- Conference Call at 8:00 AM
ET/8:00 PM Beijing Time Today
-
BEIJING, May 21, 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 first quarter
2018.
First Quarter 2018 Operational Highlights:
Core online consumer finance business
- Company proactively and swiftly de-risked from an industry-wide
credit downturn resulting from industry regulations issued in
December 2017.
- Total outstanding loan balance was RMB 12.9 billion as of March 31, 2018, compared to RMB 6.9 billion as of March 31, 2017 and RMB11.2
billion as of December 31,
2017.
- Total amount of
transactions[1] reached RMB15.3
billion (US$2.4 billion) during
the first quarter of 2018, down 8.1% from RMB16.7
billion during the first quarter of 2017.
- Number of active borrowers[2] was 4.1
million during the first quarter of 2018, down 13.9% from 4.8
million during the first quarter of 2017.
- Number of credit drawdowns was 10.9
million during the first quarter of 2018, down 44.6% from 19.7
million during the first quarter of 2017.
- Number of registered users reached 65.3 million as
of March 31, 2018, with 27.5 million
users who have been approved for credit, up from 39.4 million
registered users and 14.1 million approved users as of March 31, 2017.
- M1+ Delinquency Rate by Vintage[3] for
each quarter of 2017 remained at less than 1.7%, through March
31, 2018.
Dabai Auto:
- Cumulative number of leased cars by March 31, 2018 was 6,608.
[1] Transactions are defined as
borrowers' credit drawdowns from the Company's platform.
|
[2] Active borrowers are to borrowers
who have drawn down credit in the specified period.
|
[3] M1+ Delinquency Rate by Vintage
is defined as the total balance of outstanding principal of
a vintage for which any installment payment is over 30 calendar
days past due as of a particular
date (adjusted to reflect total amount of recovered past due
payments for principal and without
taking into account charge-offs), divided by the total initial
principal in such vintage.
|
First Quarter 2018 Financial Highlights:
- Total revenue reached RMB1,716.6
million (US$ 273.7 million),
representing an increase of 105.6% from the first quarter of
2017.
- Sales commission reached RMB111.4
million (US$ 17.8 million),
representing an increase of 11.4% from the first quarter of
2017.
- Revenue from sales-type leases was RMB546.0
million (US$87.1 million),
representing auto leasing revenue generation in the first full
quarter since launching Dabai Auto.
- Net income decreased by 32.1% to RMB315.8
million (US$50.3 million) from
RMB465.1 million during the
first quarter of 2018.
- Adjusted net income decreased by 30.4%
to RMB338.5 million (US$ 54.0
million) from RMB 486.4 million in the first
quarter of 2017.
- Basic and diluted net income per share was RMB0.97 (US$0.15)
and RMB0.95 (US$0.15), respectively, compared with basic and
diluted net income per share of RMB5.87 and RMB1.53, respectively, for the first quarter of
2017.
- Basic and diluted adjusted net income per share was
RMB1.04 (US$0.17) and RMB1.02 (US$0.16),
respectively, for the first quarter of 2018, compared with basic
and diluted adjusted net income per share of RMB6.13 and RMB1.60, respectively, for the
first quarter of 2017.
"Our results in the first quarter reflect both the temporary
credit downturn in Chinese consumer credit markets following
implementation of new regulations late last year as well as our
proactive decision to temporarily tighten credit standards and
de-risk our book," said Mr. Min Luo,
Founder, Chairman and Chief Executive Officer of
Qudian. "Despite these short-term impacts, we are pleased to
report solid results for the quarter. We remain confident in our
core business, and we continue to believe current regulations will
support a healthier industry longer term."
"The benefit of our risk discipline was evident in the quarter
as delinquency rates stabilized, and more encouragingly, showed
improvement since January," Mr. Luo continued. "We began growing
our book prudently again following Chinese New Year and finished
the first quarter with RMB 12.9
billion in total loan balance, a 15% growth from the end of
the fourth quarter. While Chinese New Year impacted first
quarter transactions, based on the trends we are seeing, we expect
consumption credit to return to a stable growth track in the second
quarter and beyond. Our focus remains on serving our 65.3
million registered users and we look to optimize credit size and
credit tenure over time for selected higher quality users.
"We are also pleased to report Dabai Auto is performing very
well as we continue to optimize operational efficiency and grow the
business volume," added Mr. Luo. "Our large base of active
users, many of whom are looking to become first-time car buyers,
positions us well and boosts our confidence in the opportunity
Dabai presents. In addition, we recently entered into an agreement
with a large OEM in China which is
key to securing a cost-effective supply of vehicles. Strong OEM
relationships and continuous improvement in operational efficiency
have helped us shorten delivery time and enhance revenue per staff,
thereby creating a strong competitive advantage to other
providers. With Dabai, we have accomplished a great deal in a
short period of time, and as of March 31,
2018, we had leased over 6,600 cars to consumers with zero
late payments over 30 days past due."
"While we controlled transaction volume, we delivered solid
financial results in the quarter," said Mr. Carl Yeung, Chief Financial Officer of
Qudian. "Data from the credit downturn provided significant
enhancement to our data analytic capabilities, giving us further
ability to distinguish high quality borrowers from lower quality
ones. This allowed us to start offering slightly larger credit size
and credit term to our high quality users, witnessed by average
credit size increasing to RMB1,400
and average credit term increasing to 5.1 months in the first
quarter of 2018. The increase of credit term actually reduced the
average amount of monthly repayment due from our users, making our
product more affordable. For example, the average amount of monthly
repayment in the first quarter of 2018 would be about RMB300, based on the average ticket size of
RMB1400, the average duration of 5.1
months and 36% APR, down from the average amount of monthly
repayment in 2017 of about RMB400,
based on the average ticket size of RMB960, the duration of 2.5 months and 36% APR.
The proactive management of market driven risk was swift and
effective, as we witnessed delinquency rates stabilize and then
fall. The risk level was appropriate again by the end of the first
quarter to have the loan book grow.
"We continue to closely monitor credit trends and leverage our
proprietary data to manage risk while cost-effectively making
credit accessible to creditworthy but underserved consumers in
China," Mr. Yeung concluded.
"Based on our first quarter results and the latest trends we are
seeing in our business including the fact that our total
outstanding loan balance has already reached RMB14.6 billion today, we are reiterating our
financial outlook for adjusted net income of more than RMB2.5 billion for the full year."
First Quarter 2018 Financial Results
Total revenue for the first quarter of 2018
increased by 105.6% to RMB1,716.6 million (US$273.7 million) from RMB834.7
million in the prior year period, primarily due to the
increase of revenue from sales-type leases as a result of the ramp
up of Dabai Auto business. Financing income totaled RMB776.7
million (US$123.8 million) for
the first quarter of 2018, increasing 11.5% from RMB696.9
million for the first quarter of 2017. Loan facilitation
income and others increased to RMB277.6
million (US$44.3 million) for
the first quarter of 2018, up 660.9% from RMB36.5
million for the first quarter of 2017, as a result of the
substantial increase in the volume of off-balance sheet
transactions and the adoption of ASC 606 new revenue recognition
standard effective January 1, 2018.
Under ASC 605, the loan facilitation service income is recognized
when periodical repayments are receiving from customers. Upon
adoption of ASC606, a portion of the loan facilitation income which
is contingent on the continual repayment of the borrower will be
recognized when the Company successfully matched borrowers and
institutional funding partners. As a result, a greater portion of
the loan facilitation income will be recognized when the such
matching occurs. The adoption of ASC 606 resulted in an increase in
the Company's loan facilitation income for the first quarter of
2018 of RMB 137.9
million (US$22.0 million). Sales
commission fees increased to RMB111.4
million (US$17.8 million) for
the first quarter of 2018, up 11.4% from RMB100.0
million for the first quarter of 2017.
Total operating cost and expenses. Total operating
cost and expenses increased by 366.2% to RMB1,395.7
million (US$222.5 million) for
the first quarter of 2018 from RMB299.4 million for the
first quarter of 2017.
Cost of revenues increased by 461.4%
to RMB686.4 million (US$109.4
million) for the first quarter of 2018 from RMB122.3
million for the first quarter of 2017 ,primarily due to cost
of sales-type leases incurred by Dabai Auto business.
Sales and marketing expenses. Sales and marketing
expenses increased by 126.8% to RMB122.9
million (US$19.6 million) for
the first quarter of 2018 from RMB54.2 million for the
first quarter of 2017. The increase was primarily due to higher
compensation and travel expenses associated with the Dabai Auto
business in the first quarter of 2018, compared with the first
quarter of 2017. Excluding costs related to Dabai, sales and
marketing expenses declined 11% year-over-year primarily due to a
significant increase of transactions directly on our apps, which do
not involve borrower engagement cost.
General and administrative expenses. General and
administrative expenses increased by 36.1% to RMB56.0
million (US$8.9 million) for the
first quarter of 2018 from RMB41.1 million for the first
quarter of 2017. The increase was primarily attributable to the
increase in administrative fees payable to trust companies as a
result of increased use of trust funding in the first quarter of
2018, compared with the first quarter of 2017.
Research and development expenses. Research and
development expenses increased by 73.8% to RMB43.5
million (US$6.9 million) for the
first quarter of 2017 from RMB25.0 million for the first
quarter of 2017. The increase was primarily due to an increase in
technology service expense.
Provision for loan principal, financing service fee
receivables and other receivables. Provision for loan
principal, financing service fee receivables and other receivables
increased by 778.6% to RMB443.6 million (US$70.7 million) for the first quarter of 2018
from RMB50.5 million for the first quarter of
2017. 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 March 31, 2018, 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 RMB800.2 million (US$127.6
million), and the balance of allowance for principal and
financing service fee receivables at the end of the period
was RMB804.6 million (US$128.3
million), indicating M1+ Delinquency Coverage Ratio of
1.0x.
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 2017, before
charge-offs:
Click here to view the
chart.
Income from operations. Income from operations for
the first quarter of 2018 was RMB326.4
million (US$52.0 million),
representing a 41.5% decrease from RMB558.4 million from
the first quarter of 2017.
Income tax expenses. Income tax expense totaled
RMB8.7 million (US$1.4 million) in the first quarter of 2018,
down 90.5% from RMB91.9
million in the first quarter of 2017, primarily due to the
deferred tax treatment and tax refund.
Net income. Net income totaled RMB315.8
million (US$50.3 million) for
the first quarter of 2018, down 32.1% from RMB465.1
million for the first quarter of 2017. Net income attributable
to the Company's shareholders per diluted share
was RMB0.97 (US$0.15), compared with RMB1.53 in
the first quarter of 2017.
Adjusted net income attributable to the Company's shareholders,
which excludes share-based compensation expenses, decreased by
30.4% to RMB338.5 million (US$54.0
million) from RMB486.4 million in the prior year
period. Adjusted net income attributable to the Company's
shareholders per diluted share decreased to RMB1.02 (US$0.16) from RMB1.60 in
the prior year period.
As of March 31, 2018, the Company
had cash and cash equivalents of RMB5,736.8
million (US$914.6 million),
compared with RMB6,832.3 million as of December 31,
2017. The Company also had restricted cash
of RMB538.0million (US$85.8
million), compared with RMB2,252.6
million as of December 31,
2017. 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 March 31, 2018, the Company had short-term amounts
due from related parties of RMB517.3
million (US$82.5 million),
compared with short-term amounts due from related parties
of RMB551.2 million as of December 31, 2017. Such
amounts include RMB512.0 million (US$81.6 million) and RMB549.8
million deposited in our Alipay accounts as of March 31,
2018 and December 31, 2017, 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 first quarter
of 2018 was RMB487.6 million (US$77.7 million).
The Annual Report
On April 9, 2018, the Company
filed its annual report on Form 20-F for the fiscal year ended
December 31, 2017 with the Securities
and Exchange Commission (the "SEC"). The annual report can be
accessed on the Company's website and on the SEC's website
at www.sec.gov. The Company will provide a hard copy of
the annual report containing its audited consolidated financial
statements for the fiscal year ended December 31, 2017, free of charge, to its
shareholders and ADS holders upon request. Requests should be
submitted to ir@qudian.com.
Director Resignations
Mr. Shilei Li and Mr.
Yi Cao have tendered their
resignations as directors to the Company's board for personal
reasons. Their resignations are effective as of the date of this
press release. The Company would like to express its gratitude for
services provided by Mr. Shilei Li
and Mr. Yi Cao.
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 May 21,
2018 (8:00 PM Beijing/Hong Kong time on May 21,
2018).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-317-6003
|
International:
|
1-412-317-6061
|
Hong Kong (toll
free):
|
800-963-976
|
Hong Kong:
|
852-5808-1995
|
China:
|
400-120-6115
|
Participant Elite
Entry Number:
|
9518325
|
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 May 28,
2018, by dialing the following telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10120188
|
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 RMB6.2726 to US$1.00, the noon buying rate in
effect on March 30, 2018 in the H.10 statistical release
of the Federal Reserve Board. The Company makes no representation
that the RMB or US$ 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
|
|
|
Three months ended
March 31
|
(In thousands except
for number
of shares and per share data)
|
|
2017
|
|
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues:
|
|
|
|
|
|
|
Financing
income
|
|
696,893
|
|
776,746
|
|
123,833
|
Sales commission
fee
|
|
100,020
|
|
111,379
|
|
17,756
|
Revenue from
sales-type lease
|
|
-
|
|
546,034
|
|
87,051
|
Penalty
fee
|
|
1,344
|
|
4,886
|
|
779
|
Loan facilitation
income and others
|
|
36,481
|
|
277,577
|
|
44,251
|
|
|
|
|
|
|
|
Total
revenues
|
|
834,739
|
|
1,716,622
|
|
273,670
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
(122,270)
|
|
(686,404)
|
|
(109,429)
|
Sales and
marketing
|
|
(54,207)
|
|
(122,945)
|
|
(19,600)
|
General and
administrative
|
|
(41,150)
|
|
(55,990)
|
|
(8,926)
|
Research and
development
|
|
(25,041)
|
|
(43,521)
|
|
(6,938)
|
Loss on guarantee
liability
|
|
(6,232)
|
|
(43,187)
|
|
(6,885)
|
Provision for loan
principal, financing service
fee receivables and other receivables
|
|
(50,489)
|
|
(443,614)
|
|
(70,723)
|
Total operating
cost and expenses
|
|
(299,390)
|
|
(1,395,661)
|
|
(222,501)
|
Other operating
income
|
|
23,009
|
|
5,457
|
|
870
|
|
|
|
|
|
|
|
Income from
operations
|
|
558,358
|
|
326,418
|
|
52,039
|
Interest and
investment income, net
|
|
(1,345)
|
|
19,536
|
|
3,114
|
Foreign exchange
loss
|
|
-
|
|
(21,950)
|
|
(3,499)
|
Other
income
|
|
-
|
|
672
|
|
107
|
Other
expense
|
|
-
|
|
(168)
|
|
(27)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
557,013
|
|
324,508
|
|
51,734
|
income tax
expenses
|
|
(91,880)
|
|
(8,692)
|
|
(1,386)
|
|
|
|
|
|
|
|
Net
income
|
|
465,133
|
|
315,816
|
|
50,348
|
|
|
|
|
|
|
|
Net income
attributable to Qudian inc.'s
shareholder
|
|
465,133
|
|
315,816
|
|
50,348
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary
shares:
|
|
|
|
|
|
|
—Basic
|
|
5.87
|
|
0.97
|
|
0.15
|
—Diluted
|
|
1.53
|
|
0.95
|
|
0.15
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share equals
1
ADSs):
|
|
|
|
|
|
|
—Basic
|
|
|
|
0.97
|
|
0.15
|
—Diluted
|
|
|
|
0.95
|
|
0.15
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares
outstanding:
|
|
|
|
|
|
|
—Basic
|
|
79,305
|
|
326,372
|
|
326,372
|
—Diluted
|
|
303,366
|
|
331,424
|
|
331,424
|
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
Foreign currency translation
adjustment
|
|
|
|
(142,548)
|
|
(22,725)
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
465,133
|
|
173,268
|
|
27,623
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to
Qudian inc.'s shareholders
|
|
465,133
|
|
173,268
|
|
27,623
|
QUDIAN
INC.
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
December
31,
|
|
March
31,
|
(In thousands
except for number
of shares and
per share data)
|
2017
|
|
2018
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
RMB
|
|
RMB
|
US$
|
ASSETS:
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
6,832,306
|
|
5,736,836
|
914,587
|
Restricted
cash
|
2,252,646
|
|
538,031
|
85,775
|
Short-term
investments
|
300,000
|
|
-
|
-
|
Short-term loan
principal and financing
service
fee receivables
|
8,758,545
|
|
9,039,610
|
1,441,126
|
Short-term
finance lease receivables
|
8,508
|
|
188,806
|
30,100
|
Contract
assets
|
-
|
|
266,282
|
42,452
|
Short-term
amounts due from related parties
|
551,215
|
|
517,313
|
82,472
|
Other current
assets
|
482,351
|
|
793,335
|
126,475
|
Total
current assets
|
19,185,571
|
|
17,080,213
|
2,722,987
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
Long-term
finance lease receivables
|
17,900
|
|
367,000
|
58,508
|
Investment in
equity method investee
|
44,519
|
|
44,972
|
7,170
|
Property and
equipment, net
|
4,613
|
|
7,595
|
1,211
|
Intangible
assets
|
5,908
|
|
5,803
|
925
|
Deferred tax
assets
|
115,461
|
|
172,877
|
27,561
|
Other
non-current assets
|
6,444
|
|
114,292
|
18,221
|
Total
non-current assets
|
194,845
|
|
712,539
|
113,596
|
|
|
|
|
|
TOTAL
ASSETS
|
19,380,416
|
|
17,792,752
|
2,836,583
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
As of
|
|
As of
|
|
December
31,
|
|
March 31,
|
(In thousands except
for number
|
2017
|
|
2018
|
of shares and per
share data)
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
borrowings and interest payables
|
7,979,415
|
|
6,253,398
|
996,939
|
Accrued
expenses and other current liabilities
|
315,693
|
|
419,808
|
66,927
|
Short-term
amounts due to related parties
|
719,563
|
|
703,706
|
112,187
|
Guarantee
liabilities
|
46,981
|
|
48,004
|
7,653
|
Income tax
payable
|
268,373
|
|
268,471
|
42,801
|
Total
current liabilities
|
9,330,025
|
|
7,693,387
|
1,226,507
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Long-term
borrowings and interest payables
|
|
|
|
|
|
510,024
|
|
255,000
|
40,653
|
Total
non-current liabilities
|
510,024
|
|
255,000
|
40,653
|
Total
liabilities
|
9,840,049
|
|
7,948,387
|
1,267,160
|
|
|
|
|
|
Commitments
and contingencies
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Ordinary
shares
|
221
|
|
223
|
36
|
Treasury
stock
|
(421,165)
|
|
(421,165)
|
(67,144)
|
Additional
paid-in capital
|
7,571,703
|
|
7,594,353
|
1,210,718
|
Accumulated
other comprehensive loss
|
(77,947)
|
|
(220,495)
|
(35,152)
|
Retained
earnings
|
2,467,555
|
|
2,891,449
|
460,965
|
|
|
|
|
|
Total
shareholders' equity
|
9,540,367
|
|
9,844,365
|
1,569,423
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
19,380,416
|
|
17,792,752
|
2,836,583
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
Three months ended
March 31,
|
(In thousands except
for number
of shares and per share data)
|
|
2017
|
|
2018
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Total net income
attributable to Qudian Inc.'s
shareholders
|
|
|
|
|
|
|
|
465,133
|
|
315,816
|
|
50,348
|
Add: Share-based
compensation expenses
|
|
21,291
|
|
22,651
|
|
3,611
|
Non-GAAP net
income attributable to Qudian Inc.'s
shareholders
|
|
|
|
|
|
|
|
486,424
|
|
338,467
|
|
53,959
|
|
|
|
|
|
|
|
Non-GAAP net income
per share—basic
|
|
6.13
|
|
1.04
|
|
0.17
|
Non-GAAP net income
per share—diluted
|
|
1.60
|
|
1.02
|
|
0.16
|
Weighted average
shares outstanding—basic
|
|
79,305,191
|
|
326,372,211
|
|
326,372,211
|
Weighted average
shares outstanding—diluted
|
|
303,365,502
|
|
331,424,416
|
|
331,424,416
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
(In thousands except
for number
of shares and per share data)
|
|
2017
|
|
2018
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
531,462
|
|
487,625
|
|
77,739
|
Net cash used in
investing activities
|
|
(334,473)
|
|
(1,270,729)
|
|
(202,584)
|
Net cash provided
by/(used in) financing
activities
|
|
250,683
|
|
(1,884,433)
|
|
(300,424)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes
|
|
-
|
|
(142,548)
|
|
(22,725)
|
Net increase in cash
and cash equivalents and
restricted
cash
|
|
447,672
|
|
(2,810,085)
|
|
(447,994)
|
Cash and cash
equivalents and restricted cash at
beginning of
the period
|
|
785,770
|
|
9,084,952
|
|
1,448,355
|
Cash and cash
equivalents and restricted cash at
end of
period
|
|
1,233,442
|
|
6,274,867
|
|
1,000,361
|
View original
content:http://www.prnewswire.com/news-releases/qudian-inc-reports-first-quarter-2018-unaudited-financial-results-300651683.html
SOURCE Qudian Inc.