QUHUO Ltd 6-K, filed Nov 15, 2022
QUHUO Ltd (QH)
About this 6-K
QUHUO Ltd filed this 6-K on November 15, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2022
Commission File Number 001- 39354
Quhuo Limited
(Exact name of registrant as specified in its charter)
3rd Floor, Block A, Tonghui Building
No. 1132 Huihe South Street, Chaoyang District
Beijing, People’s Republic of China
(+86-10) 5923 6208
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Quhuo Limited | ||||||||
| Date: | November 15, 2022 | By: | /s/ Leslie Yu | |||||
| Name: Leslie Yu | ||||||||
| Title: Chairman and Chief Executive Officer | ||||||||
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Earning Release | |
| 99.2 | Press Release | |
Exhibit 99.1
Quhuo Announces Unaudited Financial Results for the First Half of 2022
BEIJING, China, November 15, 2022/PRNewswire/ — Quhuo Limited (NASDAQ: QH) (“Quhuo,” the “Company,” “we” or “our”), a leading gig economy platform focusing on community-centered services in China, today announced its unaudited financial results for the six months ended June 30, 2022.
Financial and Operational Highlights for the First Half of 2022
| • | Revenues from mobility service solutions, including shared-bike maintenance, ride hailing and freight solutions, increased 32.2% year-over-year. |
| • | Revenues from housekeeping and accommodation solutions increased 24.7% year-over-year. |
| • | Gross profit increased 89.6% year-over-year. |
| • | Gross margin was 5.0%, as compared to 2.7% in the first half of 2021. |
| • | Adjusted EBITDA was RMB10.8 million (US$1.6 million), as compared to adjusted EBITDA loss of 49.4 million in the first half of 2021. |
Mr. Leslie Yu, Chairman and Chief Executive Officer of Quhuo, commented, “In the first half of 2022, Quhuo maintained its strategy in 2021 of improving profitability after increasing revenues. The gross profit increased 89.6% year-over-year. At the same time, we have been endeavoring to reduce dependency on individual business segment, and accordingly, in addition to the continued solid development of on-demand delivery solutions, we have experienced a sustainable growth of other community-centered services. We also continued optimizing our operating efficiency. In the first half of 2022, our cost of revenue decreased by 1.1% year-over-year, our general and administrative expenses decreased by 22.8% year-over-year, and the adjusted EBITDA loss turned to profit of RMB10.8 million. We believe that our overall performance in the first half of 2022 demonstrated the effectiveness of our strategic planning and implementation.”
Unaudited Financial Results for the First Half of 2022
Total revenues increased by 1.4% from RMB1,838.3 million in the first half of 2021 to RMB1,863.8 million (US$278.3 million), primarily due to the following reasons.
| • | Revenues from on-demand delivery solutions were RMB1,763.8 million (US$263.3 million), which remained relatively stable as compared to RMB1,757.6 million in the first half of 2021. |
| • | Revenues from mobility service solutions, including shared-bike maintenance, ride hailing and freight service solutions, were RMB56.5 million (US$8.4 million), representing an increase of 32.2% from RMB42.7million in the first half of 2021, primarily due to (1) our enlarged customer base and service scope for shared-bike maintenance solutions, and (2) the commencement of freight solutions in July 2021. |
| • | Revenues from housekeeping and accommodation solutions were RMB43.4 million (US$6.5 million), representing an increase of 24.7% from RMB34.8 million in the first half of 2021, primarily due to the enlarged customer base for our housekeeping and accommodation solutions, which included hotels and B&Bs, as part of the network synergy we achieved following the business expansion of our housekeeping and accommodation solutions. |
Cost of revenues was RMB1,769.9 million (US$264.2 million), representing a slight decrease of 1.1% from RMB1,788.8 million in the first half of 2021, primarily due to the decrease in labor cost as a result of our improved operational efficiency.
As a result of the foregoing, gross profit was RMB93.9 million (US$14.0 million), representing an increase of 89.6% from RMB49.6 million in the first half of 2021.
General and administrative expenses were RMB99.5 million (US$14.9 million), representing a decrease of 22.8% from RMB128.9 million in the first half of 2021, primarily due to the decrease in share-based compensation expenses from RMB50.3 million in the first half of 2021 to RMB12.5 million (US$1.9 million) in the first half of 2022.
Research and development expenses were RMB7.2 million (US$1.1 million), representing a decrease of 22.0% from RMB9.2 million in the first half of 2021, primarily due to the decrease in the average compensation level for our research and development personnel as we restructured our R&D team.
As a result of foregoing, we recorded operating loss of RMB8.0 million (US$1.2 million), as compared to operating loss of RMB85.6 million in the first half of 2021.
We recorded other loss, net, of RMB8.3 million (US$1.2 million), as compared to other loss, net, of RMB27.4 million in the first half of 2021, primarily due to the fluctuation in fair value change of our investment in a mutual fund.
We recorded income tax expense of RMB6.7 million (US$1.0 million), as compared to income tax expense of RMB3.9 million in the first half of 2021, primarily due to the increased taxable income of some subsidiaries.
Net loss attributable to Quhuo Limited was RMB25.0 million (US$3.7 million), as compared to RMB111.5 million in the first half of 2021.
Adjusted net loss was RMB14.1 million (US$2.1 million), as compared to adjusted net loss of RMB69.3 million in the first half of 2021.(1)
Adjusted EBITDA was RMB10.8 million (US$1.6 million), as compared to adjusted EBITDA loss of RMB49.4 million in the first half of 2021.(1)
(1) See “Use of Non-GAAP Financial Measures.”
Balance Sheet
As of June 30, 2022, the Company had cash and short-term investments of RMB148.0 million (US$22.1 million) and short-term debt of RMB107.0 million (US$16.0 million).
CONFERENCE CALL
Quhuo will hold a conference call on Tuesday, November 15, 2022 at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong time on the same day) to discuss the financial results.
Participant can register for the conference call by navigating to https://s1.c-conf.com/diamondpass/10026861-9kvyew.html. Once preregistration has been completed, participants will receive dial-in numbers, Passcode, and a unique access PIN. The conference ID is 10026861.
To join the conference, please dial the number you receive, enter the passcode followed by your PIN, and you will be joined to the conference instantly.
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.quhuo.cn/.
A replay will be accessible after the conclusion of the conference call through November 22, 2022 by dialing the following numbers:
| United States: | 1855 883 1031 | |
| China Domestic: | 400 1209 216 | |
| Hong Kong: | 800 930 639 | |
| Replay PIN: | 10026861 |
USE OF NON-GAAP FINANCIAL MEASURES
Quhuo has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP).
Quhuo uses adjusted net income (loss) and adjusted EBITDA, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Adjusted net income (loss) represents net income (loss) before share-based compensation expenses. Adjusted EBITDA represents adjusted net income(loss) before income tax benefit(expense), amortization, depreciation and interest. Quhuo believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of share-based compensation expenses, income tax benefits or expenses, amortization, depreciation and interest. Quhuo believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Quhuo’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Quhuo encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Quhuo mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The following table sets forth a reconciliation of our net income (loss) to adjusted net income and adjusted EBITDA, respectively.
| QUHUO LIMITED | ||||||||||||
| Reconciliation of GAAP and Non-GAAP Results | ||||||||||||
| For the Six Months Ended | ||||||||||||
| June 30, 2021 | June 30, 2022 | June 30, 2022 | ||||||||||
| (RMB) | (RMB) | (US$) | ||||||||||
| (in thousands) | ||||||||||||
| Net loss |
(119,557 | ) | (26,586 | ) | (3,969 | ) | ||||||
| Add: Share-based Compensation |
50,252 | 12,503 | 1,867 | |||||||||
| Adjusted net loss |
(69,305 | ) | (14,083 | ) | (2,102 | ) | ||||||
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| Add: |
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| Income tax expense |
3,854 | 6,683 | 998 | |||||||||
| Depreciation |
3,818 | 3,798 | 567 | |||||||||
| Amortization |
9,127 | 10,663 | 1,592 | |||||||||
| Interest |
3,097 | 3,786 | 565 | |||||||||
| Adjusted EBITDA |
(49,409 | ) | 10,847 | 1,620 | ||||||||
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EXCHANGE RATE INFORMATION
This press release contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.6981 to US$1.00, the rate in effect as of June 30, 2022 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
SAFE HARBOR STATEMENT
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo’s business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo’s current expectations and involve risks and uncertainties. Quhuo’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo’s abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) remain its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationship with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares to competitors in existing markets and its success in expansion into new markets, as well as the length and severity of the recent COVID-19 outbreak and its impact on Quhuo’s business and industry. Other risks and uncertainties are included under the caption “Risk Factors” and elsewhere in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
ABOUT QUHUO LIMITED
Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”) is a leading gig economy platform focusing on local community-centered services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.
With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.
For more information about Quhuo, please visit https://ir.quhuo.cn/.
CONTACTS:
Investor Relations
Quhuo Limited
E-mail: ir@meishisong.cn
QUHUO LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| As of December 31, 2021 |
As of June 30, 2022 |
As of June 30, 2022 |
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| (RMB) | (RMB) | (US$) | ||||||||||
| Assets |
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| Current assets |
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| Cash |
28,593 | 44,990 | 6,717 | |||||||||
| Restricted cash |
2,315 | — | — | |||||||||
| Short-term investments |
178,830 | 102,968 | 15,373 | |||||||||
| Accounts receivable, net |
510,683 | 470,462 | 70,238 | |||||||||
| Prepayments and other current assets |
42,228 | 57,060 | 8,519 | |||||||||
| Amounts due from related parties |
4,787 | 9,097 | 1,358 | |||||||||
| Total current assets |
767,436 | 684,577 | 102,205 | |||||||||
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| Property and equipment, net |
14,914 | 13,508 | 2,017 | |||||||||
| Right-of-use assets, net |
7,964 | 8,327 | 1,243 | |||||||||
| Intangible assets, net |
124,259 | 112,282 | 16,763 | |||||||||
| Goodwill |
66,753 | 70,363 | 10,505 | |||||||||
| Deferred tax assets |
6,729 | 9,313 | 1,390 | |||||||||
| Other non-current assets |
157,320 | 149,781 | 22,362 | |||||||||
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| Total non-current assets |
377,939 | 363,574 | 54,280 | |||||||||
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| Total assets |
1,145,375 | 1,048,151 | 156,485 | |||||||||
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| liabilities, non-controlling interests and shareholders’ equity |
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| Current liabilities |
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| Accounts payables |
334,083 | 294,699 | 43,997 | |||||||||
| Accrued expenses and other current liabilities |
120,971 | 110,228 | 16,457 | |||||||||
| Short-term debt |
148,441 | 107,000 | 15,975 | |||||||||
| Short-term lease liabilities |
5,317 | 5,160 | 770 | |||||||||
| Amounts due to related parties |
245 | 550 | 82 | |||||||||
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| Total current liabilities |
609,057 | 517,637 | 77,281 | |||||||||
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| Long-term debt |
3 | — | — | |||||||||
| Long-term lease liabilities |
1,424 | 1,574 | 235 | |||||||||
| Deferred tax liabilities |
753 | 350 | 52 | |||||||||
| Other non-current liabilities |
50,703 | 50,464 | 7,534 | |||||||||
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| Total non-current liabilities |
52,883 | 52,388 | 7,821 | |||||||||
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| Total liabilities |
661,940 | 570,025 | 85,102 | |||||||||
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QUHUO LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| As of December 31, 2021 |
As of June 30, 2022 |
As of June 30, 2022 |
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| (RMB) | (RMB) | (US$) | ||||||||||
| Shareholders’ equity |
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| Ordinary shares |
37 | 37 | 6 | |||||||||
| Additional paid-in capital |
1,855,897 | 1,868,564 | 278,969 | |||||||||
| Accumulated deficit |
(1,366,734 | ) | (1,391,687 | ) | (207,773 | ) | ||||||
| Accumulated other comprehensive income |
(18,259 | ) | (12,964 | ) | (1,935 | ) | ||||||
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| Total Quhuo Limited shareholders’ equity |
470,941 | 463,950 | 69,267 | |||||||||
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| Non-controlling interests |
12,494 | 14,176 | 2,116 | |||||||||
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| Total shareholders’ equity |
483,435 | 478,126 | 71,383 | |||||||||
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| Total liabilities and shareholders’ equity |
1,145,375 | 1,048,151 | 156,485 | |||||||||
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QUHUO LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
| For the Six Months Ended | ||||||||||||
| June 30, 2021 | June 30, 2022 | June 30, 2022 | ||||||||||
| (RMB) | (RMB) | (US$) | ||||||||||
| Revenues |
1,838,326 | 1,863,795 | 278,257 | |||||||||
| Cost of revenues |
(1,788,774 | ) | (1,769,867 | ) | (264,234 | ) | ||||||
| General and administrative |
(128,903 | ) | (99,525 | ) | (14,859 | ) | ||||||
| Research and development |
(9,181 | ) | (7,161 | ) | (1,069 | ) | ||||||
| Gain on disposal of assets, net |
2,972 | 4,732 | 706 | |||||||||
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| Operating loss |
(85,560 | ) | (8,026 | ) | (1,199 | ) | ||||||
| Interest income |
377 | 191 | 29 | |||||||||
| Interest expense |
(3,097 | ) | (3,786 | ) | (565 | ) | ||||||
| Other loss, net |
(27,375 | ) | (8,282 | ) | (1,236 | ) | ||||||
| Foreign exchange loss |
(48 | ) | — | — | ||||||||
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| Loss before income tax |
(115,703 | ) | (19,903 | ) | (2,971 | ) | ||||||
| Income tax expense |
(3,854 | ) | (6,683 | ) | (998 | ) | ||||||
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| Net loss |
(119,557 | ) | (26,586 | ) | (3,969 | ) | ||||||
| Net loss attributable to non-controlling interests |
8,080 | 1,633 | 244 | |||||||||
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| Net loss attributable to ordinary shareholders of the Quhuo limited |
(111,477 | ) | (24,953 | ) | (3,725 | ) | ||||||
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| Non-GAAP Financial Data |
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| Adjusted net loss |
(69,305 | ) | (14,083 | ) | (2,102 | ) | ||||||
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| Adjusted EBITDA |
(49,409 | ) | 10,847 | 1,620 | ||||||||
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| Loss per share for class A and class B ordinary shares |
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| Basic |
(2.56 | ) | (0.53 | ) | (0.08 | ) | ||||||
| Diluted |
(2.56 | ) | (0.53 | ) | (0.08 | ) | ||||||
| Net loss used in basic and diluted loss per share calculation |
(111,477 | ) | (24,953 | ) | (3,725 | ) | ||||||
| Weighted average number of Class A and Class B ordinary shares used in loss per share computation: |
| |||||||||||
| Basic |
43,467,334 | 46,841,258 | 46,841,258 | |||||||||
| Diluted |
43,467,334 | 46,841,258 | 46,841,258 | |||||||||
Exhibit 99.2
Quhuo Reported the Unaudited Financial Results for the First Half of 2022,
Achieving an 89.6% Year-over-Year Increase in the Gross Profit
| • | Gross profit increased 89.6% year-over-year. |
| • | Gross margin was 5.0%, as compared to 2.7% in the first half of 2021. |
BEIJING, Nov. 15, 2022 (PRNewswire) — Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”), a leading gig economy platform focusing on community-centered services in China, maintained its strategy in 2021 of increasing revenues before enhancing profitability and reported an 89.6% year-over-year increase in gross profit for the six months ended June 30, 2022.
Continuing the strategy of increasing revenues before enhancing profitability
In the first half of 2022, Quhuo maintained its strategy in 2021 of increasing revenues before enhancing profitability. The gross profit increased 89.6% year-over-year and the gross margin reached 5.0%, as compared to that of 2.7% in the first half of 2021, primarily attributable to the Company’s improved operational efficiency and enhanced cost control.
Through optimizing its operational efficiency, the cost of revenue decreased by 1.1% year-over-year, the general and administrative expenses decreased by 22.8% year-over-year, and the adjusted EBITDA loss turned into a profit of RMB10.8 million. The overall financial performance of the first half of 2022 demonstrated the effectiveness of Quhuo’s strategic planning and implementation.
Generating diversified revenue from multiple services
As commented by Mr. Leslie Yu, Chairman and Chief Executive Officer of Quhuo, the Company has been endeavoring to reduce dependency on individual business sectors and experienced a sustainable growth of other community-centered services in addition to the continued solid development of on-demand delivery solutions.
The on-demand delivery solutions remained as the cornerstone of the Company’s business, which generated a revenue of RMB1,763.8 million in the first half of 2022. The Company’s mobility service solutions and housekeeping and accommodation solutions have also achieved excellent preperformance, achieving year-over-year increase of 32.2% and 24.7%, respectively. Specifically, revenues from mobility service solutions were RMB56.5 million (US$8.4 million), which was benefited from the expansion of customer base and service scope for shared-bike maintenance solutions, as well as the commencement of freight solutions in July 2021. The rapidly growing housekeeping and accommodation solutions generated a revenue of RMB43.4 million (US$6.5 million), which demonstrated the benefits of the enlarged customer base and the network synergy achieved by the business expansion of housekeeping and accommodation solutions.
Fulfilling the constant and essential community living needs
The essential living needs of community lives, including but not limited to “clothing, meals, accommodation, and travel,” are necessary for all residents, and the domestic epidemic control led to an increase in the demand for those services at home. These growing needs are the foothold for Quhuo.
Nowadays, Quhuo covers the majority of areas with strong economic demand in first- and second-tier cities in China and provides multiple services around constant and essential community living needs.
In order to further root in community service, Quhuo is planning the community laundry service. This service will create a win-win situation for all parties by linking residents, community store owners, logistics providers and laundry factories through SaaS systems and services.
Undertaking corporate social responsibility actively
At a period when economic downturns and layoffs are occurring from time to time, the Company believes that its business model has positive impact on promoting employment. Further, the Company is implementing various measures to assist workers on its platform with employment opportunities and entrepreneurial support.
Quhuo has helped nearly 500,000 workers find employment up to now, 22.06% of whom have a college degree or above.
In the future, Quhuo will jointly promote its community service ecosystem through its own teams and franchisees, relying on the existing service network covering more than 130 cities and more than 1,200 business districts across the country. Quhuo will continue to focus on constant and essential community life needs to deeply cultivate diversified service scenarios, continuously improve the satisfaction rate of community services through technology and operational empowerment, and solidify its market leader position in community services with lean operations, creating long-term and sustainable business and social value.
About Quhuo
Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”) is a leading gig economy platform focusing on local community-centered services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.
With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.
SAFE HARBOR STATEMENT
This press release contains ‘‘forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo’s business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo’s current expectations and involve risks and uncertainties. Quhuo’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo’s abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) remain in its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationships with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares in relation to competitors in existing markets and its success in expansion into new markets, as well as the length and severity of the recent COVID-19 outbreak and its impact on Quhuo’s business and industry. Other risks and uncertainties are included under the caption “Risk Factors” and elsewhere in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
For investor and media inquiries, please contact:
Quhuo Limited
E-mail: pr@meishisong.cn
SOURCE Quhuo Limited