BEIJING, March 12, 2018 /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 fourth quarter 2017 and full year ended
December 31, 2017.
Fourth Quarter 2017 Operational
Highlights[1]:
- Total amount of transactions[2] reached
RMB25.1 billion (US$3.9 billion) during the fourth quarter of
2017, up 69.7% from RMB14.8 billion
during the fourth quarter of 2016.
- Number of active borrowers[3] reached 6.9
million during the fourth quarter of 2017, up 52.5% from 4.5
million during the fourth quarter of 2016.
- Number of credit drawdowns reached 25.4
million during the fourth quarter of 2017, up 38.1% from 18.4
million during the fourth quarter of 2016.
- Number of transactions processed on average per hour
reached 40,935, with 11,515 credit drawdowns and 29,420 repayments
per hour on average.
- Average credit size per transaction was approximately
RMB960 (US$148) for cash credit and RMB1,400 (US$215)
for merchandise credit for the fourth quarter of 2017.
- Average credit term was 2.1 months for cash credit and
8.8 months for merchandise credit for the fourth quarter of
2017.
- Number of registered users reached 62.4 million as of
December 31, 2017, with 26.2 million
users who have been approved for credit, up from 33.9 million
registered users and 11.2 million approved users as of December 31, 2016.
- M1+ Delinquency Rate by Vintage[4] for the
first three quarters of 2017 remained at less than 0.9%, through
December 31, 2017.
- M1+ Delinquency Coverage Ratio[5] was 1.3x,
as of December 31, 2017.
[1] The
following operating data relate to cash credit and merchandise
credit offered by the Company.
|
[2]
Transactions are defined as borrowers' credit drawdowns from the
Company's platform.
|
[3] Active
borrowers are to borrowers who have drawn down credit in the
specified period.
|
[4] M1+
Delinquency Rate by Vintage is defined as the total balance of
outstanding principal of a vintage for which any installment
payment is over 30 calendar days past due as of a particular date
(adjusted to reflect total amount of recovered past due payments
for principal and without taking into account charge-offs), divided
by the total initial principal in such vintage.
|
[5] M1+
Delinquency Coverage Ratio is defined as the balance of allowance
for principal and financing service fee receivables at the end of a
period, divided by the total balance of outstanding principal for
on-balance sheet transactions for which any installment payment was
more than 30 calendar days past due as of the end of such
period.
|
Fourth Quarter 2017 Financial Highlights:
- Total revenue reached RMB1,491.2
million (US$ 229.2 million),
representing an increase of 108.4% from the fourth quarter of
2016.
- Sales commission reached RMB251.2
million (US$ 38.6 million),
representing an increase of 212.2% from the fourth quarter of
2016.
- Revenue from sales-type leases
was RMB26.1 million (US$4.0 million), representing revenue generation
in the first quarter of launching Dabai Auto.
- Net income increased by 80.1% to RMB540.1 million (US$83.0
million) from RMB299.9 million
during the fourth quarter of 2016.
- Adjusted net income increased by 73.7% to RMB559.4 million (US$ 86.0
million) from RMB 322.1
million in the fourth quarter of 2016.
- Basic and diluted net income per share was RMB1.94 (US$0.30)
and RMB1.67 (US$0.26),
respectively, compared with basic and diluted net income per share
of RMB3.78 and RMB0.99, respectively, for the fourth quarter of
2016.
- Basic and diluted adjusted net income per share was
RMB2.01 (US$0.31) and RMB1.73 (US$0.27),
respectively, for the fourth quarter of 2017, compared with basic
and diluted adjusted net income per share of RMB4.06 and RMB1.06, respectively, for the fourth quarter of
2016.
"We are delighted to complete 2017 by achieving 108.4% and 80.1%
growth year-over-year in revenue and net income, respectively, in
the fourth quarter of 2017," said Mr. Min
Luo, Founder, Chairman and Chief Executive Officer of
Qudian. "Our success in 2017 was driven by the technology and cost
efficiency we put together that made small consumption credit
accessible and affordable to hundreds of millions of creditworthy
but underserved consumers in China. We also embraced the new regulations
issued in the fourth quarter and believe they will promote the
longer term healthy growth of the industry. As the industry leader,
we have been practicing substantially all the key requirements and
working closely with our partners to operate in accordance with the
regulatory framework.
"As part of the effort to address scenario based consumption
credit, we are excited to unveil 'Dabai Auto,' a new business
initiative in budget auto financing, which was launched in
November 2017 and has expanded
rapidly," continued Mr. Luo. "Of the 62.4 million registered users
at Qudian, a substantial number of them sought a larger credit size
than what our cash credit and merchandise credit products were
offering. We believe budget auto financing is a unique opportunity
to serve their credit needs under a consumption scenario, in an
asset backed lower risk setting, on the back of a very large new
car market. By the end of January 2018, we have established 175
off-line showrooms conveniently located in the shopping districts
of 175 cities across China. We
leased out 284 cars in 2017 and have cumulatively leased out over
4,800 cars as of March 10, 2018.
"Lastly, I also want to announce that I have signed an agreement
with the Company to relinquish my salary and bonus until our market
capitalization reaches US$100
billion, as measured by the daily closing quotation of the
New York Stock Exchange. This affirms my deep conviction in
Qudian's tremendous growth potential and my focus on driving
shareholder value," Mr. Luo concluded.
"We delivered excellent financial results in the fourth quarter
with a net profit of RMB540.1
million, finishing 2017 with a full year net profit of over
RMB2.1 billion," said Mr.
Carl Yeung, Chief Financial Officer
of Qudian. "In the fourth quarter, we reached total registered
users of 62.4 million, including 26.2 million users who have been
approved for credit, of which 6.9 million actively utilized their
credit.
"As the regulatory environment develops, our position in the
industry should further solidify over time as smaller,
non-compliant players are forced to exit. During this phase, the
overall industry credit quality deteriorates as liquidity, measured
by credit availability, for borrowers declines," continued Mr.
Yeung. "As a result, we experienced an increase in our delinquency
rate since the new regulations were issued in December. Therefore,
we swiftly implemented a conservative strategy of reducing credit
volumes since December of 2017 to protect credit quality. This
action was effective as initial delinquency for new credits
facilitated in January stabilized, providing a new basis for credit
volumes to grow again after Chinese New Year. Based on current
data, we expect consumption credit to return to a stable growth
track and anticipate Dabai Auto to turn profitable within the first
year of operation, establishing a strong case to initiate full year
2018 guidance."
Fourth Quarter 2017 Financial Results
Total revenue for the fourth quarter of 2017 increased by
108.4% to RMB1,491.2 million
(US$229.2 million) from RMB715.6 million in the prior year period,
primarily due to the increase in financing income as a result of
the substantial increase in the volume of on-balance sheet
transactions. Financing income totaled RMB1,060.9 million (US$163.1 million) for the fourth quarter of 2017,
increasing 73.4% from RMB611.8
million for the fourth quarter of 2016. Loan facilitation
income and others increased to RMB149.5
million (US$23.0 million) for
the fourth quarter of 2017, up 587.2% from RMB21.8 million for the fourth quarter of 2016,
as a result of the substantial increase in the volume of
off-balance sheet transactions. Sales commission fees increased to
RMB 251.2 million (US$38.6 million) for the fourth quarter of 2017,
up 212.2% from RMB80.5 million for
the fourth quarter of 2016. The increase in sales commissions was
mainly a result of an increase in merchandise credit utilized by
borrowers to purchase merchandise via Qudian's marketplace.
Total operating cost and expenses. Total operating cost
and expenses increased by 164.3% to RMB943.0
million (US$144.9 million) for
the fourth quarter of 2017 from RMB356.7
million for the fourth quarter of 2016.
Cost of revenues increased by 173.4% to RMB305.4 million (US$46.9
million) for the fourth quarter of 2017 from RMB111.7 million for the fourth quarter of 2016,
due to higher interest expenses on borrowings because of increased
use of funds provided by institutional funding partners.
Sales and marketing expenses. Sales and marketing
expenses increased by 38.9% to RMB94.4
million (US$14.5 million) for
the fourth quarter of 2017 from RMB68.0
million for the fourth quarter of 2016. The increase was
primarily due to higher expenses associated with the
establishment of a nationwide network of showrooms for Dabai
Auto as well as higher borrower engagement fees in the fourth
quarter of 2017, compared with the fourth quarter of 2016.
General and administrative expenses. General and
administrative expenses decreased by 25.1% to RMB64.3 million (US$9.9
million) for the fourth quarter of 2017 from RMB85.8 million for the fourth quarter of 2016.
The decrease was primarily attributable to the decrease in salaries
and benefits expense, which was partly offset by the increase in
administrative fees payable to trust companies as a result of
increased use of trust funding in the fourth quarter of 2017.
Research and development expenses. Research and
development expenses increased by 36.0% to RMB37.1 million (US$5.7
million) for the fourth quarter of 2017 from RMB27.3 million for the fourth quarter of 2016.
The increase was primarily due to an increase in salaries and
benefits expense in order to further enhance our data analytics and
risk management capabilities.
Provision for loan principal, financing service fee
receivables and other receivables. Provision for loan
principal, financing service fee receivables and other receivables
increased by 435.1% to RMB337.8
million (US$51.9 million) for
the fourth quarter of 2017 from RMB63.1
million for the fourth quarter of 2016. The increase
was primarily due to an increase in the M1+ overdue loan principals
and financing services fees receivables, which we intend to provide
sufficient allowance to cover.
As of December 31, 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 RMB403.9 million
(US$62.1 million), and the balance of
allowance for principal and financing service fee receivables at
the end of the period was RMB519.3
million (US$79.8 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 three
quarters in 2017, before
charge-offs:
Click here to view the
chart.
Income from operations. Income from operations for the
fourth quarter of 2017 was RMB559.1
million (US$85.9 million),
representing a 52.0% increase from RMB367.8
million from the fourth quarter of 2016.
Income tax expenses. Income tax expenses decreased by
70.8% to RMB18.8 million
(US$2.9 million) in the fourth
quarter of 2017 from RMB64.3 million
in the fourth quarter of 2016, primarily due to the increase of tax
refund.
Net income. Net income totaled RMB540.1 million (US$83.0
million) for the fourth quarter of 2017, up 80.1% from
RMB299.9 million for the fourth
quarter of 2016. Net income attributable to the Company's
shareholders per diluted share was RMB1.67
(US$0.26), compared with RMB0.99 in the fourth quarter of 2016.
Adjusted net income attributable to the Company's shareholders,
which excludes share-based compensation expenses, increased by
73.7% to RMB559.4 million
(US$86.0 million) from RMB322.1 million in the prior year period.
Adjusted net income attributable to the Company's shareholders per
diluted share increased to RMB1.73
(US$0.27) from RMB1.06 in the prior year period.
As of December 31, 2017, the
Company had cash and cash equivalents of RMB6,832.3 million (US$1,050.1 million), compared with RMB785.8 million as of December 31, 2016. The Company also had
restricted cash of RMB2,252.6 million
(US$346.2 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 December 31, 2017, the
Company had short-term amounts due from related parties of
RMB551.2 million (US$84.7 million), compared with short-term
amounts due from related parties of RMB585.9
million as of December 31,
2016. Such amounts include RMB549.8
million (US$84.5 million) and
RMB404.6 million deposited in our
Alipay accounts as of December 31,
2017 and December 31, 2016,
respectively. Such amount is unrestricted as to withdrawal and use
and readily available to us on demand.
Net cash provided by operating activities for the fourth quarter
of 2017 was RMB741.8 million
(US$114.0million).
Full Year 2017 Financial Results
Total revenue in 2017 increased by 231.0% to RMB4,775.4 million (US$734.0 million) from RMB1,442.8 million in 2016, primarily due to the
increase in financing income as a result of the substantial
increase in the volume of on-balance sheet transactions. Financing
income totaled RMB 3,642.2 million
(US$559.8 million) in 2017,
increasing 186.5% from RMB1,271.5
million in 2016. Loan facilitation income and others
increased to RMB302.0 million
(US$46.4 million) in 2017, up 1288.3%
from RMB21.8 million in 2016, as a
result of the substantial increase in the volume of off-balance
sheet transactions. Sales commission fees increased to
RMB797.2 million (US$122.5 million) in 2017, up 529.2% from
RMB126.7 million in 2016. The
significant year-over-year growth in sales commissions was mainly
the result of an increase in merchandise credit utilized by
borrowers to purchase merchandise via Qudian's marketplace.
Total operating cost and expenses. Total operating cost
and expenses increased by 223.1% to RMB2,404.8 million (US$369.6 million) in 2017 from RMB744.4 million in 2016.
Cost of revenues increased by 228.8% to RMB880.8 million (US$135.4
million) in 2017 from RMB267.9
million in 2016, primarily due to higher interest expenses
on borrowings because of increased use of funds provided by
institutional funding partners.
Sales and marketing expenses. Sales and marketing
expenses increased by 136.6% to RMB431.7
million (US$66.4 million) in
2017 from RMB182.5 million in 2016.
The increase was primarily due to higher borrower engagement fees
in 2017, compared with 2016.
General and administrative expenses. General and
administrative expenses increased by 68.8% to RMB183.7 million (US$28.2
million) in 2017 from RMB108.8
million in 2016. The increase was primarily attributable to
the increase of administrative fee payable to trust companies as a
result of increased use of trust funding, the increase in
share-based compensation expenses for general and administrative
personnel and the increase in professional service fee
expenses.
Research and development expenses. Research and
development expenses increased by 193.2% to RMB153.3 million (US$23.6
million) in 2017 from RMB52.3
million in 2016. The increase was primarily due to an
increase in salaries and benefits expenses, in order to further
enhance our data analytics and risk management capabilities, the
increase in professional service fee expenses and the increased
share-based compensation expense for research and development
personnel.
Provision for loan principal, financing service fee
receivables and other receivables. Provision for loan
principal, financing service fee receivables and other receivables
increased by 357.8% to RMB605.2
million (US$93.0 million) in
2017 from RMB132.2 million in
2016. The increase was primarily due to an increase in the
M1+ overdue loan principals and financing services fees
receivables, which we intend to provide sufficient allowance to
cover.
Income from operations. Income from operations in 2017
was RMB2,421.2 million (US$372.1 million), representing a 239.5% increase
from RMB713.1 million during the
prior year.
Income tax expenses. Income tax expenses increased by
101.5% to RMB255.5 million
(US$39.3 million) in 2017 from
RMB126.8 million in 2016, primarily
due to the increase in taxable income.
Net income. Net income totaled RMB2,164.5 million (US$332.7 million) in 2017, up 275.3% from
RMB576.7 million in 2016. Net income
attributable to the Company's shareholders per diluted share was
RMB7.09 (US$1.09), compared with RMB1.90 in the prior year.
Adjusted net income attributable to the Company's shareholders,
which excludes share-based compensation expenses, increased by
272.2% to RMB2,228.5 million
(US$342.5 million) from RMB598.8 million in the prior year. Adjusted net
income attributable to the Company's shareholders per diluted share
increased to RMB7.30 (US$1.12) from RMB1.97 in the prior year.
Outlook
For the full year of 2018, the Company currently expects:
- Adjusted net income to be more than RMB2.5 billion; and
- Number of vehicles leased out to be more than 100
thousand.
The above outlook is based on the current market conditions and
reflects the Company's preliminary estimates of regulatory, market
and operating conditions, and customer demand, which are all
subject to change.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
March 12, 2018 (8:00 PM Beijing/Hong
Kong time on March 12,
2018).
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 March 18, 2018, by dialing the following
telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10117569
|
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 or
budget auto financing solutions, 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 RMB6.5063 to US$1.00, the noon buying rate in effect on
December 29, 2017 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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
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
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
(In thousands except
for number
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing income
|
|
1,271,456
|
|
3,642,183
|
|
559,794
|
Sales
commission fees
|
|
126,693
|
|
797,167
|
|
122,522
|
Revenue
from sales-type leases
|
|
-
|
|
26,083
|
|
4,009
|
Penalty
fees
|
|
22,943
|
|
7,922
|
|
1,218
|
Loan
facilitation income and others
|
|
21,754
|
|
302,011
|
|
46,417
|
|
|
|
|
|
|
|
Total
revenues
|
|
1,442,846
|
|
4,775,366
|
|
733,960
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
(267,862)
|
|
(880,846)
|
|
(135,384)
|
Sales
and marketing
|
|
(182,457)
|
|
(431,749)
|
|
(66,359)
|
General
and administrative
|
|
(108,786)
|
|
(183,674)
|
|
(28,230)
|
Research
and development
|
|
(52,275)
|
|
(153,258)
|
|
(23,555)
|
Loss of
guarantee liabilities
|
|
(861)
|
|
(150,152)
|
|
(23,078)
|
Provision for loan principal, financing service
|
|
|
|
|
|
|
fee receivables and
other receivables
|
|
(132,177)
|
|
(605,164)
|
|
(93,012)
|
Total operating
cost and expenses
|
|
(744,418)
|
|
(2,404,843)
|
|
(369,618)
|
Other operating
income
|
|
14,646
|
|
50,703
|
|
7,794
|
|
|
|
|
|
|
|
Income from
operations
|
|
713,074
|
|
2,421,226
|
|
372,136
|
Interest and
investment income, net
|
|
1,857
|
|
4,211
|
|
647
|
Foreign exchange
loss
|
|
(9,651)
|
|
(7,177)
|
|
(1,103)
|
Other
income
|
|
47
|
|
2,108
|
|
324
|
Other
expense
|
|
(1,834)
|
|
(363)
|
|
(56)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
703,493
|
|
2,420,005
|
|
371,948
|
Income tax
expenses
|
|
(126,840)
|
|
(255,546)
|
|
(39,277)
|
|
|
|
|
|
|
|
Net
income
|
|
576,653
|
|
2,164,459
|
|
332,671
|
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
|
|
|
|
|
|
|
shareholders
|
|
576,653
|
|
2,164,459
|
|
332,671
|
|
|
|
|
|
|
|
Earnings per share
for Class A
|
|
|
|
|
|
|
and
Class B ordinary shares:
|
|
|
|
|
|
|
Basic
|
|
7.27
|
|
17.12
|
|
2.63
|
Diluted
|
|
1.90
|
|
7.09
|
|
1.09
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary
|
|
|
|
|
|
|
share
equals 1 ADSs):
|
|
|
|
|
|
|
Basic
|
|
-
|
|
17.12
|
|
2.63
|
Diluted
|
|
-
|
|
7.09
|
|
1.09
|
|
|
|
|
|
|
|
Weighted average
number of Class A
|
|
|
|
|
|
|
and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
79,305,191
|
|
126,410,744
|
|
126,410,744
|
Diluted
|
|
303,778,745
|
|
305,241,992
|
|
305,241,992
|
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
-
|
|
(77,947)
|
|
(11,980)
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
576,653
|
|
2,086,512
|
|
320,691
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to
|
|
|
|
|
|
|
Qudian Inc.'s shareholders
|
|
576,653
|
|
2,086,512
|
|
320,691
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
(In thousands except
for number
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing income
|
|
611,837
|
|
1,060,856
|
|
163,051
|
Sales
commission fees
|
|
80,451
|
|
251,187
|
|
38,607
|
Revenue
from sales-type leases
|
|
-
|
|
26,083
|
|
4,009
|
Penalty
fees
|
|
1,556
|
|
3,608
|
|
555
|
Loan
facilitation income and others
|
|
21,754
|
|
149,490
|
|
22,976
|
|
|
|
|
|
|
|
Total
revenues
|
|
715,598
|
|
1,491,224
|
|
229,197
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
(111,706)
|
|
(305,360)
|
|
(46,933)
|
Sales
and marketing
|
|
(67,955)
|
|
(94,382)
|
|
(14,505)
|
General
and administrative
|
|
(85,816)
|
|
(64,275)
|
|
(9,879)
|
Research
and development
|
|
(27,282)
|
|
(37,109)
|
|
(5,704)
|
Loss of
guarantee liabilities
|
|
(861)
|
|
(104,099)
|
|
(16,000)
|
Provision for loan principal, financing service
|
|
|
|
|
|
|
fee receivables and
other receivables
|
|
(63,125)
|
|
(337,780)
|
|
(51,916)
|
Total operating
cost and expenses
|
|
(356,745)
|
|
(943,005)
|
|
(144,937)
|
Other operating
income
|
|
8,948
|
|
10,913
|
|
1,677
|
|
|
|
|
|
|
|
Income from
operations
|
|
367,801
|
|
559,132
|
|
85,937
|
Interest and
investment (loss)/income, net
|
|
(2,078)
|
|
5,537
|
|
851
|
Foreign exchange
loss, net
|
|
-
|
|
(7,177)
|
|
(1,103)
|
Other
income
|
|
28
|
|
1,712
|
|
263
|
Other
expense
|
|
(1,508)
|
|
(359)
|
|
(55)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
364,243
|
|
558,845
|
|
85,893
|
Income tax
expenses
|
|
(64,312)
|
|
(18,753)
|
|
(2,882)
|
|
|
|
|
|
|
|
Net
income
|
|
299,931
|
|
540,092
|
|
83,011
|
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
|
|
|
|
|
|
|
shareholders
|
|
299,931
|
|
540,092
|
|
83,011
|
|
|
|
|
|
|
|
Earnings per share
for Class A
|
|
|
|
|
|
|
and
Class B ordinary shares:
|
|
|
|
|
|
|
Basic
|
|
3.78
|
|
1.94
|
|
0.30
|
Diluted
|
|
0.99
|
|
1.67
|
|
0.26
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary
|
|
|
|
|
|
|
share
equals 1 ADSs):
|
|
|
|
|
|
|
Basic
|
|
-
|
|
1.94
|
|
0.30
|
Diluted
|
|
-
|
|
1.67
|
|
0.26
|
|
|
|
|
|
|
|
Weighted average
number of Class A
|
|
|
|
|
|
|
and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
79,305,191
|
|
278,464,623
|
|
278,464,623
|
Diluted
|
|
303,778,745
|
|
323,461,840
|
|
323,461,840
|
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
-
|
|
(77,947)
|
|
(11,980)
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
299,931
|
|
462,145
|
|
71,031
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to
|
|
|
|
|
|
|
Qudian Inc.'s shareholders
|
|
299,931
|
|
462,145
|
|
71,031
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As of
|
|
|
December
31,
|
|
December
31,
|
(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
|
|
6,832,306
|
|
1,050,106
|
Restricted
cash
|
|
-
|
|
2,252,646
|
|
346,225
|
Short-term
investments
|
|
430,200
|
|
300,000
|
|
46,109
|
Short-term loan
principal and financing service
|
|
|
|
|
|
|
fee
receivables, net
|
|
4,826,791
|
|
8,758,545
|
|
1,346,164
|
Short-term finance
lease receivables, net
|
|
-
|
|
8,508
|
|
1,308
|
Short-term amounts
due from related parties
|
|
585,906
|
|
551,215
|
|
84,720
|
Other current
assets
|
|
300,276
|
|
482,351
|
|
74,136
|
|
|
|
|
|
|
|
Total current
assets
|
|
6,928,943
|
|
19,185,571
|
|
2,948,768
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term loan
principal and financing service fee
|
|
|
|
|
|
|
receivables
|
|
87,822
|
|
-
|
|
-
|
Long-term finance
lease receivables
|
|
-
|
|
17,900
|
|
2,751
|
Investment in equity
method investee
|
|
65,195
|
|
44,519
|
|
6,842
|
Property and
equipment, net
|
|
4,886
|
|
4,613
|
|
709
|
Intangible
assets
|
|
128
|
|
5,908
|
|
908
|
Deferred tax
assets
|
|
17,788
|
|
115,461
|
|
17,746
|
Long-term amounts due
from related parties
|
|
1,000
|
|
-
|
|
-
|
Other non-current
assets
|
|
11,837
|
|
6,444
|
|
991
|
Total non-current
assets
|
|
188,656
|
|
194,845
|
|
29,947
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
7,117,599
|
|
19,380,416
|
|
2,978,715
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As of
|
|
|
December
31,
|
|
December
31,
|
(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)/EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term borrowings
and interest payables
|
|
4,183,231
|
|
7,979,415
|
|
1,226,414
|
Accrued expenses and
other current liabilities
|
|
215,665
|
|
315,693
|
|
48,521
|
Short-term amounts
due to related parties
|
|
20,473
|
|
719,563
|
|
110,595
|
Guarantee
liabilities
|
|
6,208
|
|
46,981
|
|
7,221
|
Income tax
payable
|
|
102,381
|
|
268,373
|
|
41,248
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
4,527,958
|
|
9,330,025
|
|
1,433,999
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Long-term borrowings
and interest payables
|
|
76,052
|
|
510,024
|
|
78,389
|
Total non-current
liabilities
|
|
76,052
|
|
510,024
|
|
78,389
|
Total
liabilities
|
|
4,604,010
|
|
9,840,049
|
|
1,512,388
|
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
|
Convertible
Preferred Shares
|
|
|
|
|
|
|
Series A-1
|
|
69,915
|
|
-
|
|
-
|
Series A-2
|
|
127,713
|
|
-
|
|
-
|
Series B-1
|
|
1,028,344
|
|
-
|
|
-
|
Series B-2
|
|
139,829
|
|
-
|
|
-
|
Series B-3
|
|
851,417
|
|
-
|
|
-
|
Series C-1
|
|
1,007,869
|
|
-
|
|
-
|
Series C-2
|
|
520,213
|
|
-
|
|
-
|
Series C-3
|
|
357,819
|
|
-
|
|
-
|
Series C-4
|
|
289,205
|
|
-
|
|
-
|
Series C-5
|
|
1,551,654
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Total mezzanine
equity
|
|
5,943,978
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Shareholders'
(deficit)/equity:
|
|
|
|
|
|
|
Ordinary
shares
|
|
55
|
|
-
|
|
-
|
Class A ordinary
shares
|
|
-
|
|
177
|
|
27
|
Class B ordinary
shares
|
|
-
|
|
44
|
|
7
|
Treasury
stock
|
|
-
|
|
(421,165)
|
|
(64,732)
|
Additional paid-in
capital
|
|
80,458
|
|
7,571,703
|
|
1,163,749
|
Accumulated other
comprehensive loss
|
|
-
|
|
(77,947)
|
|
(11,980)
|
Accumulated
(deficit)/retained earnings
|
|
(3,510,902)
|
|
2,467,555
|
|
379,256
|
|
|
|
|
|
|
|
Total
shareholders' (deficit)/equity
|
|
(3,430,389)
|
|
9,540,367
|
|
1,466,327
|
|
|
|
|
|
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY,
|
|
|
|
|
|
|
AND
SHAREHOLDERS' (DEFICIT)/EQUITY
|
|
7,117,599
|
|
19,380,416
|
|
2,978,715
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
(In thousands except
for number
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Total net income
attributable to
|
|
|
|
|
|
|
Qudian Inc.'s shareholders
|
|
576,653
|
|
2,164,459
|
|
332,671
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
22,134
|
|
64,056
|
|
9,845
|
Non-GAAP net
income attributable to Qudian Inc.'s
|
|
|
|
|
|
|
shareholders
|
|
598,787
|
|
2,228,515
|
|
342,516
|
|
|
|
|
|
|
|
Non-GAAP net income
per share--basic
|
|
7.55
|
|
17.63
|
|
2.71
|
|
|
|
|
|
|
|
Non-GAAP net income
per share--diluted
|
|
1.97
|
|
7.30
|
|
1.12
|
|
|
|
|
|
|
|
Weighted average
shares outstanding--basic
|
|
79,305,191
|
|
126,410,744
|
|
126,410,744
|
Weighted average
shares outstanding--diluted
|
|
303,778,745
|
|
305,241,992
|
|
305,241,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
(In thousands except
for number
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Total net income
attributable to
|
|
|
|
|
|
|
Qudian
Inc.'s shareholder
|
|
299,931
|
|
540,092
|
|
83,011
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
22,134
|
|
19,294
|
|
2,965
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Qudian Inc.'s
|
|
322,065
|
|
559,386
|
|
85,976
|
|
|
|
|
|
|
|
Non-GAAP net income
per share--basic
|
|
4.06
|
|
2.01
|
|
0.31
|
|
|
|
|
|
|
|
Non-GAAP net income
per share--diluted
|
|
1.06
|
|
1.73
|
|
0.27
|
|
|
|
|
|
|
|
Weighted average
shares outstanding--basic
|
|
79,305,191
|
|
278,464,623
|
|
278,464,623
|
Weighted average
shares outstanding--diluted
|
|
303,778,745
|
|
323,461,840
|
|
323,461,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
(In thousands except
for number
|
|
2016
|
|
2017
|
of shares and per
share data)
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
794,063
|
|
3,076,140
|
|
472,794
|
Net cash used in
by investing activities
|
|
(3,598,137)
|
|
(705,568)
|
|
(108,444)
|
Net cash provided
by financing activities
|
|
3,379,730
|
|
3,753,911
|
|
576,965
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
-
|
|
(77,947)
|
|
(11,980)
|
Net increase in cash
and cash equivalents
|
|
575,656
|
|
6,046,536
|
|
929,335
|
Cash and cash
equivalents at beginning of the year
|
|
210,114
|
|
785,770
|
|
120,771
|
Cash and cash
equivalents at end of period
|
|
785,770
|
|
6,832,306
|
|
1,050,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
(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
|
|
372,476
|
|
741,760
|
|
114,006
|
Net cash (used
in)/provided by investing activities
|
|
(1,572,192)
|
|
556,125
|
|
85,475
|
Net cash provided
by financing activities
|
|
1,749,179
|
|
4,129,342
|
|
634,668
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
-
|
|
(77,947)
|
|
(11,980)
|
Net increase in cash
and cash equivalents
|
|
549,463
|
|
5,349,280
|
|
822,169
|
Cash and cash
equivalents at beginning of the period
|
|
236,307
|
|
1,483,026
|
|
227,937
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
785,770
|
|
6,832,306
|
|
1,050,106
|
View original
content:http://www.prnewswire.com/news-releases/qudian-inc-reports-fourth-quarter-2017-and-full-year-2017-unaudited-financial-results-300612109.html
SOURCE Qudian Inc.