fbpx

BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2021 Financial Results

Reading Time: 24 minutes read

HANGZHOU, China, March 9, 2022 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021.

Johnny Chou, Founder, Chairman and Chief Executive Officer of BEST, commented, “Successfully completing the sale of China express business in the fourth quarter, we exited the year with a leaner and more focused organization. We now have a much stronger capital base and a clear path to support our sustainable growth and profitability.

“Following a smooth Express handover, BEST Freight rebounded strongly in December, narrowing its net loss by 50% month-over-month. Supply Chain Management focused on higher margin accounts and expanded its franchised Cloud OFCs network in preparation for new customer acquisition. Global’s results remained encouraging with parcel volume growing 57% YoY for the quarter and 104% YoY for the full year despite the persistent impact of COVID-19.

“In 2022, our businesses are better aligned for near and long-term success, with a stronger ability to return value to our stakeholders and partners,” Mr. Chou continued. “By focusing on our core competencies in freight, integrated supply chain management and global logistics solutions while maximizing revenue and cost synergies, we expect to grow the top line of our core segments by 15% to 20%YoY in 2022, and aim to reach profitability in Freight and Supply Chain Management by second half of the year.”

Gloria Fan, BEST’s Chief Financial Officer, added, “Our fourth quarter capped a critical year of decisive business adjustments. Built on the strength of our main business pillars, we have paved the way for BEST’s future growth. With a challenging macro environment and the short-term effects of our strategic recalibration, our fourth quarter revenue was RMB2.7 billion. We also continued to streamline our costs and strengthen our operating efficiency during the quarter. Most importantly, we significantly improved our balance sheet. We now have a lower debt level and sufficient cash. We hope to transition to a year of growth in 2022, with an efficient organization guided by a clear roadmap.”

FINANCIAL HIGHLIGHTS([1]) 

For the Fourth Quarter Ended December 31, 2021([2]):

  • Revenue was RMB2,724.9 million (US$427.6 million), a decrease of 20.3% year-over-year (“YoY”). The revenue decrease was primarily due to the winding-down of UCargo business and a decrease in Freight revenue partially offset by the growth of Global’s revenue.
  • Gross Loss was RMB228.4 million (US$35.8 million), compared to gross profit of RMB115.3 million in 2020. Gross Loss Margin was 8.4%, which decreased by 11.8 percentage points (“ppts”) YoY. 
  • Net Loss from continuing operations was RMB734.1 million (US$115.2 million), compared to RMB252.2 million in 2020. Non-GAAP Net Loss from continuing operations ([3])([4]) was RMB710.4 million (US$111.5 million), compared to RMB236.7 million in 2020.
  • Net Income was RMB1,945.3 million (US$305.3 million), compared to Net Loss of RMB630.1 million in 2020. The increase was primarily due to the gain related to the sale of our China express business.
  • Diluted EPS([5]) from continuing operations was negative RMB1.81 (US$0.28), compared to negative RMB0.64 in 2020. Non-GAAP Diluted EPS(3)(4) from continuing operations was negative RMB1.75 (US$0.28), compared to negative RMB0.60 in 2020.
  • EBITDA([6]) from continuing operations was negative RMB658.9 million (US$103.4 million), compared to negative RMB182.6 million in 2020. Adjusted EBITDA(3)(5) from continuing operations was negative RMB635.2 million (US$99.7 million), compared to negative RMB167.1million in 2020.

For the Fiscal Year Ended December 31, 2021:

  • Revenue was RMB11,425.8 million (US$1,793.0 million), an increase of 8.5% YoY. The revenue increase was primarily due to increased volume in Freight and Global, partially offset by a decrease in Freight average selling price (“ASP”).
  • Gross Loss was RMB199.4 million (US$31.3 million), compared to gross profit of RMB242.3 million in 2020. The decrease was primarily due to a steeper ASP decrease than unit cost reduction in the Freight business. Gross Margin was negative 1.7%, a decrease of 4.0 ppts YoY. 
  • Net Loss from continuing operations was RMB1,263.9 million (US$198.3 million), compared to RMB1,028.4 million in 2020. Non-GAAP Net Loss from continuing operations was RMB1,220.4 million (US$191.5 million), compared to RMB928.9 million in 2020.
  • Net Income was RMB209.6 million (US$32.9 million), compared to net loss of RMB2,051.2 million in 2020. The increase was primarily due to the gain related to the sale of our China express business.
  • Diluted EPS from continuing operations was negative RMB3.12 (US$0.49), compared to negative RMB2.59 in 2020. Non-GAAP Diluted EPS from continuing operations was negative RMB3.01 (US$0.47), compared to negative RMB2.29 in 2020.
  • EBITDA from continuing operations was negative RMB976.2 million (US$153.2 million), compared to negative RMB789.7 million in 2020. Adjusted EBITDA from continuing operations was negative RMB932.7 million (US$146.4 million), compared to negative RMB693.0 million in 2020.

BUSINESS HIGHLIGHTS([7])  

BEST Express – On December 17, 2021, the Company announced the closing and completion of the sale of China express business (the “Business”) to J&T Express Co., Ltd. (“J&T Express China”). The agreement has been approved by relevant regulatory agencies and the final transaction has been completed pursuant to the terms of the agreement. The Business has been transferred to J&T Express China.

BEST Freight – In the fourth quarter of 2021, the Company remained focused on developing its e-commerce related business, which contributed 21.8% of total volume during the quarter, up 4.8 ppts YoY. In addition to the challenging macro environment such as the resurgence of the pandemic, the increasing oil price and power shortage, Freight’s performance was affected by the difficulty in Express operations, as Express and Freight shared certain franchisees and suppliers. Freight volume decreased by 8.2% YoY in the fourth quarter, but the volume for the full year increased by 9.8% YoY.

After the Express handover was largely completed, Freight volume significantly recovered and the loss was narrowed month-over-month in December.

BEST Supply Chain Management – During the quarter, the Company continued to enlarge its franchised Cloud OFCs network for future growth and prioritize higher margin accounts.  As the result of discontinuing certain low margin legacy customers, the total number of orders fulfilled by Cloud OFCs decreased 9.4% YoY to 123.3 million in the fourth quarter, of which the total number of orders fulfilled by franchised Cloud OFCs increased by 10.9% YoY to 74.4 million. Its fourth quarter gross margin decreased by 0.6 ppts YoY, primarily due to one-off costs incurred by discontinuing lower-margin accounts. Full-year gross margin increased by 0.6 ppts YoY. In fiscal year 2021, the total number of orders fulfilled by Cloud OFCs increased by 3.5% YoY to 448.2 million and the total number of orders fulfilled by franchised Cloud OFCs increased by 25.0% YoY to 268.3 million.

BEST Global – Global made solid progress in its cross-border and local business in Southeast Asia and North America with expanded margin for the quarter. Despite the continuous impact from COVID-19, parcel volume in Southeast Asia increased by 56.7% to 43.7 million in the fourth quarter. Global’s gross margin expanded by 3.0 ppts YoY, due to much improved economies of scale from increased market share and continued improvements in service quality and cost control. In fiscal year of 2021, total parcel volume in Southeast Asia increased by 104.4% compared to the prior year, with YoY growth rates of 87.7%, 87.1%, 609.2%, 336.8% and 522.6% from Thailand, Vietnam, Malaysia, Cambodia, and Singapore, respectively.

Others:

As part of the strategic refocusing plan, the Company started the process of winding down UCargo and Capital business lines in the fourth quarter of 2021 to realign BEST’s business around our core competencies.

Key Operational Metrics

Three Months Ended

% Change YoY

December 31,
2019

December 31,
2020

December 31,
2021

2020 vs
2019

2021 vs
2020

Freight Volume (Tonne in ‘000)

2,097

2,623

2,408

25.1%

(8.2%)

Supply Chain Management
Orders Fulfilled (in ‘000)

121,907

136,126

123,309

11.7%

(9.4%)

Global Parcel Volume in
Southeast Asia (in ‘000)

5,157

27,891

43,707

440.9%

56.7%

Fiscal Year Ended

% Change YoY

December 31,
2019

December 31,
2020

December 31,
2021

2020 vs
2019

2021vs
2020

Freight Volume (Tonne in ‘000)

6,980

8,392

9,218

20.2%

9.8%

Supply Chain Management
Orders Fulfilled (in ‘000)

356,905

433,224

448,202

21.4%

3.5%

Global Parcel Volume in
Southeast Asia (in ‘000)

8,785

73,585

150,392

737.6%

104.4%

FINANCIAL RESULTS([8]) 

For the Fourth Quarter Ended December 31, 2021:

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, 2020

December 31, 2021

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

% Change
YoY

Freight

1,624,756

47.5%

1,503,995

236,010

55.2%

(7.4%)

Supply Chain
Management

542,332

15.9%

487,337

76,474

17.9%

(10.1%)

Global

253,351

7.4%

330,564

51,873

12.1%

30.5%

Others(9)

1,000,115

29.2%

402,958

63,233

14.8%

(59.7%)

Total Revenue

3,420,554

100.0%

2,724,854

427,590

100.0%

(20.3%)

  • Freight Service Revenue decreased by 7.4% YoY to RMB1,504.0 million (US$236.0 million) from RMB1,624.8 million, primarily due to an 8.2% decrease in freight volume, partially offset by a 1.0% increase in ASP per tonne.
  • Supply Chain Management Service Revenue decreased by 10.1% YoY to RMB487.3 million (US$76.5 million) from RMB542.3million, primarily due to a 9.4% decrease in the total number of orders fulfilled by Cloud OFCs.
  • Global Service Revenue increased by 30.5% YoY to RMB330.6 million (US$51.9 million) from RMB253.4 million, primarily due to strong growth in parcel volumes in Southeast Asia.

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, 2020

December 31, 2021

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

Freight

(1,530,702)

94.2%

(1,585,619)

(248,819)

105.4%

11.2ppt

Supply Chain
Management

(549,212)

101.3%

(496,353)

(77,889)

101.9%

0.6ppt

Global

(273,222)

107.8%

(346,392)

(54,356)

104.8%

(3.0ppt)

Others

(952,134)

95.2%

(524,900)

(82,368)

130.3%

35.1ppt

Total Cost of Revenue

(3,305,270)

96.6%

(2,953,264)

(463,432)

108.4%

11.8ppt

Cost of Revenue was RMB2,953.3 million (US$463.4 million) or 108.4% of revenue, compared to RMB3,305.3 million or 96.6% of revenue in 2020. The increase of 11.8 ppts in cost of revenue as a percentage of revenue was primarily attributable to the decreased Freight volume and the winding-down of the U-Cargo business.

Table 3 – Breakdown of Average Cost Per Parcel and Average Cost Per Tonne

Three Months Ended

% Change

(in RMB)

December 31, 2020

December 31, 2021

YoY

Freight:

Average Cost Per Tonne

583.5

658.4

12.8%

Freight Service Average Cost per Tonne increased by 12.8% YoY, primarily due to lower freight volume and higher costs resulting from increasing oil price and labor costs.

Gross Loss was RMB228.4 million (US$35.8 million) , compared to gross profit of RMB115.3 million in 2020; Gross Margin was negative 8.4%, compared to 3.4% in 2020.

Operating Expenses

The following table sets forth a breakdown of operating expenses and adjusted operating expenses by category for the periods indicated.

Table 4 – Breakdown of Operating Expenses and Adjusted Operating Expenses by Category

Three Months Ended

December 31, 2020

December 31, 2021

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

% of Revenue
Change

YoY

Selling, General and
Administrative Expenses

(322,952)

9.4%

(354,793)

(55,675)

13.0%

3.6ppt

    Adjusted for SBC Expenses

(22,382)

0.6%

(20,490)

(3,215)

0.7%

0.1ppt

Adjusted Selling, General and
Administrative Expenses

(300,570)

8.8%

(334,303)

(52,460)

12.3%

3.5ppt

Research and
Development Expenses

(39,813)

1.2%

(50,294)

(7,892)

1.8%

0.6ppt

    Adjusted for SBC Expenses

(1,785)

0.1%

(3,159)

(496)

0.1%

0.0ppt

Adjusted Research and
Development Expenses

(38,028)

1.1%

(47,135)

(7,396)

1.7%

0.6ppt

Total Operating Expenses

(362,765)

10.6%

(405,087)

(63,567)

14.8%

4.2ppt

   Adjusted for SBC Expenses

(24,167)

0.7%

(23,649)

(3,711)

0.8%

0.1ppt

Adjusted Total
Operating Expenses

(338,598)

9.9%

(381,438)

(59,856)

14.0%

4.1ppt

Selling, General and Administrative Expenses were RMB354.8 million (US$55.7 million) or 13.0% of revenue in 2021, compared to RMB323.0 million or 9.4% of revenue in 2020; primarily due to the expenses associated with winding down the Capital business unit and additional expenses incurred in transitioning our China express business.

Research and Development Expenses were RMB50.3million (US$7.9 million) or 1.8% of revenue in 2021, compared to RMB39.8 million, or 1.2% of revenue in 2020; primarily due to additional expenses incurred in transitioning our China express business. 

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB23.7 million (US$3.7 million), compared to RMB24.4 million in 2020. In the fourth quarter of 2021, RMB0.09 million (US$0.01 million) was allocated to cost of revenue, RMB4.6 million (US$0.7 million) was allocated to selling expenses, RMB15.8 million (US$2.5 million) was allocated to general and administrative expenses, and RMB3.2 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 was RMB734.1 million (US$115.2 million), compared to RMB252.2 million in 2020. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and gain from appreciation of investment, Non-GAAP Net Loss from continuing operations was RMB710.4 million (US$111.5 million), compared to RMB236.7 million in 2020.

The following table sets forth a breakdown of non-GAAP net loss for the three months ended December 31, 2021 by segment.

Table 5 – Breakdown of non-GAAP Net Loss by Segment

Three Months Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Non-GAAP Net Loss

(263,630)

(72,413)

(83,452)

(239,945)

(50,971)

(710,411)

Diluted EPS and Non-GAAP Diluted EPS from continuing operations

Diluted EPS from continuing operations was negative RMB1.81 (US$0.28), based on 388.8 million weighted average diluted shares outstanding during the quarter. This compares to negative RMB0.64 on 385.6 million weighted average diluted shares outstanding in the same period of 2020. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and gain from appreciation of investment, Non-GAAP Diluted EPS from continuing operations was negative RMB1.75 (US$0.28), compared to negative RMB0.60 in 2020. A reconciliation of non-GAAP diluted EPS to diluted EPS is included at the end of this results announcement.

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

Adjusted EBITDA from continuing operations was negative RMB635.2 million (US$99.7 million), compared to negative RMB167.1million in 2020. Adjusted EBITDA Margin from continuing operations was negative 23.3%, compared to negative 4.9% in 2020.

Adjusted EBITDA and Adjusted EBITDA Margin by Segment

The following table sets forth a breakdown of adjusted EBITDA and adjusted EBITDA margin for the three months ended December 31, 2021 by segment.

Table 6 – Breakdown of Adjusted EBITDA and Adjusted EBITDA Margin by Segment

Three Months Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Adjusted EBITDA

(248,266)

(62,903)

(78,756)

(211,901)

(33,338)

(635,164)

Adjusted EBITDA
Margin

(16.5%)

(12.9%)

(23.8%)

(52.6%)

(23.3%)

Cash and Cash Equivalents, Restricted Cash and Short-term Investments

As of December 31, 2021, cash and cash equivalents, restricted cash and short-term investments were RMB5,457 million (US$856.4 million), compared to RMB3,740.8 million as of December 31, 2020.

Net Cash Used In Continuing Operating Activities

Net cash used in operating activities was RMB555.7 million (US$87.2 million), compared to RMB95.8 million of net cash generated from operating activities in 2020. The decrease in net cash generated from operating activities was mainly due to catch-up payments to vendors that were made in December.

Capital Expenditures (“CAPEX”)

CAPEX was RMB20.6 million (US$3.2 million), or 0.8% of total revenue in the fourth quarter ended December 31, 2021, compared to CAPEX of RMB99.5 million, or 2.9% of total revenue, in the same period of 2020.

For the Fiscal Year Ended December 31, 2021:

Revenue

The following table sets forth a breakdown of revenue by business segment for the periods indicated.

Table 7 – Breakdown of Revenue by Business Segment

Fiscal Year Ended

December 31, 2020

December 31, 2021

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

% Change
YoY

Freight

5,175,830

49.1%

5,435,354

852,926

47.6%

5.0%

Supply Chain
Management

1,912,323

18.2%

1,815,104

284,829

15.9%

(5.1%)

Global

777,656

7.4%

1,193,855

187,342

10.4%

53.5%

Others

2,662,425

25.3%

2,981,523

467,866

26.1%

12.0%

Total Revenue

10,528,234

100.0%

11,425,836

1,792,963

100.0%

8.5%

  • Freight Service Revenue increased by 5.0% YoY to RMB5,435.4 million (US$852.9 million) from RMB5,175.8 million, primarily due to a 9.8% YoY increase in freight volume, partially offset by a 4.2% YoY decrease in ASP per tonne.
  • Supply Chain Management Service Revenue decreased by 5.1% YoY to RMB1,815.1 million (US$284.8 million) from RMB1,912.3 million, primarily due to discontinuation of certain legacy key account customers, partially offset by a 3.5% YoY increase in the total number of orders fulfilled by Cloud OFCs.
  • Global Service Revenue increased by 53.5% YoY to RMB1,193.9 million (US$187.3 million) from RMB777.7 million, primarily due to strong growth in parcel volumes in Southeast Asia.

Cost of Revenue

The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.

Table 8 – Breakdown of Cost of Revenue by Business Segment

Fiscal Year Ended

% of
Revenue
Change

YoY

December 31, 2020

December 31, 2021

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

Freight

(5,063,236)

97.8%

(5,557,115)

(872,033)

102.2%

4.4ppt

Supply Chain
Management

(1,846,901)

96.6%

(1,741,832)

(273,331)

96.0%

(0.6ppt)

Global

(875,733)

112.6%

(1,258,511)

(197,488)

105.4%

(7.2ppt)

Others

(2,500,082)

93.9%

(3,067,766)

(481,399)

102.9%

9.0ppt

Total Cost of Revenue

(10,285,952)

97.7%

(11,625,224)

(1,824,251)

101.7%

4.0ppt

Cost of Revenue was RMB11,625.2 million (US$1,824.3 million) or 101.7% of revenue, compared to RMB10,286.0 million or 97.7% of revenue in fiscal year 2020. The increase of 4.0 ppts in cost of revenue as a percentage of revenue was primarily attributable to additional costs resulting from higher oil price and labor costs.

Table 9 – Breakdown of Average Cost Per Parcel and Average Cost Per Tonne

Fiscal Year Ended

% Change

(in RMB)

December 31, 2020

December 31, 2021

YoY

Freight:

Average Cost Per Tonne

603.4

602.9

(0.1%)

Freight Service Average Cost per Tonne remained relatively flat, decreasing by 0.1% YoY.

Gross Loss was RMB199.4 million (US$31.3 million), compared to gross profit of RMB242.3 million in fiscal year 2020; Gross Margin was negative1.7%, compared to 2.3% in fiscal year 2020.

Operating Expenses

The following table sets forth a breakdown of operating expenses and adjusted operating expenses by category for the periods indicated.

Table 10 – Breakdown of Operating Expenses and Adjusted Operating Expenses by Category

Fiscal Year Ended

December 31, 2020

December 31, 2021

(In ‘000, except for %)

RMB

% of Revenue

RMB

US$

% of Revenue

% of Revenue Change

YoY

Selling, General and Administrative Expenses

(1,102,936)

10.5%

(1,141,717)

(179,160)

10.0%

(0.5ppt)

Adjusted for
SBC Expenses

(106,510)

1.0%

(98,015)

(15,381)

0.9%

(0.1ppt)

Adjusted Selling, General
and
Administrative Expenses

(996,426)

9.5%

(1,043,702)

(163,779)

9.1%

(0.4ppt)

Research and Development Expenses

(136,065)

1.3%

(180,204)

(28,278)

1.6%

0.3ppt

Adjusted for
SBC Expenses

(7,763)

0.1%

(9,321)

(1,463)

0.1%

0.0ppt

Adjusted Research and Development Expenses

(128,302)

1.2%

(170,883)

(26,815)

1.5%

0.3ppt

Total Operating Expenses

(1,239,001)

11.8%

(1,321,921)

(207,438)

11.6%

(0.2ppt)

Adjusted for
SBC Expenses

(114,273)

1.1%

(107,336)

(16,844)

1.0%

(0.1ppt)

Adjusted Total Operating Expenses

(1,124,728)

10.7%

(1,214,585)

(190,594)

10.6%

(0.1ppt)

Selling, General and Administrative Expenses were RMB1,141.7 million (US$179.2million) or 10.0% of revenue, compared to RMB1,102.9 million or 10.5% of revenue in fiscal year 2020.

Research and Development Expenses were RMB180.2 million (US$28.3 million) or 1.6% of revenue, compared to RMB136.1 million, or 1.3% of revenue in fiscal year 2020; primarily due to the increasing expenses to support BEST Global’ s business expansion in Southeast Asia.

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB107.7 million (US$16.9 million), compared to RMB115.5 million in fiscal year 2020. In fiscal year 2021, RMB0.3 million (US$0.05 million) was allocated to cost of revenue, RMB9.7 million (US$1.5 million) was allocated to selling expenses, RMB88.4 million (US$13.9 million) was allocated to general and administrative expenses, and RMB9.3 million (US$1.5 million) was allocated to research and development expenses.

Net Loss and Non-GAAP Net Loss from continuing operations   

Net Loss from continuing operations was RMB1,263.9 million (US$198.3 million), compared to RMB1,028.4 million in fiscal year 2020. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and gain from appreciation of investment (if any for a given period). Non-GAAP Net Loss from continuing operations was RMB1,220.4 million (US$191.5 million), compared to RMB928.9 million in fiscal year 2020.

The following table sets forth a breakdown of non-GAAP net loss for fiscal year 2021 by segment.

Table 11 – Breakdown of non-GAAP Net Loss by Segment

Fiscal Year Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Non-GAAP Net Loss

(446,007)

(95,036)

(259,298)

(338,416)

(81,628)

(1,220,385)

 Diluted EPS and Non-GAAP Diluted EPS from continuing operations

Diluted EPS from continuing operations was negative RMB3.12 (US$0.49), based on a 388.1 million weighted average diluted shares outstanding during fiscal year 2021. This compares to negative RMB2.59 on 387.5 million weighted average diluted shares outstanding in fiscal year 2020. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and gain from appreciation of investment (if any for a given period), Non-GAAP Diluted EPS from continuing operations was negative RMB3.01 (US$0.47), compared to negative RMB2.29 in fiscal year 2020. A reconciliation of non-GAAP Diluted EPS to Diluted EPS is included at the end of this announcement.

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

Adjusted EBITDA from continuing operations was negative RMB932.7 million (US$146.4 million), compared to negative RMB693.0 million in fiscal year 2020. Adjusted EBITDA Margin from continuing operations was negative 8.2%, compared to negative 6.6% in fiscal year 2020.

Adjusted EBITDA and Adjusted EBITDA Margin by Segment

The following table sets forth a breakdown of adjusted EBITDA and adjusted EBITDA margin for the in fiscal year 2021 by segment.

Table 12 – Breakdown of Adjusted EBITDA and Adjusted EBITDA Margin by Segment

Fiscal Year Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Adjusted EBITDA

(377,944)

(56,338)

(239,771)

(295,648)

36,972

(932,729)

Adjusted EBITDA
Margin

(7.0%)

(3.1%)

(20.1%)

(9.9%)

(8.2%)

Net Cash Used In Continuing Operating Activities

Net cash used in operating activities was RMB941.3 million (US$147.7 million), compared to RMB96.4 million of net cash generated from operating activities in fiscal year 2020. The decrease in net cash generated from operating activities was mainly due to extending the payment term due to the pandemic in 2020, which gradually became normalized in 2021.

Capital Expenditures (“CAPEX”)

CAPEX was RMB145.2 million (US$22.8 million), or 1.3% of total revenue, compared to CAPEX of RMB311.3 million, or 3.0% of total revenue in fiscal year 2020.

SHARES OUTSTANDING

As of February 28, 2022, the Company had approximately 389.6 million ordinary shares outstanding([13]). Each American Depositary Share represents one Class A ordinary share.

FINANCIAL GUIDANCE

Based on current operations and market conditions, BEST expects 2022 revenue from its core business; Freight, Supply Chain Management and Global,  to be between RMB 10  billion to RMB 12 billion.  This represents BEST’s current and preliminary estimates, which are subject to change.

WEBCAST AND CONFERENCE CALL INFORMATION

The Company will hold a conference call at 8:00 pm U.S. Eastern Time on March 8, 2022 (9:00 am Beijing Time on March 9, 2022), to discuss its financial results and operating performance for the fourth quarter and fiscal year 2021.

Participants may access the call by dialing the following numbers:

United States                                      : +1-888-317-6003
China Hong Kong                               : 800-963976 or +852-5808-1995
Mainland China                                   : 4001-206115
International                                        : +1-412-317-6061
Participant Elite Entry Number            : 3931702

A replay of the conference call will be accessible through March 15, 2022 by dialing the following numbers:

United States                                       : +1-877-344-7529
International                                         : +1-412-317-0088
Replay Access Code                            : 7754372

Please visit the Company’s investor relations website to view the earnings release prior to the conference call. A live and archived webcast of the conference call and a corporate presentation will be available at the same site.

ABOUT BEST INC.

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China. 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 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/profit margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, adjusted selling expenses, adjusted general and administrative expenses, adjusted research and development expenses, and non-GAAP Diluted EPS, 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,

2020

2021

2020

2021

RMB

RMB

US$

RMB

RMB

US$

Revenue

Freight

1,624,756

1,503,995

236,010

5,175,830

5,435,354

852,926

Supply Chain Management

542,332

487,337

76,474

1,912,323

1,815,104

284,829

Global

253,351

330,564

51,873

777,656

1,193,855

187,342

Others

1,000,115

402,958

63,233

2,662,425

2,981,523

467,866

Total Revenue

3,420,554

2,724,854

427,590

10,528,234

11,425,836

1,792,963

Cost of Revenue

Freight

(1,530,702)

(1,585,619)

(248,819)

(5,063,236)

(5,557,115)

(872,033)

Supply Chain Management

(549,212)

(496,353)

(77,889)

(1,846,901)

(1,741,832)

(273,331)

Global

(273,222)

(346,392)

(54,356)

(875,733)

(1,258,511)

(197,488)

Others

(952,134)

(524,900)

(82,368)

(2,500,082)

(3,067,766)

(481,399)

Total Cost of Revenue

(3,305,270)

(2,953,264)

(463,432)

(10,285,952)

(11,625,224)

(1,824,251)

Gross Profit/(Loss)

115,284

(228,410)

(35,842)

242,282

(199,388)

(31,288)

Selling Expenses

(59,712)

(73,021)

(11,459)

(235,419)

(260,219)

(40,834)

General and Administrative Expenses

(263,240)

(281,772)

(44,216)

(867,517)

(881,498)

(138,326)

Research and Development Expenses

(39,813)

(50,294)

(7,892)

(136,065)

(180,204)

(28,278)

Other operating income/(expense), net

9,287

(89,893)

(14,106)

24,777

58,337

9,154

Loss from Operations

(238,194)

(723,390)

(113,515)

(971,942)

(1,462,972)

(229,572)

Interest Income

11,884

17,735

2,783

55,527

49,658

7,792

Interest Expense

(34,521)

(29,310)

(4,599)

(119,177)

(142,751)

(22,401)

Foreign Exchange (Loss) / Gain

(908)

44,186

6,934

(8,243)

44,556

6,992

Other Income

19,416

6,709

1,053

47,536

321,075

50,384

Other Expense

(4,784)

(49,575)

(7,779)

(14,402)

(70,171)

(11,011)

Loss before Income Tax
and Share of Net Loss of
Equity Investees

(247,107)

(733,645)

(115,123)

(1,010,701)

(1,260,605)

(197,816)

Income Tax Expense

(5,033)

(500)

(78)

(17,553)

(3,198)

(502)

Loss before Share of Net
loss of Equity Investees

(252,140)

(734,145)

(115,201)

(1,028,254)

(1,263,803)

(198,318)

Share of Net Loss of Equity
Investees

(66)

(180)

(58)

(9)

Net Loss from continuing
operations

(252,206)

(734,145)

(115,201)

(1,028,434)

(1,263,861)

(198,327)

Net (loss)/income from
discontinued operations

(377,858)

2,679,400

420,456

(1,022,790)

1,473,489

231,223

Net (Loss)/Income

(630,064)

1,945,255

305,255

(2,051,224)

209,628

32,896

Net loss attributable to non-controlling interests

(5,326)

(28,727)

(4,508)

(25,716)

(52,279)

(8,204)

Net (Loss)/Income attributable to Best Inc.

(624,738)

1,973,982

309,763

(2,025,508)

261,907

41,100

Summary of Unaudited Condensed Consolidated Balance Sheets

(in thousands)

As of December 31, 2020

As of December 31, 2021

RMB

RMB

US$

Assets

Current Assets

Cash and Cash Equivalents

1,180,787

3,565,732

559,541

Restricted Cash

1,998,323

675,159

105,947

Accounts and Notes Receivables

825,700

798,749

125,338

Inventories

28,269

25,622

4,021

Prepayments and Other Current Assets

1,603,447

1,174,404

184,290

Short–term Investments

228,371

147,359

23,124

Amounts Due from Related Parties

182,409

125,198

19,646

Lease Rental Receivables

497,127

298,364

46,820

Assets held for sale

8,718,603

Total Current Assets

15,263,036

6,810,587

1,068,727

Non–current Assets

Property and Equipment, Net

822,114

762,642

119,675

Intangible Assets, Net

43,897

55,684

8,738

Long–term Investments

221,426

219,171

34,393

Goodwill

54,135

54,135

8,495

Non–current Deposits

97,889

92,866

14,573

Other Non–current Assets

509,023

111,640

17,519

Restricted Cash

333,313

1,069,244

167,788

Lease Rental Receivables

647,678

235,429

36,944

Operating Lease Right-of-use Assets

1,878,312

1,899,522

298,076

Total non–current Assets

4,607,787

4,500,333

706,201

Total Assets

19,870,823

11,310,920

1,774,928

Liabilities and Shareholders’ Equity

Current Liabilities

Long-term borrowings-current

95,149

287,814

45,164

Convertible Senior Notes held by
related parties

633,475

99,406

Convertible Senior Notes held by third
parties

633,475

99,406

Short–term Bank Loans

2,133,287

530,495

83,246

Accounts and Notes Payable

1,509,894

1,326,200

208,110

Income Tax Payable

14,550

587

92

Customer Advances and Deposits and
Deferred Revenue

281,298

298,353

46,818

Accrued Expenses and Other Liabilities

1,407,253

1,585,626

248,819

Financing Lease Liabilities

1,581

1,851

290

Operating Lease Liabilities

531,736

518,248

81,324

Amounts Due to Related Parties

29,247

2,763

434

Liabilities held for sale

8,301,730

Total Current Liabilities

14,305,725

5,818,887

913,109

Summary of Unaudited Condensed Consolidated Balance Sheets (Cont’d)

(In Thousands)

As of December 31, 2020

As of December 31, 2021

RMB

RMB

US$

Non-current Liabilities

Convertible senior notes held by
related parties

1,617,846

955,097

149,876

Convertible Senior Notes held by
third parties

642,121

Long-term borrowings

67,080

10,526

Operating Lease Liabilities

1,391,518

1,456,843

228,610

Financing Lease Liabilities

2,698

2,121

333

Other Non–current Liabilities

107,763

24,261

3,807

Long-term Bank Loans

78,548

769,767

120,793

Total Non–current Liabilities

3,840,494

3,275,169

513,945

Total Liabilities

18,146,219

9,094,056

1,427,054

Mezzanine Equity:

Convertible Non-controlling Interests

191,865

30,108

Total mezzanine equity

191,865

30,108

Shareholders’ Equity

Ordinary Shares

25,988

25,988

4,078

Treasury Shares

(211,352)

(113,031)

(17,737)

Additional Paid–In Capital

19,487,232

19,522,173

3,063,455

Statutory reserves

8,038

167

26

Accumulated Deficit

(17,710,964)

(17,471,716) ([1])

(2,741,694)

Accumulated Other Comprehensive Income

151,677

107,379

16,850

BEST Inc. Shareholders’ Equity

1,750,619

2,070,960

324,978

Non-controlling Interests

(26,015)

(45,961)

(7,212)

Total Shareholders’ Equity

1,724,604

2,024,999

317,766

Total Liabilities, Mezzanine Equity and Shareholders’ Equity

19,870,823

11,310,920

1,774,928


 

Summary of Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands) 

Three Months Ended December 31,

Fiscal Year Ended December 31,

2020

2021

2020

2021

RMB

RMB

US$

RMB

RMB

US$

Net cash generated from/(used in)
  continuing operating activities

95,780

(555,740)

(87,207)

96,433

(941,323)

(147,715)

Net cash generated from/(used in) 
discontinued operating activities

128,541

(387,540)

(60,814)

(327,668)

(1,909,746)

(299,681)

Net cash generated from/(used in)
operating activities

224,321

(943,280)

(148,021)

(231,235)

(2,851,069)

(447,396)

Net cash generated from continuing
Investing Activities

118,606

3,235,312

507,691

242,568

4,991,472

783,271

Net cash used in discontinued
Investing activities

(282,713)

(97,328)

(15,273)

(1,115,501)

(450,424)

(70,681)

Net cash (used in)/generated from
investing activities

(164,107)

3,137,984

492,418

(872,933)

4,541,048

712,590

Net cash generated from/(used in)
continuing financing activities

25,191

(703,646)

(110,417)

1,558,713

(194,911)

(30,586)

Net cash (used in)/generated from
discontinued financing activities

(215,290)

469,421

73,662

(10,529)

(337,839)

(53,014)

Net cash (used in)/generated from
financing activities

(190,099)

(234,225)

(36,755)

1,548,184

(532,750)

(83,600)

Exchange Rate Effect on Cash, Cash
Equivalents, and Restricted Cash

(110,778)

(29,695)

(4,660)

(192,110)

(56,215)

(8,821)

Net (Decrease)/Increase in Cash and
Cash Equivalents, and Restricted Cash

(240,663)

1,930,784

302,982

251,906

1,101,014

172,773

Cash and Cash Equivalents, and
Restricted Cash at Beginning
of Period

4,449,784

3,379,351

530,294

3,957,215

4,209,121

660,503

Cash and Cash Equivalents, and
Restricted Cash at End of Period

4,209,121

5,310,135

833,276

4,209,121

5,310,135

833,276

Less: Cash and Cash Equivalents,
and Restricted Cash held for sales
at end of the Period

696,698

696,698

Cash and Cash Equivalents, and
Restricted Cash from continuing
operations at End of Period

3,512,423

5,310,135

833,276

3,512,423

5,310,135

833,276

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 13 – Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

Three Months  Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Loss

(266,493)

(74,380)

(85,518)

(240,610)

(67,144)

(734,145)

Add

Depreciation &
Amortization

15,364

9,431

4,696

27,623

6,058

63,172

Interest Expense

29,310

29,310

Income Tax Expense

79

421

500

Subtract

Interest Income

(17,735)

(17,735)

EBITDA

(251,129)

(64,870)

(80,822)

(212,566)

(49,511)

(658,898)

Add

Share-based
Compensation
Expenses

2,863

1,967

2,066

665

16,173

23,734

Adjusted EBITDA

(248,266)

(62,903)

(78,756)

(211,901)

(33,338)

(635,164)

Adjusted EBITDA Margin

(16.5%)

(12.9%)

23.8%)

(52.6%)

(23.3%)

Three Months  Ended December 31, 2020

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Income/(Loss)

7,019

(79,027)

(60,688)

(34,338)

(85,172)

(252,206)

Add

Depreciation &
Amortization

18,121

10,095

3,753

2,760

7,171

41,900

Interest Expense

34,521

34,521

Income Tax
Expense/(Benefit)

(220)

5,253

5,033

Subtract

Interest Income

(11,884)

(11,884)

EBITDA

25,140

(69,152)

(56,935)

(26,325)

(55,364)

(182,636)

Add

Share-based
Compensation
Expenses

2,373

1,829

2,255

683

17,261

24,401

Subtract

Gain from
appreciation
of investments

(8,850)

(8,850)

Adjusted EBITDA

27,513

(67,323)

(54,680)

(25,642)

(46,953)

(167,085)

Adjusted EBITDA Margin

1.7%

(12.4%)

(21.6%)

(2.6%)

(4.9%)

Fiscal Year Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Loss

(457,451)

(103,387)

(267,902)

(341,117)

(94,004)

(1,263,861)

Add

Depreciation &
Amortization

68,063

38,525

19,506

39,758

25,513

191,365

Interest Expense

142,751

142,751

Income Tax
Expense/(Benefit)

173

21

3,010

(6)

3,198

Subtract

Interest Income

(49,658)

(49,658)

EBITDA

(389,388)

(64,689)

(248,375)

(298,349)

24,596

(976,205)

Add

Share-based
Compensation
Expenses

11,444

8,351

8,604

2,701

76,581

107,681

Subtract

Gain from
appreciation
of investments

(64,205)

(64,205)

Adjusted EBITDA

(377,944)

(56,338)

(239,771)

(295,648)

36,972

(932,729)

Adjusted EBITDA Margin

(7.0%)

(3.1%)

(20.1%)

(9.9%)

(8.2%)

Fiscal Year Ended December 31, 2020

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Loss

(188,184)

(175,072)

(251,511)

(103,710)

(309,957)

(1,028,434)

Add

Depreciation
& Amortization

64,643

42,121

15,955

5,664

29,112

157,495

Interest Expense

119,177

119,177

Income Tax
Expense/(Benefit)

(178)

(830)

18,561

17,553

Subtract

Interest Income

(55,527)

(55,527)

EBITDA

(123,541)

(133,129)

(236,386)

(79,485)

(217,195)

(789,736)

Add

Share-based
C
ompensation
Expenses

11,123

11,006

8,803

3,655

80,876

115,463

Subtract

Gain from
appreciation
of investments

(18,688)

(18,688)

Adjusted EBITDA

(112,418)

(122,123)

(227,583)

(75,830)

(155,007)

(692,961)

Adjusted EBITDA Margin

2.2%)

(6.4%)

(29.3%)

(2.8%)

(6.6%)

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net Income/(loss) to non-GAAP net Income/(loss), non-GAAP net Income/(loss) margin for the periods indicated:

Table 14 – Reconciliation of Non-GAAP Net Income/(Loss) and Non-GAAP Net Income/(Loss) Margin

Three Months  Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Loss

(266,493)

(74,380)

(85,518)

(240,610)

(67,144)

(734,145)

Add

Share-based
Compensation
Expenses

2,863

1,967

2,066

665

16,173

23,734

Non-GAAP Net
Loss

(263,630)

(72,413)

(83,452)

(239,945)

(50,971)

(710,411)

Non-GAAP Net
Loss Margin

(17.5%)

(14.9%)

(25.2%)

(59.5%)

(26.1%)

Three Months  Ended December 31, 2020

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Income/(Loss)

7,019

(79,027)

(60,688)

(34,338)

(85,172)

(252,206)

Add

hare-based
Compensation
Expenses

2,373

1,829

2,255

683

17,261

24,401

Subtract

Gain from
appreciation
of investments

(8,850)

(8,850)

Non-GAAP Net
Income/(Loss)

9,392

(77,198)

(58,433)

(33,655)

(76,761)

(236,655)

Non-GAAP Net
Income/(Loss) Margin

0.6%

(14.2%)

(23.1%)

(3.4%)

(6.9%)

Fiscal Year  Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Loss

(457,451)

(103,387)

(267,902)

(341,117)

(94,004)

(1,263,861)

Add

Share-based
Compensation
Expenses

11,444

8,351

8,604

2,701

76,581

107,681

Subtract

Gain from
appreciation
of investments

(64,205)

(64,205)

Non-GAAP Net
Loss

(446,007)

(95,036)

(259,298)

(338,416)

(81,628)

(1,220,385)

Non-GAAP Net
Loss Margin

(8.2%)

(5.2%)

(21.7%)

(11.4%)

(10.7%)

Fiscal Year  Ended December 31, 2020

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([1])

Total

Net Loss

(188,184)

(175,072)

(251,511)

(103,710)

(309,957)

(1,028,434)

Add

Share-based
Compensation
Expenses

11,123

11,006

8,803

3,655

80,876

115,463

Amortization of
Intangible Assets
Resulting from
Business

2,782

2,782

Subtract

Gain from
appreciation
of investments

(18,688)

(18,688)

Non-GAAP Net
Loss

(177,061)

(164,066)

(239,926)

(100,055)

(247,769)

(928,877)

Non-GAAP Net
Loss Margin

(3.4%)

(8.6%)

(30.9%)

(3.8%)

(8.8%)

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s Diluted EPS to non-GAAP Diluted EPS for the periods indicated:

Table 15 – Reconciliation of Diluted EPS and Non-GAAP Diluted EPS

Three Months Ended December 31,

Fiscal Year Ended December 31,

2021

2021

(In ‘000)

        RMB

       US$

RMB

US$

Net Loss Attributable to Ordinary Shareholders

(705,418)

(110,693)

(1,211,582)

(190,123)

Add

Share-based Compensation Expenses

23,734

3,725

107,681

16,898

Subtract

Gain from appreciation of investments

(64,205)

(10,075)

Non-GAAP Net Loss Attributable to Ordinary
Shareholders for Computing

Non-GAAP Diluted EPS

(681,684)

(106,968)

(1,168,106)

(183,300)

Weighted Average Diluted Shares
Outstanding During the Quarter

Diluted

388,841,762

388,841,762

388,073,411

388,073,411

Diluted (Non-GAAP)

388,841,762

388,841,762

388,073,411

388,073,411

Diluted EPS

(1.81)

(0.28)

(3.12)

(0.49)

Add

Non-GAAP adjustment to net loss per share

0.06

0.00

0.11

0.02

Non-GAAP Diluted EPS

(1.75)

(0.28)

(3.01)

(0.47)

([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, 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 per share, or Diluted EPS, 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 outstanding during the period.

([6]) EBITDA represents net loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses and fair value change of equity investments (if any).

([7]) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year-over-year comparisons are based on figures before rounding.                     

([8]) All numbers represented the financial results from continuing operations, unless otherwise stated.               

(9) “Others” Segment primarily represents UCargo and Capital business units..  

([9]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([10]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([11]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([12]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([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]) Including accumulated accretion to redemption value and deemed dividend in relation to redeemable convertible preferred shares of RMB9,493,807, and accumulated loss from operations of RMB7,977,909.

([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.

([21]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([22]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/best-inc-announces-unaudited-fourth-quarter-and-fiscal-year-2021-financial-results-301498369.html

Source: BEST Inc.

Raaj Lokanathan
Raaj Lokanathan
A software engineer as a profession. A tech blogger as a passion.

Latest articles

spot_imgspot_img
Error decoding the Instagram API json

Related articles

0 Shares
Share
Tweet
Pin
Share