QUHUO Ltd 6-K, filed Sep 5, 2023

QUHUO Ltd (QH)

6-K 2023-09-05 For: 2023-06-30

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Added on April 09, 2026

About this 6-K

QUHUO Ltd filed this 6-K on September 5, 2023.

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		Quhuo Limited

Date:	September 5, 2023	By:	/s/ Leslie Yu
			Name:	Leslie Yu
			Title:	Chairman and Chief Executive Officer

Exhibit Number		Description
99.1		Unaudited Condensed Consolidated Interim Financial Statements
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.3		Earnings Release
101.INS		Inline XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase
104		Cover Page Interactive Data File (embedded within the Inline IXBRL document)


		As of December 31,	As of June 30,
	Notes	2022	2023	2023
		RMB	RMB	US$
ASSETS:
Current assets:
Cash		95,444	115,040	15,865
Restricted cash		5,579	150	21
Short-term investments	4	64,355	63,056	8,696
Accounts receivable, net	5	495,046	495,006	68,264
Prepayments and other current assets		54,921	60,864	8,394
Amounts due from related parties	13	3,876	1,430	197
Total current assets		719,221	735,546	101,437
Non-current assets:
Property and equipment, net		11,450	8,788	1,212
Right-of-use assets, net		5,562	7,719	1,064
Intangible assets, net		101,603	101,516	14,000
Goodwill		65,481	65,481	9,030
Deferred tax assets		12,000	20,466	2,822
Other non-current assets	7	140,300	146,236	20,167
Total non-current assets		336,396	350,206	48,295
Total assets		1,055,617	1,085,752	149,732
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities (including current liabilities of the consolidated VIE without recourse to the primary beneficiary of RMB489,301 and RMB506,292 (US$69,821) as of December 31, 2022 and June 30,2023, respectively):
Accounts payable		293,281	314,401	43,358
Accrued expenses and other current liabilities	8	125,949	100,755	13,895
Short-term debt	9	65,434	95,705	13,198
Short-term lease liabilities		3,276	4,422	610
Total current liabilities		487,940	515,283	71,061
Non-current liabilities (including non-current liabilities of the consolidated VIE without recourse to the primary beneficiary of RMB70,100 and RMB 71,174 (US$9,815) as of December 31, 2022 and June 30,2023, respectively):
Long-term debt	9	1,303	1,583	218
Long-term lease liabilities		1,103	2,066	285
Deferred tax liabilities		814	924	127
Other non-current liabilities		66,880	66,601	9,185
Total non-current liabilities		70,100	71,174	9,815
Total liabilities		558,040	586,457	80,876
Commitments and contingencies


		As of December 31,	As of June 30,
	Notes	2022	2023	2023
		RMB	RMB	US$
Shareholders’ equity:
Ordinary shares ((US$0.0001 par value; 300,000,000 Class A ordinary shares authorized, 55,379,583 and 55,379,583 shares issued, and 48,639,660 and 48,639,660 shares outstanding as of December 31, 2022 and June 30, 2023, respectively; 6,296,630 and 6,296,630 Class B ordinary shares authorized, issued and outstanding as of December 31, 2022 and June 30, 2023, respectively; 193,703,370 and 193,703,370 shares (undesignated) authorized, nil and nil shares (undesignated) issued and outstanding as of December 31, 2022 and June 30, 2023, respectively)		43	43	6
Additional paid-in capital		1,885,637	1,889,490	260,573
Accumulated deficit		(1,379,864)	(1,389,512)	(191,622)
Accumulated other comprehensive loss		(4,654)	(1,099)	(152)
Total Quhuo Limited shareholders’ equity		501,162	498,922	68,805
Non-controlling interests		(3,585)	373	51
Total shareholders’ equity		497,577	499,295	68,856
Total liabilities and shareholders’ equity		1,055,617	1,085,752	149,732


		Six Months Ended June 30,
	Notes	2022	2023	2023
		RMB	RMB	US$
Revenues	3	1,863,795	1,736,317	239,449
Cost of revenues		(1,769,867)	(1,669,515)	(230,237)
General and administrative		(99,525)	(81,611)	(11,255)
Research and development		(7,161)	(6,645)	(916)
Gain on disposal of assets, net		4,732	8,916	1,230
Operating loss		(8,026)	(12,538)	(1,729)
Interest income		191	742	102
Interest expense		(3,786)	(2,323)	(320)
Other (loss)/income, net		(8,282)	6,034	832
Loss before income tax		(19,903)	(8,085)	(1,115)
Income tax (expense)/benefit	10	(6,683)	2,395	330
Net loss		(26,586)	(5,690)	(785)
Net loss/(income) attributable to non-controlling interests		1,633	(3,958)	(546)
Net loss attributable to ordinary shareholders of Quhuo Limited		(24,953)	(9,648)	(1,331)
Loss per share:	11
Basic		(0.53)	(0.17)	(0.02)
Diluted		(0.53)	(0.17)	(0.02)
Shares used in loss per share computation:	11
Basic		46,841,258	56,441,811	56,441,811
Diluted		46,841,258	56,441,811	56,441,811
Other comprehensive loss:
Foreign currency translation adjustment		5,295	3,555	490
Comprehensive loss		(21,291)	(2,135)	(295)
Comprehensive loss/(income) attributable to non-controlling interests		1,633	(3,958)	(546)
Comprehensive loss attributable to ordinary shareholders of Quhuo Limited		(19,658)	(6,093)	(841)


	Number of				Accumulated
	outstanding		Additional		other	Quhuo Limited		Total
	ordinary	Ordinary	paid-in	Accumulated	comprehensive	shareholders’	Non-controlling	shareholders’
	shares	shares	capital	deficit	loss *	(deficit)/equity	interests	(deficit)/equity
		RMB	RMB	RMB	RMB	RMB	RMB	RMB
Balance as of December 31, 2021	46,674,275	37	1,855,897	(1,366,734)	(18,259)	470,941	12,494	483,435
Net loss	—	—	—	(13,130)	—	(13,130)	(3,284)	(16,414)
Other comprehensive loss	—	—	—	—	13,605	13,605	—	13,605
Acquisition of non-controlling interests	9,000,000	6	10,999	—	—	11,005	(12,795)	(1,790)
Exercise of employee share options	495,042	—	165	—	—	165	—	165
Cancellation of exercised options	(1,233,027)	—	(1,186)	—	—	(1,186)	—	(1,186)
Share-based compensation	—	—	19,762	—	—	19,762	—	19,762
Balance as of December 31, 2022	54,936,290	43	1,885,637	(1,379,864)	(4,654)	501,162	(3,585)	497,577
Net loss	—	—	—	(9,648)	—	(9,648)	3,958	(5,690)
Other comprehensive income	—	—	—	—	3,555	3,555	—	3,555
Exercise of employee share options	—	—	—	—	—	—	—	—
Share-based compensation	—	—	3,853	—	—	3,853	—	3,853
Balance as of June 30, 2023	54,936,290	43	1,889,490	(1,389,512)	(1,099)	498,922	373	499,295
Balance as of June 30, 2023 in US$	—	6	260,573	(191,622)	(152)	68,805	51	68,856


	Annual		As of	As of
Name	interest rates	Term	December 31, 2022	June 30, 2023
			RMB	RMB	US$
Short-term loans
East West Bank	5.00%	6 months	65,000	65,000	8,964
Xiamen International Bank	6.00%	6 months	—	15,000	2,069
Bank of Beijing	4.02%	1 year	—	10,000	1,379
Industrial Bank	3.80%	1 year	—	5,000	690
Long-term debt, current portion	9.99% - 10.46%	3-4 years	434	705	96
Total			65,434	95,705	13,198


	Six Months End June 30,
	2022	2023	2023
	RMB	RMB	US$
Basic Loss Per Share
Numerator:
Net loss attributable to ordinary shareholders	(24,953)	(9,648)	(1,331)
Denominator:
Weighted average number of shares outstanding	46,841,258	56,441,811	56,441,811
Loss per share - basic	(0.53)	(0.17)	(0.02)


Names of the related parties		Relationship with the Company
Hainan Huiliu Tianxia Network Technology Co., Ltd.(“Hainan Huiliu”)		Entity controlled by a principle shareholder
Shenyang Bokai Network Technology Co., Ltd. (“Shenyang Bokai”)		Entity controlled by management


	For the Six Months Ended
	June 30, 2022	June 30, 2023	June 30, 2023
	(RMB)	(RMB)	(US$)
	(in thousands)
Net loss	(26,586)	(5,690)	(785)
Add: Share-based Compensation	12,503	3,853	531

Adjusted net loss	(14,083)	(1,837)	(254)
Add:
Income tax expense/(benefit)	6,683	(2,395)	(330)
Depreciation	3,798	2,927	404
Amortization	10,663	10,128	1,397
Interest	3,786	2,323	320

Adjusted EBITDA	10,847	11,146	1,537

United States:	1855 883 1031
China Domestic:	400 1209 216
Hong Kong:	800 930 639
Replay PIN: :	10033320


		Six Months Ended June 30,
	Notes	2022	2023	2023
		RMB	RMB	US$
Cash flows from operating activities
Net loss		(26,586)	(5,690)	(785)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		3,798	2,927	404
Amortization		10,663	10,128	1,397
Deferred income taxes		(2,987)	(8,356)	(1,152)
Share-based compensation		12,503	3,853	531
Gain on disposals of intangible assets		(14,927)	(8,916)	(1,230)
Changes in fair value of short-term investment		20,424	(1,339)	(185)
Others		(4,869)	(1,687)	(233)
Changes in operating assets and liabilities:
Amounts due to related parties		305	—	—
Accounts receivable		41,288	954	132
Prepayments and other current assets		1,048	(5,619)	(775)
Other non-current assets		10,854	(5,934)	(818)
Accounts payable		(39,384)	21,120	2,913
Accrued expenses and other current liabilities		(21,807)	(21,415)	(2,953)
Lease liabilities		(371)	(48)	(7)
Income taxes payable		7,385	(2,063)	(285)
Other non-current liabilities		(239)	(279)	(38)
Net cash used in operating activities		(2,902)	(22,364)	(3,084)
Cash flows from investing activities
Purchase of short-term investments		(1,054,720)	(60,000)	(8,274)
Proceeds from sales of short-term investments		1,110,157	62,500	8,619
Proceeds from refund of short-term investments		14,982	139	19
Acquisitions of businesses, net of cash acquired		(1,400)	—	—
Other investing activities		—	3,443	475
Purchase of property and equipment		(2,392)	(1,262)	(174)
Acquisitions of intangible assets		(4,509)	(18,470)	(2,547)
Proceeds from disposals of intangible assets		5,213	19,131	2,638
Loans to a related party		(9,097)	—	—
Net cash provided by investing activities		58,234	5,481	756


		Six Months Ended June 30,
	Notes	2022	2023	2023
		RMB	RMB	US$
Cash flows from financing activities
Proceeds from short-term debt		345,476	102,940	14,196
Repayments of short-term debt		(382,500)	(72,940)	(10,059)
Repayments of long-term debt		(4,420)	280	39
Net cash (used in)/provided by financing activities		(41,444)	30,280	4,176
Effect of exchange rate changes on cash and restricted cash		194	770	106
Net increase in cash and restricted cash		14,082	14,167	1,954
Cash and restricted cash, at the beginning of year		30,908	101,023	13,932
Cash and restricted cash, at the end of year		44,990	115,190	15,886
Supplemental disclosures of cash flow information:
Interest paid		3,786	1,325	183
Income tax paid		4,175	2,774	383


	Six Months Ended June 30,
	2022	2023	2023
	RMB	RMB	US$
Net cash provided by/ (used in) operating activities	12,892	(30,836)	(4,252)
Net cash provided by/ (used in) investing activities	45,165	(6,036)	(832)
Net cash (used in)/ provided by financing activities	(41,443)	30,280	4,176
Effect of exchange rate changes on cash	(182)	218	30
Net increase/(decrease) in cash	16,432	(6,374)	(878)


	Six months ended June 30,
	2022	2023	2023
	RMB	RMB	US$
Revenue from contract with customers
On-demand delivery solution services	1,763,807	1,649,593	227,489
Mobility solution services	56,463	58,518	8,070
Housekeeping and accommodation solutions	43,370	25,719	3,547
Others	155	2,487	343
Total revenues	1,863,795	1,736,317	239,449