ZTO Reports Third Quarter 2021 Unaudited Financial Results
Income from Operations Increased 16.4% to RMB1.4 Billion
Volume Grew 23.3% to reach 5.7 Billion Parcels
Market Share Secured at 20.8%
SHANGHAI,Nov. 18,2021 -- 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 third quarter ended September 30,2021[1]. The Company delivered a parcel volume growth of 23.3% while maintaining high customer satisfaction and industry-top level of quality of earnings. Adjusted net income reached RMB1,147.9 million which grew 13.7% over that of last year's normalized for one-time tax refund. Cash generated from operating activities totaled RMB1,787.1 million.
Third Quarter 2021 Financial Highlights
Revenues were RMB7,390.7 million (US$1,147.0 million),an increase of 11.3% from RMB6,638.8 million in the same period of 2020.
Gross profit was RMB1,568.3 million (US$243.4 million),an increase of 12.7% from RMB1,391.0 million in the same period of 2020.
Net income was RMB1,147.9 million (US$178.1 million),a decrease of 5.2% from RMB1,210.3 million in the same period of 2020. Normalized for the one-time 2019 income tax refund received in 2020,net income increased 13.7% year over year.
Adjusted EBITDA[2] was RMB1,967.7 million (US$305.4 million),an increase of 17.4% from RMB1,675.4 million in the same period of 2020.
Adjusted net income[3] was RMB1,adjusted net income increased 13.7% year over year.
Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB1.43 (US$0.22),a decrease of 6.5% from RMB1.53 in the same period of 2020.
Adjusted basic and diluted net earnings per American depositary share[5] attributable to ordinary shareholders were RMB1.43 (US$ 0.22),a decrease of 6.5% from RMB1.53 in the same period of 2020.
Net cash provided by operating activities was RMB1,787.1 million (US$277.4 million),compared with RMB1,480.4 million in the same period of 2020.
Operational Highlights for Third Quarter 2021
Parcel volume was 5,700 million,an increase of 23.3% from 4,623 million in the same period of 2020.
Number of pickup/delivery outlets was over 30,300 as of September 30,2021.
Number of direct network partners was over 5,600 as of September 30,2021.
Number of line-haul vehicles was approximately 10,500 as of September 30,2021,which included approximately 10,400 self-owned vehicles and approximately 100 vehicles owned and operated by Tonglu Tongze Logistics Ltd.,a transportation operator that works exclusively for ZTO.
Out of the approximately 10,400 self-owned trucks,approximately 8,450 were high capacity 15 to 17-meter-long models as of September 30,compared to over 8,150 as of June 30,2021.
Number of line-haul routes between sorting hubs was over 3,compared to approximately 3,600 as of June 30,2021.
Number of sorting hubs was 96 as of September 30,among which 85 are operated by the Company and 11 by the Company's network partners.
(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.
(2) Adjusted EBITDA is a non-GAAP financial measure,which is defined as net income before depreciation,amortization,interest expenses and income tax expenses,and further adjusted to exclude the shared-based compensation expense and non-recurring items such as the gain on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.
(3) Adjusted net income is a non-GAAP financial measure,which is defined as net income before share-based compensation expense and non-recurring items such as gain on disposal of equity investment and subsidiary in which management aims to better represent the underlying business operations.
(4) One ADS represents one Class A ordinary share.
(5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted shares,respectively.
Mr. Meisong Lai,Founder,Chairman and Chief Executive Officer of ZTO,commented,"Market dynamics continued to shift towards higher volume concentration yet clearly divided in relative scale as well as profitability. Official's attention on front-line operators' rights and economic interests has been constructive towards sustainable healthy development of the industry. ZTO has advanced our efforts for higher quality of growth since last quarter. Supported by top ranking customer satisfaction level and 20.8% leading market share this quarter,ZTO expanded its operating income by 16.4% and achieved 13.7% growth on net income on a comparable basis."
Mr. Lai added,"Volume and market share have been and will continue to be crucial to the growth and future of an express delivery business whose winning elements are scale and efficiency. The industry has potentially reached a turning point where competition becomes more orderly,and price begins to stabilize. Expanding market share remains one of ZTO's top priorities,and we are in the best position to capture opportunities presented by continued growth of this industry. Our initiatives that rely on improved partners' trust and confidence,strengthening capability and efficiency throughout the entire network,increasing data analytics for internal resource deployment and allocation will enable us to achieve meaningful earnings expansion alongside of healthy market share gain in the near term."
Ms. Huiping Yan,Chief Financial Officer of ZTO,"Leveraging efficient capacity and operational excellence,ZTO expanded its net income to RMB 1.15 billion in the quarter. The 7.2% ASP decrease in our core express delivery business,mainly attributable to parcel weight drop and normal volume incentives,was partially offset by the 7.3% unit cost productivity gain."
Ms. Yan added,"Cash flow from operating activities grew 20.7% to 1.8 billion. Capital expenditure totaled 2.6 billion for the quarter. As we entered the final stages of this investment cycle,level of capital spending is expected to stabilize and start to decrease. Increasing profit and strong cash generation will allow us to resume free cashflow position within the next two years."
Third Quarter 2021 Financial Results
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2021
2020
2021
RMB
%
RMB
US$
%
RMB
%
RMB
US$
%
(in thousands,except percentages)
Express delivery
services
5,780,410
87.1
6,696,235
1,039,239
90.6
14,727,484
86.9
19,021,980
2,952,165
89.8
Freight forwarding
services
481,188
7.2
344,813
53,514
4.7
1,243,759
7.3
1,151,353
178,687
5.4
Sale of accessories
298,871
4.5
304,558
47,267
4.1
797,084
4.7
878,869
136,398
4.1
Others
78,367
1.2
45,117
7,002
0.6
188,819
1.1
136,118
21,126
0.7
Total revenues
6,638,836
100.0
7,390,723
1,147,022
100.0
16,957,146
100.0
21,188,320
3,288,376
100.0
Total Revenues were RMB7,638.8 million in the same period of 2020. Revenue from the core express delivery business increased by 14.4%compared to the same period of 2020,as a combined result of a 23.3% increase in parcel volume and a 7.2% decrease in parcel unit price mainly driven by per parcel weight decline and normal volume incentives. Revenue from freight forwarding services decreased by 28.3% compared to the same period of 2020 as cross border e-commerce demand and pricing gradually returned to normal post COVID-19 recovery. Revenue from sales of accessories,largely consisted of sales of thermal paper used for digital waybills' printing,increased by 1.9%. Other revenues were mainly consisted of financing services and advertising services receipts.
Three Months Ended September 30,
2020
2021
2020
2021
RMB
% of
revenues
RMB
US$
% of
revenues
RMB
% of
revenues
RMB
US$
% of
revenues
(in thousands,except percentages)
Line-haul
transportation cost
2,446,793
36.9
2,839,786
440,728
38.4
5,740,772
33.9
8,136,963
1,262,837
38.4
Sorting hub operating
cost
1,353,754
20.4
1,635,758
253,866
22.1
3,573,787
21.1
4,759,832
738,714
22.5
Freight forwarding
cost
447,047
6.7
301,151
46,738
4.1
1,319
6.8
1,003,772
155,783
4.7
Cost of accessories
sold
95,007
1.4
91,827
14,251
1.2
281,965
1.7
264,543
41,056
1.2
Other costs
905,283
13.6
953,923
148,046
13.0
2,230,528
13.0
2,684,757
416,668
12.7
Total cost of
revenues
5,247,884
79.0
5,822,445
903,629
78.8
12,978,371
76.5
16,849,867
2,615,058
79.5
Total cost of revenues was RMB5,822.4 million (US$903.6 million) compared to RMB5,247.9 million in the same period last year,an increase of 10.9% against 23.3% volume increase year over year.
Line haul transportation cost was RMB2,839.8 million (US$440.7 million),an increase of 16.1% from RMB2,446.8 million in the same period last year. Line-haul transportation cost per parcel decreased by 5.9% to RMB0.50 benefited mainly from improved operating efficiency through increased usage of high-capacity vehicles and better route planning. There were approximately 1,050 more high-capacity vehicles in our owned-and-operated fleet compared to the same period last year.
Sorting hub operating cost was RMB1,635.8 million (US$253.9 million),an increase of 20.8% from RMB1,353.8 million in the same period last year. The increase was primarily consisted of (i) RMB187.3 million (US$29.1 million) increase in labor-associated costs,a net result of wage increases offset by automation-driven headcount reduction,and (ii) RMB55.9 million (US$8.7 million) increase in depreciation and amortization costs from increased number of installed automated sorting equipment and facilities. Sorting hub operating cost per unit decreased 2.0% to RMB0.29. As of September 30,370 sets of automated sorting equipment were in service,compared to 300 sets as of September 30,2020.
Cost of accessories sold was RMB91.8 million (US$14.3 million),decreased 3.3% compared with RMB95.0 million in the same period last year.
Other costs were RMB953.9 million (US$148.0 million),an increase of RMB48.6 million (US$7.5 million) compared to the same period lastyear. The increase was mainly consisted of (i) an increase of RMB60.1 million (US$9.3 million) in tax surcharge,(ii) a decrease of RMB33.7 million (US$5.2 million) in the costs of the advertising services,and (iii) an increase of RMB20.4 million (US$3.2 million) in expenses related to the development of technology platform.
Gross Profit was RMB1,increased 12.7% from RMB1,391.0 million in the same period last year as a combined result of increased volume and decreased ASP partially offset by unit cost efficiency. Gross margin rate was 21.2% compared to 21.0% in the same period last year.
Total Operating Expenses were RMB207.8 million (US$32.3 million),compared to RMB221.8 million in the same period last year.
Selling,general and administrative expenses were RMB389.4 million (US$60.4 million),increased by 4.2% from RMB373.7 million in the same period last year,mainly from increases of compensation and benefits and office expenditures.
Other operating income,net was RMB181.6 million (US$28.2 million),compared to RMB151.8 million in the same period last year. Otheroperating income/expense mainly consisted of (i)RMB139.3 million (US$21.6 million) of VAT super deduction,(ii) government subsidies and tax rebates of RMB66.0million (US$10.3million),and (iii)RMB20.0 million (US$3.1 million),and offset by (iii) RMB20.0 million (US$3.1 million) of charitable donation to Zhengzhou Red Cross to aid recovery from heavy flooding in Henan province.
Income from operations was RMB1,360.5 million (US$211.1 million),an increase of 16.4% from RMB1,169.1 million for the same period last year. Operating margin rate increased to 18.4% from 17.6% in the same period last year.
Interest income was RMB91.8 million (US$14.2 million),compared with RMB96.7 million in the same period last year.
Interest expenses was RMB52.3 million (US$8.1 million),compared with RMB13.7 million in the same period last year.
Gain from fair value changes of financial instruments was RMB5.1 million (US$0.8 million),which reflected fair value changes,assessed using market-based redemption prices estimated by selling banks,on financial instruments. There were no similar financial instruments in the same period last year.
Income tax expenses were RMB229.5 million (US$35.6 million) compared to negative RMB27.8 million in the same period last year. In the third quarter of 2020,an income tax refund of RMB200.7 million was received by Shanghai Zhongtongji Network,a wholly owned subsidiary,for being recognized as a "Key Software Enterprise" that qualified for a preferential tax rate of 10% for tax year 2019.
Net income was RMB1,which decreased by 5.2% from RMB1,210.3 million in the same period last year. Normalized for the one-time income tax refund received in 2020,net income increased 13.7% year over year.
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.43 (US$0.22),compared to basic and diluted earnings perADS of RMB1.53 in the same period last year.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.43 (US$0.22),compared with RMB1.53 in the sameperiod last year.
Adjusted net income was RMB1,210.3 million during the same period last year. Adjusted net income for the third quarter of 2020 included RMB 200.7 million one-time 2019 tax refund by a wholly owned subsidiary.
EBITDA was RMB1,675.4 million in the same period last year.
Adjusted EBITDA was RMB1,compared to RMB1,675.4 million in the same period last year.
Net cash provided by operating activities was RMB1,480.4 million in the same period last year.
Business Outlook
Based on current market and operating conditions,the Company revises its previously stated annual guidance. Parcel volume for 2021 is expected to be in the range of 22.2 billion to 22.7 billion,representing a 30.6% to 33.5% increase year over year. Such estimates represent management's current and preliminary view,which are subject to change.
Company Share Purchase
On November 15,2018,the Company announced a share repurchase program whereby ZTO was authorized to repurchase its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US$500 million during an 18-month period thereafter. On March 13,2020,the board of directors of the Company approved the extension of the active share repurchase program to June 30,2021. On March 31,the board of directors has approved changes to the share repurchase program,increasing the aggregate value of shares that may be repurchased from US$500 million to US$1 billion and extending the effective time by two years through June 30,2023. The Company expects to fund the repurchases out of its existing cash balance. As of September 30,the Company has purchased an aggregate of 36,074,242ADSs at an average purchase price of US$25.21,including repurchase commissions.
Exchange Rate
This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted,all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.4434 to US$1.00,the noon buying rate on September 30,2021 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA,adjusted net income,adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share,each a non-GAAP financial measure,in evaluating ZTO's operating results and for financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release,which provide more details about the non-GAAP financial measures.
The Company believes that adjusted EBITDA,adjusted net income 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 7:30 PM U.S. Eastern Time on Wednesday,November 17,2021 (8:30 AM Beijing Time on November 18,2021).
Dial-in details for the earnings conference call are as follows:
United States:
1-888-317-6003
Hong Kong:
852-5808-1995
Mainland China:
4001-206-115
Singapore:
800-120-5863
International:
1-412-317-6061
Passcode:
3551081
Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until November 24,2021:
United States:
1-877-344-7529
International:
1-412-317-0088
Passcode:
10161579
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 thirdquarter 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 thirdquarter 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 September 30,
2020
2021
2020
2021
RMB
RMB
US$
RMB
RMB
US$
(inthousands,exceptforshareandpersharedata)
Revenues
6,836
7,723
1,022
16,146
21,320
3,376
Cost of revenues
(5,884)
(5,445)
(903,629)
(12,371)
(16,867)
(2,058)
Gross profit
1,952
1,568,278
243,393
3,775
4,338,453
673,318
Operating income (expenses):
Selling,general and administrative
(373,668)
(389,355)
(60,427)
(1,246,140)
(1,403,585)
(217,833)
Other operating income,net
151,836
181,550
28,176
455,106
514,140
79,793
Total operating expenses
(221,832)
(207,805)
(32,251)
(791,034)
(889,445)
(138,040)
Income from operations
1,169,120
1,360,473
211,142
3,187,741
3,449,008
535,278
Other income (expenses):
Interest income
96,654
91,800
14,247
337,138
269,682
41,854
Interest expense
(13,707)
(52,271)
(8,112)
(23,132)
(101,651)
(15,776)
Gain from fair value changes of financial instruments
-
5,116
794
-
53,246
8,264
Foreign currency exchange gain/(loss),
before tax
(64,354)
(8,073)
(1,253)
(45,307)
(34,157)
(5,301)
Income before income tax,and share of loss in equity method
1,713
1,397,045
216,818
3,456,440
3,636,128
564,319
Income tax expense
27,845
(229,525)
(35,622)
(400,228)
(634,022)
(98,399)
Share of loss in equity method investments
(5,268)
(19,630)
(3,047)
(21,378)
(48,465)
(7,522)
Net income
1,210,290
1,890
178,149
3,034,834
2,953,641
458,398
Net (income)/loss attributable to noncontrolling interests
(9,271)
18,810
2,919
(10,762)
38,856
6,030
Net income attributable to ZTO Express (Cayman) Inc.
1,201,019
1,166,700
181,068
3,024,072
2,992,497
464,428
Net income attributable to ordinary shareholders
1,428
Net earnings per share attributed to ordinary shareholders
Basic
1.53
1.43
0.22
3.86
3.63
0.56
Diluted
1.53
1.43
0.22
3.86
3.63
0.56
Weighted average shares used in calculating net earnings per ordinary share/ADS
Basic
784,872,994
816,342,418
816,418
783,711,509
823,841,096
823,096
Diluted
784,778,138
823,096
Other comprehensive (expenses)/ income,net of tax of nil:
Foreign currency translation adjustment
(326,880)
(44,670)
(6,933)
(173,511)
(128,931)
(20,010)
Comprehensive income
883,410
1,103,220
171,216
2,861,323
2,824,710
438,388
Comprehensive (income)/loss attributable
to noncontrolling interests
(9,030
Comprehensive income attributable to ZTO Express (Cayman) Inc.
874,139
1,122,030
174,135
2,850,561
2,863,566
444,418
Unaudited Consolidated Balance Sheets Data:
As of
December 31,
2020
September 30,
2021
RMB
RMB
US$
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents
14,212,778
10,357,744
1,607,497
Restricted cash
133,196
30,369
4,713
Accounts receivable,net
746,013
790,021
122,609
Financing receivables
492,159
981,210
152,281
Short-term investment
3,690,402
2,364,614
366,982
Inventories
53,070
49,992
7,759
Advances to suppliers
589,042
747,276
115,975
Prepayments and other current assets
2,334,688
3,107,846
482,330
Amounts due from related parties
73,278
61,651
9,568
Total current assets
22,324,626
18,490,723
2,869,714
Investments in equity investee
3,224,463
3,398,456
527,432
Property and equipment,net
18,565,161
23,203,585
3,601,140
Land use rights,net
4,673
5,098,542
791,281
Intangible assets,net
41,832
37,184
5,771
Operating lease right-of-use assets
876,259
961,338
149,197
Goodwill
4,241,541
4,541
658,277
Deferred tax assets
720,561
812,451
126,090
Long-term investment
1,842,000
1,514,500
235,047
Long-term financing receivables
1,970,340
1,496,217
232,209
Other non-current assets
537,294
807,231
125,280
Amounts due from related parties-non current
500,000
600,840
93,249
TOTAL ASSETS
59,204,750
60,662,608
9,414,687
LIABILITIES AND EQUITY
Current liabilities
Short-term bank borrowing
1,432,929
4,431,838
687,810
Accounts payable
1,888
1,626,967
252,501
Notes payable
326,200
343,520
53,313
Advances from customers
1,119,666
1,265,558
196,412
Income tax payable
48,628
-
-
Amounts due to related parties
16,655
21,943
3,406
Operating lease liabilities
246,394
249,137
38,665
Acquisition consideration payable
22,942
22,942
3,561
Dividends payable
11,198
716
111
Other current liabilities
4,487,084
4,788,083
743,098
Total current liabilities
9,347,584
12,750,704
1,877
Non-current operating lease liabilities
502,481
597,756
92,770
Deferred tax liabilities
254,987
248,338
38,541
TOTAL LIABILITIES
10,105,052
13,596,798
2,110,188
Shareholders' equity
Ordinary shares (US$0.0001 par value; 10,000,000
shares authorized,855,301,115 shares issued and
828,972 shares outstanding as of December 31,2020;
826,943,309 shares issued and 808,448,289 shares
outstanding as of September 30,2021)
553
534
83
Additional paid-in capital
30,613,948
28,256,720
4,385,374
Treasury shares,at cost
(2,578,870)
(2,067,008)
(320,795)
Retained earnings
21,038,753
20,954,469
3,252,083
Accumulated other comprehensive loss
(95,571)
(224,502)
(34,842)
ZTO Express (Cayman)Inc. shareholders' equity
48,813
46,920,213
7,281,903
Noncontrolling interests
120,885
145,597
22,596
Total Equity
49,099,698
47,065,810
7,304,499
TOTAL LIABILITIES AND EQUITY
59,687
Summary of Unaudited Consolidated Cash Flow Data:
Three Months Ended September 30,
2020
2021
2020
2021
RMB
RMB
US$
RMB
RMB
US$
(in thousands)
Net cash provided by operating activities
1,480,429
1,787,077
277,350
2,910,490
4,196,434
651,276
Net cash provided by/ (used in) investing
activities
1,179,946
(1,810)
(215,074)
(632,608)
(5,942,268)
(922,226)
Net cash provided by / (used in) financing activities
8,602,624
(2,990)
(336,312)
8,965,576
(2,116,528)
(328,480)
Effect of exchange rate changes on cash,cash equivalents and restricted cash
(109,243)
(1,941)
(301)
(89,783)
(102,554)
(15,915)
Net increase/ (decrease) in cash,cash equivalents and restricted cash
11,153,756
(1,767,664)
(274,337)
11,675
(3,964,916)
(615,345)
Cash,cash equivalents and restricted cash at beginning of period
5,277,333
12,162,840
1,887,643
5,414
14,092
2,228,651
Cash,cash equivalents and restricted cash at end of period
16,089
10,395,176
1,306
16,305
The following table provides a reconciliation of cash,cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:
As of
September 30,
2020
September 30,
2021
RMB
RMB
US$
(in thousands)
Cash and cash equivalents
16,408,906
10,497
Restricted cash,current
8,070
30,713
Restricted cash,non-current
14,113
7,063
1,096
Total cash,cash equivalents and restricted cash
16,089
10,176
1,306
Reconciliations of GAAP and Non-GAAP Results
Three Months Ended September 30,
2020
2021
2020
2021
RMB
RMB
US$
RMB
RMB
US$
(inthousands,exceptforshareandpersharedata)
Net income attributable to ordinary shareholders
1,428
Add:
Share-based compensation expense (1)
-
-
-
264,154
248,027
38,493
Adjusted Net income attributable to ordinary
shareholders
1,226
3,240,524
502,921
Weighted average shares used in calculating net
earnings per ordinary share/ADS
Basic
784,096
Net earnings per share/ADS attributable to ordinary
shareholders
Basic
1.53
1.43
0.22
3.86
3.63
0.56
Diluted
1.53
1.43
0.22
3.86
3.63
0.56
Adjusted net earnings per share/ADS attributable to ordinary shareholders
Basic
1.53
1.43
0.22
4.20
3.93
0.61
Diluted
1.53
1.43
0.22
4.20
3.93
0.61
(1) Net of income taxes of nil
For investor and media inquiries,please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508
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