BEIJING, Nov. 13, 2017 /PRNewswire/ -- Qudian Inc.
("Qudian" or the "Company") (NYSE: QD), a leading provider of
online small consumer credit products in China, today announced its unaudited financial
results for the third quarter ended September 30, 2017.
Third Quarter 2017 Operational Highlights:
- Total amount of transactions[1] reached
RMB25.6 billion (US$3.8 billion) during the third quarter of 2017,
up 218.8% from the third quarter of 2016.
- Number of active borrowers[2] reached 7.5
million during the third quarter of 2017, up 174.7% from 2.7
million during the same period of last year.
- Number of credit drawdowns reached 26.7
million during the third quarter of 2017, up 141.7% from 11.1
million during the same period of last year.
- Number of transactions processed on average per hour
reached 37,682, with 12,102 credit drawdowns and 25,580 repayments
per hour on average.
- Average credit size per transaction was approximately
RMB920 (US$139) for cash credit and RMB1,390 (US$209)
for merchandize credit for the third quarter of 2017.
- Average credit term was 2.4 months for cash credit and
8.7 months for merchandize credit for the third quarter of
2017.
- User approval rate[3] reached 54.5% as of
September 30, 2017, up from 36.2% as
of September 30, 2016.
- M1+ Delinquency Rate by Vintage[4] for the
first and second quarter of 2017 remained at less than 0.5%,
through September 30, 2017.
- M1+ Delinquency Coverage Ratio[5] was 1.3x,
as of September 30, 2017.
Third Quarter 2017 Financial Highlights:
- Total revenue reached RMB1,451.0
million (US$218.1 million),
representing an increase of 308.0% from the third quarter of
2016.
- Sales commission represented 20.3% of total revenue in
third quarter 2017, increased from 5.2% in third quarter of
2016.
- Net income increased by 321.8% to RMB650.7 million (US$97.8
million) from RMB154.3 million
during the same period last year.
- Adjusted net income increased by 329.9% to RMB663.3 million (US$99.7
million) from RMB154.3 million
in the prior year period.
- Basic and diluted net income per share was RMB9.07 (US$1.36)
and RMB2.20 (US$0.33), respectively, compared with basic and
diluted net income per share of RMB1.95 and RMB0.51, respectively, for the third quarter of
2016.
- Basic and diluted adjusted net income per share was
RMB9.24 (US$1.39) and RMB2.24 (US$0.34),
respectively, for the third quarter of 2017, compared with basic
and diluted adjusted net income per share of RMB1.95 and RMB0.51, respectively, for the third quarter of
fiscal 2016.
[1]
Transactions are defined as borrowers' credit drawdowns from the
Company's platform.
|
[2] Active
borrowers are to borrowers who have drawn down credit in the
specified period.
|
[3] User
approval rate is defined as number of approved user divided by
cumulative credit applicants by the end of the period.
|
[4] M1+
Delinquency Rate by Vintage is defined as the total balance of
outstanding principal of a vintage for which any installment
payment is over 30 calendar days past due as of a particular date
(adjusted to reflect total amount of recovered past due payments
for principal and without taking into account charge-offs), divided
by the total initial principal in such vintage.
|
[5] M1+
Delinquency Coverage Ratio is defined as the balance of allowance
for principal and financing service fee receivables at the end of a
period, divided by the total balance of outstanding principal for
on-balance sheet transactions for which any installment payment was
more than 30 calendar days past due as of the end of such
period.
|
Mr. Min Luo, Founder, Chairman
and Chief Executive Officer of Qudian, said, "We are pleased to
report strong quarterly financial results for our very first
quarter reporting as a public company. The key to our success has
been our strong technology and highly competitive operational
efficiency. We continue to experience high demand from our
customers and see exceptional growth opportunities, reflecting our
leading market share position in online small consumption
credit.
"Assisting our users to access credit responsibly while allowing
our company to be competitive and drive sustainable growth is the
balance we are committed to achieving as we continue to apply our
disciplined, yet user friendly collection efforts," continued Mr.
Luo. "As of September 30, 2017, we
had approximately 300 employees primarily responsible for
collections and they are mainly based in our call center in
Jiangxi Province. We remain
excited about the future as we continue to develop new data
technologies and enhanced service offerings, while operating within
the developing regulatory framework to further explore the growing
opportunities in the areas of installment credit for our
users."
"We delivered excellent results in the third quarter with
year-over-year revenue growth of 308%, as well as net income growth
of 322% resulting from strong operational efficiency," said Mr.
Carl Yeung, Chief Financial Officer
of Qudian. "With total registered users in the quarter reaching
56.6 million, including 23.6 million users who have been approved
for credit, the significant growth in active borrowers to 7.5
million led to strong year-over-year transaction growth. Most
notably, sales commissions contributed 20% of total revenue in the
third quarter of 2017, up from 5% last year, resulting in an
enhanced margin structure.
"During the quarter, we continued to strike a healthy balance
between growing revenues and managing credit risk," continued Mr.
Yeung. "The volume of data we are collecting and processing
continues to grow in scale and velocity, with over 26 million
credit drawdowns facilitated in the quarter, thereby providing us
valuable information about the Chinese consumer credit users. In
addition, we continue to set industry leading responsible practices
to provide credit to the underserved while ensuring data security.
We are also proud to reiterate that since April of this year, the
all-in annualized interest rate fees charged for all our products
have been capped at 36%."
Third Quarter 2017 Financial Results
Total revenue for the third quarter of 2017 increased by
308.0% to RMB1,451.0 million
(US$218.1 million) from RMB355.6 million in the prior year period,
primarily due to the increase in financing income as a result of
the substantial increase in the number of transactions. Financing
income totaled RMB1,053.9 million
(US$158.4 million) for the third
quarter of 2017, increasing 214.0% from RMB335.7 million for the third quarter of 2016.
Sales commission fees increased to RMB294.8
million (US$44.3 million) for
the third quarter of 2017, up 1,490.8% from RMB18.5 million for the same period a year ago.
The significant year-over-year growth in sales commissions was a
result of (i) an increase in merchandise credit utilized by
borrowers to purchase merchandise via Qudian's marketplace due to
the expansion of merchandise offered, and (ii) an increase in fee
rate for the sales commission charged on merchants.
Total operating cost and expenses. Total operating cost
and expenses increased by 358.7% to RMB757.5
million (US$113.8 million) for
the third quarter of 2017 from RMB165.1
million for the third quarter of 2016.
Cost of revenues increased by 278.5% to RMB258.9 million (US$38.9
million) for the third quarter of 2017 from RMB68.4 million for the third quarter of 2016,
primarily due to higher interest expenses on borrowings because of
an increase in funds provided by institutional funding partners as
well as an increase in payment processing and settlement fees.
Sales and marketing expenses. Sales and marketing
expenses increased by 384.7% to RMB187.9
million (US$28.2 million) for
the third quarter of 2017 from RMB38.8
million for the third quarter of 2016. The increase was
primarily due to higher borrower engagement fees in the third
quarter of 2017, compared with the same period last year.
General and administrative expenses. General and
administrative expenses increased by 336.9% to RMB51.1 million (US$7.7
million) for the third quarter of 2017 from RMB11.7 million for the third quarter of 2016.
The increase was primarily attributable to the increase in
professional service fee expenses, the increase in share-based
compensation expenses for general and administrative personnel, and
the increase in salaries and benefits paid primarily as a result of
increase in the average salary of general and administrative
personnel.
Research and development expenses. Research and
development expenses increased by 342.6% to RMB52.7 million (US$7.9
million) for the third quarter of 2017 from RMB11.9 million for the third quarter of 2016.
The increase was primarily due to an increase in salaries and
benefits paid as a result of increase in the number and average
salary of research and development personnel to focus on enhancing
our data analytics and risk management capabilities, and the
increased share-based compensation expense for research and
development personnel.
Income from operations. Income from operations for the
third quarter of 2017 was RMB695.8
million (US$104.6 million),
representing a 259.2% increase from RMB193.7
million during the prior year period.
Income tax expenses. Income tax expense increased by
19.0% to RMB45.9 million
(US$6.9 million) in the third quarter
of 2017 from RMB38.6 million in the
prior year period, primarily due to the increase in taxable
income.
Net income. Net income totaled RMB650.7 million (US$97.8
million) for the third quarter of 2017, up 321.8% from
RMB154.3 million for the third
quarter of 2016. Net income attributable to the Company's
shareholders per diluted share was RMB2.20 (US$0.33),
compared with RMB0.51 in the prior
year period.
Adjusted net income attributable to the Company's shareholders,
which excludes share-based compensation expenses, increased by
329.9% to RMB663.3 million
(US$99.7 million) from RMB154.3 million in the prior year period.
Adjusted net income attributable to the Company's shareholders per
diluted share increased to RMB2.24
(US$0.34) from RMB0.51 in the prior year period.
As of September 30, 2017, the
Company had cash and cash equivalents of RMB1,483.0 million (US$222.9 million), compared with RMB785.8 million as of December 31, 2016. The Company also had
restricted cash of RMB2,041.0 million
(US$306.8 million), compared with nil
as of December 31, 2016. Restricted
cash mainly represents the cash in consolidated trusts which can
only be used to fund credit drawdowns or settle these trusts'
obligations. Such restricted cash is not available to fund the
general liquidity needs of the Company. As of September 30, 2017, the Company has established
more than 30 trusts in collaboration with trust companies.
As of September 30, 2017, the
Company had short-term amounts due from related parties of
RMB599.7 million (US$90.1 million), compared with short-term
amounts due from related parties of RMB585.9
million as of December 31,
2016. Such amounts include RMB596.7
million (US$89.7 million) and
RMB404.6 million deposited in our
Alipay accounts as of September 30,
2017 and December 31, 2016,
respectively. Such amount is unrestricted as to withdrawal and use
and readily available to us on demand.
As of September 30, 2017, the
total balance of outstanding principal for on-balance sheet
transactions for which any installment payment was more than 30
calendar days past due was RMB194.6
million (US$29.3 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB247.3 million (US$37.2
million), indicating M1+ Delinquency Coverage Ratio of
1.3x.
The following chart displays the historical lifetime cumulative
M1+ Delinquency Rate by Vintage from the second month after credit
drawdowns up to the twelfth month after such transactions for all
transactions for each of the quarters in 2016 and the first and
second quarters in 2017, without taking into account
charge-offs:
http://mma.prnewswire.com/media/602427/Month_since_credit_drawdown_Infographic.jpg
Net cash provided by operating activities for the third quarter
of 2017 was RMB889.4 million
(US$133.7 million).
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
November 13, 2017 (9:00 PM Beijing/Hong
Kong time on November 13,
2017).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-346-8982
|
International:
|
1-412-902-4272
|
Hong Kong (toll
free):
|
800-905-945
|
Hong Kong:
|
852-3018-4992
|
China:
|
400-120-1203
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the call for
"Qudian Inc."
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
one hour after the conclusion of the live call until November 20, 2017, by dialing the following
telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10113971
|
About Qudian Inc.
Qudian Inc. ("Qudian") is a leading provider of online small
consumer credit in China. The
Company uses big data-enabled technologies, such as artificial
intelligence and machine learning, to transform the consumer
finance experience in China. With
the mission to use technology to make personalized credit
accessible, Qudian targets 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. Qudian's data technology
capabilities combined with its operating efficiencies allow Qudian
to understand prospective borrowers from different behavioral and
transactional perspectives, assess their credit profiles with
regard to both their willingness and ability to repay and offer
them instantaneous and affordable credit products with customized
terms, and distinguish Qudian's business and offerings.
For more information, please visit ir.qudian.com
Use of Non-GAAP Financial Measures
We use adjusted net income, a non-GAAP financial measure, in
evaluating our operating results and for financial and operational
decision-making purposes. We believe that adjusted net income help
identify underlying trends in our business by excluding the impact
of share-based compensation expenses, which are non-cash charges.
We believe that adjusted net income provide useful information
about our operating results, enhance the overall understanding of
our past performance and future prospects and allow for greater
visibility with respect to key metrics used by our management in
its financial and operational decision-making.
Adjusted net income 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 "Reconciliations 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 RMB6.6533 to US$1.00, the noon buying rate in effect on
September 30, 2017 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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.
Contacts:
In China:
Investor Relations
Sissi Zhu
Director of Capital Markets
Tel: +86 (10) 5948-5220
E-mail: ir@qudian.com
Media
Binbin Yang
VP, Public Relations
E-mail: pr@qudian.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: qudian@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
Nine months ended
September 30,
|
(In thousands except
for number
|
2016
|
|
2017
|
of shares and per
share data)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Financing income
|
659,619
|
|
2,581,327
|
|
387,977
|
Sales commission
fee
|
46,243
|
|
545,980
|
|
82,062
|
Penalty fee
|
21,387
|
|
4,314
|
|
648
|
Loan facilitation income and
others
|
-
|
|
152,520
|
|
22,924
|
|
|
|
|
|
|
Total
revenues
|
727,249
|
|
3,284,141
|
|
493,611
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of revenue
|
(156,157)
|
|
(575,485)
|
|
(86,496)
|
Sales and
marketing
|
(114,502)
|
|
(337,368)
|
|
(50,707)
|
General and
administrative
|
(22,970)
|
|
(119,399)
|
|
(17,946)
|
Research and
development
|
(24,993)
|
|
(116,149)
|
|
(17,457)
|
Loss of guarantee
liability
|
-
|
|
(46,053)
|
|
(6,922)
|
Provision for loan
principal, financing service
|
|
|
|
|
|
fee receivables and other receivables
|
(69,051)
|
|
(267,383)
|
|
(40,188)
|
Total operating
cost and expenses
|
(387,673)
|
|
(1,461,837)
|
|
(219,716)
|
Other operating
income
|
5,698
|
|
39,789
|
|
5,980
|
|
|
|
|
|
|
Income from
operations
|
345,274
|
|
1,862,093
|
|
279,875
|
Interest and
investment income (expense), net
|
3,935
|
|
(1,326)
|
|
(199)
|
Foreign exchange
loss
|
(9,651)
|
|
-
|
|
-
|
Other
income
|
20
|
|
396
|
|
59
|
Other
expense
|
(326)
|
|
(3)
|
|
(0)
|
|
|
|
|
|
|
Net income before
income taxes
|
339,252
|
|
1,861,160
|
|
279,735
|
Income tax
expenses
|
(62,529)
|
|
(236,793)
|
|
(35,590)
|
|
|
|
|
|
|
Net
income
|
276,723
|
|
1,624,367
|
|
244,145
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
|
|
|
|
|
|
shareholder
|
276,723
|
|
1,624,367
|
|
244,145
|
|
|
|
|
|
|
Net income per
share-basic
|
3.49
|
|
21.61
|
|
3.25
|
|
|
|
|
|
|
Net income per
share-diluted
|
0.92
|
|
5.43
|
|
0.82
|
|
|
|
|
|
|
Weighted average
shares outstanding-basic
|
79,305,191
|
|
75,169,143
|
|
75,169,143
|
|
|
|
|
|
|
Weighted average
shares outstanding-diluted
|
301,765,777
|
|
299,347,048
|
|
299,347,048
|
|
|
|
|
|
|
Total
comprehensive income
|
276,723
|
|
1,624,367
|
|
244,145
|
|
|
|
|
|
|
Total
comprehensive income attributable to
|
|
|
|
|
|
Qudian Inc.'s shareholders
|
276,723
|
|
1,624,367
|
|
244,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
(In thousands except
for number
|
2016
|
|
2017
|
of shares and per
share data)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Financing income
|
335,655
|
|
1,053,902
|
|
158,403
|
Sales commission
fee
|
18,532
|
|
294,811
|
|
44,311
|
Penalty fee
|
1,456
|
|
1,478
|
|
222
|
Loan facilitation income and
others
|
-
|
|
100,816
|
|
15,153
|
|
|
|
|
|
|
Total
revenues
|
355,644
|
|
1,451,007
|
|
218,089
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of revenue
|
(68,406)
|
|
(258,920)
|
|
(38,916)
|
Sales and
marketing
|
(38,756)
|
|
(187,863)
|
|
(28,236)
|
General and
administrative
|
(11,704)
|
|
(51,132)
|
|
(7,685)
|
Research and
development
|
(11,897)
|
|
(52,659)
|
|
(7,915)
|
Loss of guarantee
liability
|
-
|
|
(38,527)
|
|
(5,791)
|
Provision for loan
principal, financing service
|
|
|
|
|
|
fee receivables and other receivables
|
(34,360)
|
|
(168,355)
|
|
(25,304)
|
Total operating
cost and expenses
|
(165,123)
|
|
(757,456)
|
|
(113,847)
|
Other operating
income
|
3,167
|
|
2,266
|
|
341
|
|
|
|
|
|
|
Income from
operations
|
193,688
|
|
695,817
|
|
104,583
|
Interest and
investment income, net
|
(750)
|
|
744
|
|
112
|
Other
income
|
10
|
|
86
|
|
13
|
Other
expense
|
(45)
|
|
(3)
|
|
(0)
|
|
|
|
|
|
|
Net income before
income taxes
|
192,903
|
|
696,644
|
|
104,708
|
Income tax
expenses
|
(38,616)
|
|
(45,939)
|
|
(6,905)
|
|
|
|
|
|
|
Net
income
|
154,286
|
|
650,705
|
|
97,803
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
|
|
|
|
|
|
shareholder
|
154,286
|
|
650,705
|
|
97,803
|
|
|
|
|
|
|
Net income per
share-basic
|
1.95
|
|
9.07
|
|
1.36
|
|
|
|
|
|
|
Net income per
share-diluted
|
0.51
|
|
2.20
|
|
0.33
|
|
|
|
|
|
|
Weighted average
shares outstanding-basic
|
79,305,191
|
|
71,777,584
|
|
71,777,584
|
|
|
|
|
|
|
Weighted average
shares outstanding-diluted
|
301,765,777
|
|
295,955,489
|
|
295,955,489
|
|
|
|
|
|
|
Total
comprehensive income
|
154,286
|
|
650,705
|
|
97,803
|
|
|
|
|
|
|
Total
comprehensive income attributable to
|
|
|
|
|
|
Qudian Inc.'s shareholders
|
154,286
|
|
650,705
|
|
97,803
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
As
of
|
|
As of
|
|
December
31,
|
|
September
30,
|
(In thousands except
for number
|
2016
|
|
2017
|
of shares and per
share data)
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS:
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
785,770
|
|
1,483,026
|
|
222,901
|
Restricted
cash
|
-
|
|
2,040,979
|
|
306,762
|
Short-term
investments
|
430,200
|
|
-
|
|
-
|
Short-term loan
principal and financing service
|
|
|
|
|
|
fee
receivables
|
4,826,791
|
|
10,652,087
|
|
1,601,023
|
Short-term amounts
due from related parties
|
585,906
|
|
599,680
|
|
90,133
|
Other current
assets
|
300,277
|
|
454,280
|
|
68,279
|
|
|
|
|
|
|
Total current
assets
|
6,928,944
|
|
15,230,052
|
|
2,289,098
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Long-term loan
principal and financing service fee
|
|
|
|
|
|
receivables
|
87,822
|
|
5,096
|
|
766
|
Investment in equity
method investee
|
65,195
|
|
58,107
|
|
8,734
|
Property and
equipment, net
|
4,886
|
|
3,875
|
|
582
|
Intangible
assets
|
128
|
|
4,351
|
|
654
|
Deferred tax
assets
|
17,788
|
|
59,732
|
|
8,978
|
Long-term amounts due
from related parties
|
1,000
|
|
-
|
|
-
|
Other non-current
assets
|
11,837
|
|
5,042
|
|
758
|
|
|
|
|
|
|
Total non-current
assets
|
188,656
|
|
136,202
|
|
20,471
|
|
|
|
|
|
|
TOTAL
ASSETS
|
7,117,600
|
|
15,366,254
|
|
2,309,569
|
|
|
|
|
|
|
|
As
of
|
|
As of
|
|
December
31,
|
|
September
30,
|
(In thousands except
for number
|
2016
|
|
2017
|
of shares and per
share data)
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY, AND
|
|
|
|
|
|
SHAREHOLDERS'
DEFICIT
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term borrowings
and interest payables
|
4,183,231
|
|
8,855,481
|
|
1,330,991
|
Accrued expenses and
other current liabilities
|
215,665
|
|
476,633
|
|
71,639
|
Short-term amounts
due to related parties
|
20,473
|
|
1,312,844
|
|
197,322
|
Guarantee
liabilities
|
6,208
|
|
21,064
|
|
3,166
|
Income tax
payable
|
102,381
|
|
262,514
|
|
39,456
|
|
|
|
|
|
|
Total current
liabilities
|
4,527,958
|
|
10,928,536
|
|
1,642,574
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Long-term borrowings
and interest payables
|
76,052
|
|
255,000
|
|
38,327
|
|
|
|
|
|
|
Total non-current
liabilities
|
76,052
|
|
255,000
|
|
38,327
|
|
|
|
|
|
|
Total
liabilities
|
4,604,010
|
|
11,183,536
|
|
1,680,901
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Convertible
Preferred Shares
|
|
|
|
|
|
Series A-1
|
69,915
|
|
69,915
|
|
10,508
|
Series A-2
|
127,713
|
|
127,713
|
|
19,195
|
Series B-1
|
1,028,344
|
|
1,028,344
|
|
154,562
|
Series B-2
|
139,829
|
|
139,829
|
|
21,017
|
Series B-3
|
851,417
|
|
851,417
|
|
127,969
|
Series C-1
|
1,007,869
|
|
1,007,869
|
|
151,484
|
Series C-2
|
520,213
|
|
520,213
|
|
78,189
|
Series C-3
|
357,819
|
|
357,819
|
|
53,781
|
Series C-4
|
289,205
|
|
289,205
|
|
43,468
|
Series C-5
|
1,551,654
|
|
1,551,654
|
|
233,216
|
|
|
|
|
|
|
Total mezzanine
equity
|
5,943,978
|
|
5,943,978
|
|
893,388
|
|
|
|
|
|
|
Shareholders'
deficit:
|
|
|
|
|
|
Ordinary
shares
|
55
|
|
50
|
|
7
|
Additional paid-in
capital
|
80,458
|
|
125,220
|
|
18,821
|
Accumulated
deficit
|
(3,510,902)
|
|
(1,886,529)
|
|
(283,548)
|
|
|
|
|
|
|
Total
shareholders' deficit
|
(3,430,389)
|
|
(1,761,259)
|
|
(264,720)
|
|
|
|
|
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY,
|
|
|
|
|
|
AND SHAREHOLDERS'
DEFICIT
|
7,117,599
|
|
15,366,254
|
|
2,309,569
|
QUDIAN
INC.
|
Unaudited
Reconciliations Of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30,
|
(In thousands except
for number
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
|
|
|
|
|
|
|
shareholder
|
|
276,723
|
|
1,624,367
|
|
244,145
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
-
|
|
44,762
|
|
6,728
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Qudian Inc.'s
|
|
276,723
|
|
1,669,129
|
|
250,873
|
|
|
|
|
|
|
|
Net income per
share-basic
|
|
3.49
|
|
22.20
|
|
3.34
|
|
|
|
|
|
|
|
Net income per
share-diluted
|
|
0.92
|
|
5.58
|
|
0.84
|
|
|
|
|
|
|
|
Weighted average
shares outstanding-basic
|
|
79,305,191
|
|
71,777,584
|
|
71,777,584
|
|
|
|
|
|
|
|
Weighted average
shares outstanding-diluted
|
|
301,765,777
|
|
295,955,489
|
|
295,955,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
(In thousands except
for number
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
|
|
|
|
|
|
|
shareholder
|
|
154,286
|
|
650,705
|
|
97,803
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
-
|
|
12,585
|
|
1,892
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Qudian Inc.'s
|
|
154,286
|
|
663,290
|
|
99,695
|
|
|
|
|
|
|
|
Net income per
share-basic
|
|
1.95
|
|
9.24
|
|
1.39
|
|
|
|
|
|
|
|
Net income per
share-diluted
|
|
0.51
|
|
2.24
|
|
0.34
|
|
|
|
|
|
|
|
Weighted average
shares outstanding-basic
|
|
79,305,191
|
|
71,777,584
|
|
71,777,584
|
|
|
|
|
|
|
|
Weighted average
shares outstanding-diluted
|
|
301,765,777
|
|
295,955,489
|
|
295,955,489
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30,
|
(In thousands except
for number
|
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
240,975
|
|
2,334,380
|
|
350,860
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
|
(2,025,332)
|
|
(1,261,692)
|
|
(189,634)
|
|
|
|
|
|
|
|
|
Net cash (used
in)/provided by financing activities
|
|
1,810,550
|
|
(375,432)
|
|
(56,428)
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
26,193
|
|
697,256
|
|
104,798
|
Cash and cash
equivalents at beginning of the year
|
|
210,114
|
|
785,770
|
|
118,102
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
236,307
|
|
1,483,026
|
|
222,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
(In thousands except
for number
|
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
233,912
|
|
889,409
|
|
133,679
|
|
|
|
|
|
|
|
|
Net cash (used
in)/provided by investing activities
|
|
(749,310)
|
|
1,042,099
|
|
156,629
|
|
|
|
|
|
|
|
|
Net cash (used
in)/provided by financing activities
|
|
647,798
|
|
(1,093,516)
|
|
(164,357)
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
132,400
|
|
837,992
|
|
125,951
|
Cash and cash
equivalents at beginning of the year
|
|
103,907
|
|
645,034
|
|
96,949
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
236,307
|
|
1,483,026
|
|
222,900
|
View original
content:http://www.prnewswire.com/news-releases/qudian-inc-reports-third-quarter-2017-unaudited-financial-results-300554471.html
SOURCE Qudian Inc.