eHi Car Services Announces Fourth Quarter and Full Year 2014 Results
Fourth Quarter 2014 Highlights
- Net revenues increased 56.6% year over year, from
RMB157.4 million for the fourth quarter of 2013 toRMB246.5 million (US$39.7 million [1]) for the fourth quarter of 2014
Three months ended December 31, |
Year-Over-Year |
||||
(RMB '000) |
2013 |
2014 |
Comparison |
||
Car rentals |
103,418 |
175,728 |
70.0% |
||
Car services |
53,980 |
70,784 |
31.1% |
||
Total Net Revenues |
157,398 |
246,512 |
56.6% |
- Non-GAAP adjusted EBITDA[2] was up 95.4% year over year, from
RMB36.9 million for the fourth quarter of 2013 toRMB72.0 million (US$11.6 million ) for the fourth quarter of 2014 - Non-GAAP adjusted EBITDA margin increased from 23.4% for the fourth quarter of 2013 to 29.2% for the fourth quarter of 2014
- Net loss increased from
RMB28.5 million for the fourth quarter of 2013 toRMB45.5 million (US$7.3 million ) for the fourth quarter of 2014 - Total period-end fleet size[3] increased by 70.4% year over year, from 11,586 vehicles as of
December 31, 2013 to 19,746 vehicles as of December 31, 2014 - Average available fleet size[4] increased by 70.1% year over year, from 10,875 vehicles for the fourth quarter of 2013 to 18,499 vehicles for the fourth quarter of 2014
- Total fleet RevPAC[5] increased from
RMB157 for the fourth quarter of 2013 toRMB164 for the fourth quarter of 2014 - Fleet utilization rate[6] for car rentals maintained at 73.1% for the fourth quarter of 2013 and 2014
[1] |
The Company's business is conducted in |
[2] |
Non-GAAP adjusted EBITDA is defined as net income or loss before depreciation and amortization, share-based compensation, interest expenses, interest income and provision for income taxes. For more information, refer to "About Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. |
[3] |
"Period-end fleet size" refers to the aggregate number of vehicles in the Company's car rentals and car services fleets as of the last day of a given period to which the Company holds legal title, including vehicles that the Company has written off in accordance with its accounting policy and vehicles that are currently missing but have not been written off. |
[4] |
"Average available fleet size" is calculated by dividing the aggregate number of days in which the Company's fleet was in operation during a given period by the total number of days during the same period. In determining the size of the Company's fleet in operation, eHi includes all vehicles in its car rentals and car services fleets except for vehicles that have been written off in accordance with its accounting policy and vehicles that have not been consistently made available for rent and that which it may consider to dispose when appropriate opportunities arise. |
[5] |
"RevPAC" refers to average daily net revenue per available car, which is calculated by dividing the net revenues during a given period by the aggregate number of days in which the Company's fleet was in operation during the same period. |
[6] |
"Fleet utilization rate" refers to the aggregate transaction days for the Company's car rental fleet during a given period divided by the aggregate days the car rental fleet was in operation during the same period. |
Full Year 2014 Highlights
- Net revenues increased 50.3% year over year, from
RMB566.4 million for the full year of 2013 toRMB851.2 million (US$137.2 million ) for the full year of 2014
Year ended December 31, |
Year-Over-Year |
||||
(RMB '000) |
2013 |
2014 |
Comparison |
||
Car rentals |
377,013 |
598,792 |
58.8% |
||
Car services |
189,381 |
252,373 |
33.3% |
||
Total Net Revenues |
566,394 |
851,165 |
50.3% |
- Non-GAAP adjusted EBITDA was up 175.7% year over year, from
RMB102.1 million for the full year of 2013 toRMB281.4 million (US$45.4 million ) for the full year of 2014 - Non-GAAP adjusted EBITDA margin increased from 18.0% for the full year of 2013 to 33.1% for the full year of 2014
- Net loss decreased from
RMB152.2 million for the full year of 2013 toRMB93.1 million (US$15.0 million ) for the full year of 2014 - Average available fleet size increased by 57.8% year over year, from 9,937 vehicles for the full year of 2013 to 15,681 vehicles for the full year of 2014
- Total fleet RevPAC increased from
RMB156 for the full year of 2013 toRMB165 for the full year of 2014 - Fleet utilization rate for car rentals improved from 70.5% for the full year of 2013 to 71.8% for the full year of 2014
Mr.
Mr.
Fourth Quarter 2014 Financial Results
Net revenues for the fourth quarter of 2014 were
Revenues from car rentals for the fourth quarter of 2014 were
Revenues from car services for the fourth quarter of 2014 were
Vehicle operating expenses for the fourth quarter of 2014 were
Selling, general and administrative expenses for the fourth quarter of 2014 were
Loss from operations for the fourth quarter of 2014 was
Net loss for the fourth quarter of 2014 was
Non-GAAP adjusted EBITDA for the fourth quarter of 2014 was
Full Year 2014 Financial Results
Net revenues for the full year of 2014 were
Revenues from car rentals for the full year of 2014 were
Revenues from car services for the full year of 2014 were
Vehicle operating expenses for the full year of 2014 were
The Company disposed of 2,369 used vehicles during 2014 through various sales channels and recorded a loss of
Selling, general and administrative expenses for the full year of 2014 were
Loss from operations for the full year of 2014 was
Net loss for the full year of 2014 was
Non-GAAP adjusted EBITDA for the full year of 2014 was
As of
Outlook
The Company estimates that its fiscal year 2015 net revenues will be in the range of
Conference Call Information
The Company's management will host an earnings conference call at
Dial-in details for the earnings conference call are as follows:
International: 1-412-902-4272
Mainland
Participants should call in at least 5 minutes before the scheduled start time and ask to be connected to the "
Additionally, a live and archived webcast of the conference call will be available on the investor relations section of eHi's website at http://ir.ehi.com.cn.
A replay of the conference call will be accessible by phone at the following numbers until
International: 1-412-317-0088
Replay Access Code: 10062875
About
About Non-GAAP Financial Measures
To supplement its unaudited condensed consolidated financial statements which are presented in accordance with U.S. GAAP, the Company uses adjusted EBITDA as a non-GAAP financial measure. Adjusted EBITDA represents net income or loss before depreciation and amortization, share-based compensation, interest expenses, interest income and provision for income taxes. The Company's management believes that adjusted EBITDA facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods. For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using adjusted EBITDA is that adjusted EBITDA excludes depreciation and amortization, share-based compensation, interest expenses, interest income and provision for income taxes that have been and will continue to be significant recurring portions of the Company's business for the foreseeable future.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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," "confident" and similar statements. eHi may also make written or oral forward-looking statements in its reports filed with or furnished to the
For investor and media inquiries, please contact:
Tel: +86 (21) 6468-7000 ext. 8742
E-Mail: [email protected]
Mr.
In the U.S.: +1 (646) 867-1888
In
E-mail: [email protected]
eHi Car Services Limited |
||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
December 31, 2013 |
December 31, 2014 |
December 31, 2014 |
||||
RMB |
RMB |
USD |
||||
Unaudited |
Unaudited |
Unaudited |
||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
630,733,451 |
926,207,744 |
149,277,591 |
|||
Restricted cash |
30,247,232 |
192,758,072 |
31,066,962 |
|||
Accounts receivable, net |
63,907,848 |
111,885,971 |
18,032,745 |
|||
Prepayments and other current assets |
78,853,099 |
195,605,733 |
31,525,922 |
|||
Total current assets |
803,741,630 |
1,426,457,520 |
229,903,220 |
|||
Cost method investment |
- |
152,975,000 |
24,655,095 |
|||
Property and equipment, net |
1,062,331,035 |
1,940,047,599 |
312,678,915 |
|||
Intangible assets |
29,977,317 |
38,246,326 |
6,164,189 |
|||
Vehicle purchase deposits |
119,172,859 |
174,184,628 |
28,073,466 |
|||
Other non-current assets |
11,199,026 |
23,728,439 |
3,824,330 |
|||
Total assets |
2,026,421,867 |
3,755,639,512 |
605,299,215 |
|||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY/(DEFICIT) |
||||||
Current liabilities: |
||||||
Accounts payable |
6,554,239 |
5,487,316 |
884,395 |
|||
Accrued expenses and other current liabilities |
105,142,801 |
127,913,033 |
20,615,838 |
|||
Income tax payable |
2,137,874 |
2,095,273 |
337,697 |
|||
Short-term borrowings |
219,640,421 |
540,519,348 |
87,115,906 |
|||
Total current liabilities |
333,475,335 |
676,014,970 |
108,953,836 |
|||
Long-term borrowings |
375,726,271 |
713,232,869 |
114,952,272 |
|||
Other non-current liabilities |
350,000 |
- |
- |
|||
Total liabilities |
709,551,606 |
1,389,247,839 |
223,906,108 |
|||
Mezzanine equity |
||||||
Class A convertible redeemable preferred shares |
295,199,496 |
- |
- |
|||
Series A convertible redeemable preferred shares |
68,146,852 |
- |
- |
|||
Series B convertible redeemable preferred shares |
327,058,282 |
- |
- |
|||
Series C convertible redeemable preferred shares |
575,422,644 |
- |
- |
|||
Series D convertible redeemable preferred shares |
377,488,481 |
- |
- |
|||
Series E convertible redeemable preferred shares |
630,205,581 |
- |
- |
|||
Total mezzanine equity |
<span class="prnews_span">2,273,521,336 |
- |
- |
|||
Shareholders' equity/(deficit) |
||||||
Common shares |
40,281 |
725,744 |
116,969 |
|||
Additional paid-in capital |
- |
3,621,647,806 |
583,703,672 |
|||
Accumulated other comprehensive income |
6,582,044 |
1,144,629 |
184,481 |
|||
Accumulated deficits |
(963,273,400) |
(1,257,126,506) |
(202,612,015) |
|||
Total shareholders' equity/(deficit) |
(956,651,075) |
2,366,391,673 |
381,393,107 |
|||
Total liabilities, mezzanine equity and shareholders' equity/(deficit) |
2,026,421,867 |
3,755,639,512 |
605,299,215 |
|
||||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Loss |
||||||||||||
Three Months Ended |
Year Ended |
|||||||||||
2013 |
2014 |
2014 |
2013 |
2014 |
2014 |
|||||||
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||
Net revenues: |
||||||||||||
Car Rentals |
103,418,500 |
175,728,385 |
28,322,275 |
377,013,398 |
598,792,396 |
96,507,816 |
||||||
Car Services |
53,979,828 |
70,783,600 |
11,408,246 |
189,380,989 |
252,372,790 |
40,675,110 |
||||||
Total net revenues |
157,398,328 |
246,511,985 |
39,730,521 |
566,394,387 |
851,165,186 |
137,182,926 |
||||||
Vehicle operating expenses |
(147,363,877) |
(219,695,738) |
(35,408,526) |
(526,446,044) |
(718,699,414) |
(115,833,319) |
||||||
Selling and marketing expenses |
(9,652,164) |
(11,184,322) |
(1,802,586) |
(40,439,439) |
(35,315,980) |
(5,691,903) |
||||||
General and administrative expenses |
(27,845,926) |
(41,924,320) |
(6,756,974) |
(112,416,394) |
(132,125,421) |
(21,294,752) |
||||||
Other operating income |
10,517,156 |
4,247,356 |
684,550 |
13,549,728 |
17,122,772 |
2,759,690 |
||||||
Total operating expenses |
(174,344,811) |
(268,557,024) |
(43,283,536) |
(665,752,149) |
(869,018,043) |
(140,060,284) |
||||||
Loss from operations |
(16,946,483) |
(22,045,039) |
(3,553,015) |
(99,357,762) |
(17,852,857) |
(2,877,358) |
||||||
Interest income |
136,197 |
1,364,220 |
219,872 |
360,323 |
4,397,029 |
708,672 |
||||||
Interest expense |
(11,078,230) |
(24,559,008) |
(3,958,194) |
(50,880,171) |
(76,937,649) |
(12,400,098) |
||||||
Other income (expense), net |
(393,271) |
(297,832) |
(48,002) |
(1,108,275) |
(840,303) |
(135,432) |
||||||
Loss before income taxes |
(28,281,787) |
(45,537,659) |
(7,339,339) |
(150,985,885) |
(91,233,780) |
(14,704,216) |
||||||
(Provision for)/Benefit from income taxes |
(230,049) |
17,712 |
2,855 |
(1,228,145) |
(1,911,657) |
(308,103) |
||||||
Net Loss |
(28,511,836) |
(45,519,947) |
(7,336,484) |
(152,214,030) |
(93,145,437) |
(15,012,319) |
||||||
Accretion on Series A convertible redeemable preferred |
(40,952) |
(10,510) |
(1,694) |
(4,008,032) |
(69,598) |
(11,217) |
||||||
Accretion on Series B convertible redeemable preferred |
(2,019,894) |
(523,584) |
(84,386) |
(35,069,326) |
(3,451,997) |
(556,361) |
||||||
Accretion on Series C convertible redeemable preferred |
(19,880,154) |
(12,006,629) |
(1,935,117) |
(74,328,662) |
(75,476,317) |
(12,164,574) |
||||||
Accretion on Series D convertible redeemable preferred |
(14,033,750) |
(8,204,575) |
(1,322,337) |
(65,070,473) |
(51,479,102) |
(8,296,925) |
||||||
Accretion on Series E convertible redeemable preferred |
(7,094,798) |
(16,639,646) |
(2,681,824) |
(7,094,798) |
(97,696,064) |
(15,745,747) |
||||||
Accretion on Class A convertible redeemable preferred |
(5,563,627) |
(3,520,886) |
(567,464) |
(5,563,627) |
(22,601,694) |
(3,642,732) |
||||||
Deemed contribution from preferred shareholders at |
16,750,848 |
- |
- |
16,750,848 |
- |
- |
||||||
Deemed dividends to preferred shareholders at |
(44,163,640) |
- |
- |
(44,163,640) |
- |
- |
||||||
Modification of warrants |
(1,021,523) |
- |
- |
(1,021,523) |
- |
- |
||||||
Net loss attributable to common shareholders |
(105,579,326) |
(86,425,777) |
(13,929,306) |
(371,783,263) |
(343,920,209) |
(55,429,875) |
||||||
Net Loss |
(28,511,836) |
(45,519,947) |
(7,336,484) |
(152,214,030) |
(93,145,437) |
(15,012,319) |
||||||
Changes in cumulative foreign currency translation adjustment, net of tax of nil |
(1,379,395) |
(5,577,863) |
(898,988) |
4,391,112 |
(5,437,415) |
(876,352) |
||||||
Comprehensive loss |
(29,891,231) |
(51,097,810) |
(8,235,472) |
(147,822,918) |
(98,582,852) |
(15,888,671) |
||||||
Weighted average number of common shares used in computing net loss per share |
||||||||||||
Basic |
6,096,842 |
58,074,838 |
58,074,838 |
6,096,842 |
19,198,145 |
19,198,145 |
||||||
Diluted |
6,096,842 |
58,074,838 |
58,074,838 |
6,096,842 |
19,198,145 |
19,198,145 |
||||||
Net loss per share attributable to common shareholders |
||||||||||||
Basic |
(17.32) |
(1.49) |
(0.24) |
(60.98) |
(17.91) |
(2.89) |
||||||
Diluted |
(17.32) |
(1.49) |
(0.24) |
(60.98) |
(17.91) |
(2.89) |
|
||||||||||||
Reconciliation of GAAP and Non-GAAP Results |
||||||||||||
Three Months Ended |
Year Ended |
|||||||||||
2013 |
2014 |
2014 |
2013 |
2014 |
2014 |
|||||||
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||
Net Loss |
(28,511,836) |
(45,519,947) |
(7,336,484) |
(152,214,030) |
(93,145,437) |
(15,012,319) |
||||||
Add/(Subtract) |
||||||||||||
Depreciation and amortization |
52,902,477 |
90,827,154 |
14,638,680 |
196,321,328 |
287,443,066 |
46,327,413 |
||||||
Share-based compensation |
1,291,236 |
3,519,868 |
567,300 |
6,206,213 |
12,681,141 |
2,043,829 |
||||||
Interest income |
(136,197) |
(1,364,220) |
(219,872) |
(360,323)</p> |
(4,397,029) |
(708,672) |
||||||
Interest expense |
11,078,230 |
24,559,008 |
3,958,194 |
50,880,171 |
76,937,649 |
12,400,098 |
||||||
Provision for/(Benefit from) income taxes |
230,049 |
(17,712) |
(2,855) |
1,228,145 |
1,911,657 |
308,103 |
||||||
Adjusted EBITDA |
36,853,959 |
72,004,151 |
11,604,963 |
102,061,504 |
281,431,047 |
45,358,452 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ehi-car-services-announces-fourth-quarter-and-full-year-2014-results-300059520.html
SOURCE
Poage Bankshares, Inc. to Commence Stock Offering Associated With Pending Conversion Merger Transaction With Commonwealth Bank, F.S.B.
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News