In its unaudited financial results for the fourth quarter and full year ended December 31, 2015, Car rentals services provider eHi Car Services announced total fleet size expanded by over 92% YoY, while maintaining rental fleet utilization rate above 71% for the full year.

Fourth Quarter 2015 Highlights

* Net revenues increased by 71.0% year-over-year to RMB421.5 million (US$65.1 million) for the fourth quarter of 2015, from RMB246.5 million for the fourth quarter of 2014.

* Gross profit (net revenues less vehicle operating expenses reported as cost of revenues) increased by 280.6% year-over-year to RMB102.0 million (US$15.8 million) for the fourth quarter of 2015, from RMB26.8 million for the fourth quarter of 2014. Gross profit margin was 24.2% for the fourth quarter of 2015, compared with 10.9% for the fourth quarter of 2014.
* Non-GAAP adjusted EBITDA increased by 131.5% year-over-year to RMB166.7 million (US$25.7 million) for the fourth quarter of 2015, from RMB72.0 million for the fourth quarter of 2014. Non-GAAP adjusted EBITDA margin was 39.6% for the fourth quarter of 2015, compared with 29.2% for the fourth quarter of 2014.
* Net loss for the fourth quarter of 2015 was RMB12.3 million (US$1.9 million), compared with a net loss of RMB45.5 million for the fourth quarter of 2014.
* Average available fleet size increased by 97.8% year-over-year to 32,255 vehicles for the fourth quarter of 2015, from 16,305 vehicles for the fourth quarter of 2014. As of December 31, 2015, total period-end fleet size was 38,070 vehicles.
* Total fleet RevPAC decreased to RMB142 for the fourth quarter of 2015, from RMB164 for the fourth quarter of 2014.
* Fleet utilization rate for car rentals was 70.4% for the fourth quarter of 2015, compared with 73.1% for the fourth quarter of 2014.

Full Year 2015 Highlights

* Net revenues increased by 70.4% to RMB1,450.6 million (US$223.9 million) for the full year of 2015, from RM851.2 million for the full year of 2014.

* Gross profit increased by 136.0% year-over-year to RMB312.7 million (US$48.3 million) for the full year of 2015, from RMB132.5 million for the full year of 2014. Gross profit margin was 21.6% for the full year of 2015, compared with 15.6% for the full year of 2014.
* Non-GAAP adjusted EBITDA increased by 103.9% to RMB573.7 million (US$88.6 million) for the full year of 2015, from RMB281.4 million for the full year of 2014. Non-GAAP adjusted EBITDA margin was 39.5% for the full year of 2015, compared with 33.1% for the full year of 2014.
* Net income for the full year of 2015 was RMB696.3 million (US$107.5 million), compared with a net loss of RMB93.1 million for the full year of 2014.
* Average available fleet size increased by 87.5% to 26,460 vehicles for the full year of 2015, from 14,111 vehicles for the full year of 2014.
* Total fleet RevPAC decreased to RMB150 for the full year of 2015, from RMB165 for the full year of 2014.
* Fleet utilization rate for car rentals was 71.4% for the full year of 2015, compared with 71.8% for the full year of 2014.

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "We expanded our total fleet size by over 92% year-over-year, while maintaining the rental fleet utilization rate above 71% for the full year of 2015. Looking ahead to 2016, while our strategy focuses on delivering strong and organic growth, we will also explore potential strategic cooperation and investment opportunities to enhance our operating synergies and competitive positions."

Outlook

The Company estimates that net revenues for the full year of 2016 will increase approximately 50% from 2015, and total period-end fleet size will reach approximately 57,000 vehicles as of December 31, 2016. This forecast reflects the Company's current and preliminary view, which is subject to change.

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