eHi Car Services Announces Third Quarter 2016 Results
SHANGHAI, Nov. 16, 2016 /PRNewswire/ --
- Net revenues increased by 47.8% year-over-year
- Net income increased by 269.5% year-over-year
eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rentals and car services provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2016.
Third Quarter 2016 Highlights
- Net revenues increased by 47.8% year-over-year to RMB582.1 million (US$87.3 million[1]) for the third quarter of 2016, from RMB393.8 million for the third quarter of 2015.
| Three months ended September 30, |
Year-Over-Year |
||||
| (RMB '000) |
2015 |
2016 |
Comparison |
||
| Car rentals |
300,700 |
464,271 |
54.4% |
||
| Car services |
93,080 |
117,783 |
26.5% |
||
| Total Net |
393,780 |
582,054 |
47.8% |
||
- Gross profit[2] increased by 83.9% year-over-year to RMB165.7 million (US$24.8 million) for the third quarter of 2016, from RMB90.1 million for the third quarter of 2015. Gross profit margin[2] increased to 28.5% for the third quarter of 2016, from 22.9% for the third quarter of 2015.
- Net income increased by 269.5% year-over-year to RMB22.3 million (US$3.3 million) for the third quarter of 2016, from RMB6.0 million for the third quarter of 2015. Net income margin increased to 3.8% for the third quarter of 2016, from 1.5% for the third quarter of 2015.
- Non-GAAP adjusted EBIT[3] increased by 97.4% year-over-year to RMB80.6 million (US$12.1 million) for the third quarter of 2016, from RMB40.8 million for the third quarter of 2015. Non-GAAP adjusted EBIT margin[3] increased to 13.8% for the third quarter of 2016, from 10.4% for the third quarter of 2015.
- Non-GAAP adjusted EBITDA[4] increased by 60.0% year-over-year to RMB264.5 million (US$39.7 million) for the third quarter of 2016, from RMB165.3 million for the third quarter of 2015. Non-GAAP adjusted EBITDA margin[4] increased to 45.4% for the third quarter of 2016, from 42.0% for the third quarter of 2015.
- Total average available fleet size[5] increased by 46.5% year-over-year to 41,742 vehicles for the third quarter of 2016, from 28,499 vehicles for the third quarter of 2015. Total fleet RevPAC[6] increased to RMB152 for the third quarter of 2016, from RMB150 for the third quarter of 2015.
| [1] The Company's business is conducted in China and substantially all of its revenues are denominated in Renminbi (RMB). However, this earnings announcement contains translations of RMB amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.6685 to US$1.00, the effective noon buying rate as of September 30, 2016 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. |
| [2] Gross profit is defined as net revenues less cost of net revenues (vehicle operating expenses). Gross profit margin is defined as the percentage representing gross profit divided by net revenues. |
| [3] Non-GAAP adjusted EBIT is defined as net income before share-based compensation, interest expenses, interest income, provision for income taxes, gains from waiver of warrants and gains from sale of cost method investment. For more information, refer to "About Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. Non-GAAP adjusted EBIT margin is defined as the percentage representing Non-GAAP adjusted EBIT divided by net revenues. |
| [4] Non-GAAP adjusted EBITDA is defined as net income before depreciation and amortization, share-based compensation, interest expenses, interest income, provision for income taxes, gains from waiver of warrants and gains from sale of cost method investment. For more information, refer to "About Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. Non-GAAP adjusted EBITDA margin is defined as the percentage representing Non-GAAP adjusted EBITDA divided by net revenues. |
| [5] "Average available fleet size" is calculated by dividing the aggregate number of days in which the Company's fleet was in operation during a given period by the total number of days during the same period. In determining the size of the Company's fleet in operation, eHi includes all vehicles in its car rentals and/or car services fleets except for vehicles that have been written off in accordance with its accounting policy and vehicles that have not been consistently made available for rent and that it may consider to dispose of when appropriate opportunities arise. |
| [6] "RevPAC" refers to average daily net revenue per available car, which is calculated by dividing the net revenues during a given period by the aggregate number of days in which the Company's fleet was in operation during the same period. |
| Average Available |
RevPAC (RMB) |
||||||||||
| 2015Q3 |
2016Q3 |
Year-Over-Year |
2015Q3 |
2016Q3 |
Year-Over-Year |
||||||
| Car rentals |
26,200 |
39,227 |
49.7% |
125 |
129 |
3.2% |
|||||
| Car services |
2,299 |
2,515 |
9.4% |
440 |
509 |
15.7% |
|||||
| Total |
28,499 |
41,742 |
46.5% |
150 |
152 |
1.3% |
|||||
- Fleet utilization rate[7] for car rentals was 71.9% for the third quarter of 2016, compared with 73.8% for the third quarter of 2015.
- As of September 30, 2016, total period-end fleet size[8] was 48,934 vehicles.
| [7] "Fleet utilization rate" refers to the aggregate transaction days for the Company's car rental fleet during a given period divided by the aggregate days the car rental fleet was in operation during the same period. |
| [8] "Period-end fleet size" refers to the aggregate number of vehicles in the Company's car rentals and car services fleets as of the last day of a given period which the Company holds legal title to and reflects in its balance sheet, including vehicles that are currently missing but have not been written off in accordance with its accounting policy. The period-end fleet size as of September 30, 2016 excluded 144 vehicles which the Company had written off from its balance sheet in accordance with its accounting policy. |
Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our business continued to thrive during the third quarter, leading to both strong top-line growth and significant improvement in profitability. As a fast-growing company, we are committed to driving ongoing operating leverage and are well-positioned to capture the growing demand from China's rapidly rising domestic tourism and business-related travel."
"The recent regulations regarding online car-hailing business in China, we believe, provide us with greater potential to explore business and strategic cooperation opportunities to enhance our competitive position. Looking ahead, we remain focused on continuing to execute on our growth plan and achieving our strategic objectives," Mr. Zhang concluded.
Mr. Colin Sung, eHi's Chief Financial Officer, said, "We are pleased to report strong third quarter results with net revenues increasing by 47.8% year-over-year, while recording 269.5% bottom-line growth from the prior-year period. Notably, our continued focus on operating efficiency and cost control measures contributed to broad-based margin improvement. Our gross margin and non-GAAP adjusted EBITDA margin both reached record-highs of 28.5% and 45.4%, respectively. Our financial discipline is well-established, and we remain committed to prudent expansion and a balanced approach between growth and profitability."
Third Quarter 2016 Financial Results
Net revenues for the third quarter of 2016 were RMB582.1 million (US$87.3 million), up 47.8% year-over-year, attributable to increased net revenues from both car rentals and car services.
Net revenues from car rentals for the third quarter of 2016 were RMB464.3 million (US$69.6 million), up 54.4% year-over-year, primarily driven by the growing average available fleet size for car rentals in response to customer demand.
Net revenues from car services for the third quarter of 2016 were RMB117.8 million (US$17.7 million), up 26.5% year-over-year, primarily driven by the increased car services RevPAC as we provided services to more business clients.
Cost of revenues (vehicle operating expenses) for the third quarter of 2016 was RMB416.4 million (US$62.4 million), up 37.1% year-over-year, primarily driven by increased depreciation and labor costs.
In the third quarter of 2016, 486 used vehicles were disposed of, and 358 used vehicles were under sales contracts pending title transfer. The Company recognized a disposal loss of RMB0.3 million (US$0.04 million) in aggregate for these 844 vehicles. In addition, a disposal gain of RMB0.7 million (US$0.1 million), which was unrecognized in the previous quarters, was recognized in the third quarter of 2016 as a result of the completion of title transfer during such period. The disposal loss and gain were both recognized as adjustments to the vehicle-related depreciation expense as part of the cost of revenues.
Gross profit for the third quarter of 2016 was RMB165.7 million (US$24.8 million), up 83.9% year-over-year. Gross profit margin for the third quarter of 2016 was 28.5%, compared with 22.9% for the third quarter of 2015. Gross profit margin improvement was due to certain cost controls primarily in vehicle insurance, and to a lesser extent, in vehicle repair and maintenance as well as labor costs, in connection with enhanced economies of scale and operating efficiency.
Selling and marketing expenses for the third quarter of 2016 were RMB28.5 million (US$4.3 million), up 81.8% year-over-year, primarily due to increased channel marketing and promotion fees as the Company expanded branding and channel promotion activities during such period.
General and administrative expenses for the third quarter of 2016 were RMB63.1 million (US$9.5 million), up 38.6% year-over-year, primarily due to increased employee-related costs including salaries and welfare expenses as a result of increased headcount, as well as a foreign exchange loss in the third quarter of 2016 compared with a foreign exchange gain in the third quarter of 2015.
Profit from operations for the third quarter of 2016 was RMB77.0 million (US$11.5 million), up 124.2% year-over-year.
Interest expense for the third quarter of 2016 was RMB55.7 million (US$8.3 million), up 79.5% year-over-year, primarily attributable to the interest expense associated with the Company's senior unsecured notes of US$200 million due 2018.
Net income for the third quarter of 2016 was RMB22.3 million (US$3.3 million), up 269.5% from RMB6.0 million for the third quarter of 2015. Net income margin for the third quarter of 2016 was 3.8%, compared with 1.5% for the third quarter of 2015.
Basic and diluted earnings per ADS for the third quarter of 2016 were RMB0.32 (US$0.05) each, compared with basic and diluted earnings per ADS of RMB0.09 (US$0.01) each for the third quarter of 2015.
Non-GAAP adjusted EBIT for the third quarter of 2016 was RMB80.6 million (US$12.1 million), up 97.4% year-over-year. Non-GAAP adjusted EBIT margin for the third quarter of 2016 was 13.8%, compared with 10.4% for the third quarter of 2015.
Non-GAAP adjusted EBITDA for the third quarter of 2016 was RMB264.5 million (US$39.7 million), up 60.0% year-over-year. Non-GAAP adjusted EBITDA margin for the third quarter of 2016 was 45.4%, compared with 42.0% for the third quarter of 2015.
As of September 30, 2016, the Company's cash, cash equivalents and restricted cash balance was RMB1.5 billion (US$223.7 million).
Recent Development
On August 30, 2016, the Company entered into a US$150 million syndicated loan facility agreement. This loan facility agreement includes an initial facility of US$110 million and a greenshoe facility of US$40 million. The loan facilities have a three-year term and will be repaid in installments. The interest margin is priced at 350 basis points per annum over LIBOR. Deutsche Bank AG, Singapore Branch is acting as the original mandated lead arranger of the loan facilities. The Company had fully drawn down the US$150 million facility as of September 27, 2016, and used part of the proceeds for repaying certain existing indebtedness with high interest rates. The remaining proceeds will be used for funding capital expenditures and other general corporate purposes of the Company.
Outlook
The Company estimates that net revenues for the full year of 2016 will range from RMB2.1 billion to RMB2.2 billion, and total period-end fleet size will reach approximately 57,000 vehicles as of December 31, 2016. This outlook reflects the Company's current and preliminary view, which is subject to change.
Conference Call Information
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 16, 2016 (9:00 PM Beijing/Hong Kong time on November 16, 2016).
Dial-in details for the earnings conference call are as follows:
| United States (toll free): |
1-888-346-8982 |
| International: |
1-412-902-4272 |
| Hong Kong (toll free): |
800-905-945 |
| Hong Kong: |
852-3018-4992 |
| China: |
400-120-1203 |
Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the "eHi Car Services call."
Additionally, a live and archived webcast of the conference call will be available on the investor relations section of eHi's website at http://ir.ehi.com.cn.
A replay of the conference call will be accessible by phone at the following numbers until November 23, 2016:
| United States (toll free): |
1-877-344-7529 |
| International: |
1-412-317-0088 |
| Replay Access Code: |
10096501 |
About eHi Car Services Limited
eHi Car Services Limited (NYSE: EHIC) is China's No. 1 car services provider and No. 2 car rentals provider in terms of market share by revenues in 2013, according to Frost & Sullivan. The Company's mission is to provide comprehensive mobility solutions as an alternative to car ownership by best utilizing existing resources and sharing economy to create optimal value. eHi distinguishes itself in China's fast-growing car rental and car services market through its complementary business model, customer-centric corporate culture, broad geographic coverage, efficient fleet management, leading brand name, and commitment to technological innovation. eHi is the exclusive strategic partner in China of Enterprise, the largest car rental company in the world, and is the designated and preferred business partner of Ctrip, a leader in the online travel agency industry in China. For more information regarding eHi, please visit http://en.1hai.cn.
About Non-GAAP Financial Measures
To supplement its unaudited condensed consolidated financial statements which are presented in accordance with U.S. GAAP, the Company uses adjusted EBIT and adjusted EBITDA as non-GAAP financial measures. Adjusted EBIT represents net income or loss before share-based compensation, interest expenses, interest income, provision for income taxes, gains from waiver of warrants and gains from sale of cost method investment. Adjusted EBITDA represents net income or loss before depreciation and amortization, share-based compensation, interest expenses, interest income, provision for income taxes, gains from waiver of warrants and gains from sale of cost method investment. The Company's management believes that adjusted EBIT and adjusted EBITDA facilitate a better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods. For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using these Non-GAAP financial measures excludes depreciation and amortization, share-based compensation, interest expenses, interest income and provision for income taxes, as applicable, that have been and will continue to be significant recurring portions of the Company's business for the foreseeable future.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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," "confident" and similar statements. eHi may also make written or oral forward-looking statements in its reports filed with or furnished to 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. Any statements that are not historical facts, including statements about eHi's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: eHi's goals and strategies; its future business development, financial condition and results of operations; its ability to achieve and sustain profitability; its heavy reliance on its proprietary technology platform; its ability to compete successfully against current and future competitors; the expected growth of China's car rentals and car services market; its ability to sustain its growth rates and manage its expansion plan; its ability to dispose used vehicles at desirable prices or timing or through appropriate channels; its ability to raise sufficient capital to fund and expand its operations at a reasonable cost; various government policies on automobile control and purchase restrictions in certain Chinese cities; its ability to enhance its brand recognition and maintain a high level of customer satisfaction; its ability to control the losses resulting from customer violation of traffic rules; and its ability to obtain all of the requisite permits, licenses or making all of the requisite filings or registrations or meeting other regulatory requirements for operating car rentals and car services business in China. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is current as of the date of the press release, and eHi does not undertake any obligation to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
E-mail: [email protected]
The Piacente Group, Inc.
Ms. Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]
| eHi Car Services Limited |
||||||
| Unaudited Condensed Consolidated Balance Sheets |
||||||
| December 31, |
September 30, 2016 |
September 30, 2016 |
||||
| RMB |
RMB |
USD |
||||
| Unaudited |
Unaudited |
Unaudited |
||||
| ASSETS |
||||||
| Current assets: |
||||||
| Cash and cash equivalents |
2,610,088,382 |
1,481,514,421 |
222,166,067 |
|||
| Restricted cash |
206,944,000 |
10,331,882 |
1,549,356 |
|||
| Accounts receivable, net |
185,418,831 |
253,071,160 |
37,950,238 |
|||
| Prepayments and other current assets |
379,344,970 |
561,726,718 |
84,235,843 |
|||
| Short term loans receivable |
- |
50,000,000 |
7,497,938 |
|||
| Assets held for sale |
45,467,038 |
37,719,344 |
5,656,346 |
|||
| Total current assets |
3,427,263,221 |
2,394,363,525 |
359,055,788 |
|||
| Property and equipment, net |
4,096,617,720 |
5,051,150,230 |
757,464,232 |
|||
| Intangible assets |
45,367,164 |
54,551,639 |
8,180,496 |
|||
| Vehicle purchase deposits |
216,727,900 |
353,772,104 |
53,051,227 |
|||
| Other non-current assets |
14,943,879 |
52,780,332 |
7,914,874 |
|||
| Total assets |
7,800,919,884 |
7,906,617,830 |
1,185,666,617 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
| Current liabilities: |
||||||
| Accounts payable |
785,898,613 |
171,590,207 |
25,731,455 |
|||
| Accrued expenses and other current liabilities |
203,742,878 |
261,696,741 |
39,243,720 |
|||
| Income tax payable |
89,220,792 |
820,853 |
123,094 |
|||
| Short-term debt |
803,131,683 |
636,408,841 |
95,435,082 |
|||
| Total current liabilities |
1,881,993,966 |
1,070,516,642 |
160,533,351 |
|||
| Long-term debt |
1,969,452,640 |
2,815,621,454 |
422,227,106 |
|||
| Deferred tax liabilities, non-current |
- |
1,061,542 |
159,188 |
|||
| Other non-current liabilities |
1,400,000 |
742,367 |
111,323 |
|||
| Total liabilities |
3,852,846,606 |
3,887,942,005 |
583,030,968 |
|||
| Shareholders' equity: |
||||||
| Common shares |
867,001 |
878,463 |
131,733 |
|||
| Additional paid-in capital |
4,433,439,156 |
4,469,482,485 |
670,238,057 |
|||
| Accumulated other comprehensive income |
74,554,822 |
89,712,395 |
13,453,160 |
|||
| Accumulated deficits |
(560,787,701) |
(541,397,518) |
(81,187,301) |
|||
| Total shareholders' equity |
3,948,073,278 |
4,018,675,825 |
602,635,649 |
|||
| Total liabilities and shareholders' equity |
7,800,919,884 |
7,906,617,830 |
1,185,666,617 |
|||
| eHi Car Services Limited |
||||||||||||
| Unaudited Condensed Consolidated Statements of Comprehensive Income |
||||||||||||
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||
| 2015 |
2016 |
2016 |
2015 |
2016 |
||||||||
| RMB |
RMB |
USD |
RMB |
RMB |
||||||||
| Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
||||||||
| Net revenues: |
||||||||||||
| Car rentals |
300,700,336 |
464,270,838 |
69,621,480 |
779,070,657 |
1,217,057,877 |
|||||||
| Car services |
93,079,632 |
117,783,367 |
17,662,648 |
250,087,845 |
326,845,322 |
|||||||
| Total net revenues |
393,779,968 |
582,054,205 |
87,284,128 |
1,029,158,502 |
1,543,903,199 |
|||||||
| Cost of revenues |
(303,707,282) |
(416,369,986) |
(62,438,327) |
(818,556,937) |
(1,106,966,780) |
|||||||
| Gross profit |
90,072,686 |
165,684,219 |
24,845,801 |
210,601,565 |
436,936,419 |
|||||||
| Selling and marketing expenses |
(15,694,495) |
(28,524,805) |
(4,277,544) |
(39,853,995) |
(77,700,305) |
|||||||
| General and administrative |
(45,528,982) |
(63,106,703) |
(9,463,403) |
(127,320,622) |
(179,326,716) |
|||||||
| Other operating income |
5,475,372 |
2,897,399 |
434,489 |
7,862,113 |
3,390,322 |
|||||||
| Total operating expenses |
(55,748,105) |
(88,734,109) |
(13,306,458) |
(159,312,504) |
(253,636,699) |
|||||||
| Profit from operations |
34,324,581 |
76,950,110 |
11,539,343 |
51,289,061 |
183,299,720 |
|||||||
| Interest income |
572,788 |
1,920,346 |
287,973 |
1,843,965 |
6,474,201 |
|||||||
| Interest expense |
(31,010,270) |
(55,657,590) |
(8,346,343) |
(86,985,661) |
(168,250,397) |
|||||||
| Gains from waiver of warrants |
- |
- |
- |
16,869,935 |
- |
|||||||
| Gains from sale of cost method |
- |
- |
- |
803,059,728 |
- |
|||||||
| Other income / (expense), net |
2,980,438 |
(59,251) |
(8,885) |
9,280,208 |
1,472,620 |
|||||||
| Income before income taxes |
6,867,537 |
23,153,615 |
3,472,088 |
795,357,236 |
22,996,144 |
|||||||
| Provision for income taxes |
(827,299) |
(834,542) |
(125,147) |
(86,672,515) |
(3,605,961) |
|||||||
| Net income |
6,040,238 |
22,319,073 |
3,346,941 |
708,684,721 |
19,390,183 |
|||||||
| Net income |
6,040,238 |
22,319,073 |
3,346,941 |
708,684,721 |
19,390,183 |
|||||||
| Changes in cumulative foreign |
53,567,007 |
2,517,134 |
377,466 |
53,422,423 |
15,157,573 |
|||||||
| Comprehensive income |
59,607,245 |
24,836,207 |
3,724,407 |
762,107,144 |
34,547,756 |
|||||||
| Weighted average number of |
||||||||||||
| Basic |
136,598,332 |
139,322,661 |
139,322,661 |
123,368,430 |
137,789,963 |
|||||||
| Diluted |
138,760,460 |
140,644,073 |
140,644,073 |
125,568,477 |
138,787,005 |
|||||||
| Net income per share attributable to |
||||||||||||
| Basic |
0.04 |
0.16 |
0.02 |
5.74 |
0.14 |
|||||||
| Diluted |
0.04 |
0.16 |
0.02 |
5.64 |
0.14 |
|||||||
| Earnings per ADS* |
||||||||||||
| Basic |
0.09 |
0.32 |
0.05 |
11.49 |
0.28 |
|||||||
| Diluted |
0.09 |
0.32 |
0.05 |
11.29 |
0.28 |
|||||||
| * Each ADS represents two Class A common shares |
||||||||||||
| eHi Car Services Limited |
|||||||||||
| Reconciliation of GAAP and Non-GAAP Results |
|||||||||||
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||
| 2015 |
2016 |
2016 |
2015 |
2016 |
|||||||
| RMB |
RMB |
USD |
RMB |
RMB |
|||||||
| Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||
| Net Income |
6,040,238 |
22,319,073 |
3,346,941 |
708,684,721 |
19,390,183 |
||||||
| Add /(subtract): |
|||||||||||
| Share-based compensation |
3,498,581 |
3,664,837 |
549,574 |
9,665,155 |
10,821,233 |
||||||
| Interest income |
(572,788) |
(1,920,346) |
(287,973) |
(1,843,965) |
(6,474,201) |
||||||
| Interest expense |
31,010,270 |
55,657,590 |
8,346,343 |
86,985,661 |
168,250,397 |
||||||
| Provision for income taxes |
827,299 |
834,542 |
125,147 |
86,672,515 |
3,605,961 |
||||||
| Gains from waiver of warrants |
- |
- |
- |
(16,869,935) |
- |
||||||
| Gains from sale of cost method investment |
- |
- |
- |
(803,059,728) |
- |
||||||
| Adjusted EBIT |
40,803,600 |
80,555,696 |
12,080,032 |
70,234,424 |
195,593,573 |
||||||
| Depreciation and amortization |
124,517,370 |
183,978,793 |
27,589,232 |
336,762,058 |
488,710,920 |
||||||
| Adjusted EBITDA |
165,320,970 |
264,534,489 |
39,669,264 |
406,996,482 |
684,304,493 |
||||||
SOURCE eHi Car Services Limited
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