XIAMEN, China, March 18, 2020 /PRNewswire/ -- Qudian Inc.
("Qudian" or the "Company") (NYSE: QD), a leading technology
platform empowering the enhancement of online consumer finance
experience in China, today
announced its unaudited financial results for the fourth quarter
and full year ended December 31,
2019.
Fourth Quarter 2019 Operational Highlights:
- Number of outstanding borrowers[1] from loan book
business and transaction services business as of December 31, 2019 decreased by 2.4% to 6.1
million from 6.3 million as of September 30, 2019
- Total outstanding loan balance from loan book business
as of December 31, 2019 decreased
by 13.4% to RMB22.6 billion from September 30, 2019 as a result of conservative
and prudent strategy the Company deployed
- Weighted average loan tenure for our loan book business
was 10.9 months for this quarter, compared with 10.4 months for the
third quarter of 2019; Weighted average loan tenure for
transactions serviced on open platform was 13.8 months for this
quarter, compared with 13.0 months for the third quarter of
2019
- Amount of transactions serviced on open platform in the
fourth quarter of 2019 decreased by 19.7% to RMB8.0 billion from RMB10.0 billion for the third quarter of 2019, as
a result of funding partners taking a more conservative stance on
credit risk
[1] Outstanding borrowers are
borrowers who have outstanding loans as of a particular date,
including outstanding borrowers from both loan book business and
transaction services business. Transaction services business,
relates to various services, including credit assessment, referral
and post-origination services, provided through our open platform,
which was launched in the second half of 2018.
|
Fourth Quarter 2019 Financial Highlights:
- Total revenues were RMB1,931.6
million (US$277.5 million),
representing a decrease of 25.4% from the third quarter of 2019 and
an increase of 7.1% from the same period of last year.
-
- Loan facilitation income and other related income decreased by
21.1% quarter-on-quarter and decreased by 20.6% year-on-year to
RMB460.0 million (US$66.1 million) as a result of a decrease in the
amount of off-balance sheet transactions[2]
- Transaction services fee and other related income which relate to
transaction services and traffic referral services provided by the
Company's open platform, decreased by 34.6% quarter-on-quarter, as
a result of funding partners taking a more conservative stance on
credit risk, and increased substantially year-on-year to
RMB649.4 million (US$93.3 million) as a result of the ramp-up of
the open platform initiative
- Financing income decreased by 10.1% quarter-on-quarter
and decreased by 20.6% year-on-year to RMB717.0 million (US$103.0
million) as a result of a decrease in average on-balance
sheet loan balance
- Net income decreased by 87.7% quarter-on-quarter
and decreased by 83.3% year-on-year to RMB127.9 million (US$18.4
million), or RMB0.49
(US$0.07) per diluted American
depositary share ("ADS")
- Non-GAAP net income[3] decreased by 85.2%
quarter-on-quarter and decreased by 79.9% year-on-year to
RMB156.9million (US$22.5 million), or RMB0.59 (US$0.08)
per diluted ADS
Full Year 2019 Financial Highlights:
- Total revenues were RMB8,840.0
million (US$1,269.8 million)
in 2019, representing an increase of 14.9% from 2018, primarily due
to the establishment of the open platform initiative
-
- Loan facilitation income and other related income increased by
39.5% year-on-year to RMB2,297.4 million (US$330.0 million) from RMB1,646.8 million for 2018
- Transaction services fee and other related income which relate to
transaction services and traffic referral services provided by the
Company's open platform, substantially increased to RMB2,199.5 million (US$315.9 million)
- Financing income decreased by 0.7% to RMB3,510.1 million (US$504.2 million) from RMB3,535.3 million in 2018 as a result of a
decrease in the average on-balance sheet loan balance
- Net income increased by 31.0% year-on-year to RMB3,264.3 million (US$468.9 million), or RMB10.94 (US$1.57)
per diluted ADS
- Non-GAAP net income[3] increased by 31.5%
year-on-year to RMB3,351.6million
(US$481.4 million), or RMB11.23 (US$1.61)
per diluted ADS
[2]
"Off-balance sheet transactions" are defined as transactions that
are not recorded on the Company's balance sheet and are guaranteed
by the Company.
[3] For more information on this
Non-GAAP financial measure, please see the table captioned
"Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth
at the end of this press release.
|
"We concluded 2019 with a strategic focus on reducing risks and
protecting net assets, in response to the challenging market
conditions and further evolving regulatory parameters," said Mr.
Min Luo, Founder, Chairman and Chief
Executive Officer of Qudian. "In the second half of 2019, the
regulatory environment became increasingly stringent with the
introduction of further restrictions on loan collection practices,
data collection and usage, and marketing campaigns of fintech
platforms, as well as the regulatory requirements for P2P lending
platforms to orderly exit their P2P businesses. As such, the
overall availability of funding sources for consumer credit has
shrunk, and delinquency rates across the industry have surged. Our
D1 delinquency rate[4], a more real-time representation
of our portfolio asset quality, has risen to around 13% as of the
end of the fourth quarter of 2019, from around 10% as of the end of
the previous quarter."
"In light of these market dynamics, we adopted more
precautionary measures to protect our net asset value with a
long-term perspective in mind. For our risk undertaking business,
we implemented stricter loan approval standards, limiting our loan
approval rate to low single-digit in the fourth quarter. As a
result, we substantially reduced our risk-undertaking outstanding
loan balance by RMB3.5 billion within
one single quarter. Meanwhile, our open platform institutional
funding partners have also adopted more stringent credit evaluation
criteria, which subsequently decreased the credit volume on our
open platform by 19.7% in the fourth quarter of 2019, compared to
the preceding quarter."
"Looking at the near term, although the impact of the COVID-19
outbreak on the economy is still unclear, we expect the epidemic to
exacerbate the already existing challenges in the consumer credit
sector. Therefore, we plan to continue mitigating our risk exposure
to the consumer credit market by reducing loan book aggressively in
the first half of 2020. Until the credit cycle terminates the
current downtrend, we intend to maintain a leverage
ratio[5] of lower than 1.9x and remain committed to
protecting our net assets. With this prudent operating strategy, we
will utilize the increased liquidity of our capital for our share
repurchase program as well as strategic investments for new areas
of growth," Mr. Luo concluded.
"The combined impact from the macroeconomic slowdown, regulatory
developments, and difficult operating environment presented us with
a challenging start of 2020," said Ms. Sissi Zhu, Vice President, Investor Relations of
Qudian.
"In light of the COVID-19 outbreak and its ensuing adverse
influence on the macroeconomy, we worked closely with our partners
to mitigate the epidemic's negative impact on the consumer credit
industry. Together with our partners, we further accelerated the
deleveraging process by implementing more rigorous credit approval
standards, which allowed us to reduce our overall transaction
volume. During the first two months of 2020, our average monthly
transaction volume in our loan book and open platform further
decreased by approximately 50% and 61%, respectively, compared to
the average monthly transaction volume in the fourth quarter of
2019. In addition, we also recorded higher provisions for our
receivables and losses on guarantee and risk assurance liabilities.
This reflects near-term asset quality challenges ever since our
vintage M1+ delinquency rate reached 5.6% in December 2019 and D1 delinquency rate doubled to
20% in February 2020 from
approximately 10% for the third quarter of 2019. Consequently, we
expect the reduced origination volume combined with higher
provisions for receivables and losses on guarantee and risk
assurance liabilities to generate a material loss in the first
quarter of 2020."
"Given the fast moving dynamics of the industry, uncertainties
and macro challenges, we believe our practice of not providing
guidance is appropriate, as it gives the management flexibility in
taking quick and decisive actions to protect net assets on behalf
of our stakeholders. The quick reduction in loan book in the last
quarter of 2019 and thus far in the first quarter of 2020 will have
a near term impact on our quarterly results, but we also believe it
is the right course of action to ensure the longer term viability
of the business. We will keep monitoring the market development and
stay agile in our strategic adjustments," Ms. Zhu concluded.
[4] "D1
delinquency rate" is defined as (i) the total amount of principal
and financing service fees that became overdue as a specified date,
divided by (ii) the total amount of principal and financing
services fees that was due for repayment as of such date, in each
case with respect to our loan book business and transaction
services business.
|
[5] "Leverage ratio" is defined as
the ratio between (i) outstanding balance of our loan book business
and (ii) total net assets.
|
Fourth Quarter Financial Results
Total revenues were RMB1,931.6 million (US$277.5 million), an increase of 7.1% from
RMB1,803.2 million for the fourth
quarter of 2018.
Financing income totaled RMB717.0 million (US$103.0
million), a decrease of 20.6% from RMB903.2 million for the fourth quarter of
2018, as a result of a decrease in average on-balance sheet loan
balance.
Loan facilitation income and
other related income decreased by 20.6%
to RMB460.0 million (US$66.1 million) from RMB579.1 million for the fourth quarter of
2018, as a result of a decrease in the amount of off-balance sheet
transactions.
Transaction services fee and other related income
substantially increased to RMB649.4
million (US$93.3 million), as
a result of the ramp-up of the open platform initiative.
Sales income substantially decreased to
RMB35.9 million (US$5.2 million) from RMB257.9 million for the fourth quarter of
2018, due to the winding down of the Dabai Auto business.
Sales commission fee increased by 1.7% to
RMB55.5 million (US$8.0 million) from RMB54.6 million for the fourth quarter of
2018, due to an increase in the margins for merchandise credit
products.
Total operating costs and expenses increased by
88.8% to RMB1,754.3 million
(US$252.0 million) from RMB929.0 million for the fourth quarter of
2018.
Cost of revenues decreased by 63.0% to
RMB148.8 million (US$21.4 million) from RMB402.7 million for the fourth quarter of
2018, primarily due to a decrease in costs incurred by the Dabai
Auto business and a decrease in funding costs associated with the
on-balance sheet portion of the Company's loan book business as a
result of a decrease in on-balance sheet transactions.
Sales and marketing expenses decreased by
58.0% to RMB57.5 million
(US$8.3 million) from RMB136.9 million for the fourth quarter of
2018. The decrease was primarily due to the winding down of the
Dabai Auto business.
General and administrative
expenses decreased by 14.3% to RMB70.8 million (US$10.2 million) from RMB82.5
million for the fourth quarter of 2018. The decrease was
primarily due to a decrease in staff salary.
Research and development
expenses decreased by 56.0% to RMB34.3 million (US$4.9 million) from RMB77.9 million for the fourth quarter of
2018. The decrease was primarily due to a decrease in staff
salary.
Provision for receivables and other
assets increased by 220.3% to RMB707.2
million (US$101.6 million)
from RMB220.8 million for the fourth quarter of
2018. The increase was primarily due to an increase in
past-due on-balance sheet outstanding principal receivables
compared to the fourth quarter of 2018.
As of December 31, 2019, 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 RMB1,047.4
million (US$150.4 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB1,623.9
million (US$233.3 million),
indicating M1+ Delinquency Coverage Ratio of 1.6x.
The following charts display the "vintage charge-off rate."
Total potential receivables at risk vintage charge-off (with
respect to on- and off-balance sheet transactions facilitated under
the loan book business during a specified time period), refers to
the total outstanding principal balance of the transactions for
which any repayment is over due for more than 180 days during such
period, divided by the total initial principal of the transactions
facilitated in such vintage.
Current receivables at risk vintage charge-off rate (with
respect to on- and off-balance sheet transactions facilitated under
the loan book business during a specified time period), refers to
the principal amount of repayments that are overdue for more than
180 days during such period, divided by the total initial principal
of the transactions facilitated in such vintage.
Total potential receivables at risk M1+ delinquency rate by
vintage (with respect to on- and off-balance sheet transactions
facilitated under the loan book business during a specified time
period), refers to the total outstanding principal balance of the
transactions for which any repayment is overdue for more than 30
days during such period, divided by the total initial principal of
the transactions facilitated in such vintage.
Current receivables at risk M1+ delinquency rate by vintage
(with respect to on- and off-balance sheet transactions facilitated
under the loan book business during a specified time period),
refers to the principal amount of repayments that are overdue for
more than 30 days during such period, divided by the total initial
principal of the transactions facilitated in such
vintage.
Income from operations decreased by 74.4% to
RMB226.8 million (US$32.6 million) from RMB886.4 million for the fourth quarter of
2018.
Net income attributable to
Qudian's
shareholders decreased by
83.3% to RMB127.9 million (US$18.4 million), or RMB0.49 (US$0.07)
per diluted ADS.
Non-GAAP net income attributable to Qudian's
shareholders decreased by
79.9% to RMB156.9 million (US$22.5 million), or RMB0.59 (US$0.08)
per diluted ADS.
Full Year 2019 Financial Results
Total revenues were RMB8,840.0 million (US$1,269.8 million), an increase of 14.9% from
RMB7,692.3 million for 2018.
Financing income totaled RMB3,510.1 million (US$504.2 million), a decrease of 0.7% from
RMB3,535.3 million for 2018.
Loan facilitation income and
other related income increased by 39.5%
to RMB2,297.4 million (US$330.0 million) from RMB1,646.8 million for 2018, as a result of an
increase in the amount of off-balance sheet transactions.
Transaction services fee and other related income
substantially increased to RMB2,199.5
million (US$315.9 million), as
a result of the ramp-up of the open platform initiative.
Sales income substantially decreased to
RMB431.9 million (US$62.0 million) from RMB2,174.8 million for 2018, due to the winding
down of the Dabai Auto business.
Sales commission fee increased by 16.0% to
RMB356.8 million (US$51.3 million) from RMB307.5 million for 2018, due to an increase in
the margins for merchandise credit products.
Total operating costs and expenses increased by
1.5% to RMB5,099.8 million
(US$732.5 million) from RMB5,026.7 million for 2018.
Cost of revenues decreased by 67.0% to
RMB901.8 million (US$129.5 million) from RMB2,735.4 million for 2018, primarily due to a
decrease in costs incurred by the Dabai Auto business and a
decrease in funding costs associated with the on-balance sheet
portion of our loan book business as a result of a decrease in
on-balance sheet transactions.
Sales and marketing expenses decreased by
48.1% to RMB280.6 million
(US$40.3 million) from RMB540.6 million for 2018. The decrease was
primarily due to the winding down of the Dabai Auto business.
General and administrative
expenses increased by 11.8% to RMB286.1 million (US$41.1 million) from RMB255.9
million for 2018. The increase was primarily due to an
increase in third-party service fees.
Research and development
expenses increased by 2.6% to RMB204.8 million (US$29.4 million) from RMB199.6 million for 2018.
Provision for receivables and other
assets increased by 93.7% to RMB2,283.1
million (US$328.0 million)
from RMB1,178.7 million for 2018. The increase was
primarily due to an increase in past-due on-balance sheet
outstanding principal receivables compared to 2018.
Income from operations increased by 43.1% to
RMB3,848.8 million (US$552.8 million) from RMB2,689.4 million for 2018.
Net income attributable to
Qudian's
shareholders increased by
31.0% to RMB3,264.3 million (US$468.9 million), or RMB10.94 (US$1.57)
per diluted ADS.
Non-GAAP net income attributable to Qudian's
shareholders increased by
31.5% to RMB3,351.6 million (US$481.4 million), or RMB11.23 (US$1.61)
per diluted ADS.
Cash Flow
As of December 31, 2019, the
Company had cash and cash equivalents
of RMB2,860.9 million (US$410.9
million) and restricted cash
of RMB1,257.6 million (US$180.6
million). Restricted cash mainly represents (i) cash held by
the consolidated trusts through segregated bank accounts; (ii)
security deposits held in designated bank accounts for guarantee of
off-balance sheet transactions. Such restricted cash is not
available to fund the general liquidity needs of the Company.
For the full year of 2019, net cash provided by operating
activities was RMB5,503.4 million (US$790.5 million), mainly attributable to net
income of RMB3,264.3 million
(US$468.9 million), adjustment of
provision for receivables and other assets of RMB2,283.1 million (US$328.0 million). Net cash used in
investing activities was RMB929.6 million (US$133.5 million), mainly due to payments to
originate loan principal of RMB22,760.4
million (US$3,269.3 million),
partially offset by proceeds from collection of loan principal of
RMB22,140.9 million (US$3,180.3 million). Net cash used in
financing activities was RMB3,372.3 million (US$484.4 million), mainly due to repayments of
borrowings of RMB5,402.4 million
(US$776.0 million) and repurchase of
ordinary shares of RMB2,087.2 million
(US$299.8 million), partially offset
by net proceeds from convertible senior notes of RMB2,289.6 million (US$328.9 million) and proceeds from borrowings of
RMB2,251.6 million (US$323.4 million).
Conference Call
The Company's management will host an earnings conference call
on March 18, 2020 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.:
|
+1-866-519-4004
(toll-free) / +1-845-675-0437
|
International:
|
+65-6713-5090
|
Hong
Kong:
|
800-906-601
(toll-free) / +852-3018-6771
|
Mainland
China:
|
400-620-8038 /
800-819-0121
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is "Qudian
Conference 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 March 25, 2020, by dialing the following
telephone numbers:
U.S.:
|
+1-855-452-5696
(toll-free) / +1-646-254-3697
|
International:
|
+61-2-8199-0299
|
Hong
Kong:
|
800-963-117
(toll-free) / +852-3051-2780
|
Mainland
China:
|
400-632-2162
(toll-free) / 800-870-0205 (toll-free)
|
Passcode:
|
9763736
|
About Qudian Inc.
Qudian Inc. ("Qudian") is a leading technology platform
empowering the enhancement of online consumer finance experience in
China. The Company's mission is to
use technology to make personalized credit accessible to hundreds
of millions of young, mobile-active consumers in China who need access to small credit for
their discretionary spending but are underserved by traditional
financial institutions due to lack of traditional credit data or
high cost of servicing. Qudian's credit solutions enable licensed,
regulated financial institutions and ecosystem partners to offer
affordable and customized loans to this young generation of
consumers.
For more information, please
visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use adjusted net income, 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, 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 "Unaudited Reconciliation of GAAP and
Non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate
of RMB6.9618 to US$1.00, the noon buying rate in effect
on December 31, 2019 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary Unaudited Financial
Information
The unaudited financial information set out in this earnings
release is preliminary and subject to potential adjustments.
Adjustments to the consolidated financial statements may be
identified when audit work has been performed for the Company's
year-end audit, which could result in significant differences from
this preliminary unaudited financial information.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the expectation of its collection efficiency and
delinquency, contain forward-looking statements. Qudian may also
make written or oral forward-looking statements in its periodic
reports to the SEC, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Qudian's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Qudian's
goal and strategies; Qudian's expansion plans; Qudian's future
business development, financial condition and results of
operations; Qudian's expectations regarding demand for, and market
acceptance of, its credit products; Qudian's expectations regarding
keeping and strengthening its relationships with borrowers,
institutional funding partners, merchandise suppliers and other
parties it collaborate with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Qudian's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and Qudian does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
Qudian Inc.
Tel: +86-592-591-1711
E-mail: ir@qudian.com
The Piacente Group, Inc.
Xi Zhang
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com
QUDIAN
INC.
|
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
(In thousands except
for number
|
|
|
2018
|
|
2019
|
of shares and
per-share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing
income
|
|
|
903,191
|
|
716,972
|
102,987
|
Sales commission
fee
|
|
|
54,565
|
|
55,481
|
7,969
|
Sales
income
|
|
|
257,945
|
|
35,906
|
5,158
|
Penalty
fee
|
|
|
8,314
|
|
13,827
|
1,986
|
Loan facilitation
income and other related income
|
|
579,142
|
|
460,011
|
66,076
|
Transaction services
fee and other related income
|
|
-
|
|
649,373
|
93,277
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
1,803,157
|
|
1,931,570
|
277,453
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(402,688)
|
|
(148,831)
|
(21,378)
|
Sales and
marketing
|
|
|
(136,949)
|
|
(57,489)
|
(8,258)
|
General and
administrative
|
|
|
(82,535)
|
|
(70,768)
|
(10,165)
|
Research and
development
|
|
|
(77,939)
|
|
(34,288)
|
(4,925)
|
Changes in guarantee
liabilities and risk assurance liabilities(1)
|
(8,080)
|
|
(735,688)
|
(105,675)
|
Provision for
receivables and other assets
|
|
|
(220,807)
|
|
(707,201)
|
(101,583)
|
Total operating
cost and expenses
|
|
|
(928,998)
|
|
(1,754,265)
|
(251,984)
|
Other operating
income
|
|
|
12,202
|
|
49,519
|
7,113
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
886,361
|
|
226,824
|
32,582
|
Interest and
investment income, net
|
|
|
(11,867)
|
|
(3,095)
|
(445)
|
Foreign exchange
gain/(loss), net
|
|
|
(34,442)
|
|
602
|
86
|
Other
income
|
|
|
4,286
|
|
958
|
138
|
Other
expenses
|
|
|
(297)
|
|
(6,661)
|
(957)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
|
844,041
|
|
218,628
|
31,404
|
Income tax
expenses
|
|
|
(76,516)
|
|
(90,755)
|
(13,036)
|
|
|
|
|
|
|
|
Net
income
|
|
|
767,525
|
|
127,873
|
18,368
|
|
|
|
|
|
|
|
Net income
attributable to Qudian
Inc.'s shareholders
|
|
|
767,525
|
|
127,873
|
18,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
Basic
|
|
|
2.54
|
|
0.50
|
0.07
|
Diluted
|
|
|
2.52
|
|
0.49
|
0.07
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share
equals 1 ADSs):
|
|
|
|
|
|
|
Basic
|
|
|
2.54
|
|
0.50
|
0.07
|
Diluted
|
|
|
2.52
|
|
0.49
|
0.07
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
302,326,683
|
|
254,466,950
|
254,466,950
|
Diluted
|
|
|
304,640,119
|
|
293,747,979
|
293,747,979
|
|
|
|
|
|
|
|
Other
comprehensive gain:
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
1,812
|
|
38,464
|
5,525
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
|
769,337
|
|
166,337
|
23,893
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to Qudian Inc.'s
shareholders
|
|
|
769,337
|
|
166,337
|
23,893
|
|
|
|
|
|
|
|
Note:
(1):The amount includes the change in fair value of the guarantee
liabilities accounted in accordance with ASC
815,"Derivative", and the change in risk assurance
liabilities accounted in accordance with ASC 450,
"Contingencies"
and ASC 460, "Guarantees".
|
QUDIAN
INC.
|
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
(In thousands except
for number
|
|
|
2018
|
|
2019
|
of shares and
per-share data)
|
|
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing
income
|
|
|
3,535,276
|
|
3,510,055
|
504,188
|
Sales commission
fee
|
|
|
307,492
|
|
356,812
|
51,253
|
Sales
income
|
|
|
2,174,789
|
|
431,946
|
62,045
|
Penalty
fee
|
|
|
28,013
|
|
44,354
|
6,371
|
Loan facilitation
income and other related income
|
|
1,646,773
|
|
2,297,413
|
330,003
|
Transaction services
fee and other related income
|
|
-
|
|
2,199,464
|
315,933
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
7,692,343
|
|
8,840,044
|
1,269,793
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(2,735,428)
|
|
(901,787)
|
(129,534)
|
Sales and
marketing
|
|
|
(540,550)
|
|
(280,616)
|
(40,308)
|
General and
administrative
|
|
|
(255,867)
|
|
(286,059)
|
(41,090)
|
Research and
development
|
|
|
(199,560)
|
|
(204,781)
|
(29,415)
|
Changes in guarantee
liabilities and risk assurance liabilities(1)
|
(116,593)
|
|
(1,143,428)
|
(164,243)
|
Provision for
receivables and other assets
|
|
|
(1,178,723)
|
|
(2,283,126)
|
(327,951)
|
Total operating
cost and expenses
|
|
|
(5,026,721)
|
|
(5,099,797)
|
(732,540)
|
Other operating
income
|
|
|
23,748
|
|
108,508
|
15,586
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
2,689,370
|
|
3,848,755
|
552,839
|
Interest and
investment income, net
|
|
|
35,740
|
|
20,872
|
2,998
|
Foreign exchange
gain/(loss), net
|
|
|
(90,771)
|
|
6,636
|
953
|
Other
income
|
|
|
15,231
|
|
24,583
|
3,531
|
Other
expenses
|
|
|
(522)
|
|
(10,324)
|
(1,483)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
|
2,649,048
|
|
3,890,522
|
558,839
|
Income tax
expenses
|
|
|
(157,731)
|
|
(626,234)
|
(89,953)
|
|
|
|
|
|
|
|
Net
income
|
|
|
2,491,317
|
|
3,264,288
|
468,886
|
|
|
|
|
|
|
|
Net income
attributable to Qudian
Inc.'s shareholders
|
|
|
2,491,317
|
|
3,264,288
|
468,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
Basic
|
|
|
7.82
|
|
11.72
|
1.68
|
Diluted
|
|
|
7.74
|
|
10.94
|
1.57
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share
equals 1 ADSs):
|
|
|
|
|
|
|
Basic
|
|
|
7.82
|
|
11.72
|
1.68
|
Diluted
|
|
|
7.74
|
|
10.94
|
1.57
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
318,685,836
|
|
278,531,382
|
278,531,382
|
Diluted
|
|
|
321,955,142
|
|
300,457,711
|
300,457,711
|
|
|
|
|
|
|
|
Other
comprehensive gain:
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
33,089
|
|
31,893
|
4,581
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
|
2,524,406
|
|
3,296,181
|
473,467
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to Qudian Inc.'s
shareholders
|
|
|
2,524,406
|
|
3,296,181
|
473,467
|
|
|
|
|
|
|
|
Note:
(1):The amount includes the change in fair value of the guarantee
liabilities accounted in accordance with ASC
815,"Derivative", and the change in risk assurance
liabilities accounted in accordance with ASC 450,
"Contingencies"
and ASC 460, "Guarantees".
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of December
31,
|
(In thousands except
for number
|
|
|
2018
|
|
2019
|
of shares and
per-share data)
|
|
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
ASSETS:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
2,501,188
|
|
2,860,938
|
410,948
|
Restricted
cash
|
|
|
339,827
|
|
1,257,649
|
180,650
|
Time
deposits
|
|
|
-
|
|
231,132
|
33,200
|
Short-term loan
principal and financing service fee receivables
|
|
|
8,417,821
|
|
7,894,697
|
1,134,002
|
Short-term
finance lease receivables
|
|
|
508,647
|
|
398,256
|
57,206
|
Short-term
amounts due from related parties
|
|
|
2
|
|
-
|
-
|
Short-term
contract assets
|
|
|
903,436
|
|
2,741,914
|
393,851
|
Other current
assets
|
|
|
1,818,222
|
|
1,638,905
|
235,414
|
Total
current assets
|
|
|
14,489,143
|
|
17,023,491
|
2,445,271
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term loan
principal and financing service fee receivables
|
|
|
665,653
|
|
424
|
61
|
Long-term
finance lease receivables
|
|
|
649,243
|
|
239,697
|
34,430
|
Land use
right
|
|
|
106,545
|
|
-
|
-
|
Operating lease
right-of-use assets
|
|
|
-
|
|
148,851
|
21,381
|
Investment in
equity method investee
|
|
|
33,199
|
|
44,779
|
6,432
|
Long-term
investments
|
|
|
-
|
|
223,158
|
32,055
|
Property and
equipment, net
|
|
|
26,224
|
|
92,821
|
13,333
|
Intangible
assets
|
|
|
7,264
|
|
6,803
|
977
|
Long-term
contract assets
|
|
|
15,597
|
|
273,597
|
39,300
|
Deferred tax
assets
|
|
|
243,413
|
|
595,895
|
85,595
|
Other
non-current assets
|
|
|
17,093
|
|
17,698
|
2,542
|
Total
non-current assets
|
|
|
1,764,231
|
|
1,643,723
|
236,106
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
16,253,374
|
|
18,667,214
|
2,681,378
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of December
31,
|
(In thousands except
for number
|
|
|
2018
|
|
2019
|
of shares and
per-share data)
|
|
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
|
|
3,860,441
|
|
1,049,570
|
150,761
|
Short-term
lease liabilities
|
|
|
-
|
|
21,919
|
3,148
|
Accrued
expenses and other current liabilities
|
|
|
507,486
|
|
718,266
|
103,172
|
Guarantee
liabilities and risk assurance liabilities(2)
|
|
|
302,605
|
|
1,517,827
|
218,022
|
Income tax
payable
|
|
|
348,830
|
|
589,739
|
84,711
|
Total
current liabilities
|
|
|
5,019,362
|
|
3,897,321
|
559,815
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Deferred tax
liabilities
|
|
|
-
|
|
484,595
|
69,608
|
Convertible
senior notes
|
|
|
-
|
|
2,339,552
|
336,056
|
Long-term lease
liabilities
|
|
|
-
|
|
21,694
|
3,116
|
Long-term
borrowings and interest payables
|
|
|
413,400
|
|
-
|
-
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
413,400
|
|
2,845,841
|
408,779
|
Total
liabilities
|
|
|
5,432,762
|
|
6,743,162
|
968,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
|
161
|
|
131
|
19
|
Class B
Ordinary shares
|
|
|
44
|
|
44
|
6
|
Treasury
shares
|
|
|
(362,130)
|
|
(362,130)
|
(52,017)
|
Additional
paid-in capital
|
|
|
6,160,446
|
|
3,967,733
|
569,929
|
Accumulated
other comprehensive loss
|
|
|
(44,858)
|
|
(12,965)
|
(1,862)
|
Retained
earnings
|
|
|
5,066,951
|
|
8,331,239
|
1,196,708
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
10,820,614
|
|
11,924,052
|
1,712,783
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
16,253,376
|
|
18,667,214
|
2,681,378
|
|
|
|
|
|
|
|
Note:
(2):The amount includes the balance of the guarantee liabilities
accounted in accordance with ASC 815,"Derivative", and the balance
of risk assurance
liabilities accounted in accordance with ASC 450, "Contingencies"
and ASC 460, "Guarantees".
|
QUDIAN
INC.
|
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
|
2018
|
|
2019
|
(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
|
|
767,525
|
|
127,873
|
|
18,368
|
Add: Share-based
compensation expenses
|
|
|
11,249
|
|
29,042
|
|
4,172
|
Non-GAAP net
income attributable to Qudian Inc.'s shareholders
|
|
778,774
|
|
156,915
|
|
22,540
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share—basic
|
|
|
2.58
|
|
0.62
|
|
0.09
|
Non-GAAP net income
per share—diluted
|
|
|
2.56
|
|
0.59
|
|
0.08
|
Weighted average
shares outstanding—basic
|
|
|
302,326,683
|
|
254,466,950
|
|
254,466,950
|
Weighted average
shares outstanding—diluted
|
|
|
304,640,119
|
|
293,747,979
|
|
293,747,979
|
QUDIAN
INC.
|
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
|
|
2018
|
|
2019
|
(In thousands except
for number
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
of shares and
per-share data)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income
attributable to Qudian Inc.'s shareholders
|
|
2,491,316
|
|
3,264,288
|
|
468,886
|
Add: Share-based
compensation expenses
|
|
|
57,981
|
|
87,299
|
|
12,540
|
Non-GAAP net
income attributable to Qudian Inc.'s shareholders
|
|
2,549,297
|
|
3,351,587
|
|
481,426
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share—basic
|
|
|
8.00
|
|
12.03
|
|
1.73
|
Non-GAAP net income
per share—diluted
|
|
|
7.92
|
|
11.23
|
|
1.61
|
Weighted average
shares outstanding—basic
|
|
|
318,685,836
|
|
278,531,382
|
|
278,531,382
|
Weighted average
shares outstanding—diluted
|
|
|
321,955,142
|
|
300,457,711
|
|
300,457,711
|
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SOURCE Qudian Inc.