eHi Car Services Ltd

CIK:0001517492|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2017

CNY (¥)

¥ / shares

Dec. 31, 2017

USD ($)

$ / shares

Dec. 31, 2016

CNY (¥)

¥ / shares

Dec. 31, 2015

CNY (¥)

¥ / shares

Net revenues:

Total net revenues

¥ 2,739,522,188

$ 421,056,851

¥ 2,108,944,425

¥ 1,450,629,752

Cost of revenues

(1,880,348,975)

(289,004,346)

(1,515,281,510)

(1,137,978,490)

Gross profit

859,173,213

132,052,505

593,662,915

312,651,262

Selling and marketing expenses:

Third party

(122,768,279)

(18,869,139)

(67,788,291)

(48,868,854)

Related party

(16,263,674)

(2,499,681)

(29,399,234)

(16,190,063)

Total selling and marketing expenses

(139,031,953)

(21,368,820)

(97,187,525)

(65,058,917)

General and administrative expenses

(270,670,181)

(41,601,245)

(251,938,077)

(183,548,522)

Other operating income

3,762,667

578,311

10,310,089

10,763,962

Total operating expenses

(405,939,467)

(62,391,754)

(338,815,513)

(237,843,477)

Income from operations

453,233,746

69,660,751

254,847,402

74,807,785

Interest income

14,962,132

2,299,638

8,413,945

2,652,636

Interest expense:

Third party

(273,588,999)

(42,049,859)

(206,425,222)

(109,566,064)

Related party

(6,995,833)

(1,075,240)

(18,534,167)

(14,202,500)

Total interest expense

(280,584,832)

(43,125,099)

(224,959,389)

(123,768,564)

Gain from waiver of warrants

16,869,935

Gain from sale of cost method investment

803,059,728

Other income, net

1,957,019

300,788

1,444,129

10,205,275

Early extinguishment of debt costs

(19,976,776)

(3,070,374)

Income before income taxes

169,591,289

26,065,704

39,746,087

783,826,795

Provision for income taxes

(47,375,046)

(7,281,411)

(6,610,971)

(87,487,990)

Net income

122,216,243

18,784,293

33,135,116

696,338,805

Change in cumulative foreign currency translation adjustment, net of tax of nil

78,656,657

12,089,307

(31,353,357)

73,410,193

Comprehensive income

¥ 200,872,900

$ 30,873,600

¥ 1,781,759

¥ 769,748,998

Weighted average number of common shares used in computing net income per share

Basic | shares

138,794,624

137,621,702

126,758,363

Diluted | shares

139,593,917

138,552,031

128,403,877

Net income (loss) per common share attributable to common shareholders

Basic | (per share)

¥ 0.88

$ 0.14

¥ 0.24

¥ 5.49

Diluted | (per share)

0.88

0.13

0.24

5.42

Net income per ADS

Basic | (per share)

^[1]

1.76

0.27

0.48

10.99

Diluted | (per share)

^[1]

¥ 1.75

$ 0.27

¥ 0.48

¥ 10.85

Car rentals

Net revenues:

Total net revenues

¥ 2,196,455,811

$ 337,589,077

¥ 1,663,546,502

¥ 1,100,578,473

Car services

Net revenues:

Total net revenues

¥ 543,066,377

$ 83,467,774

¥ 445,397,923

¥ 350,051,279

[1]	Each ADS represents two Class A common shares

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2017 CNY (¥)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2015 CNY (¥)
Cash flows from operating activities:
Net income	¥ 122,216,243	$ 18,784,293	¥ 33,135,116	¥ 696,338,805
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts	5,288,403	812,813	1,548,077	1,641,596
Depreciation and amortization	755,065,789	116,051,487	668,018,253	474,721,487
Amortization of debt issuance costs and discounts	27,357,231	4,204,729	17,372,579	816,082
Share-based compensation	13,588,843	2,088,567	16,040,947	13,983,246
Gain from waiver of warrants	0	0	0	(16,869,935)
Gain from sale of cost method investment	0	0	0	(803,059,728)
Deferred taxes	29,066,413	4,467,426	(2,489,648)
Foreign currency exchange (gain) loss, net	(47,372,152)	(7,280,966)	11,608,634
Early extinguishment cost	19,976,776	3,070,374	0	0
Cost related to aborted offering	3,923,420	603,019
Changes in operating assets and liabilities:
Accounts receivable	(155,176,352)	(23,850,169)	(35,008,430)	(69,327,865)
Receivables due from a related party	(81,567,829)	(12,536,746)	5,611,366	(7,346,590)
Prepaid expenses and other assets	(165,210,245)	(25,392,350)	(251,622,358)	(166,490,292)
Income taxes payable	12,743,859	1,958,695	(84,281,714)	81,996,755
Accounts payable	24,613,565	3,783,036	8,750,324	2,449,643
Payables due to a related party	(15,872,777)	(2,439,601)	5,329,696	10,082,871
Accrued expenses and other current liabilities	171,224,002	26,316,647	26,731,063	77,754,819
Net cash provided by operating activities	719,865,189	110,641,254	420,743,905	296,690,894
Cash flows from investing activities:
Purchase of property and equipment	(3,252,477,106)	(499,896,578)	(3,687,792,595)	(2,183,382,209)
Purchase of intangible assets	(2,626,798)	(403,731)	(12,779,230)	(6,850,853)
Proceeds from disposal of property and equipment	1,057,279,427	162,500,873	410,717,362	241,754,708
Cash paid for cost method investment	(10,800,000)	(1,659,930)
Proceeds from waiver of warrants				18,409,199
Proceeds from sale of cost method investment, net of related transaction costs				954,428,056
Cash paid relating to other investing activities				(2,090,288)
Increase in restricted cash	(377,036,251)	(57,949,411)	(38,874,782)	(14,185,928)
Cash paid for a business combination, net of cash acquired			(3,229,998)
Cash paid for loans to a third party			(50,000,000)
Net cash used in investing activities	(2,585,660,728)	(397,408,777)	(3,381,959,243)	(991,917,315)
Cash flows from financing activities:
Proceeds from exercise of share options	955,485	146,855	25,431,373	4,891,204
Proceeds from issuance of Class A common shares in private placement, net of issuance costs				792,860,341
Proceeds from borrowings from third parties	1,874,385,912	288,087,840	2,142,363,443	704,095,594
Proceeds from borrowings from a related party				300,000,000
Repayment of borrowings to third parties	(1,441,476,300)	(221,550,851)	(1,166,755,309)	(741,253,447)
Repayment of borrowings to a related party			(200,000,000)
Payment for property and equipment beyond 3 months after purchase	(11,212,572)	(1,723,341)
Proceeds from issuance of 2018 Senior Notes, net of issuance costs				1,241,289,905
Payment for IPO issuance costs				(20,656,597)
Payment of professional fees for issuance of 2018 Senior Notes			(2,740,945)
Payment of professional fees for aborted offerings	(1,748,969)	(268,812)
Repayment of Syndicated loan	(1,000,335,000)	(153,748,674)	0	0
Proceeds from issuance of 2022 Senior Notes, net of issuance costs	2,611,624,352	401,399,313
Net cash provided by financing activities	2,032,192,908	312,342,330	798,298,562	2,281,227,000
Effect of exchange rate changes on cash and cash equivalents	(24,565,427)	(3,775,637)	82,346,911	97,880,059
Net increase (decrease) in cash and cash equivalents	141,831,942	21,799,170	(2,080,569,865)	1,683,880,638
Cash and cash equivalents-beginning of year	529,518,517	81,385,506	2,610,088,382	926,207,744
Cash and cash equivalents-end of year	671,350,459	103,184,676	529,518,517	2,610,088,382
Supplemental disclosure for cash flow information
Cash paid for interest	173,464,046	26,660,936	206,010,610	115,018,836
Cash paid for income taxes	5,564,773	855,290	93,382,333	5,491,235
Supplemental disclosure of non-cash investing and financing activities:
Sales of property and equipment included in receivables	350,629,000	53,890,691	127,915,314	20,366,352
Changes in vehicle purchase deposits	(53,083,217)	(8,158,741)	204,195,008	42,543,272
Accounts payable for purchase of property, plant and equipment	576,569,163	88,617,058	163,190,564	777,961,654
Accrued professional fees for issuance of 2018 Senior Notes				2,740,945
Accrued professional fees for aborted offering	2,174,451	334,207
Subscription receivables related to share option exercises				¥ 197,816