SHANGHAI, May 26, 2015 -- eHi Car Services Limited, a leading car rentals and car services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights
Net revenues increased 60.7% year over year, from RMB183.9 million for the first quarter of 2014 to RMB295.5 million (US$47.7 million[1]) for the first quarter of 2015
Three months ended March 31,
- Non-GAAP adjusted EBITDA[2] was up 114.1% year over year, from RMB54.0 million for the first quarter of 2014 to RMB115.7 million (US$18.7 million) for the first quarter of 2015
- Non-GAAP adjusted EBITDA margin increased from 29.4% for the first quarter of 2014 to 39.2% for the first quarter of 2015
- Net loss was RMB17.8 million for the first quarter of 2014, compared to net profit of RMB3.6 million (US$0.6 million) for the first quarter of 2015
- Total period-end fleet size[3] increased by 81.7% year over year, from 13,407 vehicles as of March 31, 2014 to 24,362 vehicles as of March 31, 2015
- Average available fleet size[4] increased by 78.0% year over year, from 11,793 vehicles for the first quarter of 2014 to 20,997 vehicles for the first quarter of 2015
- Total fleet RevPAC[5] decreased from RMB173 for the first quarter of 2014 to RMB156 for the first quarter of 2015
- Fleet utilization rate[6] for car rentals was 71.8% for the first quarter of 2014 and 71.3% for the first quarter of 2015
Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our operating and financial results for the first quarter of 2015 reflect continued progress in our business growth strategy. We are rapidly expanding our fleet while maintaining industry-benchmark utilization rates by leveraging our integrated technology platform and wide geographic scale. We believe that the prominence and reputation of our brand, the quality of our services, our nationwide service network and our advanced, proprietary technology platform differentiate us in the market and make us well-positioned to capture and address the evolving demands for car rental and car service customers."
Mr. Colin Sung, eHi's Chief Financial Officer, said, "We continued to capture greater economies of scale in the first quarter of 2015. Our margin improvement on top of the rapid expansion of our fleet reflects additional gains in operating leverage as we work toward sustained profitability."
Outlook
The Company estimates that its fiscal year 2015 net revenues will be in the range of RMB1.5 billion to RMB1.6 billion, which would represent an increase of approximately 76% to 88% 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 37,000 to 40,000 vehicles, which would represent an increase of approximately 87% 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.
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