XIAMEN, China, May 26, 2020 /PRNewswire/ -- Qudian Inc.
("Qudian" or "the Company" or "We") (NYSE: QD), a leading
technology platform empowering the enhancement of online consumer
finance experience in China, today
announced its unaudited financial results for the quarter ended
March 31, 2020.
First Quarter 2020 Operational Highlights:
- Total number of registered users as of March 31,
2020 reached 80.2 million, representing an increase of
9.5% from March 31, 2019
- Number of outstanding borrowers[1] from loan book
business and transaction services business as of March 31, 2020 decreased by 7.1% to 5.7 million
from 6.1 million as of December 31,
2019 as a result of the conservative and prudent strategy
which the Company has deployed under the current credit
environment
- Total outstanding loan balance from loan book
business[2] decreased by 32.0% to RMB15.3
billion as of March 31, 2020,
compared to the outstanding balance as of December 31, 2019; Total outstanding loan
balance from transaction serviced on open platform decreased by
15.6% to RMB13.2 billion as of
March 31, 2020, compared to the
outstanding balance as of December 31,
2019
- Amount of transactions from loan book business for
this quarter decreased by 52.8% to RMB4.4
billion from the fourth quarter of 2019; Amount of
transactions from transaction serviced on open platform for
this quarter decreased by 68.0% to RMB2.6
billion from the fourth quarter of 2019
- Weighted average loan tenure for our loan book business
was 8.4 months for this quarter, compared with 10.9 months for the
fourth quarter of 2019; Weighted average loan tenure for
transaction serviced on open
platform was 11.2 months for this quarter, compared with 13.8
months for the fourth quarter of 2019
[1] Outstanding borrowers are
borrowers who have outstanding loans as of a particular date,
including outstanding borrowers from both loan book business and
transaction services business. Transaction services business,
relates to various services, including credit assessment, referral
and post-origination services, provided through our open platform,
which was launched in the second half of 2018.
[2] Includes (i) off and on balance
sheet loans directly or indirectly funded by our institutional
funding partners or our own capital, net of cumulative write-offs
and (ii) does not include auto loans from Dabai Auto
business.
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First Quarter 2020 Financial Highlights:
- Total revenues were RMB957.9
million (US$135.3 million),
representing a decrease of 54.3% from the same period last
year
- Recorded net loss of RMB486.5
million (US$68.7 million), or
net loss per diluted ADS of RMB1.92
(US$0.27), compared to net income of
RMB949.6 million in the same period
last year
- Recorded Non-GAAP net loss[3] of RMB907.5 million (US$128.2
million), or Non-GAAP net loss per diluted ADS of
RMB3.57 (US$0.50), compared to Non-GAAP net income
of RMB974.3 million in the same
period last year
[3] For more information on
this Non-GAAP financial measure, please see the table captioned
"Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth
at the end of this press release.
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"In the first quarter of 2020, we continued to navigate the
challenging market environment with prudent execution of our
operations," said Mr. Min Luo,
Founder, Chairman and Chief Executive Officer of Qudian. "The
COVID-19 pandemic accelerated macroeconomic and credit cycle
downtrends, which further drove up our D1 delinquency
rate[4] to approximately 20% in the first quarter. In
light of the market headwinds, we maintained a conservative
deleveraging strategy to protect our net assets. Consequently, the
transaction volume in our loan book business was reduced by
approximately 53% quarter-over-quarter, and helped us maintain our
leverage ratio[5] at lower than 1.5x. Additionally, the
amount of open platform transactions decreased by approximately 68%
quarter-over-quarter as a result of stricter credit evaluation
criteria by institutional funding partners on our open
platform."
"As indicated in our fourth quarter earnings report, we are
utilizing increased capital liquidity from prudent loan book
operations for strategic investments in new areas of growth. To
this end, in late March, we launched Wanlimu, a luxury e-commerce
platform offering a wide spectrum of high-end products for
consumers in China. We have a
positive view on the tremendous demand and growth potential of
China's luxury consumer market,"
Mr. Luo concluded.
"In March and April of 2020, we repurchased an aggregate
principal amount of approximately US$170
million convertible bonds at attractive prices from the open
market. This repurchase has improved the financial condition for
the Company," said Ms. Sissi Zhu,
Vice President of Investor Relations of Qudian.
"Looking forward, we expect a soft performance for the second
quarter of 2020, given the continued negative economic impact of
the COVID-19 pandemic, increasing amounts of guarantee liabilities
and risk assurance liabilities and provisions, and our ongoing
reduction of transaction volume to mitigate risk exposures. In
addition, since our Wanlimu initiative is still in the early stages
of development where substantial investment is required, we expect
to incur a significant increase in inventory costs, and sales and
marketing expenses in 2020. Despite the adverse operating
environment, we are proactively executing our strategy to protect
net assets and explore new growth opportunities," Ms. Zhu
concluded.
[4] "D1 delinquency rate" is defined
as (i) the total amount of principal and financing service
fees that became overdue as a specified date, divided by
(ii) the total amount of principal and financing services fees
that was due for repayment as of such date, in each case with
respect to our loan book business and transaction services
business.
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[5] "Leverage ratio" is defined as
the ratio between (i) outstanding balance of our loan book business
and (ii) total net assets.
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First Quarter Financial Results
Total revenues were RMB957.9 million (US$135.3
million), representing a decrease of 54.3% from RMB2,096.9 million for the first quarter of
2019.
Financing income totaled RMB622.7 million (US$87.9
million), representing a decrease of 38.4% from
RMB1,010.8 million for the
first quarter of 2019, as a result of a decrease in average
on-balance sheet loan balance.
Loan facilitation income and other related income
decreased by 34.4% to RMB422.4
million (US$59.7 million) from
RMB644.4 million for the first
quarter of 2019, as a result of a decrease in the amount of
off-balance sheet transactions, partially offset by
reclassification of guarantee income of RMB387.5 million, as ASC 326, which became
effective for the Company on January 1,
2020, requires the fee income earned on the non-contingent
aspect of a guarantee to be recognized separately from the expected
credit loss.
Transaction services fee and other related income
was a loss of RMB150.4 million
(US$21.2 million) compared with an
income of RMB158.7 million for the
first quarter of 2019, as a combined result of an income of
RMB112.9 million for the transactions
facilitated during the first quarter of 2020, an income of
RMB24.1 million for the
post-origination services of transactions facilitated in the
previous year, and a revaluation loss of RMB287.4 million for contract assets incurred for
the transactions facilitated in 2019. The revaluation was due to
adverse changes occurred in the first quarter of 2020 that led to
the deterioration of the estimated likelihood of receiving
borrowers' actual repayment of service fees as of March 31, 2020.
Sales income substantially decreased to
RMB17.1 million (US$2.4 million) from RMB137.0 million for the first quarter of
2019, due to the winding down of the Dabai Auto business.
Sales commission fee decreased by 75.2% to
RMB33.7 million (US$4.8 million) from RMB135.9 million for the first quarter of
2019, due to a decrease in the amount of merchandise credit
transaction.
Total operating costs and expenses increased by
109.6% to RMB2,066.6 million
(US$291.9 million) from RMB985.7 million for the first quarter of
2019.
Cost of revenues decreased by 63.3% to
RMB95.6 million (US$13.5 million) from RMB260.5 million for the first quarter of 2019,
primarily due to a decrease in costs incurred by the Dabai Auto
business and a decrease in funding costs associated with the
on-balance sheet portion of our loan book business.
Sales and marketing expenses decreased by
26.4% to RMB58.8 million
(US$8.3 million) from RMB79.9 million for the first quarter of
2019. The decrease was primarily due to the winding down of the
Dabai Auto business.
General and administrative
expenses decreased by 7.7% to RMB76.6 million (US$10.8 million) from RMB82.9
million for the first quarter of 2019.
Research and development
expenses decreased by 13.8% to RMB54.7 million (US$7.7 million) from RMB63.5 million for the first quarter of
2019.
Provision for receivables and other
assets increased by 183.9% to RMB1,108.5
million (US$156.5 million)
from RMB390.4 million for the first quarter of
2019. The increase was primarily due to an increase in
past-due on-balance sheet outstanding principal receivables
compared to the first quarter of 2019, as well as an increase in
the loss rates estimates in our roll-rate model due to
macroeconomic and credit cycle downtrends in the first quarter of
2020.
As of March 31, 2020, the total balance of outstanding
principal and financing service fee receivables for on-balance
sheet transactions for which any installment payment was more than
30 calendar days past due was RMB1,147.6
million (US$162.1 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB1,971.7
million (US$278.5 million),
indicating M1+ Delinquency Coverage Ratio of 1.7x.
The following charts display the "vintage charge-off rate."
Total potential receivables at risk vintage charge-off rate refers
to, with respect to on- and off-balance sheet transactions
facilitated during a specified time period, the total potential
outstanding principal balance of the transactions that are
delinquent for more than 180 days up to twelve months after
origination, divided by the total initial principal of the
transactions facilitated in such vintage. Delinquencies may
increase or decrease after such 12-month period.
Current receivables at risk vintage charge-off rate refers to,
with respect to on- and off-balance sheet transactions facilitated
during a specified time period, the actual outstanding principal
balance of the transactions that are delinquent for more than 180
days up to twelve months after origination, divided by the total
initial principal of the transactions facilitated in such vintage.
Delinquencies may increase or decrease after such 12-month
period.
Total potential receivables at risk M1+ delinquency rate by
vintage refers to, with respect to on- and off-balance sheet
transactions facilitated during a specified time period, the total
potential outstanding principal balance of the transactions that
are delinquent for more than 30 days up to twelve months after
origination, divided by the total initial principal of the
transactions facilitated in such vintage. Delinquencies may
increase or decrease after such 12-month period.
Current receivables at risk M1+ delinquency rate by vintage
refers to, with respect to on- and off-balance sheet transactions
facilitated during a specified time period, the actual outstanding
principal balance of the transactions that are delinquent for more
than 30 days up to twelve months after origination, divided by the
total initial principal of the transactions facilitated in such
vintage. Delinquencies may increase or decrease after such 12-month
period.
Loss from operations was RMB961.1 million (US$135.7 million), as compared to income from
operations of RMB1,138.1 million for
the first quarter of 2019.
Net loss attributable to
Qudian's
shareholders was RMB486.5
million (US$68.7 million), or
net loss per diluted ADS of RMB1.92
(US$0.27).
Non-GAAP net loss attributable to Qudian's
shareholders was RMB907.5
million (US$128.2 million), or
Non-GAAP net loss per diluted ADS of RMB3.57 (US$0.50).
Cash Flow
As of March 31, 2020, the Company
had cash and cash equivalents of RMB1,516.2
million (US$214.1 million) and
restricted cash
of RMB540.4 million (US$76.3 million). Restricted cash mainly
represents (i) cash held by the consolidated trusts through
segregated bank accounts; and (ii) security deposits held in
designated bank accounts for the guarantee of off-balance sheet
transactions. Such restricted cash is not available to fund the
general liquidity needs of the Company.
For the first quarter of 2020, net cash provided by
operating activities was RMB521.6
million (US$73.7 million),
mainly due to the collection of repayments of service fees from
transactions facilitated in 2019, although the Company incurred net
loss in the first quarter of 2020. Net cash used in investing
activities was RMB1,447.8
million (US$204.5 million),
mainly due to payments to originate loan principal and investments
in short-term wealth management products. Net cash used in
financing activities was RMB1,160.6 million (US$163.9 million), mainly due to repayments of
borrowings and repurchase of convertible bonds and ordinary
shares.
Update on Share Repurchase and Convertible Bond
Repurchase
As of the date of this release, the Company has repurchased and
cancelled total principal amount of convertible senior notes of
US$170 million. The Company has
cumulatively completed total share repurchases of approximately
US$572.8 million. As of
March 31, 2020, the total number of
ordinary shares outstanding was 253,719,036.
Accounting Policy Changes
The Company has adopted the Financial Instruments – Credit
Losses (ASC 326): Measurement of Credit Losses on Financial
Instruments on January 1, 2020, using
the modified retrospective transition method.
This standard requires the measurement of all expected credit
losses for financial assets held at the reporting date based on
historical experience, current conditions, and reasonable and
supportable forecasts.
The most significant impact of the standard relates to the
accounting for allowance of loan principal and financing service
fee receivables and risk assurance liabilities. The Company
estimates the expected credit losses over the lifetime (the
remaining contractual life) of the related assets and incorporates
reasonable and supportable forecasts of future economic conditions
into the calculation.
Upon adoption of the standard on January
1, 2020, the Company recorded an RMB46.7 million (US$6.6
million) increase to the allowance for receivables and an
RMB1,093.4 million (US$154.4 million) increase to risk assurance
liabilities. After adjusting for deferred taxes, an RMB974.7 million (US$137.7
million) decrease was recorded in retained earnings through
a cumulative-effect adjustment.
Conference Call
The Company's management will host an earnings conference call
on May 26, 2020 at 7:00 AM U.S. Eastern Time, (7:00 PM Beijing/Hong Kong Time).
To speed up the entry process for participants, this earnings
conference call requires all participants to finish an online
registration in advance.
For participants who wish to join the call, please complete the
Direct Event online registration at
http://apac.directeventreg.com/registration/event/3928518 at
least 15 minutes prior to the scheduled call start time. Upon
registration, participants will receive the conference call access
information, including dial-in numbers, Direct Event Passcode,
unique Registrant ID, and an e-mail with detailed instructions to
join the conference call.
Once complete the registration, please dial-in at least 10
minutes before the scheduled start time of the earnings call and
enter the Direct Event Passcode and Registrant ID as instructed to
connect to the call.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.qudian.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the live call until June 1st, 2020, by dialing the following
telephone numbers:
U.S.:
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+1-855-452-5696
(toll-free) / +1-646-254-3697
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International:
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+61-2-8199-0299
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Hong Kong,
China:
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800-963-117
(toll-free) / +852-3051-2780
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Mainland
China:
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400-632-2162
(toll-free) / 800-870-0205 (toll-free)
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Passcode:
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3928518
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About Qudian Inc.
Qudian Inc. ("Qudian") is a leading technology platform
empowering the enhancement of online consumer finance experience in
China. The Company's mission is to
use technology to make personalized credit accessible to hundreds
of millions of young, mobile-active consumers in China who need access to small credit for
their discretionary spending but are underserved by traditional
financial institutions due to lack of traditional credit data or
high cost of servicing. Qudian's credit solutions enable licensed,
regulated financial institutions and ecosystem partners to offer
affordable and customized loans to this young generation of
consumers.
For more information, please
visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use adjusted net income/loss, a Non-GAAP financial measure,
in evaluating our operating results and for financial and
operational decision-making purposes. We believe that adjusted net
income/loss helps identify underlying trends in our business by
excluding the impact of share-based compensation expenses, which
are non-cash charges, and convertible bonds buyback income. We
believe that adjusted net income/loss provides useful information
about our operating results, enhances the overall understanding of
our past performance and future prospects and allows for greater
visibility with respect to key metrics used by our management in
its financial and operational decision-making.
Adjusted net income/loss is not defined under U.S. GAAP and are
not presented in accordance with U.S. GAAP. This Non-GAAP financial
measure has limitations as analytical tools, and when assessing our
operating performance, cash flows or our liquidity, investors
should not consider them in isolation, or as a substitute for net
loss / income, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in
accordance with U.S. GAAP.
We mitigate these limitations by reconciling the Non-GAAP
financial measure to the most comparable U.S. GAAP performance
measure, all of which should be considered when evaluating our
performance.
For more information on this Non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliation of GAAP and
Non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate
of RMB7.0808 to US$1.00, the noon buying rate in effect
on March 31, 2020 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary Unaudited Financial
Information
The unaudited financial information set out in this earnings
release is preliminary and subject to potential adjustments.
Adjustments to the consolidated financial statements may be
identified when audit work has been performed for the Company's
year-end audit, which could result in significant differences from
this preliminary unaudited financial information.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the expectation of its collection efficiency and
delinquency, contain forward-looking statements. Qudian may also
make written or oral forward-looking statements in its periodic
reports to the SEC, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Qudian's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Qudian's
goal and strategies; Qudian's expansion plans; Qudian's future
business development, financial condition and results of
operations; Qudian's expectations regarding demand for, and market
acceptance of, its credit products; Qudian's expectations regarding
keeping and strengthening its relationships with borrowers,
institutional funding partners, merchandise suppliers and other
parties it collaborate with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Qudian's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and Qudian does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
Qudian Inc.
Tel: +86-592-591-1711
E-mail: ir@qudian.com
The Piacente Group, Inc.
Xi Zhang
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com
QUDIAN
INC.
|
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
(In thousands except
for number
|
|
|
2019
|
|
2020
|
of shares and
per-share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing
income
|
|
|
1,010,758
|
|
622,683
|
87,940
|
Loan facilitation
income and other related income
|
|
|
644,413
|
|
422,443
|
59,660
|
Transaction services
fee and other related income(1)
|
|
158,724
|
|
(150,415)
|
(21,242)
|
Sales commission
fee
|
|
|
135,854
|
|
33,713
|
4,761
|
Sales
income
|
|
|
136,971
|
|
17,056
|
2,409
|
Penalty
fee
|
|
|
10,140
|
|
12,381
|
1,749
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
2,096,860
|
|
957,861
|
135,277
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(260,485)
|
|
(95,615)
|
(13,503)
|
Sales and
marketing
|
|
|
(79,857)
|
|
(58,805)
|
(8,305)
|
General and
administrative
|
|
|
(82,896)
|
|
(76,550)
|
(10,811)
|
Research and
development
|
|
|
(63,508)
|
|
(54,725)
|
(7,729)
|
Changes in guarantee
liabilities and risk assurance liabilities(2)
|
|
(108,581)
|
|
(672,408)
|
(94,962)
|
Provision for
receivables and other assets
|
|
|
(390,391)
|
|
(1,108,451)
|
(156,543)
|
Total operating
cost and expenses
|
|
|
(985,718)
|
|
(2,066,554)
|
(291,853)
|
Other operating
income
|
|
|
26,994
|
|
147,571
|
20,841
|
|
|
|
|
|
|
|
(Loss)/ income
from operations
|
|
|
1,138,136
|
|
(961,122)
|
(135,735)
|
Interest and
investment income, net
|
|
|
2,107
|
|
436,042
|
61,581
|
Foreign exchange
(loss)/gain, net
|
|
|
7,921
|
|
(4,635)
|
(655)
|
Other
income
|
|
|
1,227
|
|
15,316
|
2,163
|
Other
expenses
|
|
|
(1,526)
|
|
(189)
|
(27)
|
|
|
|
|
|
|
|
Net (loss)/income
before income taxes
|
|
|
1,147,865
|
|
(514,588)
|
(72,673)
|
Income tax
benefit/(expenses)
|
|
|
(198,243)
|
|
28,108
|
3,970
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
949,622
|
|
(486,480)
|
(68,703)
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Qudian Inc.'s
shareholders
|
|
|
949,622
|
|
(486,480)
|
(68,703)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
share for Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
Basic
|
|
|
3.20
|
|
(1.92)
|
(0.27)
|
Diluted
|
|
|
3.19
|
|
(1.92)
|
(0.27)
|
|
|
|
|
|
|
|
(Loss)/earnings per
ADS (1 Class A ordinary share
equals 1 ADSs):
|
|
|
|
|
|
|
Basic
|
|
|
3.20
|
|
(1.92)
|
(0.27)
|
Diluted
|
|
|
3.19
|
|
(1.92)
|
(0.27)
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
296,766,678
|
|
253,874,830
|
253,874,830
|
Diluted
|
|
|
297,726,986
|
|
253,874,830
|
253,874,830
|
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(18,809)
|
|
(1,377)
|
(194)
|
|
|
|
|
|
|
|
Total
comprehensive (loss)/income
|
|
|
930,813
|
|
(487,857)
|
(68,897)
|
|
|
|
|
|
|
|
Total
comprehensive (loss)/income attributable to
Qudian Inc.'s shareholders
|
|
|
930,813
|
|
(487,857)
|
(68,897)
|
|
|
|
|
|
|
|
Note:
(1) The amount includes an income of RMB112.9 million for the
transactions facilitated during the first quarter of 2020, an
income of RMB24.1
million for the post-origination services of transactions
facilitated in the previous year, and a revaluation loss of
RMB287.4 million for contract assets
incurred for the transactions facilitated in 2019.
(2) The amount includes the change in fair value of the guarantee
liabilities accounted in accordance with ASC
815,"Derivative", and the change in
risk assurance liabilities accounted in accordance with ASC 450,
"Contingencies" and ASC 460, "Guarantees".
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of March
31,
|
(In thousands except
for number
|
|
|
2019
|
|
2020
|
of shares and
per-share data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
ASSETS:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
2,860,938
|
|
1,516,175
|
214,125
|
Restricted
cash
|
|
|
1,257,649
|
|
540,440
|
76,325
|
Time
Deposits
|
|
|
231,132
|
|
235,083
|
33,200
|
Short-term
investments
|
|
|
-
|
|
1,232,850
|
174,112
|
Short-term loan
principal and financing service fee receivables
|
|
|
7,894,697
|
|
7,286,743
|
1,029,085
|
Short-term
finance lease receivables
|
|
|
398,256
|
|
353,186
|
49,879
|
Short-term
contract assets
|
|
|
2,741,914
|
|
1,543,687
|
218,010
|
Other current
assets
|
|
|
1,638,905
|
|
1,113,298
|
157,228
|
Total
current assets
|
|
|
17,023,491
|
|
13,821,462
|
1,951,963
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term loan
principal and financing service fee receivables
|
|
|
424
|
|
-
|
-
|
Long-term
finance lease receivables
|
|
|
239,697
|
|
144,900
|
20,464
|
Operating lease
right-of-use assets
|
|
|
148,851
|
|
142,596
|
20,138
|
Investment in
equity method investee
|
|
|
44,779
|
|
23,084
|
3,260
|
Long-term
investments
|
|
|
223,158
|
|
222,706
|
31,452
|
Property and
equipment, net
|
|
|
92,821
|
|
113,983
|
16,097
|
Intangible
assets
|
|
|
6,803
|
|
6,489
|
916
|
Long-term
contract assets
|
|
|
273,597
|
|
98,399
|
13,897
|
Deferred tax
assets
|
|
|
290,285
|
|
466,047
|
65,818
|
Other
non-current assets
|
|
|
17,698
|
|
16,216
|
2,290
|
Total
non-current assets
|
|
|
1,338,113
|
|
1,234,420
|
174,333
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
18,361,604
|
|
15,055,882
|
2,126,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of March
31,
|
(In thousands except
for number
|
|
|
2019
|
|
2020
|
of shares and
per-share data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
|
|
1,049,570
|
|
384,596
|
54,315
|
Short-term
lease liabilities
|
|
|
21,919
|
|
20,378
|
2,878
|
Accrued
expenses and other current liabilities
|
|
|
718,266
|
|
672,539
|
94,981
|
Guarantee
liabilities and risk assurance liabilities(3)
|
|
|
1,517,827
|
|
1,798,603
|
254,011
|
Income tax
payable
|
|
|
589,739
|
|
221,625
|
31,299
|
Total
current liabilities
|
|
|
3,897,321
|
|
3,097,741
|
437,485
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Deferred tax
liabilities
|
|
|
178,985
|
|
10,005
|
1,413
|
Convertible
senior notes
|
|
|
2,339,552
|
|
1,438,448
|
203,148
|
Long-term lease
liabilities
|
|
|
21,694
|
|
17,729
|
2,504
|
Long-term
borrowings and interest payables
|
|
|
-
|
|
23,888
|
3,374
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
2,540,231
|
|
1,490,070
|
210,438
|
Total
liabilities
|
|
|
6,437,552
|
|
4,587,811
|
647,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
|
131
|
|
131
|
19
|
Class B
Ordinary shares
|
|
|
44
|
|
44
|
6
|
Treasury
shares
|
|
|
(362,130)
|
|
(369,227)
|
(52,145)
|
Additional
paid-in capital
|
|
|
3,967,733
|
|
3,981,385
|
562,279
|
Accumulated
other comprehensive loss
|
|
|
(12,965)
|
|
(14,342)
|
(2,025)
|
Retained
earnings
|
|
|
8,331,239
|
|
6,870,080
|
970,241
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
11,924,052
|
|
10,468,071
|
1,478,374
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
18,361,604
|
|
15,055,882
|
2,126,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
(3) The amount includes the balance of the guarantee liabilities
accounted in accordance with ASC 815,"Derivative", and the balance
of risk assurance liabilities accounted in
accordance with ASC 450, "Contingencies" and ASC 460,
"Guarantees".
|
QUDIAN
INC.
|
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
2019
|
|
2020
|
(In thousands except
for number
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
of shares and
per-share data)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
(loss)/income attributable to Qudian Inc.'s
shareholders
|
|
|
949,622
|
|
(486,480)
|
|
(68,703)
|
Add: Share-based
compensation expenses
|
|
|
24,656
|
|
13,652
|
|
1,928
|
Less: Convertible
bonds buyback income
|
|
|
-
|
|
434,693
|
|
61,390
|
Non-GAAP net
(loss)/income attributable to Qudian Inc.'s
shareholders
|
|
974,278
|
|
(907,521)
|
|
(128,165)
|
|
|
|
|
|
|
|
|
Non-GAAP net
(loss)/income per share—basic
|
|
|
3.28
|
|
(3.57)
|
|
(0.50)
|
Non-GAAP net
(loss)/income per share—diluted
|
|
|
3.27
|
|
(3.57)
|
|
(0.50)
|
Weighted average
shares outstanding—basic
|
|
|
296,766,678
|
|
253,874,830
|
|
253,874,830
|
Weighted average
shares outstanding—diluted
|
|
|
297,726,986
|
|
253,874,830
|
|
253,874,830
|
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SOURCE Qudian Inc.