4.5 Billion Parcels Expanded Market Share to 20.4%
Adjusted Net Income Increased 23.1% to Reach RMB781.6 Million
ZTO Reports First Quarter 2021 Unaudited Financial Results
SHANGHAI,May20,2021 -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057),a leading and fast-growing express delivery company in China ("ZTO" or the "Company"),today announced its unaudited financial results for the first quarter ended March 31,2021[1]. The Company delivered a parcel volume growth of 88.5% and expanded market share by 1.5 percentage points to 20.4% while maintaining high quality of service and customer satisfaction. Adjusted net income beat market expectations by growing 23.1% to reach RMB781.6 million. Cash generated from operating activities was RMB477.0 million.
First Quarter 2021 Financial Highlights
Revenues were RMB6,472.5 million (US$987.9 million),an increase of 65.3% from RMB3,915.9 million in the same period of 2020.
Gross profit was RMB1,096.5 million (US$167.4 million),an increase of 33.9% from RMB818.7 million in the same period of 2020.
Net income was RMB533.5 million (US$81.4 million),an increase of 43.8% from RMB371.0 million in the same period of 2020.
Adjusted EBITDA[2] was RMB1,468.1 million (US$224.1 million),an increase of 25.1% from RMB1,173.4 million in the same period of 2020.
Adjusted net income[3] was RMB781.6 million (US$119.3 million),an increase of 23.1% from RMB635.1 million in the same period of 2020.
Basic and diluted earnings per American depositary share ("ADS"[4]) were RMB0.64 (US$0.10),an increase of 33.3% from RMB0.48 in the same period of 2020.
Adjusted basic and diluted earnings per American depositary share[5] attributable to ordinary shareholders were RMB0.94 (US$0.14),an increase of 14.6% from RMB0.82 in the same period of 2020.
Net cash provided by operating activities was RMB477.0 million (US$72.8 million),compared with RMB177.8 million in the same period of 2020.
Operational Highlights for First Quarter 2021
Parcel volume was 4,475 million,an increase of 88.5% from 2,374 million in the same period of 2020.
Number of pickup/delivery outlets was approximately 30,000 as of March 31,2021.
Number of direct network partners was over 5,350 as of March 31,2021.
Number of line-haul vehicles was over 10,450 as of March 31,2021,which included over 10,050 self-owned vehicles and approximately 400 vehicles owned and operated by Tonglu Tongze Logistics Ltd.,a transportation operator that works exclusively for ZTO.
Out of the over 10,050 self-owned trucks,over 8,100 were high capacity 15 to 17-meter-long models as of March 31,compared to approximately 7,900 as of December 31,2020.
Number of line-haul routes between sorting hubs was over 3,650 as of March 31,compared to over 3,600 as of December 31,2020.
Number of sorting hubs was 95 as of March 31,among which 84 are operated by the Company and 11 by the Company's network partners.
(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.
(2) Adjusted EBITDA is a non-GAAP financial measure,which is defined as net income before depreciation,amortization,interest expenses and income tax expenses,and further adjusted to exclude the shared-based compensation expense and non-recurring items such as the gain on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.
(3) Adjusted net income is a non-GAAP financial measure,which is defined as net income before share-based compensation expense and non-recurring items such as gain on disposal of equity investment and subsidiary in which management aims to better represent the underlying business operations.
(4) One ADS represents one Class A ordinary share.
(5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted shares,respectively.
Mr. Meisong Lai,Founder,Chairman and Chief Executive Officer of ZTO,commented,"For the first quarter,China's express delivery industry benefited from the steady recovery and growth of domestic economy and achieved a 75% parcel volume growth against a low comparative base last year. With 4.5 billion parcels,ZTO grew its volume 13.5 percentage points faster than the industry average and expanded our market share by 1.5 percentage points to 20.4% from last year."
Mr. Lai added,"The competitive dynamics of China's express delivery industry continued to evolve. While profit level declined for the industry due to price competition that remained intense,those with stronger capacity and more stable partner network delivered better performance results. Since its early years,ZTO has devoted resources towards continuous development of infrastructure and cultivation of trust and loyalty by its network partners. Relying on our leading throughput capability and effective incentive policies across our network,we achieved healthy levels of market share expansion and earnings as we remained number one in customer satisfaction ranking. We firmly believe,our consistent strategy and execution through high quality of service backed by leading scale and efficiency will provide the winning edge going forward."
Ms. Huiping Yan,Chief Financial Officer of ZTO,"We achieved RMB 782 million adjusted net profit that increased 23.1%. Our core express delivery business ASP declined by 12.4%,theleast amount of drop compared with industry peers,yet we have achieved the most market share gain. The combined unit sorting and transportation costs efficiency gain was 5.2% despite the absence of favorable effects of ETC toll waiver policy that expired May last year,and our lean corporate structure continued to contribute positively to the bottom line."
Ms. Yan added,"Cash flow from operating activities increased 168.3% to reach RMB 477 million in the quarter. Capital expenditures was RMB 2.3 billion as we focus more on building comprehensive logistics service capabilities. We have set distinctive targets towards differentiating products and services across logistics landscape to serve a greater array of consumers and businesses in the next 3 to 5 years."
First Quarter 2021 Financial Results
Three Months Ended March 31,
2020
2021
RMB
%
RMB
US$
%
(in thousands,except percentages)
Express delivery services
3,406,410
87.0
5,672,809
865,840
87.6
Freight forwarding services
295,476
7.5
492,986
75,244
7.6
Sale of accessories
177,025
4.5
260,179
39,711
4.0
Others
36,978
1.0
46,563
7,107
0.8
Total revenues
3,915,889
100.0
6,472,537
987,902
100.0
Total Revenues were RMB6,915.9 million in the same period of 2020. Revenuefrom the core express delivery business increased by 65.2% compared to the same period of 2020,as a combined result of an 88.5% increase in parcel volume and a 12.4% decrease in parcel unit price mainly driven by competition and per parcel weight decline. Revenue from freight forwarding services increased by 66.8% compared to the same period of 2020,driven by surging cross border e-commerce demand and improved pricing amidst the COVID-19 outbreak globally. Revenue from sales of accessories,largely consisting of the sales of thermal paper used for digital waybills' printing,increased by 47.0%,much lower than volume increase due to increasing usage of lower-priced single-sheet digital waybill that reduces carbon footprint. Other revenues were mainly derived from financing services and advertising services.
Three Months Ended March 31,
2020
2021
RMB
% of
RMB
US$
% of
revenues
revenues
(in thousands,except percentages)
Line-haul transportation cost
1,297,417
33.1
2,533,913
386,751
39.1
Sorting hub cost
965,756
24.7
1,511,370
230,680
23.4
Freight forwarding cost
287,613
7.3
436,393
66,607
6.7
Cost of accessories sold
74,475
1.9
74,575
11,382
1.2
Other costs
471,968
12.1
819,753
125,118
12.7
Total cost of revenues
3,097,229
79.1
5,376,004
820,538
83.1
Totalcost of revenues was RMB5,376.0 million (US$820.5 million),an increase of 73.6% from RMB3,097.2 million in the same period last year.
Line haul transportation cost was RMB2,533.9 million (US$386.8 million),an increase of 95.3% from RMB1,297.4 million in the same period lastyear. The increase was mainly due to (i) expiration of federal toll road fee waiver policy from mid-February to early May 2020 during the pandemic,and (ii) lower domestic diesel price during the pandemic outbreak last year. As a result,the line-haul transportation cost per parcel increased by 3.6% to RMB0.57 net of positive effects from increased usage of more self-owned higher-capacity vehicles.
Sorting hub operating cost was RMB1,511.4 million (US$230.7 million),an increase of 56.5% from RMB965.8 million in the same period lastyear. The increase was primarily consisted of (i) RMB436.5 million (US$66.6 million) increase in labor-associated costs,and (ii) RMB61.8 million (US$9.4 million) increase in depreciation and amortization costs due to the increased number of installed automated sorting equipment. As of March 31,349 sets of automated sorting equipment were in service,compared to 265 sets as of March 31,2020. The sorting hub operating cost per parcel decreased by 17.0% to RMB0.34 benefiting from higher level of automation and improved economies of scale.
Cost of accessories soldwas RMB74.6 million (US$11.4 million),relatively stable compared with RMB74.5 million in the same period last year as a combined result of package volume increase and per unit cost decrease as single-sheet digital waybill adoption rate increased.
Other costs were RMB819.8 million (US$125.1 million),an increase of RMB347.8 million (US$53.1 million) compared to the same period lastyear. The increase was mainly consisted of (i) an increase of RMB243.3 million (US$37.1 million) in dispatching costs serving enterprise customers which is reasonable against the associated volume increase of 117.3%,(ii) an increase of RMB84.0 million (US$12.8 million) in expenses related to the development of technology platform and (iii) an increase of RMB21.2 million (US$3.2 million) in tax surcharge.
Gross Profit was RMB1,an increase of 33.9% from RMB818.7 million in the same period last year. Gross margin ratewas 16.9% compared to 20.9% in the same period last year as a net result of competition-led ASP decline of 12.4% for the core express delivery partially offset by related unit cost decline of 6.7%.
Total Operating Expenses were RMB463.7 million (US$70.8 million),compared to RMB446.6 million in the same period last year.
Selling,general and administrative expenses were RMB620.2 million (US$94.7 million),increased by 10.7% from RMB560.1 million in the same period last year,mainly due to an increase of RMB50.3 million (US$7.7 million) in salaries and accrued performance-based bonuses.
Other operating income,net was RMB156.6 million (US$23.9 million),compared to RMB113.4 million in the same period last year. Otheroperating income mainly consisted of (i) government subsidies and tax rebates of RMB89.7 million (US$13.7 million),and (ii) RMB56.6 million (US$8.6 million) of VAT super deduction.
Income from operations was RMB632.9 million (US$96.6 million),an increase of 70.1% from RMB372.0 million for the same period last year. Operating margin rate increased to 9.8% from 9.5% in the same period last year mainly due to improved operating leverage.
Interest income was RMB75.5 million (US$11.5 million),compared with RMB126.2 million in the same period last year.
Interest expenses was RMB15.6 million (US$2.4 million),compared with RMB0.3 million in the same period last year.
Gain from fair value changes of financial instrumentswas RMB15.8 million (US$2.4 million),which reflected fair value changes,assessed using redemption prices estimated by selling banks,on dual currency notes/deposits,foreign exchange options and forward contracts. There were no similar financial instruments in the same period last year.
Income tax expenses were RMB149.6 million (US$22.8 million) compared to RMB129.8 million in the same period last year.
Net income was RMB533.5 million (US$81.4 million),which increased by 43.8% from RMB371.0 million in the same period.
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB0.64 (US$0.10),compared to basic and diluted earnings per ADSof RMB0.48 in the same period last year.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB0.94 (US$0.14),compared with RMB0.82 in the sameperiod last year.
Adjusted net income was RMB781.6 million (US$119.3 million),compared with RMB635.1 million during the same period last year.
EBITDA was RMB1,220.1 million (US$186.2 million),compared with RMB909.3 million in the same period last year.
Adjusted EBITDA was RMB1,compared to RMB1,173.4 million in the same period last year.
Net cash provided by operating activities was RMB477.0 million (US$72.8 million),compared with RMB177.8 million in the same period last year.
Business Outlook
The Company makes no changes to its previously stated annual volume guidance. Based on the current market conditions and current operations,the Company's parcel volume for 2021 is expected to be in the range of 22.95 billion to 23.80 billion,representing a 35% to 40% increase year over year. Above estimates represent management's current and preliminary view,which are subject to change.
Company Share Purchase
On November 15,2018,the Company announced a share repurchase program whereby ZTO was authorized to repurchase its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US$500 million during an 18-month period thereafter. On March 13,2020,the board of directors of the Company approved the extension of the active share repurchase program to June 30,2021. On March 31,the board of directors has approved changes to the share repurchase program,increasing the aggregate value of shares that may be repurchased from US$500 million to US$1 billion and extending the effective time by two years through June 30,2023.The Company expects to fund the repurchases out of its existing cash balance. As of March 31,the Company has purchased an aggregate of 17,395,023 ADSs at an average purchase price of US$23.14,including repurchase commissions.
Exchange Rate
This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted,all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.5518 to US$1.00,the noon buying rate on March 31,2021 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA,adjusted net income,adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share,each a non-GAAP financial measure,in evaluating ZTO's operating results and for financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release,which provide more details about the non-GAAP financial measures.
The Company believes that adjusted EBITDA,adjusted net income 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 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 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 attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently,limiting their usefulness as comparative measures to ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.
Conference Call Information
ZTO's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Wednesday,May 19,2021 (8:30 AM Beijing Time on May 20,2021).
Dial-in details for the earnings conference call are as follows:
United States:
1-888-317-6003
Hong Kong:
852-5808-1995
Mainland China:
4001-206-115
Singapore:
800-120-5863
International:
1-412-317-6061
Passcode:
8671970
Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until May 26,2021:
United States:
1-877-344-7529
International:
1-412-317-0088
Passcode:
10155754
Additionally,a live and archived webcast of the conference call will be available at http://zto.investorroom.com.
About ZTO Express (Cayman) Inc.
ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) ("ZTO" or the "Company") is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.
ZTO operates a highly scalable network partner model,which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services,while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.
For more information,please visit http://zto.investorroom.com.
Safe Harbor Statement
This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933,as amended,and Section 21E of the Securities Exchange Act of 1934,and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to the Company's unaudited results for the first quarter of 2021,ZTO management quotes and the Company's financial outlook.
These forward-looking statements are not historical facts but instead represent only the Company's belief regarding expected results and events,many of which,by their nature,are inherently uncertain and outside of its control. The Company's actual results and other circumstances may differ,possibly materially,from the anticipated results and events indicated in these forward-looking statements. Announced results for the first quarter 2021 are preliminary,unaudited and subject to audit adjustment. In addition,the Company may not meet its financial outlook included in this news release and may be unable to grow its business in the manner planned. The Company may also modify its strategy for growth. In addition,there are other risks and uncertainties that could cause the Company's actual results to differ from what it currently anticipates,including those relating to the development of the e-commerce industry in China,its significant reliance on the Alibaba ecosystem,risks associated with its network partners and their employees and personnel,intense competition which could adversely affect the Company's results of operations and market share,any service disruption of the Company's sorting hubs or the outlets operated by its network partners or its technology system. For additional information on these and other important factors that could adversely affect the Company's business,financial condition,results of operations,and prospects,please see its filings with the U.S. Securities and Exchange Commission.
All information provided in this press release and in the attachments is as of the date of the press release. The Company undertakes no obligation to update any forward-looking statement,whether as a result of new information,future events or otherwise,after the date of this release,except as required by law. Such information speaks only as of the date of this release.
UNAUDITED CONSOLIDATED FINANCIAL DATA
Summary of Unaudited Consolidated Comprehensive IncomeData:
Three Months Ended Mar 31,
2020
2021
RMB
RMB
US$
(inthousands,exceptforshareandpersharedata)
Revenues
3,889
6,537
987,902
Cost of revenues
(3,229)
(5,004)
(820,538)
Gross profit
818,660
1,096,533
167,364
Operating (expenses)/income:
Selling,general and administrative
(560,051)
(620,224)
(94,665)
Other operating income,net
113,403
156,571
23,897
Total operating expenses
(446,648)
(463,653)
(70,768)
Income from operations
372,012
632,880
96,596
Other income/(expenses):
Interest income
126,227
75,482
11,521
Interest expense
(291)
(15,582)
(2,378)
Gain from fair value changes of financial instruments
-
15,799
2,411
Foreign currency exchange gain/(loss),before tax
16,453
(333)
(51)
Income before income tax,and share of loss in equity method
investments
514,401
708,246
108,099
Income tax expense
(129,772)
(149,638)
(22,839)
Share of loss in equity method investments
(13,656)
(25,082)
(3,828)
Net income
370,973
533,526
81,432
Net loss (income) attributable to noncontrolling interests
3,727
99
15
Net income attributable to ZTO Express (Cayman) Inc.
374,700
533,625
81,447
Net income attributable to ordinary shareholders
374,447
Net earnings per share/ADS attributable to ordinary shareholders
Basic
0.48
0.64
0.10
Diluted
0.48
0.64
0.10
Weighted average shares used in calculating net earnings per ordinary share/ADS
Basic
782,354,037
828,504,517
828,517
Diluted
782,553,924
828,517
Other comprehensive income,net of tax of nil:
Foreign currency translation adjustment
176,926
17,911
2,734
Comprehensive income
547,899
551,437
84,166
Comprehensive loss (income) attributable to noncontrolling interests
3,727
99
15
Comprehensive income attributable to ZTO Express (Cayman) Inc.
551,626
551,536
84,181
Unaudited Consolidated Balance Sheets Data:
As of
December 31,
2020
March 31,2021
RMB
RMB
US$
（in thousands）
ASSETS
Current assets:
Cash and cash equivalents
14,212,778
11,074,124
1,690,241
Restricted cash
133,196
404,048
61,670
Accounts receivable,net
746,013
721,511
110,124
Financing receivables
492,159
531,534
81,128
Short-term investment
3,402
5,528,308
843,785
Inventories
53,070
51,833
7,911
Advances to suppliers
589,042
635,302
96,966
Prepayments and other current assets
2,334,688
2,520,114
384,645
Amounts due from related parties
73,278
55,078
8,407
Total current assets
22,324,626
21,521,852
3,284,877
Investments in equity investee
3,224,463
3,231,216
493,180
Property and equipment,net
18,565,161
19,286,227
2,943,653
Land use rights,net
4,360,673
4,740,924
723,606
Intangible assets,net
41,832
40,282
6,148
Operating lease right-of-use assets
876,259
871,501
133,017
Goodwill
4,241,541
4,541
647,386
Deferred tax assets
720,561
988,442
150,866
Long-term investment
1,842,000
1,974,680
301,395
Long-term financing receivables
1,970,340
1,947,143
297,192
Other non-current assets
537,294
756,104
115,404
Amounts due from related parties-non current
500,000
512,000
78,146
TOTAL ASSETS
59,204,750
60,111,912
9,174,870
LIABILITIES AND EQUITY
Current liabilities
Short-term bank borrowing
1,432,929
2,914,791
444,884
Accounts payable
1,635,888
1,551,327
236,779
Notes payable
326,200
100,980
15,413
Advances from customers
1,119,666
1,196,208
182,577
Income tax payable
48,628
-
-
Amounts due to related parties
16,655
36,382
5,553
Operating lease Liabilities
246,394
240,127
36,651
Acquisition consideration payable
22,942
22,942
3,502
Dividends payable
11,198
1,365,307
208,387
Other current liabilities
4,487,084
3,869,612
590,615
Total current liabilities
9,347,584
11,676
1,724,361
Non-current operating lease Liabilities
502,481
520,760
79,484
Deferred tax liabilities
254,987
246,297
37,592
TOTAL LIABILITIES
10,105,052
12,064,733
1,841,437
Shareholders' equity
Ordinary shares (US$0.0001 par value; 10,000,000 shares authorized,
855,301,115 shares issued and 828,972 shares outstanding as of
December 31,2020; 855,115 shares issued and 827,127,508 shares
outstanding as of March 31,2021)
553
553
84
Additional paid-in capital
30,613,948
29,499,693
4,502,533
Treasury shares,at cost
(2,578,870)
(3,056,574)
(466,524)
Retained earnings
21,038,753
21,541,857
3,287,930
Accumulated other comprehensive loss
(95,571)
(77,660)
(11,853)
ZTO Express (Cayman)Inc. shareholders' equity
48,978,813
47,907,869
7,312,170
Noncontrolling interests
120,885
139,310
21,263
Total Equity
49,099,698
48,047,179
7,333,433
TOTAL LIABILITIES AND EQUITY
59,870
Summary of Unaudited Consolidated Cash Flow Data:
Three Months Ended March 31,
2020
2021
RMB
RMB
US$
(in thousands)
Net cash provided by operating activities
177,791
476,952
72,797
Net cash used in investing activities
(714,703)
(4,371,990)
(667,296)
Net cash provided by financing activities
297,654
993,968
151,709
Effect of exchange rate changes on cash,cash equivalents and restricted cash
17,315
33,268
5,078
Net decrease in cash,cash equivalents and restricted cash
(221,943)
(2,867,802)
(437,712)
Cash,cash equivalents and restricted cash at beginning of period
5,277,414
14,092
2,191,778
Cash,cash equivalents and restricted cash at end of period
5,055,471
11,492,290
1,754,066
The following table provides a reconciliation of cash,cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:
As of
March 31,
2021
RMB
RMB
US$
(in thousands)
Cash and cash equivalents
5,020,188
11,241
Restricted cash,current
21,169
404,670
Restricted cash,non-current
14,114
14,118
2,155
Total cash,cash equivalents and restricted cash
5,471
11,290
1,066
Reconciliations of GAAP and Non-GAAP Results
Three Months Ended Dec 31,
2020
2021
RMB
RMB
US$
(inthousands,exceptforshareandpersharedata)
Net income
370,432
Add:
Share-based compensation expense (1)
264,154
248,027
37,856
Adjusted net income
635,127
781,553
119,288
Net income
370,432
Add:
Depreciation
392,580
495,708
75,660
Amortization
15,648
25,651
3,915
Interest expenses
291
15,582
2,378
Income tax expenses
129,772
149,638
22,839
EBITDA
909,264
1,220,105
186,224
Add:
Share-based compensation expense
264,856
Adjusted EBITDA
1,173,418
1,468,132
224,080
(1) Net of income taxes of nil
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