.7
Billion Parcels
Market Share Secured at 20.8%
SHANGHAI, Nov. 17, 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 third
quarter ended September 30,
2021[1]. The Company delivered a parcel volume
growth of 23.3% while maintaining high customer satisfaction and
industry-top level of quality of earnings. Adjusted net income
reached RMB1,147.9 million which grew
13.7% over that of last year's normalized for one-time tax refund.
Cash generated from operating activities totaled RMB1,787.1 million.
Third Quarter 2021 Financial Highlights
- Revenues were RMB7,390.7 million
(US$1,147.0 million), an increase of
11.3% from RMB6,638.8 million in the
same period of 2020.
- Gross profit was RMB1,568.3
million (US$243.4 million), an
increase of 12.7% from RMB1,391.0
million in the same period of 2020.
- Net income was RMB1,147.9 million (US$178.1 million), a decrease of 5.2% from
RMB1,210.3 million in the same period
of 2020. Normalized for the one-time 2019 income tax refund
received in 2020, net income increased 13.7% year over
year.
- Adjusted EBITDA[2] was RMB1,967.7 million (US$305.4 million), an increase of 17.4% from
RMB1,675.4 million in the same period
of 2020.
- Adjusted net income[3] was
RMB1,147.9 million (US$178.1 million), a decrease of 5.2% from
RMB1,210.3 million in the same period
of 2020. Normalized for the one-time 2019 income tax refund
received in 2020, adjusted net income increased 13.7% year over
year.
- Basic and diluted net earnings per American depositary share
("ADS"[4]) were RMB1.43
(US$0.22), a decrease of 6.5% from
RMB1.53 in the same period of
2020.
- Adjusted basic and diluted net earnings per American depositary
share[5] attributable to ordinary shareholders were
RMB1.43 (US$
0.22), a decrease of 6.5% from RMB1.53 in the same period of 2020.
- Net cash provided by operating activities was RMB1,787.1 million (US$277.4 million), compared with RMB1,480.4 million in the same period of
2020.
Operational Highlights for Third Quarter 2021
- Parcel volume was 5,700 million, an increase of 23.3% from
4,623 million in the same period of 2020.
- Number of pickup/delivery outlets was over 30,300 as of
September 30, 2021.
- Number of direct network partners was over 5,600 as of
September 30, 2021.
- Number of line-haul vehicles was approximately 10,500 as of
September 30, 2021, which included
approximately 10,400 self-owned vehicles and approximately 100
vehicles owned and operated by Tonglu Tongze Logistics Ltd., a
transportation operator that works exclusively for ZTO.
- Out of the approximately 10,400 self-owned trucks,
approximately 8,450 were high capacity 15 to 17-meter-long models
as of September 30, 2021, compared to
over 8,150 as of June 30, 2021.
- Number of line-haul routes between sorting hubs was over 3,600
as of September 30, 2021, compared to
approximately 3,600 as of June 30,
2021.
- Number of sorting hubs was 96 as of September 30, 2021, among which 85 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.
(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.
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Mr. Meisong
Lai, Founder, Chairman and Chief Executive Officer of ZTO,
commented, "Market dynamics continued to shift towards higher
volume concentration yet clearly divided in relative scale as well
as profitability. Official's attention on front-line operators'
rights and economic interests has been constructive towards
sustainable healthy development of the industry. ZTO has advanced
our efforts for higher quality of growth since last quarter.
Supported by top ranking customer satisfaction level and 20.8%
leading market share this quarter, ZTO expanded its operating
income by 16.4% and achieved 13.7% growth on net income on a
comparable basis."
Mr. Lai added, "Volume and market share have been and will continue
to be crucial to the growth and future of an express delivery
business whose winning elements are scale and efficiency. The
industry has potentially reached a turning point where competition
becomes more orderly, and price begins to stabilize. Expanding
market share remains one of ZTO's top priorities, and we are in the
best position to capture opportunities presented by continued
growth of this industry. Our initiatives that rely on improved
partners' trust and confidence, strengthening capability and
efficiency throughout the entire network, increasing data analytics
for internal resource deployment and allocation will enable us to
achieve meaningful earnings expansion alongside of healthy market
share gain in the near term."
Ms. Huiping Yan, Chief Financial
Officer of ZTO, commented, "Leveraging efficient capacity and
operational excellence, ZTO expanded its net income to RMB 1.15 billion in the quarter. The 7.2%
ASP decrease in our core express delivery business, mainly
attributable to parcel weight drop and normal volume incentives,
was partially offset by the 7.3% unit cost productivity
gain."
Ms. Yan added, "Cash flow from operating activities grew 20.7% to
1.8 billion. Capital expenditure totaled 2.6 billion for the
quarter. As we entered the final stages of this investment
cycle, level of capital spending is expected to stabilize and start
to decrease. Increasing profit and strong cash generation
will allow us to resume free cashflow position within the next two
years."
Third Quarter 2021 Financial Results
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2020
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2021
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2020
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2021
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RMB
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%
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RMB
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US$
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%
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RMB
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%
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RMB
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US$
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%
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(in thousands,
except percentages)
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Express delivery
services
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5,780,410
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87.1
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6,696,235
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1,039,239
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90.6
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14,727,484
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86.9
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19,021,980
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2,952,165
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89.8
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Freight
forwarding
services
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481,188
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7.2
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344,813
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53,514
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4.7
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1,243,759
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7.3
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1,151,353
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178,687
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5.4
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Sale of
accessories
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298,871
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4.5
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304,558
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47,267
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4.1
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797,084
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4.7
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878,869
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136,398
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4.1
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Others
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78,367
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1.2
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45,117
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7,002
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0.6
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188,819
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1.1
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136,118
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21,126
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0.7
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Total
revenues
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6,638,836
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100.0
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7,390,723
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1,147,022
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100.0
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16,957,146
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100.0
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21,188,320
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3,288,376
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100.0
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Total Revenues were RMB7,390.7 million (US$1,147.0 million), an increase of 11.3% from
RMB6,638.8 million in the same period
of 2020. Revenue from the core express delivery business increased
by 14.4%compared to the same period of 2020, as a combined result
of a 23.3% increase in parcel volume and a 7.2% decrease in parcel
unit price mainly driven by per parcel weight decline and normal
volume incentives. Revenue from freight forwarding services
decreased by 28.3% compared to the same period of 2020 as cross
border e-commerce demand and pricing gradually returned to normal
post COVID-19 recovery. Revenue from sales of accessories, largely
consisted of sales of thermal paper used for digital waybills'
printing, increased by 1.9%. Other revenues were mainly consisted
of financing services and advertising services receipts.
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2020
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2021
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2020
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2021
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RMB
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% of
revenues
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RMB
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US$
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% of
revenues
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RMB
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% of
revenues
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RMB
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US$
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% of
revenues
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(in thousands,
except percentages)
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Line-haul
transportation cost
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2,446,793
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36.9
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2,839,786
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440,728
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38.4
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5,740,772
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33.9
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8,136,963
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1,262,837
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38.4
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Sorting hub
operating
cost
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1,353,754
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20.4
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1,635,758
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253,866
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22.1
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3,573,787
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21.1
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4,759,832
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738,714
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22.5
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Freight
forwarding
cost
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447,047
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6.7
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301,151
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46,738
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4.1
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1,151,319
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6.8
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1,003,772
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155,783
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4.7
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Cost of
accessories
sold
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95,007
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1.4
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91,827
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14,251
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1.2
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281,965
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1.7
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264,543
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41,056
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1.2
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Other
costs
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905,283
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13.6
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953,923
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148,046
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13.0
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2,230,528
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13.0
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2,684,757
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416,668
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12.7
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Total cost of
revenues
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5,247,884
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79.0
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5,822,445
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903,629
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78.8
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12,978,371
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76.5
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16,849,867
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2,615,058
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79.5
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Total cost of revenues
was RMB5,822.4 million (US$903.6 million) compared to RMB5,247.9 million in the same period last year,
an increase of 10.9% against 23.3% volume increase year over
year.
Line haul transportation
cost was RMB2,839.8 million
(US$440.7 million), an increase of
16.1% from RMB2,446.8 million in the
same period last year. Line-haul transportation cost per parcel
decreased by 5.9% to RMB0.50
benefited mainly from improved operating efficiency through
increased usage of high-capacity vehicles and better route
planning. There were approximately 1,050 more high-capacity
vehicles in our owned-and-operated fleet compared to the same
period last year.
Sorting hub operating
cost was RMB1,635.8 million
(US$253.9 million), an increase of
20.8% from RMB1,353.8 million in the
same period last year. The increase was primarily consisted of (i)
RMB187.3 million (US$29.1 million) increase in labor-associated
costs, a net result of wage increases offset by automation-driven
headcount reduction, and (ii) RMB55.9
million (US$8.7 million)
increase in depreciation and amortization costs from increased
number of installed automated sorting equipment and facilities.
Sorting hub operating cost per unit decreased 2.0% to RMB0.29. As of September
30, 2021, 370 sets of automated sorting equipment were in
service, compared to 300 sets as of September 30, 2020.
Cost of accessories sold was RMB91.8 million (US$14.3
million), decreased 3.3% compared with RMB95.0 million in the same period last year.
Other costs were RMB953.9
million (US$148.0 million), an
increase of RMB48.6 million
(US$7.5 million) compared to the same
period last year. The increase was mainly consisted of (i) an
increase of RMB60.1 million
(US$9.3 million) in tax surcharge,
(ii) a decrease of RMB33.7 million
(US$5.2 million) in the costs of the
advertising services, and (iii) an increase of RMB20.4 million (US$3.2
million) in expenses related to the development of
technology platform.
Gross Profit was
RMB1,568.3 million (US$243.4 million), increased 12.7% from
RMB1,391.0 million in the same period
last year as a combined result of increased volume and decreased
ASP partially offset by unit cost efficiency. Gross margin rate was
21.2% compared to 21.0% in the same period last year.
Total Operating Expenses were RMB207.8 million (US$32.3
million), compared to RMB221.8
million in the same period last year.
Selling, general and administrative expenses were
RMB389.4 million (US$60.4 million), increased by 4.2% from
RMB373.7 million in the same period
last year, mainly from increases of compensation and benefits and
office expenditures.
Other operating income, net was RMB181.6 million (US$28.2
million), compared to RMB151.8
million in the same period last year. Other operating
income/expense mainly consisted of (i) RMB139.3 million
(US$21.6 million) of VAT super
deduction, (ii) government subsidies and tax rebates of
RMB66.0 million (US$10.3 million), and (iii) RMB20.0
million (US$3.1 million), and offset by
(iii) RMB20.0 million (US$3.1 million) of charitable donation to
Zhengzhou Red Cross to aid recovery from heavy flooding in
Henan province.
Income from operations was RMB1,360.5
million (US$211.1 million), an
increase of 16.4% from RMB1,169.1
million for the same period last year. Operating margin rate
increased to 18.4% from 17.6% in the same period last
year.
Interest income was RMB91.8
million (US$14.2 million),
compared with RMB96.7 million in the
same period last year.
Interest expenses was RMB52.3
million (US$8.1 million),
compared with RMB13.7 million in the
same period last year.
Gain from fair value changes
of financial instruments was RMB5.1
million (US$0.8 million),
which reflected fair value changes, assessed using market-based
redemption prices estimated by selling banks, on financial
instruments. There were no similar financial instruments in the
same period last year.
Income tax expenses were
RMB229.5 million (US$35.6 million) compared to negative
RMB27.8 million in the same period
last year. In the third quarter of 2020, an income tax refund of
RMB200.7 million was received by
Shanghai Zhongtongji Network, a wholly owned subsidiary, for being
recognized as a "Key Software Enterprise" that qualified for a
preferential tax rate of 10% for tax year 2019.
Net income was RMB1,147.9 million (US$178.1 million), which decreased by 5.2% from
RMB1,210.3 million in the same period
last year. Normalized for the one-time income tax refund received
in 2020, net income increased 13.7% year over year.
Basic and diluted earnings per ADS attributable to ordinary
shareholders were RMB1.43
(US$0.22), compared to basic and
diluted earnings per ADS of RMB1.53 in the same period last year.
Adjusted basic and diluted earnings per ADS attributable to
ordinary shareholders were RMB1.43 (US$0.22),
compared with RMB1.53 in the
same period last year.
Adjusted net income was
RMB1,147.9 million (US$178.1 million), compared with RMB1,210.3 million during the same period last
year. Adjusted net income for the third quarter of 2020 included
RMB 200.7 million one-time 2019 tax
refund by a wholly owned subsidiary.
EBITDA was RMB1,967.7
million (US$305.4 million),
compared with RMB1,675.4 million in
the same period last year.
Adjusted EBITDA was RMB1,967.7
million (US$305.4 million),
compared to RMB1,675.4 million in the
same period last year.
Net cash provided by operating activities was
RMB1,787.1 million (US$277.4 million), compared with RMB1,480.4 million in the same period last
year.
Business Outlook
Based on current market and operating
conditions, the Company revises its previously stated annual
guidance. Parcel volume for 2021 is expected to be in the range of
22.2 billion to 22.7 billion, representing a 30.6% to 33.5%
increase year over year. Such 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 September 30, 2021,
the Company has purchased an aggregate of 36,074,242 ADSs at
an average purchase price of US$25.21, 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
RMB6.4434 to US$1.00, the noon buying rate on September 30, 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
7:30 PM U.S. Eastern Time on
Wednesday, November 17, 2021
(8:30 AM Beijing Time on November 18, 2021).
Dial-in details for the earnings conference call are as
follows:
United
States:
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1-888-317-6003
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Hong Kong:
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852-5808-1995
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Mainland
China:
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4001-206-115
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Singapore:
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800-120-5863
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International:
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1-412-317-6061
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Passcode:
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3551081
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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 November 24,
2021:
United
States:
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1-877-344-7529
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International:
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1-412-317-0088
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Passcode:
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10161579
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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
third 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 third 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
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Summary of
Unaudited Consolidated Comprehensive
Income Data:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2020
|
|
2021
|
|
|
|
2020
|
|
2021
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
6,638,836
|
|
7,390,723
|
|
1,147,022
|
|
16,957,146
|
|
21,188,320
|
|
3,288,376
|
Cost of
revenues
|
|
(5,247,884)
|
|
(5,822,445)
|
|
(903,629)
|
|
(12,978,371)
|
|
(16,849,867)
|
|
(2,615,058)
|
Gross
profit
|
|
1,390,952
|
|
1,568,278
|
|
243,393
|
|
3,978,775
|
|
4,338,453
|
|
673,318
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
(373,668)
|
|
(389,355)
|
|
(60,427)
|
|
(1,246,140)
|
|
(1,403,585)
|
|
(217,833)
|
Other operating
income, net
|
151,836
|
|
181,550
|
|
28,176
|
|
455,106
|
|
514,140
|
|
79,793
|
Total operating
expenses
|
(221,832)
|
|
(207,805)
|
|
(32,251)
|
|
(791,034)
|
|
(889,445)
|
|
(138,040)
|
Income from
operations
|
1,169,120
|
|
1,360,473
|
|
211,142
|
|
3,187,741
|
|
3,449,008
|
|
535,278
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
96,654
|
|
91,800
|
|
14,247
|
|
337,138
|
|
269,682
|
|
41,854
|
Interest
expense
|
|
(13,707)
|
|
(52,271)
|
|
(8,112)
|
|
(23,132)
|
|
(101,651)
|
|
(15,776)
|
Gain from fair value
changes of financial instruments
|
-
|
|
5,116
|
|
794
|
|
-
|
|
53,246
|
|
8,264
|
Foreign currency exchange
gain/(loss),
before tax
|
(64,354)
|
|
(8,073)
|
|
(1,253)
|
|
(45,307)
|
|
(34,157)
|
|
(5,301)
|
Income before income
tax, and share of loss in equity method
|
1,187,713
|
|
1,397,045
|
|
216,818
|
|
3,456,440
|
|
3,636,128
|
|
564,319
|
Income tax
expense
|
27,845
|
|
(229,525)
|
|
(35,622)
|
|
(400,228)
|
|
(634,022)
|
|
(98,399)
|
Share of loss in
equity method investments
|
(5,268)
|
|
(19,630)
|
|
(3,047)
|
|
(21,378)
|
|
(48,465)
|
|
(7,522)
|
Net income
|
|
1,210,290
|
|
1,147,890
|
|
178,149
|
|
3,034,834
|
|
2,953,641
|
|
458,398
|
Net (income)/loss
attributable to noncontrolling interests
|
(9,271)
|
|
18,810
|
|
2,919
|
|
(10,762)
|
|
38,856
|
|
6,030
|
Net income
attributable to ZTO Express (Cayman) Inc.
|
1,201,019
|
|
1,166,700
|
|
181,068
|
|
3,024,072
|
|
2,992,497
|
|
464,428
|
Net income
attributable to ordinary shareholders
|
|
1,201,019
|
|
1,166,700
|
|
181,068
|
|
3,024,072
|
|
2,992,497
|
|
464,428
|
Net earnings per
share attributed to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
1.53
|
|
1.43
|
|
0.22
|
|
3.86
|
|
3.63
|
|
0.56
|
Diluted
|
|
1.53
|
|
1.43
|
|
0.22
|
|
3.86
|
|
3.63
|
|
0.56
|
Weighted average
shares used in calculating net earnings per ordinary
share/ADS
|
|
|
|
|
|
|
|
|
|
Basic
|
|
784,872,994
|
|
816,342,418
|
|
816,342,418
|
|
783,711,509
|
|
823,841,096
|
|
823,841,096
|
Diluted
|
|
784,872,994
|
|
816,342,418
|
|
816,342,418
|
|
783,778,138
|
|
823,841,096
|
|
823,841,096
|
Other comprehensive
(expenses)/ income, net of tax of nil:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(326,880)
|
|
(44,670)
|
|
(6,933)
|
|
(173,511)
|
|
(128,931)
|
|
(20,010)
|
Comprehensive
income
|
883,410
|
|
1,103,220
|
|
171,216
|
|
2,861,323
|
|
2,824,710
|
|
438,388
|
Comprehensive (income)/loss
attributable
to noncontrolling interests
|
(9,271)
|
|
18,810
|
|
2,919
|
|
(10,762)
|
|
38,856
|
|
6,030
|
Comprehensive income
attributable to ZTO Express (Cayman) Inc.
|
874,139
|
|
1,122,030
|
|
174,135
|
|
2,850,561
|
|
2,863,566
|
|
444,418
|
Unaudited
Consolidated Balance Sheets Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
December 31,
2020
|
September 30,
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
14,212,778
|
|
10,357,744
|
|
1,607,497
|
Restricted
cash
|
|
133,196
|
|
30,369
|
|
4,713
|
Accounts receivable,
net
|
|
746,013
|
|
790,021
|
|
122,609
|
Financing
receivables
|
|
492,159
|
|
981,210
|
|
152,281
|
Short-term
investment
|
|
3,690,402
|
|
2,364,614
|
|
366,982
|
Inventories
|
|
53,070
|
|
49,992
|
|
7,759
|
Advances to
suppliers
|
|
589,042
|
|
747,276
|
|
115,975
|
Prepayments and other
current assets
|
|
2,334,688
|
|
3,107,846
|
|
482,330
|
Amounts due from
related parties
|
|
73,278
|
|
61,651
|
|
9,568
|
Total current
assets
|
|
22,324,626
|
|
18,490,723
|
|
2,869,714
|
Investments in equity
investee
|
|
3,224,463
|
|
3,398,456
|
|
527,432
|
Property and
equipment, net
|
|
18,565,161
|
|
23,203,585
|
|
3,601,140
|
Land use rights,
net
|
|
4,360,673
|
|
5,098,542
|
|
791,281
|
Intangible assets,
net
|
|
41,832
|
|
37,184
|
|
5,771
|
Operating lease
right-of-use assets
|
|
876,259
|
|
961,338
|
|
149,197
|
Goodwill
|
|
4,241,541
|
|
4,241,541
|
|
658,277
|
Deferred tax
assets
|
|
720,561
|
|
812,451
|
|
126,090
|
Long-term
investment
|
|
1,842,000
|
|
1,514,500
|
|
235,047
|
Long-term financing
receivables
|
|
1,970,340
|
|
1,496,217
|
|
232,209
|
Other non-current
assets
|
|
537,294
|
|
807,231
|
|
125,280
|
Amounts due from
related parties-non current
|
|
500,000
|
|
600,840
|
|
93,249
|
TOTAL
ASSETS
|
|
59,204,750
|
|
60,662,608
|
|
9,414,687
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Short-term bank
borrowing
|
|
1,432,929
|
|
4,431,838
|
|
687,810
|
Accounts
payable
|
|
1,635,888
|
|
1,626,967
|
|
252,501
|
Notes
payable
|
|
326,200
|
|
343,520
|
|
53,313
|
Advances from
customers
|
|
1,119,666
|
|
1,265,558
|
|
196,412
|
Income tax
payable
|
|
48,628
|
|
-
|
|
-
|
Amounts due to
related parties
|
|
16,655
|
|
21,943
|
|
3,406
|
Operating lease
liabilities
|
|
246,394
|
|
249,137
|
|
38,665
|
Acquisition
consideration payable
|
|
22,942
|
|
22,942
|
|
3,561
|
Dividends
payable
|
|
11,198
|
|
716
|
|
111
|
Other current
liabilities
|
|
4,487,084
|
|
4,788,083
|
|
743,098
|
Total current
liabilities
|
|
9,347,584
|
|
12,750,704
|
|
1,978,877
|
Non-current operating
lease liabilities
|
|
502,481
|
|
597,756
|
|
92,770
|
Deferred tax
liabilities
|
|
254,987
|
|
248,338
|
|
38,541
|
TOTAL
LIABILITIES
|
|
10,105,052
|
|
13,596,798
|
|
2,110,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.0001 par value; 10,000,000,000
shares authorized, 855,301,115 shares issued and
828,869,972 shares outstanding as of December 31, 2020;
826,943,309 shares issued and 808,448,289 shares
outstanding as of September 30, 2021)
|
|
553
|
|
534
|
|
83
|
Additional paid-in
capital
|
|
30,613,948
|
|
28,256,720
|
|
4,385,374
|
Treasury shares, at
cost
|
|
(2,578,870)
|
|
(2,067,008)
|
|
(320,795)
|
Retained
earnings
|
|
21,038,753
|
|
20,954,469
|
|
3,252,083
|
Accumulated other
comprehensive loss
|
|
(95,571)
|
|
(224,502)
|
|
(34,842)
|
ZTO Express
(Cayman) Inc. shareholders' equity
|
|
48,978,813
|
|
46,920,213
|
|
7,281,903
|
Noncontrolling
interests
|
|
120,885
|
|
145,597
|
|
22,596
|
Total
Equity
|
|
49,099,698
|
|
47,065,810
|
|
7,304,499
|
TOTAL LIABILITIES
AND EQUITY
|
|
59,204,750
|
|
60,662,608
|
|
9,414,687
|
Summary of
Unaudited Consolidated Cash Flow Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
1,480,429
|
|
1,787,077
|
|
277,350
|
|
2,910,490
|
|
4,196,434
|
|
651,276
|
|
Net cash provided by/ (used in)
investing
activities
|
1,179,946
|
|
(1,385,810)
|
|
(215,074)
|
|
(632,608)
|
|
(5,942,268)
|
|
(922,226)
|
|
Net cash provided by
/ (used in) financing activities
|
8,602,624
|
|
(2,166,990)
|
|
(336,312)
|
|
8,965,576
|
|
(2,116,528)
|
|
(328,480)
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(109,243)
|
|
(1,941)
|
|
(301)
|
|
(89,783)
|
|
(102,554)
|
|
(15,915)
|
|
Net increase/
(decrease) in cash, cash equivalents and restricted cash
|
11,153,756
|
|
(1,767,664)
|
|
(274,337)
|
|
11,153,675
|
|
(3,964,916)
|
|
(615,345)
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
5,277,333
|
|
12,162,840
|
|
1,887,643
|
|
5,277,414
|
|
14,360,092
|
|
2,228,651
|
|
Cash, cash
equivalents and restricted cash at end of period
|
16,431,089
|
|
10,395,176
|
|
1,613,306
|
|
16,431,089
|
|
10,395,176
|
|
1,613,305
|
|
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
|
|
|
|
September 30,
2020
|
|
September 30,
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
(in
thousands)
|
|
|
Cash and cash
equivalents
|
|
|
16,408,906
|
|
10,357,744
|
|
1,607,497
|
Restricted
cash,current
|
|
|
8,070
|
|
30,369
|
|
4,713
|
Restricted
cash,non-current
|
|
|
14,113
|
|
7,063
|
|
1,096
|
Total cash, cash
equivalents and restricted cash
|
|
16,431,089
|
|
10,395,176
|
|
1,613,306
|
Reconciliations of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands, except for share and per share data)
|
Net income
|
|
1,210,290
|
|
1,147,890
|
|
178,149
|
|
3,034,834
|
|
2,953,641
|
|
458,398
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense (1)
|
|
—
|
|
—
|
|
—
|
|
264,154
|
|
248,027
|
|
38,493
|
Adjusted net
income
|
|
1,210,290
|
|
1,147,890
|
|
178,149
|
|
3,298,988
|
|
3,201,668
|
|
496,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
1,210,290
|
|
1,147,890
|
|
178,149
|
|
3,034,834
|
|
2,953,641
|
|
458,398
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
453,818
|
|
508,464
|
|
78,912
|
|
1,254,824
|
|
1,535,046
|
|
238,235
|
Amortization
|
|
25,390
|
|
29,525
|
|
4,582
|
|
58,640
|
|
89,104
|
|
13,829
|
Interest
expenses
|
|
13,707
|
|
52,271
|
|
8,112
|
|
23,132
|
|
101,651
|
|
15,776
|
Income tax
expenses
|
|
(27,845)
|
|
229,525
|
|
35,622
|
|
400,228
|
|
634,022
|
|
98,399
|
EBITDA
|
|
1,675,360
|
|
1,967,675
|
|
305,377
|
|
4,771,658
|
|
5,313,464
|
|
824,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
—
|
|
—
|
|
—
|
|
264,154
|
|
248,027
|
|
38,493
|
Adjusted
EBITDA
|
|
1,675,360
|
|
1,967,675
|
|
305,377
|
|
5,035,812
|
|
5,561,491
|
|
863,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of income
taxes of nil
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of GAAP and Non-GAAP Results
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2020
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2021
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2020
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2021
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RMB
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RMB
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US$
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RMB
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RMB
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US$
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(in thousands, except for share and per share data)
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Net income
attributable to ordinary shareholders
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1,201,019
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1,166,700
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181,068
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3,024,072
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2,992,497
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464,428
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Add:
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Share-based
compensation expense (1)
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-
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-
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-
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264,154
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248,027
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38,493
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Adjusted Net income
attributable to ordinary
shareholders
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1,201,019
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1,166,700
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181,068
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3,288,226
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3,240,524
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502,921
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Weighted average
shares used in calculating net
earnings per ordinary share/ADS
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Basic
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784,872,994
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816,342,418
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816,342,418
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783,711,509
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823,841,096
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823,841,096
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Diluted
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784,872,994
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816,342,418
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816,342,418
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783,778,138
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823,841,096
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823,841,096
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Net earnings per
share/ADS attributable to ordinary
shareholders
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Basic
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1.53
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1.43
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0.22
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3.86
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|
3.63
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|
0.56
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Diluted
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1.53
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1.43
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0.22
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3.86
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3.63
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0.56
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Adjusted net earnings
per share/ADS attributable to ordinary shareholders
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Basic
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1.53
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1.43
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0.22
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4.20
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3.93
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0.61
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Diluted
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1.53
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1.43
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0.22
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4.20
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3.93
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0.61
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(1) Net of income
taxes of nil
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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:https://www.prnewswire.com/news-releases/zto-reports-third-quarter-2021-unaudited-financial-results-301426866.html
SOURCE ZTO Express (Cayman) Inc.