0001104659-24-042149.txt : 20240402 0001104659-24-042149.hdr.sgml : 20240402 20240402060819 ACCESSION NUMBER: 0001104659-24-042149 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240402 FILED AS OF DATE: 20240402 DATE AS OF CHANGE: 20240402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEST Inc. CENTRAL INDEX KEY: 0001709505 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING & COURIER SERVICES (NO AIR) [4210] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38198 FILM NUMBER: 24812129 BUSINESS ADDRESS: STREET 1: 2/F, BLOCK A, HUAXING MODERN INDUSTRY STREET 2: PARK, NO.18 TANGMIAO ROAD, XIHU DISTRICT CITY: HANGZHOU, ZHEJIANG PROVINCE STATE: F4 ZIP: 310013 BUSINESS PHONE: 86 571-88995656 MAIL ADDRESS: STREET 1: 2/F, BLOCK A, HUAXING MODERN INDUSTRY STREET 2: PARK, NO.18 TANGMIAO ROAD, XIHU DISTRICT CITY: HANGZHOU, ZHEJIANG PROVINCE STATE: F4 ZIP: 310013 FORMER COMPANY: FORMER CONFORMED NAME: BEST Logistics Technologies Ltd DATE OF NAME CHANGE: 20170616 6-K 1 tm2410201d1_6k.htm FORM 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of April 2024

 

Commission File Number: 001-38198

 

BEST Inc.

(Registrant’s name)

 

2nd Floor, Block A, Huaxing Modern Industry Park
No. 18 Tangmiao Road, Xihu District, Hangzhou
Zhejiang Province 310013
People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) : ¨ 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) : ¨ 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  BEST Inc.
   
  By: /s/ Shao-Ning Johnny Chou
  Name: Shao-Ning Johnny Chou
  Title: Chairman and Chief Executive Officer

 

Date: April 2, 2024

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

 

 

 

 EX-99.1 2 tm2410201d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

 

HANGZHOU, China, March 28, 2024 -- BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia (“SEA”), today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.

 

FINANCIAL HIGHLIGHTS (1)

 

For the Fourth Quarter Ended December 31, 2023:(2)

 

●Revenue was RMB2,236.3 million (US$315.0 million), compared to RMB1,981.4 million in the fourth quarter of 2022. The increase was primarily due to increased revenue of BEST Freight and BEST Global.

 

●Gross Profit was RMB118.3 million (US$16.7 million), compared to gross loss of RMB58.5 million in the fourth quarter of 2022. The increase was primarily due to further improvements in operating efficiency across our business lines. Gross Profit Margin was 5.3% for the fourth quarter of 2023, compared to Gross Loss Margin of 3.0% in the same period of 2022.

 

●Net Loss from continuing operations was RMB283.5 million (US$39.9 million), compared to RMB365.8 million in the fourth quarter of 2022. Non-GAAP Net Loss from continuing operations(3)(4) was RMB177.9 million (US$25.1 million), compared to RMB338.0 million in the fourth quarter of 2022.

 

●Diluted loss per ADS(5) from continuing operations was RMB12.41 (US$ 1.75), compared to RMB17.96 in the fourth quarter of 2022. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB7.10 (US$ 1.00), compared to RMB16.52 in the fourth quarter of 2022.

 

 

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

(2) In December 2021, BEST sold its China express business, the principal terms of which were previously announced. As a result, China express business has been deconsolidated from the Company and its historical financial results are reflected in the Company’s consolidated financial statements as discontinued operations accordingly. The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.

(3) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, impairment of long-lived assets, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).

(4) See the sections entitled “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

(5) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period.

 

1

 

 

●EBITDA(6) from continuing operations was negative RMB248.6 million (US$35.0 million), compared to negative RMB324.7 million in the fourth quarter of 2022. Adjusted EBITDA(6) from continuing operations was negative RMB143.0 million (US$20.1 million), compared to negative RMB296.9 million in the fourth quarter of 2022.

 

For the Fiscal Year Ended December 31, 2023:

 

●Revenue was RMB8,315.8 million (US$1,171.3 million), compared to RMB7,744.1 million in 2022. The increase was primarily due to increased revenue for all business lines.

 

●Gross Profit was RMB250.4 million (US$35.3 million), compared to gross loss of RMB263.6 million in 2022. The increase was primarily due to further improvements for all business lines. Gross Profit Margin was 3.0%, compared to Gross Loss Margin of 3.4% in 2022.

 

●Net Loss from continuing operations was RMB908.6 million (US$128.0 million), compared to RMB1,464.8 million in 2022. Non-GAAP Net Loss from continuing operations(7)(8) was RMB765.6 million (US$107.8 million), compared to RMB1,380.4 million in 2022.

 

●Diluted loss per ADS(9) from continuing operations was RMB43.60 (US$ 6.20), compared to a loss of RMB72.68 in 2022. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB36.10 (US$5.14), compared to a loss of RMB68.36 in 2022.

 

●EBITDA(10) from continuing operations was negative RMB756.8 million (US$106.6 million), compared to negative RMB1,266.2 million in 2022. Adjusted EBITDA(6) from continuing operations was negative RMB613.7 million (US$86.4million), compared to negative RMB1,181.8 million in 2022.

 

 

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

(7) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, impairment of long-lived assets, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).

(8) See the sections entitled “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

(9) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period.

(10) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses, impairment of long-lived assets and fair value change of equity investments (if any).

 

2

 

 

BEST Freight – BEST Freight recorded revenue growth of 19.1% in the fourth quarter of 2023, year over year. Freight’s gross margin was 5.3%, representing a 6.6 percentage points improvement from the same period of 2022. For the full year of 2023, Freight recorded revenue growth of 10.6% compared to 2022. Freight’s gross margin was 3.7%, representing an 8.3 percentage points improvement of 2022 as we continued to reduce operating expenses and improve efficiency.

 

BEST Supply Chain Management – Driven by its best-in-class service quality and digital capabilities, BEST Supply Chain Management recorded gross margin of 5.8% compared to 4.4% in the same period of 2022. For the full year of 2023, Supply Chain Management recorded gross margin of 8.5% compared to 6.1% in 2022.

 

BEST Global – In the fourth quarter, BEST Global continued its robust post-COVID recovery. BEST Global’s revenue increased by 20.0% and its parcel volumes increased by 60.1%, both year over year, with parcel volumes in Vietnam and Malaysia, increased by 173.0% and 27.3%, respectively. Total volume of the cross-border business in the fourth quarter increased by 55.6% compared with the third quarter of 2023. For the full year of 2023, BEST Global’s revenue increased by 3.2% and its parcel volumes increased by 14.6%, both year over year, with parcel volumes in Vietnam and Malaysia, increased by 28.6% and 56.3%, respectively.

 

Key Operational Metrics

 

   Three Months Ended   % Change YOY 
   December 31,
2021		   December 31,
2022		  

December 31,

2023

   2022 vs
2021		   2023 vs
2022		 
Freight Volume (Tonne in ‘000)   2,408    2,226    2,571    (7.6)%   15.5%
Global Parcel Volume in SEA (in ‘000)   43,707    25,421    40,688    (41.8)%   60.1%

 

   Fiscal Year Ended   % Change YoY 
   December 31,
2021		   December 31,
2022		   December 31,
2023		   2022 vs
2021		   2023 vs
2022		 
Freight Volume (Tonne in ‘000)   9,218    8,659    9,280    (6.1)%   7.2%
Global Parcel Volume in SEA (in ‘000)   150,392    121,637    139,415    (19.1)%   14.6%

 

3

 

 

FINANCIAL RESULTS (11)

 

For the Fourth Quarter Ended December 31, 2023:

 

Revenue

 

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

 

Table 1 – Breakdown of Revenue by Business Segment

 

   Three Months Ended     
   December 31, 2022   December 31, 2023     
(In ‘000, except for %)  RMB   % of
Revenue		   RMB   US$   % of
Revenue		   % Change
YOY		 
Freight   1,261,196    63.7%   1,501,909    211,539    67.2%   19.1%
Supply Chain Management   500,602    25.3%   471,379    66,392    21.1%   (5.8)%
Global   195,680    9.9%   234,906    33,086    10.5%   20.0%
Others(12)   23,917    1.1%   28,057    3,952    1.2%   17.3%
Total Revenue   1,981,395    100.0%   2,236,251    314,969    100.0%   12.9%

 

·Freight Service Revenue was RMB1,501.9 million (US$211.5 million) for the fourth quarter of 2023, compared to RMB1,261.2 million in the same period last year. Freight service revenue increased by 19.1% year over year, primarily due to increases in both volume and average selling price per tonne.

 

·Supply Chain Management Service Revenue decreased by 5.8% year over year to RMB471.4 million (US$66.4 million) for the fourth quarter of 2023 from RMB500.6 million in the same period of last year, primarily due to further optimization of its customer mix.

 

·Global Service Revenue increased by 20.0% year over year to RMB234.9 million (US$33.1 million) for the fourth quarter of 2023 from RMB195.7 million in the same period of last year, primarily due to volume growth in Vietnam, Malaysia and cross-border business.

 

 

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

(12) “Others” Segment primarily represents SaaS software service and Capital business units.

 

4

 

 

Cost of Revenue

 

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

 

Table 2 – Breakdown of Cost of Revenue by Business Segment

 

   Three Months Ended     
   December 31, 2022   December 31, 2023   % of Revenue 
(In ‘000, except for %)  RMB   % of
Revenue		   RMB   US$   % of
Revenue		   Change
YOY		 
Freight   (1,277,026)   101.3%   (1,422,351)   (200,334)   94.7%   (6.6)%
Supply Chain Management   (478,511)   95.6%   (443,927)   (62,526)   94.2%   (1.4)%
Global   (264,014)   134.9%   (270,146)   (38,049)   115.0%   (19.9)%
Others   (20,321)   85.0%   18,500    2,606    (65.9)%   (151.0)%
Total Cost of Revenue   (2,039,872)   103.0%   (2,117,924)   (298,303)   94.7%   (8.3)%

 

·Cost of Revenue for Freight was RMB1,422.4 million (US$200.3 million), or 94.7% of revenue, in the fourth quarter of 2023. The 6.6 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to reduced unit cost.

 

·Cost of Revenue for Supply Chain Management was RMB443.9 million (US$62.5 million), or 94.2% of revenue, in the fourth quarter of 2023. The 1.4 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to improved operating efficiency and optimized customer mix.

 

·Cost of Revenue for Global was RMB270.1 million (US$38.0 million), or 115.0% of revenue, in the fourth quarter of 2023. The 19.9 percentage points year-over-year decrease in cost of revenue as a percentage of revenue due to increased parcel volume.

 

Gross Profit was RMB118.3 million (US$16.7 million) in the fourth quarter of 2023, compared to gross loss of RMB58.5 million in the fourth quarter of 2022; Gross Margin was 5.3%, compared to negative 3.0% in the fourth quarter of 2022.

 

Operating Expenses

 

Selling, General and Administrative (“SG&A”) Expenses were RMB281.5 million (US$39.6 million), or 12.6% of revenue in the fourth quarter of 2023, compared to RMB263.4 million, or 13.3% of revenue in the same quarter of 2022.

 

Research and Development Expenses were RMB29.4 million (US$4.1 million), or 1.3% of revenue in the fourth quarter of 2023, compared to RMB29.2 million, or 1.5% of revenue in the fourth quarter of 2022.

 

5

 

 

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB10.9 million (US$1.5 million) in the fourth quarter of 2023, compared to RMB15.6 million in the same period of 2022. Of the total SBC expenses, RMB0.05 million (US$0.01 million) was allocated to cost of revenue, RMB0.5 million (US$0.07 million) was allocated to selling expenses, RMB9.5 million (US$1.3 million) was allocated to general and administrative expenses, and RMB0.8 million (US$0.1 million) was allocated to research and development expenses.

 

Net Loss and Non-GAAP Net Loss from continuing operations

 

Net Loss from continuing operations in the fourth quarter of 2023 was RMB283.5 million (US$39.9 million), compared to RMB365.8 million in the same period of 2022. Non-GAAP Net Loss from continuing operations in the fourth quarter of 2023 was RMB177.9 million (US$25.1 million), compared to RMB338.0 million in the fourth quarter of 2022.

 

Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations

 

Diluted loss per ADS from continuing operations in the fourth quarter of 2023 was RMB12.41 (US$ 1.75), compared to a loss of RMB17.96 in the same period of 2022. Non-GAAP diluted loss per ADS from continuing operations in the fourth quarter of 2023 was RMB 7.10 (US$1.00), compared to a loss of RMB16.52 in the fourth quarter of 2022. A reconciliation of non-GAAP diluted loss per ADS to diluted loss per ADS is included at the end of this results announcement.

 

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

 

Adjusted EBITDA from continuing operations in the fourth quarter of 2023 was negative RMB143.0 million (US$20.1 million), compared to negative RMB296.9 million in the same period of 2022. Adjusted EBITDA Margin from continuing operations in the fourth quarter of 2023 was negative 6.4%, compared to negative 15.0% in the same period of 2022.

 

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

 

As of December 31, 2023, cash and cash equivalents, restricted cash and short-term investments were RMB2.3 billion (US$321.5 million), compared to RMB3.2 billion as of December 31, 2022. In 2023, the Company repurchased approximately US$75 million (RMB542 million) aggregate principal amount of its existing Convertible Senior Notes due 2024.

 

Net Cash Used In Continuing Operating Activities

 

Net cash generated from continuing operating activities in the fourth quarter of 2023 was RMB0.9million (US$0.1 million), compared to RMB241.9 million of net cash used in continuing operating activities in the same period of 2022.

 

6

 

 

For the Fiscal Year Ended December 31, 2023:

 

Revenue

 

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

 

Table 3 – Breakdown of Revenue by Business Segment

 

   Fiscal Year Ended     
    31-Dec-22    31-Dec-23      
(In ‘000, except for %)   RMB    % of
Revenue		    RMB    US$    % of
Revenue		    % Change
YoY		 
Freight   4,888,278    63.2%   5,404,395    761,193    65.0%   10.6%
Supply Chain Management   1,822,075    23.5%   1,858,629    261,782    22.4%   2.0%
Global   916,907    11.8%   946,513    133,314    11.4%   3.2%
Others   116,812    1.5%   106,307    14,973    1.2%   (9.0)%
Total Revenue   7,744,072    100.0%   8,315,844    1,171,262    100.0%   7.4%

 

·Freight Service Revenue was RMB5,404.4 million (US$761.2 million) in 2023, compared to RMB4,888.3 million in 2022. Freight service revenue increased by 10.6% year over year, primarily resulting from increases in both freight volume and average selling price per tonne.

 

·Supply Chain Management Service Revenue increased by 2% year over year to RMB1,858.6 million (US$261.8 million) in 2023 from RMB1,822.1 million in 2022.

 

·Global Service Revenue increased by 3.2% year over year to RMB946.5 million (US$133.3 million) in 2023 from RMB916.9 million in 2022 primarily due to volume growth in Vietnam, Malaysia and cross-border business, partially offset by the decrease of parcel volume in Thailand.

 

Cost of Revenue

 

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

 

Table 4 – Breakdown of Cost of Revenue by Business Segment

 

   Fiscal Year Ended   % of 
   December 31, 2022   December 31, 2023   Revenue 
(In ‘000, except for %)  RMB   % of
Revenue		   RMB   US$   % of
Revenue		  

Change

YoY

 
Freight   (5,114,937)   104.6%   (5,206,967)   (733,386)   96.3%   (8.3)%
Supply Chain Management   (1,711,818)   93.9%   (1,700,467)   (239,506)   91.5%   (2.4)%
Global   (1,081,587)   118.0%   (1,131,484)   (159,366)   119.5%   1.5%
Others   (99,288)   85.0%   (26,489)   (3,731)   24.9%   (60.1)%
Total Cost of Revenue   (8,007,630)   103.4%   (8,065,407)   (1,135,989)   97.0%   (6.4)%

 

7

 

 

·Cost of Revenue for Freight was RMB5,207.0 million (US$733.4 million), or 96.3% of revenue in 2023. The 8.3 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to reduced unit cost.

 

·Cost of Revenue for Supply Chain Management was RMB1,700.5 million (US$239.5 million), or 91.5% of revenue in 2023. The 2.4 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to improved operating efficiency and optimized customer mix.

 

·Cost of Revenue for Global was RMB1,131.5 million (US$159.4 million), or 119.5% of revenue in 2023. The 1.5 percentage points year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume of Thailand.

 

Gross Profit was RMB250.4 million (US$35.3 million) in 2023, compared to gross loss of RMB263.6 million in 2022; Gross Margin was 3.0%, compared to negative 3.4% in 2022.

 

Operating Expenses

 

Selling, General and Administrative (“SG&A”) Expenses were RMB994.4 million (US$140.0 million), or 12.0% of revenue in 2023, compared to RMB1,127.3 million, or 14.6% of revenue in 2022.

 

Research and Development Expenses were RMB115.9 million (US$16.3 million), or 1.4% of revenue in 2023, compared to RMB144.2 million, or 1.9% of revenue in 2022.

 

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB48.3 million (US$6.8 million) in 2023, compared to RMB72.1 million in 2022. Of the total SBC expenses, RMB0.2 million (US$0.03 million) was allocated to cost of revenue, RMB2.1 million (US$0.3 million) was allocated to selling expenses, RMB42.5 million (US$6.0 million) was allocated to general and administrative expenses, and RMB3.6 million (US$0.5 million) was allocated to research and development expenses.

 

Net Loss and Non-GAAP Net Loss from continuing operations

 

Net Loss from continuing operations in 2023 was RMB908.6 million (US$128.0 million), compared to RMB1,464.8 million in 2022. Non-GAAP Net Loss from continuing operations in 2023 was RMB765.6 million (US$107.8 million), compared to RMB1,380.4 million in 2022.

 

Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations

 

Diluted loss per ADS from continuing operations in 2023 was RMB43.60 (US$6.20), compared to a loss of RMB72.68 in 2022. Non-GAAP diluted loss per ADS from continuing operations in 2023 was RMB36.10 (US$5.14), compared to a loss of RMB68.36 in 2022. A reconciliation of non-GAAP diluted loss per ADS to diluted loss per ADS is included at the end of this results announcement.

 

8

 

 

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

 

Adjusted EBITDA from continuing operations in 2023 was negative RMB613.7 million (US$86.4 million), compared to negative RMB1,181.8 million in 2022. Adjusted EBITDA Margin from continuing operations in 2023 was negative 7.4%, compared to negative 15.3% in 2022.

 

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

 

As of December 31, 2023, cash and cash equivalents, restricted cash and short-term investments were RMB2.3 billion (US$321.5 million), compared to RMB3.2 billion as of December 31, 2022. In 2023, the Company repurchased approximately US$75 million (RMB542 million) aggregate principal amount of its existing Convertible Senior Notes due 2024.

 

Net Cash Used In Continuing Operating Activities

 

Net cash used in continuing operating activities in 2023 was RMB554.7 million (US$78.1 million), compared to RMB1,051.7 million of net cash used in continuing operating activities in 2022.

 

SHARES OUTSTANDING

 

As of March 11, 2024, the Company had approximately 401.9 million ordinary shares outstanding(13). Each American Depositary Share represents five (20) Class A ordinary shares.

 

As previously announced, effective from April 4, 2023, the Company changed the ratio of its American Depositary Shares to its Class A ordinary shares, par value US$0.01 per share, from the original ADS ratio of one (1) ADS to five (5) Class A ordinary share, to a new ADS ratio of one (1) ADS to twenty (20) Class A ordinary shares.

 

Effective as of September 25, 2023, the Company’s board of directors terminated its previously announced share repurchase program, under which the Company could repurchase up to US$20 million worth of its outstanding American Depositary Shares over a 12-month period. Prior to the program’s termination, the Company repurchased a total of 1,265,685 ADSs for a total amount paid of approximately US$3.3 million (excluding commissions) under the program.

 

 

(13) The total number of shares outstanding excludes shares reserved for future issuances upon exercise or vesting of awards granted under the Company’s share incentive plans.

 

9

 

 

ABOUT BEST INC.

 

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and SEA. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management and global logistics services. BEST’s mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/.

 

For investor and media inquiries, please contact:

 

BEST Inc.

 

Investor relations team

ir@best-inc.com

 

SAFE HARBOR STATEMENT

 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST's strategic and operational plans, contain forward-looking statements. BEST may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about BEST's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: BEST's goals and strategies; BEST's future business development, results of operations and financial condition; BEST's ability to maintain and enhance its ecosystem; BEST's ability to compete effectively; BEST's ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; fluctuations in general economic and business conditions in China and other countries in which BEST operates, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

10

 

 

USE OF NON-GAAP FINANCIAL MEASURES

 

In evaluating its business, BEST considers and uses non-GAAP measures, such as non-GAAP net loss/income, non-GAAP net loss/income margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, and non-GAAP Diluted earnings/loss per ADS, as supplemental measures in the evaluation of the Company’s operating results and in the Company’s financial and operational decision-making. The Company believes these non-GAAP financial measures that help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in loss from operations and net loss. The Company believes that these non-GAAP financial measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” in the results announcement.

 

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

 

11

 

 

Summary of Unaudited Condensed Consolidated Income Statements

 

(In Thousands)

 

   Three Months Ended December 31,   Fiscal Year Ended December 31, 
   2022   2023   2022   2023 
   RMB   RMB   US$   RMB   RMB   US$ 
Revenue                        
Freight   1,261,196    1,501,909    211,539    4,888,278    5,404,395    761,193 
Supply Chain Management   500,602    471,379    66,392    1,822,075    1,858,629    261,782 
Global   195,680    234,906    33,086    916,907    946,513    133,314 
Others   23,917    28,057    3,952    116,812    106,307    14,973 
Total Revenue   1,981,395    2,236,251    314,969    7,744,072    8,315,844    1,171,262 
Cost of Revenue                              
Freight   (1,277,026)   (1,422,351)   (200,334)   (5,114,937)   (5,206,967)   (733,386)
Supply Chain Management   (478,511)   (443,927)   (62,526)   (1,711,818)   (1,700,467)   (239,506)
Global   (264,014)   (270,146)   (38,049)   (1,081,587)   (1,131,484)   (159,366)
Others   (20,321)   18,500    2,606    (99,288)   (26,489)   (3,731)
Total Cost of Revenue   (2,039,872)   (2,117,924)   (298,303)   (8,007,630)   (8,065,407)   (1,135,989)
Gross (Loss)/Profit   (58,477)   118,327    16,666    (263,558)   250,437    35,273 
Selling Expenses   (54,621)   (72,080)   (10,152)   (237,918)   (256,621)   (36,144)
General and Administrative Expenses   (208,738)   (209,400)   (29,493)   (889,345)   (737,775)   (103,913)
Research and Development Expenses   (29,247)   (29,449)   (4,148)   (144,181)   (115,917)   (16,327)
Impairment of long-lived assets   -    (94,699)   (13,338)   -    (94,699)   (13,338)
Other operating income, net   3,387    2,575    363    108,817    2,658    374 
Loss from Operations   (347,696)   (284,726)   (40,102)   (1,426,185)   (951,917)   (134,075)
Interest Income   19,208    17,848    2,514    80,361    83,810    11,805 
Interest Expense   (16,329)   (13,864)   (1,953)   (89,058)   (64,283)   (9,055)
Foreign Exchange Gain/(loss)   68,318    11,750    1,655    (132,730)   (14,010)   (1,974)
Other Income   2,149    469    66    25,914    11,067    1,559 
Other Expense   (13,815)   (635)   (89)   5,763    (4,454)   (628)
(Loss)/Gain on changes in the fair value of derivative assets/liabilities   (77,577)   (14,114)   (1,988)   71,619    32,322    4,553 
Loss before Income Tax and Share of Net Loss of Equity Investees   (365,742)   (283,272)   (39,897)   (1,464,316)   (907,465)   (127,815)
Income Tax Expense   (106)   (249)   (35)   (511)   (1,141)   (161)
Loss before Share of Net loss of Equity Investees   (365,848)   (283,521)   (39,932)   (1,464,827)   (908,606)   (127,976)
Share of Net Loss of Equity Investees   -    -    -    -    -    - 
Net Loss from continuing operations   (365,848)   (283,521)   (39,932)   (1,464,827)   (908,606)   (127,976)
Net (loss)/gain from discontinued operations   (31,787)   -    -    (38,464)   15,222    2,144 
Net Loss   (397,635)   (283,521)   (39,932)   (1,503,291)   (893,384)   (125,832)
Net Loss from continuing operations attributable to non-controlling interests   (13,055)   (36,811)   (5,185)   (39,980)   (78,982)   (11,124)
Net Loss attributable to BEST Inc.   (384,580)   (246,710)   (34,747)   (1,463,311)   (814,402)   (114,708)

 

12

 

 

Summary of Unaudited Condensed Consolidated Balance Sheets

 

(In Thousands)

 

   As of December 31,2022   As of December 31, 2023 
   RMB   RMB   US$ 
Assets            
Current Assets               
Cash and Cash Equivalents   533,481    425,976    59,997 
Restricted Cash   399,337    1,008,318    142,019 
Accounts and Notes Receivables   691,324    829,802    116,875 
Inventories   16,480    7,794    1,098 
Prepayments and Other Current Assets   777,842    674,100    94,945 
Short-term Investments   725,043    35,888    5,055 
Amounts Due from Related Parties   76,368    60,394    8,506 
Lease Rental Receivables   43,067    47,925    6,750 
Total Current Assets   3,262,942    3,090,197    435,245 
Non-current Assets               
Property and Equipment, Net   784,732    624,205    87,917 
Intangible Assets, Net   75,553    93,173    13,123 
Long-term Investments   156,859    156,859    22,093 
Goodwill   54,135    54,135    7,625 
Non-current Deposits   50,767    81,869    11,531 
Other Non-current Assets   75,666    46,913    6,608 
Restricted Cash   1,545,605    812,371    114,420 
Lease Rental Receivables   40,188    314    44 
Operating Lease Right-of-use Assets   1,743,798    1,293,526    182,189 
Total non-current Assets   4,527,303    3,163,365    445,550 
Total Assets   7,790,245    6,253,562    880,795 
Liabilities and Shareholders’ Equity               
Current Liabilities               
Long-term borrowings-current   79,148    721    102 
Long-term Bank Loans-current   -    794,679    111,928 
Convertible Senior Notes held by related parties   522,744    531,202    74,818 
Convertible Senior Notes held by third parties   77    78    11 
Short-term Bank Loans   183,270    401,755    56,586 
Accounts and Notes Payable   1,430,004    1,640,864    231,111 
Income Tax Payable   1,563    2,777    391 
Customer Advances and Deposits and Deferred Revenue   277,737    288,184    40,590 
Accrued Expenses and Other Liabilities   1,145,654    1,091,573    153,745 
Financing Lease Liabilities   11,873    418    59 
Operating Lease Liabilities   544,262    509,450    71,755 
Amounts Due to Related Parties   1,315    1,119    158 
Total Current Liabilities   4,197,647    5,262,820    741,254 

 

13

 

 

 

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

 

(In Thousands)

 

   As of December 31, 2022   As of December 31, 2023 
   RMB   RMB   US$ 
Non-current Liabilities               
Convertible senior notes held by related parties   522,744    -    - 
Long-term borrowings   381    -    - 
Operating Lease Liabilities   1,292,057    876,854    123,502 
Financing Lease Liabilities   26,024    1,231    173 
Other Non-current Liabilities   18,752    22,837    3,216 
Long-term Bank Loans   928,894    159,729    22,497 
Total Non-current Liabilities   2,788,852    1,060,651    149,388 
Total Liabilities   6,986,499    6,323,471    890,642 
Mezzanine Equity:               
Convertible Non-controlling Interests   191,865    191,865    27,024 
Total mezzanine equity   191,865    191,865    27,024 
Shareholders’ Equity               
Ordinary Shares   25,988    25,988    3,660 
Treasury Shares   -    (23,853)   (3,360)
Additional Paid-In Capital   19,481,417    19,529,806    2,750,715 
Accumulated Deficit   (18,934,860)   (19,749,262)   (2,781,625)
Accumulated Other Comprehensive Income   124,464    119,169    16,785 
BEST Inc. Shareholders’ Equity   697,009    (98,152)   (13,825)
Non-controlling Interests   (85,128)   (163,622)   (23,046)
Total Shareholders’ Equity/(Deficit)   611,881    (261,774)   (36,871)
Total Liabilities, Mezzanine Equity and Shareholders’ Equity/(Deficit)   7,790,245    6,253,562    880,795 

 

14

 

 

Summary of Unaudited Condensed Consolidated Statements of Cash Flows

 

(In Thousands)

 

  Three Months Ended December 31,  Fiscal Year Ended December 31, 
  2022  2023  2022  2023 
  RMB  RMB  US$  RMB  RMB  US$ 
Net cash (used in)/generated from continuing operating activities  (241,890)  884   125   (1,051,662)  (554,725)  (78,131)
Net cash used in discontinued operating activities  -   -   -   (66,174)  -   - 
Net cash (used in)/generated from operating activities  (241,890)  884   125   (1,117,836)  (554,725)  (78,131)
Net cash generated from/(used in) continuing investing activities  239,536   (3,460)  (487)  150,756   698,238   98,345 
Net cash generated from/(used in) investing activities  239,536   (3,460)  (487)  150,756   698,238   98,345 
Net cash generated from/(used in) continuing financing activities  481   (1,752)  (247)  (1,948,367)  (377,114)  (53,115)
Net cash generated from/ (used in) financing activities  481   (1,752)  (247)  (1,948,367)  (377,114)  (53,115)
Exchange Rate Effect on Cash and Cash Equivalents, and Restricted Cash  (14,864)  (73,490)  (10,352)  77,722   1,843   258 
Net decrease in Cash and Cash Equivalents, and Restricted Cash  (16,737)  (77,818)  (10,961)  (2,837,725)  (231,758)  (32,643)
Cash and Cash Equivalents, and Restricted Cash at Beginning of Period  2,495,160   2,324,483   327,397   5,316,148   2,478,423   349,079 
Cash and Cash Equivalents, and Restricted Cash at End of Period  2,478,423   2,246,665   316,436   2,478,423   2,246,665   316,436 

 

15

 

 

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

 

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net loss to EBITDA, adjusted EBITDA and adjusted EBITDA margin for the periods indicated:

 

Table 5 – Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

 

    Three Months Ended December 31, 2023 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated(14)  Total 
Net Loss  (3,519)  (12,501)  (202,039)  (11,296)  (54,166)  (283,521)
Add                        
Depreciation & Amortization  19,060   8,423   7,857   124   3,213   38,677 
Interest Expense  -   -   -   -   13,864   13,864 
Income Tax Expense/(Benefit)  32   (4)  -   221   -   249 
Subtract                        
Interest Income  -   -   -   -   (17,848)  (17,848)
EBITDA  15,573   (4,082)  (194,182)  (10,951)  (54,937)  (248,579)
Add                        
Share-based Compensation Expenses  1,535   849   493   9   8,038   10,924 
Impairment of long-lived assets  -   -   94,699   -   -   94,699 
Adjusted EBITDA  17,108   (3,233)  (98,990)  (10,942)  (46,899)  (142,956)
Adjusted EBITDA Margin  1.1%  (0.7)%  (42.1)%  (39.0)%  -   (6.4)%

 

    Three Months Ended December 31, 2022 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated  Total 
Net Loss  (137,133)  (13,939)  (134,200)  (25,378)  (55,198)  (365,848)
Add                        
Depreciation & Amortization  19,411   7,492   11,682   847   4,448   43,880 
Interest Expense  -   -   -   -   16,329   16,329 
Income Tax (Benefit) /Expense  -   (12)  (5)  123   -   106 
Subtract                        
Interest Income  -   -   -   -   (19,208)  (19,208)
EBITDA  (117,722)  (6,459)  (122,523)  (24,408)  (53,629)  (324,741)
Add                        
Share-based Compensation Expenses  2,237   1,259   (235)  25   12,291   15,577 
Fair value change of equity Investments  -   -   -   -   12,312   12,312 
Adjusted EBITDA  (115,485)  (5,200)  (122,758)  (24,383)  (29,026)  (296,852)
Adjusted EBITDA Margin  (9.2)%  (1.0)%  (62.7)%  (101.9)%  -   (15.0)%

 

 

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

 

16

 

 

    Fiscal Year Ended December 31, 2023 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated(15)  Total 
Net Loss  (121,828)  (3,239)  (541,602)  (59,653)  (182,284)  (908,606)
Add                        
Depreciation & Amortization  76,672   34,070   40,977   1,333   17,172   170,224 
Interest Expense  -   -   -   -   64,283   64,283 
Income Tax Expense/(Benefit)  54   36   (11)  1,074   (12)  1,141 
Subtract                        
Interest Income  -   -   -   -   (83,810)  (83,810)
EBITDA  (45,102)  30,867   (500,636)  (57,246)  (184,651)  (756,768)
Add                        
Share-based Compensation Expenses  6,817   3,374   2,175   42   35,935   48,343 
Impairment of long-lived assets  -   -   94,699   -   -   94,699 
Adjusted EBITDA  (38,285)  34,241   (403,762)  (57,204)  (148,716)  (613,726)
Adjusted EBITDA Margin  (0.7)%  1.8%  (42.7)%  (53.8)%  -   (7.4)%

 

    Fiscal Year Ended December 31, 2022 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated(16)  Total 
Net Loss  (506,411)  (32,277)  (420,687)  (213,794)  (291,658)  (1,464,827)
Add                        
Depreciation & Amortization  79,273   35,789   29,300   22,846   22,179   189,387 
Interest Expense  -   -   -   -   89,058   89,058 
Income Tax Expense/(Benefit)  -   23   25   451   12   511 
Subtract                        
Interest Income  -   -   -   -   (80,361)  (80,361)
EBITDA  (427,138)  3,535   (391,362)  (190,497)  (260,770)  (1,266,232)
Add                        
Share-based Compensation Expenses  10,478   6,081   4,962   319   50,256   72,096 
Fair value change of equity Investments  -   -   -   -   12,312   12,312 
Adjusted EBITDA  (416,660)  9,616   (386,400)  (190,178)  (198,202)  (1,181,824)
Adjusted EBITDA Margin  (8.5)%  0.5%  (42.1)%  (162.8)%  -   (15.3)%

 

 

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

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

 

17

 

 

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

 

Table 6 – Reconciliation of Non-GAAP Net Loss and Non-GAAP Net Loss Margin

 

    Three Months Ended December 31, 2023 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated(17)  Total 
Net Loss  (3,519)  (12,501)  (202,039)  (11,296)  (54,166)  (283,521)
Add                        
Share-based Compensation Expenses  1,535   849   493   9   8,038   10,924 
Impairment of long-lived assets  -   -   94,699   -   -   94,699 
Non-GAAP Net Loss  (1,984)  (11,652)  (106,847)  (11,287)  (46,128)  (177,898)
Non-GAAP Net Loss Margin  (0.1)%  (2.5)%  (45.5)%  (40.2)%  -   (8.0)%

 

    Three Months Ended December 31, 2022 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated(18)  Total 
Net Loss  (137,133)  (13,939)  (134,200)  (25,378)  (55,198)  (365,848)
Add                        
Share-based Compensation Expenses  2,237   1,259   (235)  25   12,291   15,577 
Fair value change of equity Investments  -   -   -   -   12,312   12,312 
Non-GAAP Net Loss  (134,896)  (12,680)  (134,435)  (25,353)  (30,595)  (337,959)
Non-GAAP Net Loss Margin  (10.7)%  (2.5)%  (68.7)%  (106.0)%  -   (17.1)%

 

    Fiscal Year Ended December 31, 2023 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated(19)  Total 
Net Loss  (121,828)  (3,239)  (541,602)  (59,653)  (182,284)  (908,606)
Add                        
Share-based Compensation Expenses  6,817   3,374   2,175   43   35,935   48,343 
Impairment of long-lived assets  -   -   94,699   -   -   94,699 
Non-GAAP Net Gain  (115,011)  135   (444,728)  (59,611)  (146,349)  (765,564)
Non-GAAP Net Loss Margin  (2.1)%  0.01%  (47.0)%  (56.1)%  -   (9.2)%

 

    Fiscal Year Ended December 31, 2022 
(In RMB‘000)   Freight  Supply Chain  Global  Others  Unallocated(20)  Total 
Net Loss  (506,411)  (32,277)  (420,687)  (213,794)  (291,658)  (1,464,827)
Add                        
Share-based Compensation Expenses  10,478   6,081   4,962   319   50,256   72,096 
Fair value change of equity Investments  -   -   -   -   12,312   12,312 
Non-GAAP Net Loss  (495,933)  (26,196)  (415,725)  (213,475)  (229,090)  (1,380,419)
Non-GAAP Net Loss Margin  (10.1)%  (1.4)%  (45.3)%  (182.8)%  -   (17.8)%

 

 

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

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

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

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

 

18

 

 

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s diluted loss per ADS to Non-GAAP diluted loss per ADS for the periods indicated:

 

Table 7 – Reconciliation of diluted loss per ADS and Non-GAAP diluted loss per ADS

 

    Three Months Ended December 31,  Fiscal Year Ended December 31, 
    2023  2023 
(In ‘000)   RMB  US$  RMB  US$ 
Net Loss Attributable to Ordinary Shareholders  (246,710)  (34,747)  (829,624)  (116,852)
Add                
Share-based Compensation Expenses  10,924   1,539   48,343   6,809 
Impairment of long-lived assets  94,699   13,338   94,699   13,338 
Non-GAAP Net Loss Attributable to Ordinary Shareholders  (141,087)  (19,870)  (686,582)  (96,705)
Weighted Average Diluted Ordinary Shares Outstanding During the Quarter                
Diluted  397,643,268   397,643,268   381,429,237   381,429,237 
Diluted (Non-GAAP)  397,643,268   397,643,268   381,429,237   381,429,237 
Diluted loss per ordinary share  (0.62)  (0.09)  (2.18)  (0.31)
Add                
Non-GAAP adjustment to net loss per ordinary share  0.27   0.04   0.38   0.05 
Non-GAAP diluted loss per ordinary share  (0.35)  (0.05)  (1.80)  (0.25)
                 
Diluted loss per ADS  (12.41)  (1.75)  (43.60)  (6.20)
Add                
Non-GAAP adjustment to net loss per ADS  5.31   0.75   7.50   1.06 
Non-GAAP diluted loss per ADS  (7.10)  (1.00)  (36.10)  (5.14)

 

19

 

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