As of December 31, 2023, the Company had cash, short-term investments and restricted cash of RMB114.8 million (US$16.2 million) and short-term debt of RMB92.7 million (US$13.1 million).
CONFERENCE CALL
Quhuo will hold a conference call on Wednesday, April 3, 2024 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.
Dial-in details for the earnings conference call are as follows:
PARTICIPANT DIAL IN (TOLL FREE): 1-888-346-8982 ----------------------------------- -------------- PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-4272 ----------------------------------- -------------- Hong Kong Toll Free: 800-905945 ----------------------------------- -------------- Hong Kong-Local Toll: 852-301-84992 ----------------------------------- -------------- Mainland China Toll Free: 4001-201203 ----------------------------------- -------------- Conference ID: QUHUO ----------------------------------- --------------
Please dial in ten minutes before the call is scheduled to begin and provide the conference ID to join the call.
A replay of the conference call may be accessed by phone at the following numbers until April 10, 2024:
US Toll Free: 1-877-344-7529 -------------------- -------------- International Toll: 1-412-317-0088 -------------------- -------------- Canada Toll Free: 855-669-9658 -------------------- -------------- Replay Access Code: 8059541 -------------------- --------------
Additionally, 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/.
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 its 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 income/loss to adjusted net income and adjusted EBITDA, respectively.
For the Six Months Ended For the Year Ended
---------------------------- ----------------------------
December
31, December December December December December
2022 31, 2023 31, 2023 31, 2022 31, 2023 31, 2023
(RMB) (RMB) (US$) (RMB) (RMB) (US$)
Net income/(loss) 10,172 11,698 1,647 (16,414) 6,008 846
Add: Share-based
Compensation 7,259 (4,348) (612) 19,762 (495) (70)
Adjusted net income 17,431 7,350 1,035 3,348 5,513 776
-------- -------- -------- -------- -------- --------
Add: Income tax
expense/(benefit) 14,319 1,468 207 21,002 (927) (131)
Depreciation 3,715 2,389 336 7,513 5,316 749
Amortization 10,431 10,302 1,451 21,094 20,430 2,878
Interest 1,897 2,559 360 5,683 4,882 688
Adjusted EBITDA 47,793 24,068 3,389 58,640 35,214 4,960
-------- -------- -------- -------- -------- --------
EXCHANGE RATE INFORMATION
This press release contains translations of certain Renminbi 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 RMB7.0999 to US$1.00, the rate in effect as of December 31, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
ABOUT QUHUO LIMITED
Quhuo Limited $(QH)$ ("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.
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