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    BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results

    3/8/23 5:00:00 PM ET
    $BEST
    Trucking Freight/Courier Services
    Industrials
    Get the next $BEST alert in real time by email

    The Board Has Authorized a Share Repurchase Program

    HANGZHOU, China, March 8, 2023 /PRNewswire/ -- BEST Inc. (NYSE:BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. The Company also announced that its board of directors has authorized a share repurchase program, under which the Company may repurchase up to US$20 million worth of its outstanding American Depositary Shares over the next 12 months.

    Johnny Chou, Founder, Chairman and CEO of BEST, commented, "2022 was a challenging year. The COVID-19 pandemic and its related controls seriously impacted general economy, and was particularly hard for the logistic industry. However, under such severe challenges, we prevailed. In the fourth quarter of 2022, both BEST Freight and BEST Supply Chain Management have significantly improved their gross margins and narrowed their losses. At the same time, BEST Global began to show promising operating trends.

    After lifting of COVID pandemic-related controls, we have seen a rapid recovery in general economy and our multiple business lines.  We are confident to deliver a strong growth and financial results in 2023.  In addition, our Board has authorized an up-to-$20M share repurchase program." 

    "During 2022, Best Freight focused heavily on digital transformation, cost reductions and quality improvement.  As a result, our operating efficiency and service quality have significantly improved.  In the fourth quarter, Freight's gross margin grew by 10.4 percentage points and its net loss was narrowed by 69.3% year over year."

    "For BEST Supply Chain Management, its strong technical know-how and superb service capabilities helped us weather the storm.  Despite COVID-related restrictions throughout the year, BEST Supply Chain Management went above and beyond to make sure we provided our customers with top quality service. As a result, we were rewarded with additional business. Supply Chain Management has added 64 new key account customers in the second half of 2022 and its distribution volume and revenue increased in the fourth quarter by 82.1% and 2.7%, respectively, and gross margin increased to 4.4%, from negative 1.9%, year over year."

    "For BEST Global, with the lifting of COVID-related controls, we quickly adjusted our strategy, and realigned our organization in response to the evolving Southeast Asia market. We greatly elevated our organization's capabilities, widening our network coverage and significantly improved our service quality.  We also expanded our coverage of small- and medium-sized enterprise customers and the revenue contribution from those customers grew by 13 percentage points to 40.2% in the fourth quarter of 2022, compared with the first quarter of 2022. In addition, we are accelerating our B2B2C and cross border business to provide additional product offerings. We believe this strategic direction will usher in Global's fast recovery and prompt growth for a much improved gross margin and better cash flow in 2023."

    "We finished 2022 with a much more resilient, streamlined business infrastructure and improved operating efficiency. Our strengths in technology, domestic and global supply chain management as well as logistics services place us in a strong position to deliver a strong profitable growth in 2023 and beyond." concluded Mr. Chou.

    Gloria Fan, BEST's Chief Financial Officer, added, "While our revenue for the fourth quarter was dampened by the COVID-19 pandemic, the cost control measures we enacted significantly narrowed our Group non-GAAP net loss by 52.4% year over year. We are actively managing our cash and our balance sheet remains healthy. At the end of 2022, we had cash, cash equivalents, restricted cash and short-term investments of RMB3.2 billion, after we used RMB1.4 billion during 2022 to repurchase our Convertible Senior Notes due 2024. Our overarching goal is to achieve ongoing sustainable and profitable growth. In 2023, we expect Freight and Supply Chain Management to become profitable in the second quarter and generate positive cash flow and profitable growth throughout the year, and BEST Global to see profitability in certain countries."

    FINANCIAL HIGHLIGHTS ([1]) 

    For the Fourth Quarter Ended December 31, 2022:([2])

    • Revenue was RMB1,981.4 million (US$287.3 million), compared with RMB2,724.9 million in the fourth quarter of 2021. The decrease was primarily due to the wind-down of the BEST UCargo business line and lower Freight and Global volume. Revenue generated from UCargo was approximately RMB952,000 (US$0.1 million), compared with RMB350 million in the same quarter of 2021.
    • Gross Loss was RMB58.5 million (US$8.5 million), compared with RMB228.4 million in the fourth quarter of 2021. The decrease in gross loss was primarily due to improved gross margin from BEST Freight and BEST Supply Chain business lines. Gross Loss Margin was 3.0% for the fourth quarter of 2022, compared with a Gross Loss Margin of 8.4% in the same period of 2021.
    • Net Loss from continuing operations was RMB365.8 million (US$53.0 million), compared with RMB734.1 million in the fourth quarter of 2021. Non-GAAP Net Loss from continuing operations([3])([4]) was RMB338.0 million (US$49.0 million), compared with RMB710.4 million in the fourth quarter of 2021.
    • Diluted loss per ADS([5]) from continuing operations was RMB4.49 (US$0.65), compared with RMB9.07 in the fourth quarter of 2021. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB4.13 (US$0.60), compared with RMB8.77 in the fourth quarter of 2021.
    • EBITDA([6]) from continuing operations was negative RMB324.7 million (US$47.1million), compared with negative RMB658.9 million in the fourth quarter of 2021. Adjusted EBITDA(6) from continuing operations was negative RMB296.9 million (US$43.0 million), compared with negative RMB635.2 million in the fourth quarter of 2021.

    For the Fiscal Year Ended December 31, 2022:

    • Revenue was RMB7,744.1 million (US$1,122.8 million), compared with RMB11,425.8 million in 2021. The decrease was primarily due to the wind-down of the BEST UCargo business line and lower Freight and Global volume. Revenue generated from UCargo was approximately RMB36.0 million (US$5.2 million), compared with RMB2,809.1 million in 2021.
    • Gross Loss was RMB263.6 million (US$38.2 million), compared with RMB199.4 million in 2021. The increase in gross loss was primarily due to lower parcel volume from BEST Global business line. Gross Loss Margin was 3.4%, compared with a Gross Loss Margin of 1.7% in 2021.
    • Net Loss from continuing operations was RMB1,464.8 million (US$212.4 million), compared with RMB1,263.9 million in 2021. Non-GAAP Net Loss from continuing operations([7])([8]) was RMB1,380.4 million (US$200.1 million), compared with RMB1,214.8 million in 2021.
    • Diluted loss per ADS([9]) from continuing operations was RMB18.17 (US$2.63), compared with a loss of RMB15.61 in 2021. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB17.09 (US$2.48), compared with a loss of RMB14.98 in 2021.
    • EBITDA([10]) from continuing operations was negative RMB1,266.2 million (US$183.6 million), compared with negative RMB976.2 million in 2021. Adjusted EBITDA(6) from continuing operations was negative RMB1,181.8 million (US$171.3 million), compared with negative RMB927.2 million in 2021.

    BUSINESS HIGHLIGHTS([11]) 

    BEST Freight – In the fourth quarter of 2022, Freight's volume decreased by 7.6% year over year, and revenue decreased by 32.0% year over year to approximately RMB1.3 billion. The decrease in Freight revenue was primarily due to the wind-down of UCargo business unit.  The Company remained focused on developing its e-commerce related business, which contributed 21.2% of total volume in the fourth quarter of 2022. Freight's gross margin was negative 1.3%, representing a 10.4 percentage points improvement from the same period of 2021 as we continued to reduce operating expenses and improve efficiency. For the full year of 2022, Freight's volume decreased by 6.1% year over year to 8.7 million tonnes. 

    BEST UCargo's operations and financial results are now consolidated with BEST Freight. 

    BEST Supply Chain Management – In the fourth quarter of 2022, total revenue for Supply Chain Management increased by 2.7% to RMB500.6 million year over year, and gross margin improved by 6.3 percentage points to 4.4%, narrowing Supply Chain Management's net loss by RMB60.4 million, or 81.3%. Its distribution volume increased by 82.1% in the fourth quarter, while the total number of orders fulfilled by Cloud OFCs decreased by 15.6% year over year. For the full year of 2022, the distribution volume increased by 53.6% year over year, while the total number of orders fulfilled by Cloud OFCs decreased by 16.6%.  BEST Supply Chain Management's gross margin for 2022 improved by 2.1 percentage points to 6.1%.

    BEST Global – The market in Southeast Asia remained challenging in the fourth quarter of 2022. In the wake of relaxed COVID-19 pandemic control measures in the region, there was a shift in consumer consumption activities from online to offline, which negatively impacted the e-commerce logistics industry. As a result, Global's parcel volume decreased by 41.8% year over year to 25.4 million in the fourth quarter of 2022. For the full year of 2022, Global's parcel volume decreased by 19.1% year over year to 121.6 million.

    Others

    As part of its Strategic Refocusing Program, the Company substantially completed its wind down of the Capital business line in the fourth quarter of 2022.   

    Key Operational Metrics



    Three Months Ended

    % Change YOY



    December 31,

    2020



    December 31,

    2021



    December 31,

    2022



    2021 vs

    2020



    2022 vs

    2021











    Freight Volume (Tonne in '000)

    2,623



    2,408

    2,226



    (8.2 %)



    (7.6 %)

    Global Parcel Volume in

    Southeast Asia (in '000)

    27,891



    43,707



    25,421



    56.7 %



    (41.8 %)























     



    Fiscal Year Ended

    % Change YoY



    December 31,

    2020



    December 31,

    2021



    December 31,

    2022



    2021 vs

    2020



    2022 vs

    2021











    Freight Volume (Tonne in '000)

    8,392

    9,218

    8,659



    9.8 %

    (6.1 %)

    Global Parcel Volume in

    Southeast Asia (in '000)

    73,585



    150,392



    121,637



    104.4 %



    (19.1 %)

     

    FINANCIAL RESULTS ([12]) 

    For the Fourth Quarter Ended December 31, 2022:

    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, 2021



    December 31, 2022





    (In '000, except for %)

    RMB

    % of

    Revenue



    RMB

    US$

    % of

    Revenue



    % Change

    YOY

    Total Freight

    1,854,018

    68.1 %



    1,261,196

    182,856

    63.7 %



    -32.0 %

      -Freight

    1,503,995

    55.3 %



    1,260,244

    182,718

    63.6 %



    -16.2 %

      -Legacy UCargo

    350,023

    12.8 %



    952

    138

    0.1 %



    -99.7 %

    Supply Chain

    Management

    487,337

    17.9 %



    500,602

    72,580

    25.3 %



    2.7 %

    Global

    330,564

    12.1 %



    195,680

    28,371

    9.9 %



    -40.8 %

    Others([13])

    52,935

    1.9 %



    23,917

    3,468

    1.1 %



    -54.8 %

    Total Revenue

    2,724,854

    100.0 %



    1,981,395

    287,275

    100.0 %



    -27.3 %

     

    • Freight Service Revenue was RMB1,261.2 million (US$182.9 million) for the fourth quarter of 2022, compared with RMB1,854.0 million in the same period last year, of which, RMB952,000 and RMB350.0 million were from the legacy UCargo business line, respectively. Freight service revenue, excluding the legacy UCargo business, decreased by 16.2% year over year, primarily due to lower volume and decrease in average selling price per tonne.
    • Supply Chain Management Service Revenue increased by 2.7% year over year to RMB500.6 million (US$72.6 million) for the fourth quarter of 2022 from RMB487.3 million in the same period of 2021, primarily due to newly signed customers with high unit economics, and improved service capability.
    • Global Service Revenue decreased by 40.8% year over year to RMB195.7 million (US$28.4 million) for the fourth quarter of 2022 from RMB330.6 million in the same period of 2021, primarily due to decreased parcel volume.

    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



    % of Revenue

    Change

    YOY



    December 31, 2021



    December 31, 2022



    (In '000, except for %)

    RMB

    % of

    Revenue



    RMB

    US$

    % of

    Revenue



    Freight

    (2,070,840)

    111.7 %



    (1,277,026)

    (185,151)

    101.3 %



    -10.4 %

    Supply Chain

    Management

    (496,353)

    101.9 %



    (478,511)

    (69,378)

    95.6 %



    -6.3 %

    Global

    (346,392)

    104.8 %



    (264,014)

    (38,278)

    134.9 %



    30.1 %

    Others

    (39,679)

    75.0 %



    (20,321)

    (2,946)

    85.0 %



    10.0 %

    Total Cost of Revenue

    (2,953,264)

    108.4 %



    (2,039,872)

    (295,753)

    103.0 %



    -5.4 %

     

    • Cost of Revenue for Freight was RMB1,277.0 million (US$185.2 million), or 101.3% of revenue, in the fourth quarter of 2022. The 10.4% year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to improved operating efficiency and effective cost control measures.
    • Cost of Revenue for Supply Chain Management was RMB478.5 million (US$69.4 million), or 95.6% of revenue, in the fourth quarter of 2022. The 6.3% year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to effective cost control measures and customer structure optimization.
    • Cost of Revenue for Global was RMB264.0 million (US$38.3 million), or 134.9% of revenue, in the fourth quarter of 2022. The 30.1% year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume. 
    • Cost of Revenue for Others was RMB20.3 million (US$2.9 million), or 85.0% of revenue, in the fourth quarter of 2022, representing a 10.0% year-over-year increase.

    Gross loss was RMB58.5 million (US$8.5 million) in the fourth quarter of 2022, compared with a gross loss of RMB228.4 million in the fourth quarter of 2021; Gross Margin was negative 3.0%, compared with negative 8.4% in the fourth quarter of 2021.

    Operating Expenses

    Selling, General and Administrative ("SG&A") Expenses were RMB263.4 million (US$38.2 million), or 13.3% of revenue in the fourth quarter of 2022, compared with RMB354.8 million, or 13.0% of revenue in the same quarter of 2021. The decrease in the SG&A expenses was primarily due to reduced employee headcount. 

    Research and Development Expenses were RMB29.2 million (US$4.2 million), or 1.5% of revenue in the fourth quarter of 2022, compared with RMB50.3 million, or 1.8% of revenue in the fourth quarter of 2021, primarily due to reduced employee headcount.

    Share-based Compensation ("SBC") Expenses included in the cost and expense items above were RMB15.6 million (US$2.3 million) in the fourth quarter of 2022, compared with RMB23.7 million in the same period of 2021. Of the total SBC expenses, RMB0.08 million (US$0.01 million) was allocated to cost of revenue, RMB0.7 million (US$0.1 million) was allocated to selling expenses, RMB13.6 million (US$2.0 million) was allocated to general and administrative expenses, and RMB1.2 million (US$0.2 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 2022 was RMB365.8 million (US$53.0 million), compared with RMB734.1 million in the same period of 2021. Excluding SBC expenses and fair value change of equity investments, Non-GAAP Net Loss from continuing operations in the fourth quarter of 2022 was RMB338.0 million (US$49.0 million), compared with RMB710.4 million in the fourth quarter of 2021.

    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 2022 was RMB4.49 (US$0.65), compared with a loss of RMB9.07 in the same period of 2021. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and fair value change of equity investments, Non-GAAP diluted loss per ADS from continuing operations in the fourth quarter of 2022 was RMB4.13 (US$0.60), compared with a loss of RMB8.77 in the fourth quarter of 2021. 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 2022 was negative RMB296.9 million (US$43.0 million), compared with negative RMB635.2 million in the same period of 2021. Adjusted EBITDA Margin from continuing operations in the fourth quarter of 2022 was negative 15.0%, compared with negative 23.3% in the same period of 2021.

    Capital Expenditures ("CAPEX")

    CAPEX was RMB11.1 million (US$1.6 million) or 0.6% of total revenue in the fourth quarter of 2022, compared with CAPEX of RMB20.6 million, or 0.8% of total revenue in the same period of 2021.

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

    As of December 31, 2022, cash and cash equivalents, restricted cash and short-term investments were RMB3.2 billion (US$464.5 million), compared with RMB5.5 billion as of December 31, 2021. In 2022, the Company bought back approximately US$200 million (RMB1.4 billion) aggregate principal amount of its existing Convertible Senior Notes due 2024.

    For the Fiscal Year Ended December 31, 2022:

    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





    December 31, 2021



    December 31, 2022





    (In '000, except for %)

    RMB

    % of

    Revenue



    RMB

    US$

    % of

    Revenue



    % Change

    YoY

    Total Freight

    8,244,435

    72.2 %



    4,888,278

    708,734

    63.2 %



    -40.7 %

      -Freight

    5,435,354

    47.6 %



    4,852,299

    703,518

    62.8 %



    -10.7 %

      -Legacy UCargo

    2,809,081

    24.6 %



    35,979

    5,216

    0.4 %



    -98.7 %

    Supply Chain

    Management

    1,815,104

    15.9 %



    1,822,075

    264,176

    23.5 %



    0.4 %

    Global

    1,193,855

    10.4 %



    916,907

    132,939

    11.8 %



    -23.2 %

    Others

    172,442

    1.5 %



    116,812

    16,936

    1.5 %



    -32.3 %

    Total Revenue

    11,425,836

    100.0 %



    7,744,072

    1,122,785

    100.0 %



    -32.2 %

     

    • Freight Service Revenue was RMB4,888.3 million (US$708.7 million) in 2022 compared with RMB8,244.4 million in 2021, of which, RMB36.0 million and RMB2,809.1 million were from the legacy UCargo business line in 2022 and 2021, respectively. Freight service revenue, excluding the legacy UCargo business, decreased by 10.7% year over year, primarily due to lower volume.
    • Supply Chain Management Service Revenue increased by 0.4% year over year to RMB1,822.1 million (US$264.2 million) in 2022 from RMB1,815.1 million in 2021, primarily due to newly signed customers with high unit economics following discontinuation of certain low margin legacy accounts, as well as improved service capability.
    • Global Service Revenue decreased by 23.2% year over year to RMB916.9 million (US$132.9 million) in 2022 from RMB1,193.9 million in 2021, primarily due to decreased parcel volume.

    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 Revenue

    Change

    YoY



    December 31, 2021



    December 31, 2022



    (In '000, except for %)

    RMB

    % of

    Revenue



    RMB

    US$

    % of

    Revenue



    Freight

    (8,506,738)

    103.2 %



    (5,114,937)

    (741,596)

    104.6 %



    1.4 %

    Supply Chain

    Management

    (1,741,832)

    96.0 %



    (1,711,818)

    (248,190)

    93.9 %



    -2.1 %

    Global

    (1,258,511)

    105.4 %



    (1,081,587)

    (156,815)

    118.0 %



    12.6 %

    Others

    (118,143)

    68.5 %



    (99,288)

    (14,395)

    85.0 %



    16.5 %

    Total Cost of Revenue

    (11,625,224)

    101.7 %



    (8,007,630)

    (1,160,996)

    103.4 %



    1.7 %

     

    • Cost of Revenue for Freight was RMB5,114.9 million (US$741.6 million), or 104.6% of revenue in 2022. The 1.4% year-over-year increase in cost of revenue as a percentage of revenue was mainly due to lower volume.
    • Cost of Revenue for Supply Chain Management was RMB1,711.8 million (US$248.2 million), or 93.9% of revenue in 2022. The 2.1% year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to effective cost control measures and customer structure optimization.
    • Cost of Revenue for Global was RMB1,081.6 million (US$156.8 million), or 118.0% of revenue in 2022. The 12.6% year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume.  
    • Cost of Revenue for Others was RMB99.3 million (US$14.4 million), or 85.0% of revenue in 2022, representing a 16.5% year-over-year increase.

    Gross loss was RMB263.6 million (US$38.2 million) in 2022, compared with a gross loss of RMB199.4 million in 2021; Gross Margin was negative 3.4%, compared with negative 1.7% in 2021.

    Operating Expenses

    Selling, General and Administrative ("SG&A") Expenses were RMB1,127.3 million (US$163.4 million), or 14.6% of revenue in 2022, compared with RMB1,141.7 million, or 10.0% of revenue in 2021 due to reduced employee headcount.

    Research and Development Expenses were RMB144.2 million (US$20.9 million), or 1.9% of revenue in 2022, compared with RMB180.2 million, or 1.6% of revenue in 2021 due to reduced employee headcount. 

    Share-based Compensation ("SBC") Expenses included in the cost and expense items above were RMB72.1 million (US$10.5 million) in 2022, compared with RMB107.7 million in 2021. Of the total SBC expenses, RMB0.32 million (US$0.05 million) was allocated to cost of revenue, RMB3.5 million (US$0.5 million) was allocated to selling expenses, RMB63.3 million (US$9.2 million) was allocated to general and administrative expenses, and RMB5.0 million (US$0.7 million) was allocated to research and development expenses.

    Net Loss and Non-GAAP Net Loss from continuing operations

    Net Loss from continuing operations in 2022 was RMB1,464.8 million (US$212.4 million), compared with RMB1,263.9 million in 2021. Excluding SBC expenses and fair value change of equity investments, Non-GAAP Net Loss from continuing operations in 2022 was RMB1,380.4 million (US$200.1 million), compared with RMB1,214.8 million in 2021.

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

    Diluted loss per ADS from continuing operations in 2022 was RMB18.17 (US$2.63), compared with a loss of RMB15.61 in 2021. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and fair value change of equity investments, Non-GAAP diluted loss per ADS from continuing operations in 2022 was RMB17.09 (US$2.48), compared with a loss of RMB14.98 in 2021. 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 2022 was negative RMB1,181.8 million (US$171.3 million), compared with negative RMB927.2 million in 2021. Adjusted EBITDA Margin from continuing operations in 2022 was negative 15.3%, compared with negative 8.1% in 2021.

    Capital Expenditures ("CAPEX")

    CAPEX was RMB143.3 million (US$20.8 million) or 1.9% of total revenue in 2022, compared with CAPEX of RMB160.0 million, or 1.4% of total revenue in 2021. 

    SHARES OUTSTANDING

    As of February 28, 2023, the Company had approximately 393.9 million ordinary shares outstanding([14]). Each American Depositary Share represents five (5) Class A ordinary shares.

    FINANCIAL GUIDANCE

    The Company confirms its guidance for total revenue between RMB 9.0 billion and RMB 9.5 billion for the full year of 2023.

    This forecast reflects the Company's current and preliminary view based on its current business situation and market conditions, which are subject to change.

    WEBCAST AND CONFERENCE CALL INFORMATION

    The Company will hold a conference call at 8:00 pm U.S. Eastern Time on March 8, 2023 (9:00 am Beijing Time on March 9, 2023), to discuss its financial results and operating performance for the fourth quarter and fiscal year 2022.

    Participants may access the call by dialing the following numbers:

    United States                                      : +1-888-317-6003

    Hong Kong                                          : 800-963976 or +852-5808-1995

    Mainland China                                   : 4001-206115

    International                                        : +1-412-317-6061

    Participant Elite Entry Number           : 1659917

    A replay of the conference call will be accessible through March 15, 2023 by dialing the following numbers:

    United States                                       : +1-877-344-7529

    International                                         : +1-412-317-0088

    Replay Access Code                          : 1608887

    Please visit the Company's investor relations website to view the earnings release prior to the conference call. A live and archived webcast of the conference call and a corporate presentation will be available at the same site.

    ABOUT BEST INC.

    BEST Inc. (NYSE:BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. 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                         

    [email protected]

    The Piacente Group, Inc.

    Helen Wu

    Tel: +86-10-6508-0677

    E-mail: [email protected]

    The Piacente Group, Inc.

    Brandi Piacente

    Tel: +1-212-481-2050

    E-mail:  [email protected] 

    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.

    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.

     

     

     

    Summary of Unaudited Condensed Consolidated Income Statements

    (In Thousands)





    Three Months Ended December 31,

    Fiscal Year Ended December 31,



    2021

    2022

    2021

    2022





    RMB

    RMB

    US$

    RMB

    RMB

    US$



    Revenue















    Freight

    1,854,018

    1,261,196

    182,856

    8,244,435

    4,888,278

    708,734



    -Freight

    1,503,995

    1,260,244

    182,718

    5,435,354

    4852,299

    705,696



    -Legacy UCargo

    350,023

    952

    138

    2,809,081

    35,979

    3,038



    Supply Chain Management

    487,337

    500,602

    72,580

    1,815,104

    1,822,075

    264,176



    Global

    330,564

    195,680

    28,371

    1,193,855

    916,907

    132,939



    Others

    52,935

    23,917

    3,468

    172,442

    116,812

    16,936



    Total Revenue

    2,724,854

    1,981,395

    287,275

    11,425,836

    7,744,072

    1,122,785



    Cost of Revenue















    Freight

    (2,070,840)

    (1,277,026)

    (185,151)

    (8,506,738)

    (5,114,937)

    (741,596)



    Supply Chain Management

    (496,353)

    (478,511)

    (69,378)

    (1,741,832)

    (1,711,818)

    (248,190)



    Global

    (346,392)

    (264,014)

    (38,278)

    (1,258,511)

    (1,081,587)

    (156,815)



    Others

    (39,679)

    (20,321)

    (2,946)

    (118,143)

    (99,288)

    (14,395)



    Total Cost of Revenue

    (2,953,264)

    (2,039,872)

    (295,753)

    (11,625,224)

    (8,007,630)

    (1,160,996)



    Gross Loss

    (228,410)

    (58,477)

    (8,478)

    (199,388)

    (263,558)

    (38,211)



    Selling Expenses

    (73,021)

    (54,621)

    (7,919)

    (260,219)

    (237,918)

    (34,495)



    General and Administrative

       Expenses

    (281,772)

    (208,738)

    (30,264)

    (881,498)

    (889,345)

    (128,943)



    Research and Development

       Expenses

    (50,294)

    (29,247)

    (4,240)

    (180,204)

    (144,181)

    (20,904)



    Other operating (loss)/income, net

    (89,893)

    3,387

    491

    58,337

    108,817

    15,777



    Loss from Operations

    (723,390)

    (347,696)

    (50,410)

    (1,462,972)

    (1,426,185)

    (206,776)



    Interest Income

    17,735

    19,208

    2,785

    49,658

    80,361

    11,651



    Interest Expense

    (29,310)

    (16,329)

    (2,367)

    (142,751)

    (89,058)

    (12,912)



    Foreign Exchange Gain/(loss)

    44,186

    68,318

    9,905

    44,556

    (132,730)

    (19,244)



    Other Income

    6,709

    2,149

    312

    321,075

    25,914

    3,757



    Other Expense

    (34,657)

    (13,815)

    (2,003)

    (55,253)

    5,763

    836



    (Loss)/Gain on changes in the fair

    value of derivative assets/liabilities

    (14,918)

    (77,577)

    (11,248)

    (14,918)

    71,619

    10,384



    Loss before Income Tax and

       Share of Net Loss of Equity

       Investees

    (733,645)

    (365,742)

    (53,026)

    (1,260,605)

    (1,464,316)

    (212,304)



    Income Tax Expense

    (500)

    (106)

    (15)

    (3,198)

    (511)

    (74)



    Loss before Share of Net loss of

       Equity Investees

    (734,145)

    (365,848)

    (53,041)

    (1,263,803)

    (1,464,827)

    (212,378)



    Share of Net Loss of Equity

       Investees

    -

    -

    -

    (58)

    -

    -



    Net Loss from continuing

       operations

    (734,145)

    (365,848)

    (53,041)

    (1,263,861)

    (1,464,827)

    (212,378)



    Net gain/(loss) from discontinued

       operations

    2,679,400

    (31,787)

    (4,609)

    1,473,489

    (38,464)

    (5,577)



    Net Gain/(Loss)

    1,945,255

    (397,635)

    (57,650)

    209,628

    (1,503,291)

    (217,955)



    Net Loss from continuing operations

       attributable to non-controlling

       interests

    (28,727)

    (13,055)

    (1,893)

    (52,279)

    (39,980)

    (5,797)



    Net Gain/(Loss) attributable to

       BEST Inc.

    1,973,982

    (384,580)

    (55,757)

    261,907

    (1,463,311)

    (212,158)



     

     

     

    Summary of Unaudited Condensed Consolidated Balance Sheets

    (In Thousands)











    As of December 31,2021



    As of December 31, 2022



    RMB



    RMB

    US$

    Assets









    Current Assets









    Cash and Cash Equivalents

    3,571,745



    533,481

    77,347

    Restricted Cash

    675,159



    399,337

    57,898

    Accounts and Notes Receivables

    827,631



    691,324

    100,237

    Inventories

    25,622



    16,480

    2,389

    Prepayments and Other Current

       Assets

    1,172,472



    795,401

    115,322

    Short–term Investments

    147,359



    725,043

    105,121

    Amounts Due from Related Parties

    125,198



    76,368

    11,072

    Lease Rental Receivables

    298,364



    43,067

    6,244

    Total Current Assets

    6,843,550



    3,280,501

    475,630

    Non–current Assets









    Property and Equipment, Net

    762,642



    784,732

    113,775

    Intangible Assets, Net

    55,684



    75,553

    10,954

    Long–term Investments

    219,171



    156,859

    22,742

    Goodwill

    54,135



    54,135

    7,849

    Non–current Deposits

    92,866



    50,767

    7,361

    Other Non–current Assets

    111,640



    75,666

    10,971

    Restricted Cash

    1,069,244



    1,545,605

    224,092

    Lease Rental Receivables

    235,429



    40,188

    5,827

    Operating Lease Right-of-use

    Assets

    1,899,522



    1,743,798

    252,827

    Total non–current Assets

    4,500,333



    4,527,303

    656,398

    Total Assets

    11,343,883



    7,807,804

    1,132,028

    Liabilities and Shareholders'

       Equity









    Current Liabilities









    Long-term borrowings-current

    287,814



    79,148

    11,475

    Convertible Senior Notes held by

       related parties

    633,475



    1,045,488

    151,582

    Convertible Senior Notes held by

       third parties

    633,475



    77

    11

    Short–term Bank Loans

    530,495



    183,270

    26,572

    Accounts and Notes Payable

    1,353,150



    1,430,004

    207,331

    Income Tax Payable

    587



    1,563

    227

    Customer Advances and Deposits

       and Deferred Revenue

    298,353



    277,737

    40,268

    Accrued Expenses and Other

       Liabilities

    1,591,639



    1,198,228

    173,727

    Financing Lease Liabilities

    1,851



    1,490

    216

    Operating Lease Liabilities

    518,248



    544,262

    78,911

    Amounts Due to Related Parties

    2,763



    1,315

    191

    Total Current Liabilities

    5,851,850



    4,762,582

    690,511

     

     

     

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

    (In Thousands)





    As of December 31, 2021



    As of December 31, 2022



    RMB



    RMB

    US$

    Non-current Liabilities









    Convertible senior notes held by

     related parties

    955,097



    -

    -

    Long-term borrowings

    67,080



    381

    55

    Operating Lease Liabilities

    1,456,843



    1,292,057

    187,331

    Financing Lease Liabilities

    2,121



    1,392

    202

    Other Non–current Liabilities

    24,261



    18,752

    2,719

    Long-term Bank Loans

    769,767



    928,894

    134,677

    Total Non–current Liabilities

    3,275,169



    2,241,476

    324,984

    Total Liabilities

    9,127,019



    7,004,058

    1,015,495

    Mezzanine Equity:









    Convertible Non-controlling Interests

    191,865



    191,865

    27,818

    Total mezzanine equity

    191,865



    191,865

    27,818

    Shareholders' Equity









    Ordinary Shares

    25,988



    25,988

    3,768

    Treasury Shares

    (113,031)



    -

    -

    Additional Paid–In Capital

    19,522,173



    19,481,417

    2,824,540

    Statutory reserves

    167



    -

    -

    Accumulated Deficit

    (17,471,716)



    (18,934,860)([15])

    (2,745,297)

    Accumulated Other

       Comprehensive Income

    107,379



    124,464

    18,046

    BEST Inc. Shareholders' Equity

    2,070,960



    697,009

    101,057

    Non-controlling Interests

    (45,961)



    (85,128)

    (12,342)

    Total Shareholders' Equity

    2,024,999



    611,881

    88,715

    Total Liabilities, Mezzanine Equity

       and Shareholders' Equity

    11,343,883



    7,807,804

    1,132,028

     

     

     

         Summary of Unaudited Condensed Consolidated Statements of Cash Flows

       (In Thousands)





    Three Months Ended December 31,



    Fiscal Year Ended December 31,



    2021

    2022



    2021

    2022



    RMB

    RMB

    US$



    RMB

    RMB

    US$

    Net cash used in continuing

       operating activities

    (508,632)

    (241,890)

    (35,071)



    (891,135)

    (1,051,662)

    (152,478)

    Net cash used in discontinued

       operating activities

    (387,540)

    -

    -



    (1,912,826)

    (66,174)

    (9,594)

    Net cash used in operating

       activities

    (896,172)

    (241,890)

    (35,071)



    (2,803,961)

    (1,117,836)

    (162,072)

    Net cash generated from

       continuing
    investing activities

    3,236,982

    239,536

    34,729



    4,990,734

    150,756

    21,858

    Net cash used in discontinued

       Investing activities

    (97,328)

    -

    -



    (448,016)

    -

    -

    Net cash generated from 

       investing activities

    3,139,654

    239,536

    34,729



    4,542,718

    150,756

    21,858

    Net cash (used in)/generated

       from
    continuing financing

       activities

    (746,656)

    481

    70



    (237,922)

    (1,948,367)

    (282,487)

    Net cash generated from/(used

       in
    ) discontinued financing

       activities

    469,421

    -

    -



    (337,838)

    -

    -

    Net cash (used in)/generated

       from
     financing activities

    (277,235)

    481

    70



    (575,760)

    (1,948,367)

    (282,487)

    Exchange Rate Effect on Cash

       and
    Cash Equivalents, and

       Restricted Cash

    (29,450)

    (14,864)

    (2,155)



    (55,970)

    77,722

    11,269

    Net increase/(decrease) in

       Cash and Cash Equivalents,

       and Restricted Cash

    1,936,797

    (16,737)

    (2,427)



    1,107,027

    (2,837,725)

    (411,432)

    Cash and Cash Equivalents,

       and Restricted Cash at

       Beginning of
     Period

    3,379,351

    2,495,160

    361,764



    4,209,121

    5,316,148

    770,769

    Cash and Cash Equivalents,

       and Restricted Cash at End

       of
     Period

    5,316,148

    2,478,423

    359,337



    5,316,148

    2,478,423

    359,337

     

     

    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, 2022

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([16])

    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 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

    Loss from

    depreciation of

    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 %)











    Three Months Ended December 31, 2021

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([17])

    Total

    Net Loss

    (447,057)

    (74,380)

    (85,518)

    (60,046)

    (67,144)

    (734,145)

    Add













    Depreciation &

    Amortization

    19,730

    9,431

    4,696

    23,257

    6,058

    63,172

    Interest Expense

    -

    -

    -

    -

    29,310

    29,310

    Income Tax

    Expense

    -

    79

    -

    421

    -

    500

    Subtract













    Interest Income

    -

    -

    -

    -

    (17,735)

    (17,735)

    EBITDA

    (427,327)

    (64,870)

    (80,822)

    (36,368)

    (49,511)

    (658,898)

    Add













     Share-based

    Compensation

    Expenses

    3,404

    1,967

    2,066

    124

    16,173

    23,734

    Adjusted EBITDA

    (423,923)

    (62,903)

    (78,756)

    (36,244)

    (33,338)

    (635,164)

    Adjusted EBITDA

    Margin

    (22.9 %)

    (12.9 %)

    (23.8%)

    (68.5 %)

    -

    (23.3 %)











    Fiscal Year Ended December 31, 2022

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([18])

    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

    -

    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

    Loss from

    depreciation of

    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 %)











    Fiscal Year Ended December 31, 2021

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([19])

    Total

    Net Loss

    (707,793)

    (103,387)

    (267,902)

    (90,775)

    (94,004)

    (1,263,861)

    Add













    Depreciation &

    Amortization

    83,425

    38,525

    19,506

    24,396

    25,513

    191,365

    Interest Expense

    -

    -

    -

    -

    142,751

    142,751

    Income Tax

    Expense/(Benefit)

    -

    173

    21

    3,010

    (6)

    3,198

    Subtract













    Interest Income

    -

    -

    -

    -

    (49,658)

    (49,658)

    EBITDA

    (624,368)

    (64,689)

    (248,375)

    (63,369)

    24,596

    (976,205)

    Add













     Share-based

    Compensation

    Expenses

    13,537

    8,351

    8,604

    608

    76,581

    107,681

    Subtract













    Gain from

    appreciation of

    investments

    -

    -

    -

    -

    (58,643)

    (58,643)

    Adjusted EBITDA

    (610,831)

    (56,338)

    (239,771)

    (62,761)

    42,534

    (927,167)

    Adjusted EBITDA

    Margin

    (7.4 %)

    (3.1 %)

    (20.1 %)

    (36.4 %)

    -

    (8.1 %)

     

    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, 2022

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([20])

    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

    Loss from

    depreciation of

    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 %)











    Three Months Ended December 31, 2021

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([21])

    Total

    Net Loss

    (447,057)

    (74,380)

    (85,518)

    (60,046)

    (67,144)

    (734,145)

    Add













     Share-based

    Compensation

    Expenses

    3,404

    1,967

    2,066

    124

    16,173

    23,734

    Non-GAAP Net

    Loss

    (443,653)

    (72,413)

    (83,452)

    (59,922)

    (50,971)

    (710,411)

    Non-GAAP Net

    Loss Margin

    (23.9 %)

    (14.9 %)

    (25.2 %)

    (113.2 %)

    -

    (26.1 %)











    Fiscal Year Ended December 31, 2022

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([22])

    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

     Loss from

     depreciation of

    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 %)











    Fiscal Year  Ended December 31, 2021

    (In RMB'000)

    Freight

    Supply Chain

    Global

    Others

    Unallocated([23])

    Total

    Net Loss

    (707,793)

    (103,387)

    (267,902)

    (90,775)

    (94,004)

    (1,263,861)

    Add













     Share-based

    Compensation

    Expenses

    13,537

    8,351

    8,604

    608

    76,581

    107,681

    Subtract













    Gain from

    appreciation of

    investments

    -

    -

    -

    -

    (58,643)

    (58,643)

    Non-GAAP Net

    Loss

    (694,256)

    (95,036)

    (259,298)

    (90,167)

    (76,066)

    (1,214,823)

    Non-GAAP Net

    Loss Margin

    (8.4 %)

    (5.2 %)

    (21.7 %)

    (52.3 %)

    -

    (10.6 %)

     

    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,



    2022



    2022

    (In '000)

    RMB

    US$



    RMB

    US$

    Net Loss Attributable to Ordinary Shareholders

    (352,793)

    (51,148)



    (1,424,847)

    (206,581)

    Add











    Share-based Compensation Expenses

    15,577

    2,258



    72,096

    10,454

    Loss from depreciation of investments

    12,312

    1,785



    12,312

    1,785

    Non-GAAP Net Loss Attributable to Ordinary

       Shareholders

    (324,904)

    (47,105)



    (1,340,439)

    (194,342)

    Weighted Average Diluted Ordinary Shares 

       Outstanding During the Quarter











    Diluted

    393,078,084

    393,078,084



    392,192,648

    392,192,648

    Diluted (Non-GAAP)

    393,078,084

    393,078,084



    392,192,648

    392,192,648

    Diluted loss per ordinary share

    (0.90)

    (0.13)



    (3.63)

    (0.53)

    Add











    Non-GAAP adjustment to net loss per   

       ordinary share

    0.07

    0.01



    0.21

    0.03

    Non-GAAP diluted loss per ordinary share

    (0.83)

    (0.12)



    (3.42)

    (0.50)













    Diluted loss per ADS

    (4.49)

    (0.65)



    (18.17)

    (2.63)

    Add











    Non-GAAP adjustment to net loss per ADS

    0.36

    0.05



    1.08

    0.15

    Non-GAAP diluted loss per ADS

    (4.13)

    (0.60)



    (17.09)

    (2.48)

     

     

    ([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, 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.

    ([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 and fair value change of equity investments (if any).

    ([7]) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, 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 and fair value change of equity investments (if any).

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

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

    ([13]) "Others" Segment primarily represents Capital business units. Results from UCargo's legacy contracts with external customers are now reported under "Freight" segment and prior period segment information were retrospectively revised to conform to current period presentation.         

    ([14]) 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.

    ([15]) Including accumulated accretion to redemption value and deemed dividend in relation to redeemable convertible preferred shares of RMB9,493,807, and accumulated loss from operations of RMB9,441,053.

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

    ([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.

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

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

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

     

     

    Cision View original content:https://www.prnewswire.com/news-releases/best-inc-announces-unaudited-fourth-quarter-and-fiscal-year-2022-financial-results-301765733.html

    SOURCE BEST Inc.

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