BEIJING, Aug. 31,
2023 /PRNewswire/ -- Quhuo Limited (NASDAQ: QH)
("Quhuo," the "Company," "we" or "our"), a leading gig economy
platform focusing on local life services in China, today reported its unaudited financial
results for the six months ended June 30,
2023.
Financial and Operational Highlights for the First Half of
2023
- Revenues from mobility solution services were RMB58.5 million (US8.1 million), representing an
increase of 3.6% year-over-year.
- Net loss was RMB5.7 million
(US$0.8 million), representing a
decrease of 78.6% year-over-year.
- Adjusted net loss was RMB1.8
million (US$0.3 million),
representing a decrease of 87.0% year-over-year.
- Quhuo International has signed service contracts for 1,720
units of vehicles under its vehicle export solutions, of which 200
units have been shipped.
Mr. Leslie Yu, Chairman and CEO
of Quhuo, stated, "We are pleased to conclude that Quhuo Limited
achieved several financial improvements in the first half of 2023,
albeit the overall economic condition in the domestic market.
During this period, Quhuo recorded a total revenue of RMB1,736.3 million. The net loss and adjusted net
loss narrowed by 78.6% and 87.0% compared to the same period last
year, which was RMB5.7 million and
RMB1.8 million, respectively. The
adjusted EBITDA increased 2.8% year-over-year to RMB11.1 million."
"Thanks to the early layout of Quhuo 's overseas business, Quhuo
International has signed contracts for 1,720 units of vehicles
under its vehicle export solutions and completed shipment of 200
units in the first half of 2023, which demonstrates the good
results of our new business."
"Looking ahead, we anticipate that this business will continue
to contribute positively to our growth, as we explore potential
partnerships to collectively advance the electric vehicle sector.
We are confident that the vehicle export solutions will promote
international automotive trade, tap into overseas markets for the
growing electric vehicle sector, and actively assume a positive
role in global energy conservation and emission reduction."
Unaudited Financial Results of the First Half of 2023
Compared to the First Half of 2022
Total revenues decreased by 6.8% from RMB1,863.8 million in the six months ended
June 30, 2022 to RMB1,736.3 million (US$239.4 million) in the six months ended
June 30, 2023 due to the following
reasons.
- Revenues from on-demand delivery solutions were RMB1,649.6 million (US$227.5 million), representing a slight decrease
of 6.5% from RMB1,763.8 million in
the six months ended June 30, 2022,
primarily because we enjoyed more preferential policies during the
first half of 2022 amid the COVID-19 pandemic, which was
significantly reduced in the six months ended June 30, 2023 following the relief of the
pandemic.
- Revenues from mobility service solutions, consisting of
shared-bike maintenance, ride-hailing, freight service solutions
and newly launched vehicle export solutions, were RMB58.5 million (US$8.1
million), representing an increase of 3.6% from RMB56.5 million in the six months ended
June 30, 2022, primarily due to (1)
the commencement of vehicle export solutions, which generated
revenue of RMB12.0 million, and (2)
our enlarged customer base and service scope for ride-hailing
solutions services.
- Revenues from housekeeping and accommodation solutions and
other services were RMB28.2 million
(US$3.9 million), representing a
decrease of 35.2% from RMB43.5
million in the six months ended June
30 of 2022, primarily due to the transition of business
model in hotel service.
Cost of revenues was RMB1,669.5
million (US$230.2 million),
representing a decrease of 5.7% year-over-year, primarily
attributable to the decreases in our labor cost and hiring
expenses.
General and administrative expenses were RMB81.6 million (US$11.3 million), representing a decrease of
18.0% from RMB99.5 million in
the six months ended June 30 of 2022,
primarily due to the decreases in (1) share-based compensation
expenses from RMB12.5 million in the
first half of 2022 to RMB3.9 million
(US$0.5 million) in the first half of
2023, and (2) welfare and business development expenses and
office expenses from RMB29.5 million
in the first half of 2022 to RMB17.3
million (US2.4 million) in the first half of 2023.
Research and development expenses were RMB6.6 million (US$0.9
million), representing a decrease of 7.2% from RMB7.2 million in the six months ended
June 30, 2022, primarily due
to the decrease in the average compensation level for our
research and development personnel as we restructured our R&D
team.
We recorded gain on disposal of assets, net of RMB4.7 million and RMB8.9
million (US$1.2 million) in
the six months ended June 30, 2022
and 2023, respectively, primarily due to the transfer of
certain customer relationships related to our on-demand delivery
solutions to third parties.
Our interest income was RMB0.2
million and RMB0.7 million
(US$0.1 million) in the six months
ended June 30, 2022 and 2023,
respectively, primarily relating to our bank deposits.
Our interest expense decreased by 38.6% from RMB3.8 million in the six months ended
June 30, 2022 to RMB2.3 million (US$0.3
million) in the six months ended June
30, 2023, primarily due to the decrease in our average
short-term bank borrowings.
We recorded other income, net, of RMB6.0 million (US$0.8 million) in the six months ended
June 30, 2023, compared to other
loss, net, of RMB8.3 million in
the six months ended June 30, 2022,
primarily due to the increase in fair value change of investment in
a mutual fund.
We recorded income tax benefit of RMB2.4
million (US$0.3
million) in the six months ended June 30, 2023, as compared to income tax expense
of RMB6.7 million in the six months
ended June 30, 2022, primarily due to
the increase in deferred tax asset benefit.
As a result of the foregoing, we had net loss of RMB26.6 million and RMB5.7
million (US$0.8 million) in
the six months ended June 30, 2022
and 2023, respectively.
Adjusted net loss was RMB1.8
million (US$0.3 million), as
compared to adjusted net loss of RMB14.1
million in the first half of 2022.(1)
Adjusted EBITDA was RMB11.1
million (US$1.5 million), as
compared to adjusted EBITDA of RMB10.8
million in the first half of 2022.(1)
(1) See "Use
of Non-GAAP Financial Measures."
|
CONFERENCE CALL
Quhuo will hold a conference call on Thursday, August 31, 2023, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong
Kong time on the same day) to discuss the financial
results.
Participants can register for the conference call by navigating
to https://s1.c-conf.com/diamondpass/10033320-jh3e5r.html. Once
preregistration has been completed, participants will receive
dial-in numbers, a direct event passcode, and a unique registrant
ID.
To join the conference, please dial the number you receive,
enter the direct event passcode followed by your unique registrant
ID, and you will be joined to the conference instantly.
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
https://ir.quhuo.cn/.
A replay will be accessible through 9:59
a.m. U.S. Eastern Time on September
6, 2023 (9:59 p.m.
Beijing/Hong Kong time on the same day):
United
States:
|
1855 883
1031
|
China
Domestic:
|
400 1209 216
|
Hong Kong:
|
800 930 639
|
Replay
PIN: :
|
10033320
|
USE OF NON-GAAP FINANCIAL MEASURES
Quhuo has provided in this press release financial information
that has not been prepared in accordance with generally accepted
accounting principles in the United
States (GAAP).
Quhuo uses adjusted net income/(loss) and adjusted EBITDA, which
are non-GAAP financial measures, in evaluating our operating
results and for financial and operational decision-making purposes.
Adjusted net income/(loss) represents net income/(loss) before
share-based compensation expenses. Adjusted EBITDA represents
adjusted net income/(loss) before income tax benefit/(expense),
amortization, depreciation and interest. Quhuo believes that
these non-GAAP financial measures help identify underlying trends
in its business that could otherwise be distorted by the effect of
share-based compensation expenses, income tax benefits or expenses,
amortization, depreciation and interest. Quhuo believes that such
non-GAAP financial measures also provide useful information about
its operating results, enhance the overall understanding of its
past performance and prospects and allow for greater visibility
with respect to key metrics used by its management in its financial
and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. They should not
be considered in isolation or construed as alternatives to net loss
or any other performance measures or as an indicator of Quhuo's
operating performance. Further, these non-GAAP financial measures
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 the Company's data. Quhuo encourages investors and
others to review the Company's financial information in its
entirety and not rely on a single financial measure. Investors are
encouraged to compare the historical non-GAAP financial measures
with the most directly comparable GAAP measures. Quhuo mitigates
these limitations by reconciling the non-GAAP financial measures to
the most comparable U.S. GAAP performance measures, all of which
should be considered when evaluating its performance. The following
table sets forth a reconciliation of our net loss to adjusted net
loss and adjusted EBITDA, respectively.
QUHUO
LIMITED
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
June 30,
2022
|
|
June 30,
2023
|
|
June 30,
2023
|
|
|
(RMB)
|
|
(RMB)
|
|
(US$)
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
Net
loss
|
|
(26,586)
|
|
(5,690)
|
|
(785)
|
Add: Share-based
Compensation
|
|
12,503
|
|
3,853
|
|
531
|
|
|
|
|
|
|
|
Adjusted net
loss
|
|
(14,083)
|
|
(1,837)
|
|
(254)
|
Add:
|
|
|
|
|
|
|
Income tax
expense/(benefit)
|
|
6,683
|
|
(2,395)
|
|
(330)
|
Depreciation
|
|
3,798
|
|
2,927
|
|
404
|
Amortization
|
|
10,663
|
|
10,128
|
|
1,397
|
Interest
|
|
3,786
|
|
2,323
|
|
320
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
10,847
|
|
11,146
|
|
1,537
|
EXCHANGE RATE INFORMATION
This press release contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for readers'
convenience. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB7.2513 to US$1.00, the rate in effect as of June 30, 2023 as set forth in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
ABOUT QUHUO LIMITED
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a
leading gig economy platform focusing on local life services
in China. Leveraging Quhuo+, its proprietary technology
infrastructure, Quhuo is dedicated to empowering and linking
workers and local life service providers and providing end-to-end
operation solutions for the life service market. The Company
currently provides multiple industry-tailored operational
solutions, primarily including on-demand delivery solutions,
mobility service solutions, housekeeping and accommodation
solutions, and other services, meeting the living needs of hundreds
of millions of families in the communities.
With the vision of promoting employment, stabilizing income and
empowering entrepreneurship, Quhuo explores multiple scenarios to
promote employment of workers, provides, among others, safety and
security and vocational training to protect workers, and helps
workers plan their career development paths to realize their
self-worth.
SAFE HARBOR STATEMENT
This press release contains ''forward-looking statements''
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical or current fact
included in this press release are forward-looking statements,
including but not limited to statements regarding Quhuo's business
development, financial outlook, beliefs and expectations.
Forward-looking statements include statements containing words such
as "expect," "anticipate," "believe," "project," "will" and similar
expressions intended to identify forward-looking statements. These
forward-looking statements are based on Quhuo's current
expectations and involve risks and uncertainties. Quhuo's actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these
risks and uncertainties, which include, without limitation, risks
and uncertainties related to Quhuo's abilities to (1) manage its
growth and expand its operations, (2) address any or all of the
risks and challenges in the future in light of its limited
operating history and evolving business portfolios, (3) remain its
competitive position in the on-demand food delivery market or
further diversify its solution offerings and customer portfolio,
(4) maintain relationships with major customers and to find
replacement customers on commercially desirable terms or in a
timely manner or at all, (5) maintain relationship with existing
industry customers or attract new customers, (6) attract, retain
and manage workers on its platform, and (7) maintain its market
shares to competitors in existing markets and its success in
expansion into new markets. Other risks and uncertainties are
included under the caption "Risk Factors" and elsewhere in the
Company's filings with the Securities and Exchange Commission,
including, without limitation, the Company's latest annual report
on Form 20-F. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. All forward-looking statements are qualified
in their entirety by this cautionary statement, and Quhuo
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information about Quhuo, please visit
https://ir.quhuo.cn/.
QUHUO
LIMITED
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
(Amounts in
thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for
number of shares and per share
data)
|
|
|
|
|
|
|
|
|
|
As of December
31,
2022
|
|
As of June 30,
2023
|
|
As of June 30,
2023
|
|
|
(RMB)
|
|
(RMB)
|
|
(US$)
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash
|
|
95,444
|
|
115,040
|
|
15,865
|
Restricted
cash
|
|
5,579
|
|
150
|
|
21
|
Short-term
investments
|
|
64,355
|
|
63,056
|
|
8,696
|
Accounts receivable,
net
|
|
495,046
|
|
495,006
|
|
68,264
|
Prepayments and other
current
assets
|
|
54,921
|
|
60,864
|
|
8,394
|
Amounts due from
related parties
|
|
3,876
|
|
1,430
|
|
197
|
Total current
assets
|
|
719,221
|
|
735,546
|
|
101,437
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
11,450
|
|
8,788
|
|
1,212
|
Right-of-use assets,
net
|
|
5,562
|
|
7,719
|
|
1,064
|
Intangible assets,
net
|
|
101,603
|
|
101,516
|
|
14,000
|
Goodwill
|
|
65,481
|
|
65,481
|
|
9,030
|
Deferred tax
assets
|
|
12,000
|
|
20,466
|
|
2,822
|
Other non-current
assets
|
|
140,300
|
|
146,236
|
|
20,167
|
Total non-current
assets
|
|
336,396
|
|
350,206
|
|
48,295
|
|
|
|
|
|
|
|
Total
assets
|
|
1,055,617
|
|
1,085,752
|
|
149,732
|
|
|
|
|
|
|
|
Liabilities,
non-controlling interests
and shareholders' equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payables
|
|
293,281
|
|
314,401
|
|
43,358
|
Accrued expenses and
other
current liabilities
|
|
125,949
|
|
100,755
|
|
13,895
|
Short-term
debt
|
|
65,434
|
|
95,705
|
|
13,198
|
Short-term lease
liabilities
|
|
3,276
|
|
4,422
|
|
610
|
Total current
liabilities
|
|
487,940
|
|
515,283
|
|
71,061
|
|
|
|
|
|
|
|
Long-term
debt
|
|
1,303
|
|
1,583
|
|
218
|
Long-term lease
liabilities
|
|
1,103
|
|
2,066
|
|
285
|
Deferred tax
liabilities
|
|
814
|
|
924
|
|
127
|
Other non-current
liabilities
|
|
66,880
|
|
66,601
|
|
9,185
|
Total non-current
liabilities
|
|
70,100
|
|
71,174
|
|
9,815
|
|
|
|
|
|
|
|
Total
liabilities
|
|
558,040
|
|
586,457
|
|
80,876
|
|
|
|
|
|
|
|
|
QUHUO
LIMITED
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
As of December
31,
2022
|
|
As of June
30,
2023
|
|
As of June
30,
2023
|
|
|
(RMB)
|
|
(RMB)
|
|
(US$)
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Ordinary
shares
|
|
43
|
|
43
|
|
6
|
Additional paid-in
capital
|
|
1,885,637
|
|
1,889,490
|
|
260,573
|
Accumulated
deficit
|
|
(1,379,864)
|
|
(1,389,512)
|
|
(191,622)
|
Accumulated other
comprehensive
loss
|
|
(4,654)
|
|
(1,099)
|
|
(152)
|
Total Quhuo Limited
shareholders'
equity
|
|
501,162
|
|
498,922
|
|
68,805
|
Non-controlling
interests
|
|
(3,585)
|
|
373
|
|
51
|
Total shareholders'
equity
|
|
497,577
|
|
499,295
|
|
68,856
|
|
|
|
|
|
|
|
Total liabilities
and shareholders'
equity
|
|
1,055,617
|
|
1,085,752
|
|
149,732
|
QUHUO
LIMITED
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
(Amounts in thousands
of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of
shares and per share data)
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
June 30,
2022
|
|
June 30,
2023
|
|
June 30,
2023
|
|
(RMB)
|
|
(RMB)
|
|
(US$)
|
|
|
|
|
|
|
|
Revenues
|
|
1,863,795
|
|
1,736,317
|
|
239,449
|
Cost of
revenues
|
|
(1,769,867)
|
|
(1,669,515)
|
|
(230,237)
|
General and
administrative
|
|
(99,525)
|
|
(81,611)
|
|
(11,255)
|
Research and
development
|
|
(7,161)
|
|
(6,645)
|
|
(916)
|
Gain on disposal of
assets, net
|
|
4,732
|
|
8,916
|
|
1,230
|
|
|
|
|
|
|
|
Operating
loss
|
|
(8,026)
|
|
(12,538)
|
|
(1,729)
|
|
|
|
|
|
|
|
Interest
income
|
|
191
|
|
742
|
|
102
|
Interest
expense
|
|
(3,786)
|
|
(2,323)
|
|
(320)
|
Other (loss)/income,
net
|
|
(8,282)
|
|
6,034
|
|
832
|
Loss before income
tax
|
|
(19,903)
|
|
(8,085)
|
|
(1,115)
|
Income tax
(expense)/benefit
|
|
(6,683)
|
|
2,395
|
|
330
|
Net
loss
|
|
(26,586)
|
|
(5,690)
|
|
(785)
|
|
|
|
|
|
|
|
Net loss/(income)
attributable to
non-controlling interests
|
|
1,633
|
|
(3,958)
|
|
(546)
|
Net loss
attributable to ordinary
shareholders of the Quhuo limited
|
|
(24,953)
|
|
(9,648)
|
|
(1,331)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Data
|
|
|
|
|
|
|
Adjusted net
loss
|
|
(14,083)
|
|
(1,837)
|
|
(254)
|
Adjusted
EBITDA
|
|
10,847
|
|
11,146
|
|
1,537
|
|
|
|
|
|
|
|
Loss per share for
class A and class B ordinary shares
|
|
|
|
|
Basic
|
|
(0.53)
|
|
(0.17)
|
|
(0.02)
|
Diluted
|
|
(0.53)
|
|
(0.17)
|
|
(0.02)
|
|
|
|
|
|
|
|
Shares used in
(loss)/earnings per share computation:
|
Basic
|
|
46,841,258
|
|
56,441,811
|
|
56,441,811
|
Diluted
|
|
46,841,258
|
|
56,441,811
|
|
56,441,811
|
View original
content:https://www.prnewswire.com/news-releases/quhuo-reports-unaudited-financial-results-for-the-first-half-of-2023-301914622.html
SOURCE Quhuo Limited