Shanghai, Dec. 12, 2014 /PRNewswire/ -- On December 11, 2014, eHi Car Services Co., Ltd. ("eHi"), a leading car rental service provider in China (NASDAQ: EHIC), announced its financial results for the third quarter ended September 30, 2014. In November 2014, eHi successfully went public on the U.S. stock market, issuing 10 million American Depositary Shares (ADSs) in its initial public offering, with each ADS representing two Class A ordinary shares of the company.
Key Financial and Operational Highlights for the Third Quarter of 2014
Net revenue increased from RMB148.3 million to RMB220.1 million (USD35.9 million), representing a year-over-year growth of 48.4%.
Non-GAAP adjusted EBITDA rose from RMB19.5 million to RMB76.4 million (USD12.4 million), a year-over-year increase of 291.4%.
Non-GAAP adjusted EBITDA margin grew from 13.2% to 34.7%, a year-over-year increase of 163.8%.
Net loss decreased from RMB38.7 million to RMB26.9 million (USD4.4 million), a year-over-year reduction of 30.3%.
As of the end of the third quarter, fleet size increased from 11,359 vehicles to 18,159 vehicles, representing a year-over-year growth of 59.9%.
Average available fleet size rose from 10,241 vehicles to 16,419 vehicles, a year-over-year increase of 60.3%.
The utilization rate of the self-drive fleet was 70.3%.
Mr. Zhang Ruiping, CEO of eHi, commented, "This is an exciting time for eHi. Last month, we successfully listed on the New York Stock Exchange in the United States, and we are now working closely with our strategic partners, including Enterprise and Ctrip, to accelerate the execution of our overall development strategy. Strong demand from both consumer and corporate customers is driving the growth of China’s car rental and automotive services market. We believe that with our flexible and diversified business model, eHi is well positioned to capture the growing business opportunities in China’s car rental market."
Mr. Song Zhennian, CFO of eHi, said, "The third quarter results are in line with our expected earnings and continue the rapid growth we have seen over the past eleven quarters. While expanding our business, we have also maintained industry-leading operational efficiency and fleet utilization rates. Our revenue growth this quarter was driven by the expansion of our fleet size and business coverage. Additionally, our net loss has narrowed compared to the same period last year."