eHi Car Services releases Q4 and full year 2014 results
eHi announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2014.
SHANGHAI, April 1, 2015 /PRNewswire/ -- 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 fourth quarter and the full year ended December 31, 2014. In November 2014, eHi completed its initial public offering of 10,000,000 American depositary shares ("ADSs"), each representing two Class A common shares of the Company, on the New York Stock Exchange along with private placements concurrent with the offering.
Fourth Quarter 2014 Highlights
Full Year 2014 Highlights
Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our fourth quarter and full year 2014 results reflect the continued and rapid overall expansion of our business, including our total fleet size increase and geographic expansion, while at the same time we maintained an industry leadership position in operating efficiency and fleet utilization. Our listing on the New York Stock Exchange in November 2014 served as an important milestone in our aggressive growth strategy and we continued to work closely with Enterprise, Ctrip and other strategic and business partners. We believe our complementary business model, proprietary technology platform and mobile and internet infrastructure provide us the operational flexibility to capture exciting opportunities and to remain at the forefront of this dynamic industry."
Mr. Colin Sung, eHi's Chief Financial Officer, said, "We exceeded our net revenue guidance for 2014 and made continued progress in increasing our operating leverage and improving our margins. Our efforts allowed us to continue to narrow our net loss on a year-over-year basis as we captured greater economies of scale from our business platform and growing car rentals and car services fleets."
The Company estimates that its fiscal year 2015 net revenues will be in the range of RMB1.4 billion to RMB1.5 billion, which would represent an increase of approximately 64% to 76% from RMB851.2 million in 2014. The Company estimates that its total period-end fleet size as of December 31, 2015 will be in the range of 35,000 to 40,000 vehicles, which would represent an increase of approximately 77% to 103% from 19,746 vehicles as of December 31, 2014. This forecast reflects the Company's current and preliminary view, which is subject to change.