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BEST
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BEST Q1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2024 earnings summary6 Jun, 2024
Executive summary
Revenue grew 13.2% year-over-year to RMB1,942.0 million, driven by strong performance in Freight and Global segments.
Gross profit turned positive at RMB55.2 million, with a gross margin of 2.8%, up from a gross loss last year.
Net loss from continuing operations narrowed by 33% year-over-year to RMB172.1 million; non-GAAP net loss was RMB164.9 million.
Adjusted EBITDA improved to negative RMB126.3 million from negative RMB206.8 million a year ago.
Financial highlights
Diluted loss per ADS from continuing operations was RMB8.69, improved from RMB12.38 year-over-year.
Cash and equivalents, restricted cash, and short-term investments totaled RMB2,095.8 million as of March 31, 2024.
Net cash used in continuing operating activities was RMB138.5 million, down from RMB163.2 million last year.
Adjusted EBITDA margin improved to -6.5% from -12.1% year-over-year.
Segment performance
Freight revenue rose 16.3% year-over-year to RMB1,223.5 million, with gross margin up 3.6 percentage points to 3.4%.
Supply Chain Management revenue declined 6.6% to RMB411.0 million due to discontinuation of unprofitable accounts.
Global segment revenue surged 42.6% to RMB280.9 million, with parcel volumes up 39.4% and cross-border business volume up 256.4%.
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Frequently asked questions
BEST Inc. is a leading provider of supply chain solutions in China, offering a full range of services including live and virtual on-demand supply chain planning, sourcing solutions, freight forwarding and transportation management. The company was founded in 2007 and is headquartered in Hangzhou, the People's Republic of China.
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