BEIJING, Aug. 24, 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 fiscal quarter
ended June 30, 2018.
Second Quarter 2018 Operational Highlights:
- Total outstanding loan balance[1] as of
June 30, 2018 increased by 40.3%
to RMB15.0 billion from June 30,
2017
- Total number of registered users as of June 30,
2018 increased by 41.7% to 67.9 million from June 30, 2017
- Number of active borrowers[2] was 4.0
million during the second quarter of 2018, compared with 5.6
million during the second quarter of 2017 as a result of tightened
credit policies and longer loan term
- Number of outstanding borrowers[3] as of
June 30, 2018 was 5.1 million,
compared with 5.0 million as of June 30,
2017
- M1+ Delinquency Rate by Vintage[4] for
loans generated during the first quarter of 2018 returned to less
than 1.0% through June 30, 2018, as a
result of successful implementation of tighter credit
standards
- Cumulative number of cars sold since the launch of the
Dabai Auto business was 15,082 as of June
30, 2018
[1] Including off-balance sheet loans
directly funded by our funding partners.
|
[2] Active borrowers are to borrowers
who have drawn down credit in the specified period.
|
[3] Outstanding borrowers are
borrowers who have outstanding loans as of a particular
date.
|
[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.
|
Second Quarter 2018 Financial Highlights:
- Total revenues increased by 124.7% year-on-year to RMB2,243.7 million (US$339.1 million)
- Loan facilitation income and others increased substantially
year-on-year to RMB452.1 million
(US$68.3 million) from RMB15.2 million
- Financing income increased by 7.8% year-on-year to RMB895.1 million (US$135.3
million)
- Sales income generated by the Dabai Auto business was
RMB784.8 million (US$118.6 million), compared to nil in the second
quarter of 2017
- Net income increased by 42.4% year-on-year to RMB724.2 million (US$109.4
million), or RMB2.19
(US$0.33) per diluted ADS
- Non-GAAP net income increased by 42.0% year-on-year to
RMB737.6 million (US$111.5 million), or RMB2.23 (US$0.34)
per diluted ADS
"We are very pleased to deliver a record net income in the
second quarter," said Mr. Min Luo,
Founder, Chairman and Chief Executive Officer of Qudian. "Our
registered users continued to increase; and our total loan balance
also continued to grow while seeing marked improvement in risk
metrics. Our swift adjustments on tightening credit policies and
improving product structures initiated from the first quarter
worked well into the second quarter. The M1+ Delinquency Rate by
Vintage declined to less than 1.0% for new loans generated this
year after we implemented tighter credit standards while the total
delinquency rate increased slightly due to legacy of loans
generated last year but also shows tapering off trends. As our
registered users grew steadily and reached 67.9 million, we can
focus our growth on activating and monetizing our large existing
user base, instead of over-reliance on expensive marketing. We
continued to diversify our funding sources through partnerships and
remain committed to strict compliance with both existing and new
laws and regulations."
"Our Dabai Auto business generated conservative healthy
growth in the second quarter," added Mr. Luo. "During this quarter,
we sold 8,474 cars and credit performance was in line with
expectation. Dabai represents our efforts to activate and monetize
our massive existing user base by offering a diversified service
scope. Going forward, we look to increase operational efficiency
and grow the business at a prudent pace without sacrificing
profitability."
"Looking ahead, we will further grow our business by focusing on
our core online consumer finance businesses, continuing to invest
in technology and expanding our funding sources while prudently
growing our new Dabai Auto business. We are increasingly confident
that we can achieve our full-year 2018 guidance for non-GAAP net
income to be more than RMB2.5
billion. In addition, with further clarity from regulators
and many players exiting the online consumer finance industry, our
competitive advantages in being regulatory compliant, expertise in
risk analytics and cost structure driven by technology, big-data
and software development will ensure the long-term business growth
and further solidify our leadership position," Mr. Luo
concluded.
"We achieved a new milestone by achieving record net income
while navigating a maturing regulatory environment," said Mr.
Carl Yeung, Chief Financial Officer
of Qudian. "Our non-GAAP net income increased by 42.0% year-on-year
to RMB737.6 million as a result of
successfully growing our loan balance while managing risk
appropriately. Meanwhile, we continued our efforts to diversify
funding sources and entered into new funding arrangements with 8
regulated and licensed institutional funding partners during the
second quarter of 2018. We believe this combination of stable and
diversified funding sources and our stockpile of liquidity reserves
enables us to maintain confidence in our liquidity positions and
sustain long-term growth. Meanwhile, we firmly believe Qudian's
strategy of not relying on individuals for funding, but rather
utilizing stable, regulated and licensed institutional funding
sources will further differentiate us and avoid the liquidity
concerns that some P2P businesses may be struggling with. We remain
confident about future growth as the industry continues to evolve
and mature."
"Looking ahead, there is a robust demand for consumption credits
and the regulatory environment is becoming increasingly stable and
mature. With delinquency managed within expected ranges and volume
growing healthily on the consumption credit side, we hope to grow
the Dabai Auto business at a more prudent pace and lower expected
unit sales from 100,000 units to between 25,000-30,000 units.
Considering these factors, we wish to provide an assertive tone on
our full-year 2018 guidance for non-GAAP net income to be more than
RMB2.5 billion."
Mr. Yeung further comments, "In light of the strength of our
business fundamentals, as of June 27,
2018, we have purchased approximately US$149.7 million under the repurchase plan
announced last December, which demonstrated our confidence in our
businesses and commitment to drive long term growth for our
shareholders. We expect to continue to purchase shares in the open
market given our view of the visible disconnect between company's
value and fundamentals."
Second Quarter 2018 Financial Results
Total revenues were RMB2,243.7 million (US$339.1 million), an increase of 124.7% from
RMB998.4 million for the same quarter
of 2017, mainly driven by growth of revenues from sales income
generated by Dabai Auto business and loan facilitation income and
others.
Financing income totaled RMB895.1 million (US$135.3
million), an increase of 7.8% from RMB830.5 million for the same quarter of 2017,
due to an increase in loan balance as a result of increases in
average loan size and term, partially offset by a decrease in
active borrowers as a result of tightening credit policies.
Loan facilitation income and others substantially
increased to RMB452.1 million
(US$68.3 million) from RMB15.2 million for the same quarter of 2017, as
a result of a substantial increase in off-balance sheet
transactions and the adoption of ASC 606 Revenue from contracts
with customers, effective January 1,
2018. Prior to the adoption of ASC 606, the loan
facilitation service income was limited to the amount that is not
contingent on the delivery of the undelivered post origination
services. Upon adoption of ASC606, the total consideration is
allocated between the loan facilitation service and post
origination services performance obligations. Loan facilitation
service income is recognized when the service is rendered i.e.
successful matching borrowers with institutional funding partners.
The amount recognised is limited to the amount of variable
consideration that is probable not to be reversed in future
periods. Accordingly, the timing of revenue recognition for loan
facilitation service income collected in periodical instalments
will be recognised earlier under ASC 606. The adoption of ASC 606
resulted in an increase of RMB156.7
million (US$23.7 million) in
loan facilitation income for the second quarter of 2018.
Sales income was RMB784.8
million (US$118.6 million)
compared to nil in the second quarter of 2017 as a result of the
launch of the new Dabai Auto business.
Sales commission fees decreased by 29.9% to
RMB105.9 million (US$16.0 million) from RMB151.1 million for the same quarter of 2017, as
a result of a decrease in the gross merchandise value relating to
the merchandise credit business.
Total operating costs and expenses increased by
263.7% to RMB1,473.1 million
(US$222.6 million) from RMB405.0 million for the same quarter of
2017.
Cost of revenues increased by 387.8% to
RMB947.8 million (US$143.2 million) from RMB194.3 million for the same quarter of 2017,
primarily due to costs incurred by the Dabai Auto business,
partially offset by a slight decrease in funding costs associated
with our core online consumer finance business.
Sales and marketing expenses increased by 68.5% to
RMB160.6 million (US$24.3 million) from RMB95.3 million for the second quarter of 2017.
The increase was primarily due to expenses associated with the new
Dabai Auto business, partially offset by a decrease in sales and
marketing expenses for our core small credit businesses as a result
of a significant increase in repeat transactions directly on our
apps.
General and administrative expenses increased
by 154.8% to RMB69.1 million (US$10.4 million) from RMB27.1
million for the second quarter of 2017. The increase was
primarily attributable to increases in travel expenses and
administrative fees payable to trust companies as a result of
increased use of trust funding.
Research and development expenses were
RMB36.9 million (US$5.6 million), and remained flat from the
second quarter of 2017.
Provision for loan principal, financing service fee
receivables and other receivables increased by 357.3%
to RMB222.0 million (US$33.5
million) from RMB48.5 million for the second
quarter of 2017. The increase was primarily due to an increase
in the loan balance and M1+ overdue loan principals and financing
services fees receivables.
As of June 30, 2018, the total balance of outstanding
principal and financing service fee receivables for on-balance
sheet transactions for which any installment payment was more than
30 calendar days past due was RMB537.0
million (US$81.2 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB580.6
million (US$87.7 million),
indicating M1+ Delinquency Coverage Ratio of 1.1x.
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 2017 and 2018, before
charge-offs:
Click here to view the
chart.
Income from operations was RMB773.8
million (US$116.9 million), an
increase of 27.3% from RMB607.9 million from the second
quarter of 2017.
Net income attributable to
Qudian's shareholders increased by
42.4% to RMB724.2 million (US$109.4 million), or RMB2.19 (US$0.33)
per diluted ADS, compared to RMB508.5
million, or RMB1.70 per
diluted ADS, for the second quarter of 2017.
Non-GAAP Net income attributable to Qudian
shareholders increased by 42.0% to RMB737.6
million (US$111.5 million), or
RMB2.23 (US$0.34) per diluted
ADS, compared to RMB519.4 million, or
RMB1.74 per diluted ADS, for the
second quarter of 2017.
As of June 30, 2018, the Company
had cash and cash equivalents of RMB2,904.6
million (US$439.0 million) and
restricted cash of RMB1,458.5million (US$220.4 million).
For the second quarter of 2018, net cash provided by
operating activities was RMB672.5
million (US$101.6 million),
mainly attributable to net income of RMB724.2 million (US$109.4
million). Net cash used in investing
activities was RMB2,137.3
million (US$323.0 million),
mainly due to payments to originate loan principal of RMB12,070.0 million (US$1,824.1 million) and payments to originate
finance lease receivables of RMB704.5
million (US$106.5 million) and
partially offset by proceeds from collection of loan principal of
RMB10,904.8 million (US$1,648.0 million). Net cash used in
financing activities was RMB560.2 million (US$84.7 million), mainly comprised of repayments
of borrowings of RMB1,696.3 million
(US$256.3 million), partially offset
by proceeds from borrowings of RMB1,206.4
million (US$182.3
million).
Board Member Changes
Qudian announced that to comply with the NYSE corporate
governance standards, Mr. Rong Shengwen was appointed as
independent director and member of Audit Committee and Mr.
Du Li resigned as director and
member of Audit Committee, both effective on August 24, 2018. Mr. Rong currently serves as CFO
of Yixia Tech Co. Ltd, a leading VC-funded private company focusing
on short-form video and live streaming services in China. He holds an MBA degree from the
University of Chicago Booth School of
Business and a master's degree in accounting from West Virginia University and a bachelor's degree in
international finance from Renmin University of China.
Mr. Min Luo, Founder, Chairman
and Chief Executive Officer of Qudian said, "On behalf of the
Board, I would like to thank Mr. Du for his invaluable
contributions to the Company during his tenure. His experience and
counsel contributed to our success and we wish him the best in his
future endeavors. Meanwhile, we are honored to welcome Mr. Rong to
our Board and look forward to working with him and benefiting from
his valuable experiences and expertise as we further grow our
business."
Update on Company's User Engagement
The Company's agreement with Ant Financial relating to user
engagement through Alipay's dedicated channel for online
third-party service providers expires in August 2018, and the parties have decided not to
renew the agreement. The Company has primarily engaged users
through its own mobile apps since the first quarter of 2018, and it
does not expect the non-renewal to have a material impact on the
Company's current business.
Update on Share Repurchase
On December 1, 2017, the Company
announced that its Board of Directors authorized the repurchase of
up to US$300 million of the Company's
American Depositary Shares in open market transactions. As of
June 27, 2018, the amount purchased
under this repurchase plan was approximately US$149.7 million.
Outlook
For the full year of 2018, the Company reaffirms its expectation
for non-GAAP net income to be over RMB2.5
billion. Meanwhile, for the Dabai Auto business, the Company
expects the number of vehicles sold during the full year 2018 to be
between 25,000-30,000, down from the previous guidance of 100,000,
as the Company focuses on profitability.
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
on August 24, 2018 at 7:00
AM U.S. Eastern Time (7:00 PM Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S.:
|
+1-845-675-0437
|
U.S. (toll
free):
|
+1-866-519-4004
|
International:
|
+65-6713-5090
|
Hong Kong:
|
+852-3018-6771
|
Hong Kong (toll
free):
|
800-906-601
|
Mainland
China:
|
400-620-8038/800-819-0121
|
Conference
ID:
|
6192956
|
Please dial in 10 minutes before the call is scheduled to begin
and provide either the conference ID, 6192956, or the passcode,
"Qudian earnings call," to join the call. Additionally, a live and
archived webcast of the conference call will be available on the
Company's investor relations website at http://ir.qudian.com. A
replay of the conference call will be accessible approximately one
hour after the conclusion of the live call until August 31,
2018, by dialing the following telephone numbers:
U.S.:
|
+1-646-254-3697
|
U.S. (toll
free):
|
+1-855-452-5696
|
International:
|
+61-28199-0299
|
Hong Kong:
|
+852-3051-2780
|
Hong Kong (toll
free):
|
800-963-117
|
Mainland
China:
|
400-602-2065/800-870-0206
|
Replay Access
Code:
|
6192956
|
About Qudian Inc.
Qudian Inc. ("Qudian" or the "Company") 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 helps
identify underlying trends in our business by excluding the impact
of share-based compensation expenses and fair value gains, which
are non-cash charges. We believe that adjusted net income provides
useful information about our operating results, enhances the
overall understanding of our past performance and future prospects
and allows for greater visibility with respect to key metrics used
by our management in its financial and operational
decision-making.
Adjusted net income 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 RMB6.6171 to US$1.00, the noon buying rate in
effect on June 29, 2018 in the H.10 statistical release
of the Federal Reserve Board. The Company makes no representation
that the RMB or US$ 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
Annie Huang
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.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
(In thousands except
for number
|
2017
|
|
2018
|
of shares and per
share data)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Financing
income
|
830,532
|
|
895,131
|
|
135,275
|
Sales commission
fees
|
151,149
|
|
105,898
|
|
16,004
|
Sales
income
|
-
|
|
784,753
|
|
118,595
|
Penalty
fees
|
1,492
|
|
5,766
|
|
871
|
Loan facilitation
income and others
|
15,223
|
|
452,103
|
|
68,323
|
|
|
|
|
|
|
Total
revenues
|
998,397
|
|
2,243,651
|
|
339,069
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(194,295)
|
|
(947,817)
|
|
(143,238)
|
Sales and
marketing
|
(95,298)
|
|
(160,586)
|
|
(24,268)
|
General and
administrative
|
(27,118)
|
|
(69,110)
|
|
(10,444)
|
Research and
development
|
(38,448)
|
|
(36,863)
|
|
(5,571)
|
Loss of guarantee
liabilities
|
(1,294)
|
|
(36,747)
|
|
(5,553)
|
Provision for loan
principal, financing service
fee receivables and other
receivables
|
(48,539)
|
|
(221,951)
|
|
(33,542)
|
Total operating
cost and expenses
|
(404,991)
|
|
(1,473,074)
|
|
(222,616)
|
Other operating
income
|
14,514
|
|
3,203
|
|
484
|
|
|
|
|
|
|
Income from
operations
|
607,919
|
|
773,780
|
|
116,936
|
Interest and
investment (loss)/income, net
|
(725)
|
|
4,584
|
|
693
|
Foreign exchange
gain, net
|
-
|
|
18,420
|
|
2,784
|
Other
income
|
309
|
|
7,828
|
|
1,183
|
Other
expense
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Net income before
income taxes
|
607,504
|
|
804,612
|
|
121,596
|
Income tax
expenses
|
(98,974)
|
|
(80,420)
|
|
(12,153)
|
|
|
|
|
|
|
Net
income
|
508,529
|
|
724,192
|
|
109,442
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
508,529
|
|
724,192
|
|
109,442
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A
and Class B ordinary shares:
|
|
|
|
|
|
Basic
|
6.83
|
|
2.21
|
|
0.33
|
Diluted
|
1.70
|
|
2.19
|
|
0.33
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary
share equals 1 ADSs):
|
|
|
|
|
|
Basic
|
-
|
|
2.21
|
|
0.33
|
Diluted
|
-
|
|
2.19
|
|
0.33
|
|
|
|
|
|
|
Weighted average
number of Class A
and Class B ordinary shares outstanding:
|
|
|
|
|
|
Basic
|
74,507,376
|
|
327,811,355
|
|
327,811,355
|
Diluted
|
298,686,013
|
|
330,060,963
|
|
330,060,963
|
|
|
|
|
|
|
Other
comprehensive gain:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
-
|
|
113,240
|
|
17,113
|
|
|
|
|
|
|
Total
comprehensive income
|
508,529
|
|
837,432
|
|
126,556
|
|
|
|
|
|
|
Total
comprehensive income attributable to
Qudian Inc.'s shareholders
|
508,529
|
|
837,432
|
|
126,556
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
March 31,
|
|
As of
June 30,
|
(In thousands except
for number
|
2018
|
|
2018
|
of shares and per
share data)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS:
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
5,736,836
|
|
2,904,627
|
|
438,958
|
Restricted
cash
|
538,031
|
|
1,458,463
|
|
220,408
|
Short-term
investments
|
-
|
|
67,579
|
|
10,213
|
Short-term loan
principal and financing service
fee receivables, net
|
9,039,610
|
|
10,098,603
|
|
1,526,137
|
Short-term finance
lease receivables
|
188,806
|
|
389,683
|
|
58,890
|
Short-term amounts
due from related parties
|
517,313
|
|
336,179
|
|
50,805
|
Contract
assets
|
266,282
|
|
433,532
|
|
65,517
|
Other current
assets
|
793,335
|
|
1,242,202
|
|
187,726
|
Total current
assets
|
17,080,213
|
|
16,930,867
|
|
2,558,654
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Long-term finance
lease receivables
|
367,000
|
|
690,612
|
|
104,368
|
Investment in equity
method investee
|
44,972
|
|
42,253
|
|
6,385
|
Property and
equipment, net
|
7,595
|
|
11,361
|
|
1,717
|
Intangible
assets
|
5,803
|
|
8,553
|
|
1,293
|
Land use
right
|
-
|
|
106,000
|
|
16,019
|
Long-term contract
asset
|
-
|
|
9,209
|
|
1,392
|
Deferred tax
assets
|
172,877
|
|
178,359
|
|
26,954
|
Other non-current
assets
|
114,292
|
|
8,407
|
|
1,270
|
Total non-current
assets
|
712,539
|
|
1,054,752
|
|
159,398
|
|
|
|
|
|
|
TOTAL
ASSETS
|
17,792,752
|
|
17,985,619
|
|
2,718,052
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
March 31,
|
|
As of
June 30,
|
(In thousands except
for number
|
2018
|
|
2018
|
of shares and per
share data)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
6,253,398
|
|
6,031,503
|
|
911,502
|
Accrued
expenses and other current liabilities
|
419,808
|
|
386,229
|
|
58,368
|
Short-term
amounts due to related parties
|
703,706
|
|
1,112,257
|
|
168,088
|
Guarantee
liabilities
|
48,004
|
|
86,085
|
|
13,009
|
Income tax
payable
|
268,471
|
|
231,601
|
|
35,000
|
Total
current liabilities
|
7,693,387
|
|
7,847,675
|
|
1,185,969
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings and interest payables
|
255,000
|
|
-
|
|
-
|
|
|
|
|
|
|
Total
non-current liabilities
|
255,000
|
|
-
|
|
-
|
Total
liabilities
|
7,948,387
|
|
7,847,675
|
|
1,185,969
|
|
|
|
|
|
|
Commitments
and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
Class A
Ordinary shares
|
223
|
|
176
|
|
27
|
Class B
Ordinary shares
|
-
|
|
44
|
|
7
|
Treasury
shares
|
(421,165)
|
|
(557,406)
|
|
(84,237)
|
Additional
paid-in capital
|
7,594,353
|
|
7,186,744
|
|
1,086,087
|
Accumulated
other comprehensive loss
|
(220,495)
|
|
(107,255)
|
|
(16,209)
|
Retained
earnings
|
2,891,449
|
|
3,615,642
|
|
546,409
|
|
|
|
|
|
|
Total
shareholders' equity
|
9,844,365
|
|
10,137,945
|
|
1,532,083
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
17,792,752
|
|
17,985,619
|
|
2,718,052
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
2017
|
|
2018
|
(In thousands except
for number
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
of shares and per
share data)
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income
attributable to Qudian Inc.'s
shareholders
|
508,529
|
|
724,192
|
|
109,442
|
Add: Share-based
compensation expenses and
fair value gains
|
10,886
|
|
13,449
|
|
2,032
|
Non-GAAP net
income attributable to Qudian Inc.'s
shareholders
|
519,415
|
|
737,640
|
|
111,474
|
|
|
|
|
|
|
Non-GAAP net income
per share--basic
|
6.97
|
|
2.25
|
|
0.34
|
Non-GAAP net income
per share--diluted
|
1.74
|
|
2.23
|
|
0.34
|
Weighted average
shares outstanding--basic
|
74,507,376
|
|
327,811,355
|
|
327,811,355
|
Weighted average
shares outstanding--diluted
|
298,686,013
|
|
330,060,963
|
|
330,060,963
|
View original
content:http://www.prnewswire.com/news-releases/qudian-inc-reports-second-quarter-2018-unaudited-financial-results-300701974.html
SOURCE Qudian Inc.