XIAMEN, China, March 18, 2022 /PRNewswire/ -- Qudian Inc.
("Qudian" or "the Company" or "We") (NYSE: QD), a leading
technology platform empowering the enhancement of the online
consumer finance experience in China, today announced its unaudited financial
results for the quarter and full year ended December 31, 2021.
Fourth Quarter 2021 Operational Highlights:
- Number of outstanding borrowers[1] from loan book
business as of December 31, 2021
decreased by 2.7% to 2.7 million from 2.8 million as of
September 30, 2021, as a result of
the Company's deployment of a conservative and prudent
strategy
- Total outstanding loan balance from loan book
business[2] decreased by 13.7% to RMB2.6
billion as of December 31, 2021 from
RMB3.0 billion as of September 30, 2021
- Amount of transactions from loan book business for
this quarter decreased by 12.0% to RMB3.0 billion from the third quarter of
2021
- Weighted average loan tenure for our loan book business
was 3.9 months for this quarter, compared to 4.3 months for the
third quarter of 2021
|
[1] Outstanding borrowers are
borrowers who have outstanding loans from the Company's loan book
business as of a particular date.
[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.
|
Fourth Quarter 2021 Financial Highlights:
- Total revenues were RMB378.9 million (US$59.5 million), compared to RMB713.6 million for the same period of last
year
- Net loss attributable to Qudian's shareholders was RMB65.1 million (US$10.2
million), compared to an income of RMB673.9 million for the same period of last
year, or net loss of RMB0.26
(US$0.04) per diluted ADS
- Non-GAAP net loss attributable to Qudian's
shareholders[3] was RMB59.3 million (US$9.3 million), compared to income of
RMB683.5 million forthe same period
of last year, or Non-GAAP net loss of RMB0.23 (US$0.04) per diluted ADS
Full Year 2021 Financial Highlights:
- Total revenues were RMB1,654.0
million (US$259.6 million) for
2021, representing a decrease of 55.2% from 2020, primarily due to
the decrease in the amount of transactions
- Financing income decreased by 40.3% to RMB1,255.5 million (US$197.0 million) from RMB2,102.7 million for 2020 as a result of
the decrease in the average on-balance sheet loan balance
- Transaction services fee and other related income was
RMB151.7 million (US$23.8 million) for 2021, compared to a loss of
RMB136.5 million for 2020
- Net income attributable to Qudian's shareholders decreased
by 38.6% year-on-year to RMB589.1
million (US$92.4 million), or
RMB2.27 (US$0.36) per diluted ADS
- Non-GAAP net income attributable to Qudian's
shareholders [3] increased by 60.2% year-on-year to
RMB612.4 million (US$96.1 million), or RMB2.36 (US$0.37)
per diluted ADS
|
[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.
|
"In light of the fast-evolving market dynamics, we maintained
prudent operations in our cash credit business in the fourth
quarter, closing out 2021 with steady performance. We generated
approximately RMB3.0 billion of
transactions from our loan book business with stable asset quality
during the fourth quarter," said Mr. Min
Luo, Founder, Chairman and Chief Executive Officer of
Qudian. "With respect to WLM KIDS, we decided to significantly
downsize the business after cautiously re-evaluating the impact of
recurrent pandemic outbreaks and regulations concerning the
education industry. We believe this decision is in the best
interest of the Company and our shareholders. We will continue to
closely monitor the shifting regulatory environment and remain
vigilant in our credit loan business operations as we strive to
bolster the long-term sustainability of our business."
"During the fourth quarter, we remained dedicated to controlling
credit risk and continued to shift toward high-quality borrowers.
As a result, we have stabilized our D1 delinquency
rate[4] at approximately 5% as of the end of
February 2022. Looking ahead,
supported by our robust balance sheet, we are well-positioned to
safeguard the interests of our shareholders and stay flexible in
our strategic adjustments," said Ms. Sissi
Zhu, Vice President of Investor Relations of Qudian.
|
[4] "D1 delinquency rate" is defined
as (i) the total amount of principal and financing service
fees that became overdue as of 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.
|
Fourth Quarter Financial Results
Total revenues were RMB378.9 million (US$59.5 million), representing a decrease of
46.9% from RMB713.6 million for the
fourth quarter of 2020.
Financing income totaled RMB296.4 million (US$46.5
million), representing a decrease of 28.0% from
RMB411.8 million for the
fourth quarter of 2020, as a result of the decrease in the
average on-balance sheet loan balance.
Loan facilitation income and other related income
decreased by 90.4% to RMB9.9 million
(US$1.6 million) from RMB103.2 million for the fourth quarter of
2020, as a result of the reduction in transaction volume of
off-balance sheet loans during this quarter.
Transaction services fee and other related income
increased to RMB41.6 million
(US$6.5 million) from RMB3.1 million for the fourth quarter
of 2020, mainly as a result of the reassessment of variable
consideration.
Sales income and others decreased to RMB7.2 million (US$1.1
million) from RMB161.5 million
for the fourth quarter of 2020, mainly due to the decrease in
sales related to the Wanlimu e-commerce platform, which we are in
the process of winding down.
Sales commission fee decreased by 49.0% to
RMB7.5 million (US$1.2 million) from RMB14.8 million for the fourth quarter of
2020, due to the decrease in the amount of merchandise credit
transactions.
Total operating costs and expenses increased to
RMB603.7 million (US$94.7 million) from RMB16.7 million for the fourth quarter of
2020.
Cost of revenues decreased by 81.0% to
RMB38.3 million (US$6.0 million) from RMB201.6 million for the fourth quarter of
2020, primarily due to the decrease in cost of goods sold related
to the Wanlimu e-commerce platform.
Sales and marketing expenses increased by
115.8% to RMB27.8 million
(US$4.4 million) from RMB12.9 million for the fourth quarter of
2020, primarily due to the increase in staff salaries.
General and administrative
expenses increased by 45.0% to RMB109.8 million (US$17.2 million) from RMB75.7
million for the fourth quarter of 2020, as a result of the
increase in staff salaries primarily relating to our WLM Kids
business.
Research and development
expenses increased by 165.1% to RMB22.8 million (US$3.6 million) from RMB8.6 million for the fourth quarter of
2020, as a result of the increase in staff salaries.
Provision for receivables and other
assets was RMB443.8
million (US$69.6
million), compared to a reversal of RMB75.6 million for the fourth quarter of
2020, as the results of the provision for our WLM Kids business,
which we decided to downsize significantly.
As of December 31, 2021, 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 RMB154.1
million (US$24.2 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period
was RMB267.0 million (US$41.9
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 under the loan book business 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
under the loan book business 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 under the loan book business 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 under the loan book business 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 RMB168.1 million (US$26.4 million), compared to income from
operations of RMB746.6 million for
the fourth quarter of 2020.
Net loss attributable to
Qudian's shareholders was
RMB65.1 million (US$10.2 million), or net loss of RMB0.26 (US$0.04)
per diluted ADS.
Non-GAAP net loss attributable to Qudian's
shareholders was RMB59.3 million (US$9.3 million), or Non-GAAP net loss of
RMB0.23 (US$0.04) per diluted ADS.
Full Year 2021 Financial Results
Total revenues were RMB1,654.0 million (US$259.6 million), a decrease of 55.2% from
RMB3,688.0 million for 2020.
Financing income totaled RMB1,255.5 million (US$197.0 million), a decrease of 40.3% from
RMB2,102.7 million for 2020, as
a result of the decrease in the average on-balance sheet loan
balance.
Loan facilitation income and
other related income decreased by 95.5%
to RMB43.5 million (US$6.8 million) from RMB957.8 million for 2020, as a result of the
decrease in the amount of off-balance sheet transactions.
Transaction services fee and other related income
was RMB151.7 million (US$23.8 million), compared to a loss of
RMB136.5 million for 2020, primarily
due to the change in estimate for variable consideration for the
transactions facilitated in the past years.
Sales income and others substantially decreased by
83.5% to RMB100.7 million
(US$15.8 million) from RMB610.8 million for 2020, mainly due to the
winding down of the Wanlimu e-commerce platform.
Sales commission fee decreased by 56.3% to
RMB35.4 million (US$5.6 million) from RMB81.0 million for 2020, due to the decrease in
the amount of merchandise credit transactions.
Total operating costs and expenses decreased by
67.5% to RMB1,029.5 million
(US$161.6 million) from RMB3,165.7 million for 2020.
Cost of revenues decreased by 65.4% to
RMB298.7 million (US$46.9 million) from RMB862.4 million for 2020, primarily due to the
decrease in costs related to the Dabai Auto business and the
decrease in cost of goods sold related to the Wanlimu e-commerce
platform.
Sales and marketing expenses decreased by
56.6% to RMB127.4 million
(US$20.0 million) from RMB293.3 million for 2020. The decrease was
primarily due to marketing expenses incurred by the Wanlimu
e-commerce platform.
General and administrative
expenses increased by 55.0% to RMB443.3 million (US$69.6 million) from RMB285.9
million for 2020, as a result of the increase in staff
salaries primarily relating to our WLM Kids business.
Research and development
expenses decreased by 17.2% to RMB141.3 million (US$22.2 million) from RMB170.7 million for 2020. The decrease
was primarily due to the decrease in staff salaries.
Provision for receivables and other
assets decreased by 86.6% to RMB220.5
million (US$34.6 million)
from RMB1,641.4 million for 2020. The decrease was
primarily due to the decrease in past-due on-balance sheet
outstanding principal receivables compared to 2020.
Income from operations decreased by 18.3% to
RMB706.8 million (US$110.9 million) from RMB865.6million for 2020.
Net income attributable to
Qudian's shareholders decreased by
38.6% to RMB589.1 million
(US$92.4 million), or RMB2.27 (US$0.36)
per diluted ADS.
Non-GAAP net income attributable to Qudian's
shareholders increased by 60.2% to RMB612.4 million (US$96.1
million), or RMB2.36
(US$0.37) per diluted ADS.
Cash Flow
As of December 31, 2021, the
Company had cash and cash equivalents
of RMB2,065.5 million (US$324.1
million) and restricted cash
of RMB177.9 million (US$27.9 million). Restricted cash mainly
represents security deposits held in designated bank accounts for
the guarantee of on-and-off balance sheet transactions. Such
restricted cash is not available to fund the general liquidity
needs of the Company.
For the fourth quarter of 2021, net cash provided by
operating activities was RMB61.8
million (US$9.7 million), mainly
due to the adjustment of provision for receivables and other
assets. Net cash provided by investing
activities was RMB210.2 million (US$33.0 million), mainly due to the net proceeds
of short-term investments and partially offset by the payments of
deposit pledged as collateral for derivative instruments. Net
cash used in financing activities was
RMB6.2 million (US$1.0 million), mainly due to the repurchase of
convertible senior notes and payments of interest on convertible
senior notes.
For the full year of 2021, net cash provided by operating
activities was RMB922.1 million (US$144.7 million), mainly attributable to net
income of RMB585.9 million
(US$91.9 million) and the adjustment
of provision for receivables and other assets of RMB220.5 million (US$34.6
million). Net cash used in investing
activities was RMB246.6
million (US$38.7 million),
mainly due to the payments of deposit pledged as collateral for
derivative instruments. Net cash used in financing
activities was RMB84.2
million (US$13.2 million),
mainly due to the repurchases of convertible senior notes.
Update on Share Repurchase and Convertible Bond
Repurchase
As of the date of this release, the Company has repurchased and
cancelled a total principal amount of convertible senior notes of
US$297.5 million. The Company has
cumulatively completed total share repurchases of approximately
US$574.0 million.
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 RMB6.3726 to US$1.00, the noon buying rate in effect
on December 30, 2021 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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:
In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com
In the United States:
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
December 31,
|
|
(In thousands except
for number
|
|
|
2020
|
|
2021
|
|
of shares and
per-share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Financing
income
|
|
|
411,797
|
|
296,443
|
46,518
|
|
Sales commission
fee
|
|
|
14,802
|
|
7,545
|
1,184
|
|
Sales income and
others
|
|
|
161,474
|
|
7,158
|
1,123
|
|
Penalty
fee
|
|
|
19,261
|
|
16,178
|
2,539
|
|
Loan facilitation
income and other related income
|
|
103,163
|
|
9,925
|
1,557
|
|
Transaction services
fee and other related income
|
|
3,147
|
|
41,638
|
6,535
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
713,644
|
|
378,887
|
59,456
|
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(201,570)
|
|
(38,272)
|
(6,006)
|
|
Sales and
marketing
|
|
|
(12,880)
|
|
(27,799)
|
(4,362)
|
|
General and
administrative
|
|
|
(75,714)
|
|
(109,793)
|
(17,229)
|
|
Research and
development
|
|
|
(8,601)
|
|
(22,798)
|
(3,578)
|
|
Changes in guarantee
liabilities and risk assurance liabilities(1)
|
206,469
|
|
38,826
|
6,093
|
|
Provision for
receivables and other assets
|
|
|
75,570
|
|
(443,843)
|
(69,648)
|
|
Total operating
cost and expenses
|
|
|
(16,726)
|
|
(603,679)
|
(94,730)
|
|
Other operating
income
|
|
|
49,680
|
|
56,728
|
8,902
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations
|
|
|
746,598
|
|
(168,064)
|
(26,372)
|
|
Interest and
investment income, net
|
|
|
6,714
|
|
163,781
|
25,701
|
|
Foreign exchange
gain, net
|
|
|
2,164
|
|
78
|
12
|
|
Other
income
|
|
|
369
|
|
20
|
3
|
|
Other
expenses
|
|
|
(5,519)
|
|
(6,302)
|
(989)
|
|
|
|
|
|
|
|
|
Net (loss)/income
before income taxes
|
|
|
750,326
|
|
(10,487)
|
(1,645)
|
|
Income tax
expenses
|
|
|
(76,451)
|
|
(55,503)
|
(8,710)
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
673,875
|
|
(65,990)
|
(10,355)
|
|
Less: net loss
attributable to non-
controlling interest shareholders
|
|
|
-
|
|
(927)
|
(145)
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Qudian
Inc.'s shareholders
|
|
|
673,875
|
|
(65,063)
|
(10,209)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Earnings per
share for Class A and
Class B ordinary shares:
|
|
|
|
|
|
|
|
Basic
|
|
|
2.66
|
|
(0.26)
|
(0.04)
|
|
Diluted
|
|
|
2.54
|
|
(0.26)
|
(0.04)
|
|
|
|
|
|
|
|
|
(Loss)/Earnings per
ADS (1 Class A
ordinary share equals 1 ADSs):
|
|
|
|
|
|
|
|
Basic
|
|
|
2.66
|
|
(0.26)
|
(0.04)
|
|
Diluted
|
|
|
2.54
|
|
(0.26)
|
(0.04)
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
253,663,338
|
|
253,682,383
|
253,682,383
|
|
Diluted
|
|
|
267,392,578
|
|
265,107,010
|
265,107,010
|
|
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(12,921)
|
|
(2,517)
|
(395)
|
|
|
|
|
|
|
|
|
Total
comprehensive (loss)/income
|
|
|
660,954
|
|
(68,507)
|
(10,750)
|
|
|
|
|
|
|
|
|
Total
comprehensive (loss)/income
attributable to Qudian Inc.'s shareholders
|
|
|
660,954
|
|
(67,580)
|
(10,604)
|
|
|
|
|
|
|
|
|
Note：
(1):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 Statements of Operations
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
(In thousands except
for number
|
|
2020
|
|
2021
|
|
of shares and
per-share data)
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing
income
|
|
2,102,665
|
|
1,255,488
|
197,013
|
|
Sales commission
fee
|
|
80,992
|
|
35,411
|
5,557
|
|
Sales income and
others
|
|
610,793
|
|
100,668
|
15,797
|
|
Penalty
fee
|
|
72,235
|
|
67,316
|
10,563
|
|
Loan facilitation
income and other related income
|
|
957,831
|
|
43,466
|
6,821
|
|
Transaction services
fee and other related income
|
|
(136,542)
|
|
151,694
|
23,804
|
|
|
|
|
|
|
|
Total
revenues
|
|
3,687,974
|
|
1,654,043
|
259,555
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
(862,354)
|
|
(298,726)
|
(46,877)
|
|
Sales and
marketing
|
|
(293,282)
|
|
(127,376)
|
(19,988)
|
|
General and
administrative
|
|
(285,905)
|
|
(443,276)
|
(69,560)
|
|
Research and
development
|
|
(170,691)
|
|
(141,264)
|
(22,167)
|
|
Changes in guarantee
liabilities and risk assurance liabilities(1)
|
87,894
|
|
201,602
|
31,636
|
|
Provision for
receivables and other assets
|
|
(1,641,362)
|
|
(220,481)
|
(34,598)
|
|
Total operating
cost and expenses
|
|
(3,165,700)
|
|
(1,029,521)
|
(161,554)
|
|
Other operating
income
|
|
343,324
|
|
82,273
|
12,911
|
|
|
|
|
|
|
|
Income from
operations
|
|
865,598
|
|
706,795
|
110,912
|
|
Interest and
investment income, net
|
|
338,212
|
|
143,886
|
22,579
|
|
Foreign exchange
loss, net
|
|
(107)
|
|
(51)
|
(8)
|
|
Other
income
|
|
26,358
|
|
5,213
|
818
|
|
Other
expenses
|
|
(9,263)
|
|
(9,434)
|
(1,480)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
1,220,798
|
|
846,409
|
132,821
|
|
Income tax
expenses
|
|
(261,979)
|
|
(260,482)
|
(40,875)
|
|
|
|
|
|
|
|
Net
income
|
|
958,819
|
|
585,927
|
91,946
|
|
Less: net loss
attributable to non-controlling interest
shareholders
|
|
-
|
|
(3,147)
|
(494)
|
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
|
958,819
|
|
589,074
|
92,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B ordinary
shares:
|
|
|
|
|
|
|
Basic
|
|
3.78
|
|
2.32
|
0.36
|
|
Diluted
|
|
3.59
|
|
2.27
|
0.36
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share equals 1
ADSs):
|
|
|
|
|
|
|
Basic
|
|
3.78
|
|
2.32
|
0.36
|
|
Diluted
|
|
3.59
|
|
2.27
|
0.36
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
253,658,448
|
|
253,438,807
|
253,438,807
|
|
Diluted
|
|
274,333,161
|
|
266,292,869
|
266,292,869
|
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(38,455)
|
|
(7,577)
|
(1,189)
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
920,364
|
|
578,350
|
90,757
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to Qudian
Inc.'s shareholders
|
|
920,364
|
|
581,497
|
91,250
|
|
|
|
|
|
|
|
Note：
(1):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 December
31,
|
|
(In thousands except
for number
|
|
|
2020
|
|
2021
|
|
of shares and
per-share data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
1,537,558
|
|
2,065,495
|
324,121
|
|
Restricted
cash
|
|
|
135,404
|
|
177,925
|
27,920
|
|
Derivative
instrument
|
|
|
-
|
|
17,376
|
2,727
|
|
Short-term
investments
|
|
|
5,042,314
|
|
5,926,601
|
930,013
|
|
Short-term loan
principal and financing service fee
receivables
|
|
|
3,940,461
|
|
2,371,966
|
372,213
|
|
Short-term
finance lease receivables
|
|
|
179,613
|
|
31,462
|
4,937
|
|
Short-term
contract assets
|
|
|
92,813
|
|
27,965
|
4,388
|
|
Other current
assets
|
|
|
762,313
|
|
1,599,300
|
250,965
|
|
Total
current assets
|
|
|
11,690,476
|
|
12,218,090
|
1,917,285
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Long-term
finance lease receivables
|
|
|
28,771
|
|
399
|
63
|
|
Operating lease
right-of-use assets
|
|
|
210,898
|
|
300,607
|
47,172
|
|
Investment in
equity method investee
|
|
|
349,276
|
|
85,582
|
13,430
|
|
Long-term
investments
|
|
|
209,868
|
|
286,065
|
44,890
|
|
Property and
equipment, net
|
|
|
302,969
|
|
659,101
|
103,427
|
|
Intangible
assets
|
|
|
8,478
|
|
11,012
|
1,728
|
|
Long-term
contract assets
|
|
|
23,094
|
|
31
|
5
|
|
Deferred tax
assets, net
|
|
|
154,960
|
|
67,348
|
10,568
|
|
Other
non-current assets
|
|
|
419,242
|
|
442,953
|
69,509
|
|
Total
non-current assets
|
|
|
1,707,556
|
|
1,853,098
|
290,792
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
13,398,032
|
|
14,071,188
|
2,208,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of December
31,
|
|
(In thousands except
for number
|
|
|
2020
|
|
2021
|
|
of shares and
per-share data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
lease liabilities
|
|
|
23,763
|
|
34,522
|
5,417
|
|
Accrued
expenses and other current liabilities
|
|
|
336,790
|
|
379,816
|
59,601
|
|
Guarantee
liabilities and risk assurance liabilities(2)
|
|
|
31,400
|
|
886
|
139
|
|
Income tax
payable
|
|
|
80,656
|
|
78,294
|
12,286
|
|
Total
current liabilities
|
|
|
472,609
|
|
493,518
|
77,444
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Deferred tax
liabilities, net
|
|
|
10,923
|
|
48,606
|
7,627
|
|
Convertible
senior notes
|
|
|
822,005
|
|
681,401
|
106,927
|
|
Long-term lease
liabilities
|
|
|
80,236
|
|
168,800
|
26,488
|
|
Long-term
borrowings and interest payables
|
|
|
102,415
|
|
145,312
|
22,803
|
|
Other
non-current liabilities
|
|
|
-
|
|
10,012
|
1,571
|
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
1,015,579
|
|
1,054,131
|
165,416
|
|
Total
liabilities
|
|
|
1,488,188
|
|
1,547,649
|
242,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
|
132
|
|
132
|
21
|
|
Class B
Ordinary shares
|
|
|
44
|
|
44
|
7
|
|
Treasury
shares
|
|
|
(371,551)
|
|
(346,321)
|
(54,345)
|
|
Additional
paid-in capital
|
|
|
4,007,260
|
|
4,017,375
|
630,414
|
|
Accumulated
other comprehensive loss
|
|
|
(51,420)
|
|
(58,997)
|
(9,258)
|
|
Non-controlling
interests
|
|
|
10,000
|
|
6,853
|
1,075
|
|
Retained
earnings
|
|
|
8,315,379
|
|
8,904,453
|
1,397,303
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
11,909,844
|
|
12,523,539
|
1,965,217
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
|
|
13,398,032
|
|
14,071,188
|
2,208,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
(2) 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
December 31,
|
|
|
|
2020
|
|
2021
|
|
(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
|
|
673,875
|
|
(65,063)
|
|
(10,209)
|
|
Add: Share-based
compensation expenses
|
|
|
5,050
|
|
5,747
|
|
902
|
|
Less: Convertible
bonds buyback loss
|
|
|
(4,586)
|
|
(36)
|
|
(6)
|
|
Non-GAAP net
(loss)/income attributable to Qudian Inc.'s
shareholders
|
683,511
|
|
(59,280)
|
|
(9,301)
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
(loss)/income per share—basic
|
|
|
2.69
|
|
(0.23)
|
|
(0.04)
|
|
Non-GAAP net
(loss)/income per share—diluted
|
|
|
2.57
|
|
(0.23)
|
|
(0.04)
|
|
Weighted average
shares outstanding—basic
|
|
|
253,663,388
|
|
253,682,383
|
|
253,682,383
|
|
Weighted average
shares outstanding—diluted
|
|
|
267,392,578
|
|
265,107,010
|
|
265,107,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
|
|
2020
|
|
2021
|
|
(In thousands except
for number
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
of shares and
per-share data)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income
attributable to Qudian Inc.'s shareholders
|
|
958,819
|
|
589,074
|
|
92,440
|
|
Add: Share-based
compensation expenses
|
|
|
45,634
|
|
35,349
|
|
5,547
|
|
Less: Convertible
bonds buyback income
|
|
|
622,109
|
|
12,046
|
|
1,890
|
|
Non-GAAP net
income attributable to Qudian Inc.'s shareholders
|
|
382,344
|
|
612,377
|
|
96,095
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share—basic
|
|
|
1.51
|
|
2.42
|
|
0.38
|
|
Non-GAAP net income
per share—diluted
|
|
|
1.49
|
|
2.36
|
|
0.37
|
|
Weighted average
shares outstanding—basic
|
|
|
253,658,448
|
|
253,438,807
|
|
253,438,807
|
|
Weighted average
shares outstanding—diluted
|
|
|
274,333,161
|
|
266,292,869
|
|
266,292,869
|
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SOURCE Qudian Inc.