BEIJING, Dec. 6, 2022
/PRNewswire/ -- Waterdrop Inc. ("Waterdrop", the "Company" or
"we") (NYSE: WDH), a leading technology platform dedicated to
insurance and healthcare service with a positive social impact,
today announced its unaudited financial results for the
third quarter ended September 30, 2022.
Financial and Operational Highlights for the Third
Quarter of 2022
- Healthy and solid revenue growth: For the third quarter of
2022, the first-year premiums ("FYP") generated through our
Waterdrop Insurance Marketplace amounted to RMB1,785.3 million (US$251.0 million), an increase of 8.4% quarter
over quarter. Our net operating revenue was RMB772.2 million (US$108.6
million), representing an increase of 10.1% quarter over
quarter, extending our growth momentum as we made further progress
on reforming our business strategy.
- Effective cost control and sustained profitability: For the
third quarter of 2022, our sales and marketing expenses decreased
by 82.4%, and total operating costs and expenses decreased by 50.5%
year over year. Our net profit reached RMB169.6 million (US$23.8million), continuing the trend in
profitability since the beginning of 2022. Our solid financial
performance highlights our achievements in cost control and profit
enhancement.
- Positive cash flow: As of September 30,
2022, our cash and cash equivalents and short-term
investments balance increased by RMB300.5
million from the end of the second quarter of 2022 to
RMB3,588.6 million (US$504.5 million), as we continued to generate
positive operating cash flow, partially offset by the investing and
financing cash outflow.
- Further expanded product offerings: As of September 30, 2022, we offered 536 insurance
products on our platform, as compared with 454 as of June 30, 2022. In the third quarter of 2022, the
FYP generated from critical illness insurance products increased by
7.8% quarter over quarter and accounted for 28.6% of overall
FYP.
- As of September 30, 2022, around
420 million people cumulatively had donated an aggregate of
approximately RMB55.4 billion to over
2.69 million patients through Waterdrop Medical Crowdfunding.
Mr. Peng Shen, Founder, Chairman,
and Chief Executive Officer of Waterdrop, commented, "We delivered
another quarter of solid financial performance with revenue
increasing by 10.1% sequentially despite the COVID-19 resurgence
and soft macroeconomic environment. In addition, our net profit
reached RMB169.6 million in the third
quarter, which once again demonstrated our ability to maintain our
consistent momentum toward achieving the profitability goal we set
for the full year.
For our insurance business, we continually launched customized
critical illness insurance products waiving health declarations,
enriching our product offering to the next level. During the
quarter, we enhanced our take rates and sustained our repurchase
and renewal rates at high levels. By leveraging the competitive
advantages born out of our unique integrated business model, and by
maintaining high-frequency engagements with our users at all levels
through various channels, we have been able to proactively align
our insurance business directions and operational strategies with
what users really need. Take one of our customized critical illness
products as an example: the product was designed for the children,
offering additional medical service benefits for leukemia. It has
filled the gap in the insurance coverage for the pediatric group
and provided them with more comprehensive protection. Meanwhile, to
further meet the needs of younger users, we provided more
cost-effective products for this group, and consequently, the
premiums contributed from users under 40 increased by 20% quarter
over quarter.
For the medical crowdfunding business, our Operational
Transparency Committee continued to enhance operational controls
related to authenticity and transparency, and launched several new
initiatives to increase the transparency of fund flows for each
donation. Thanks to our effective measures, there has been no
malicious fundraising activities on our platform for several
consecutive months.
In the third quarter, our E-find Patient Platform sustained its
growth momentum, recruiting more than 900 patients for clinical
trials and bringing the total number of clinical trial programs to
over 400. In particular, our E-find Patient Platform has
established collaborations with a number of leading partners, which
has allowed us to work on several international multicenter
clinical trials initiated by multinational pharmaceutical
companies. Our unique digital patient recruitment capabilities have
helped us build up an influential position in the industry.
Looking ahead, we will continue to uphold our commitment to
offering multi-level protection, establishing ourselves as a role
model for Chinese insurtech and healthcare platforms, and
generating increasing value for our users, shareholders, and
society."
Financial Results for the Third Quarter of
2022
Operating revenue, net
Net operating revenue for the third quarter of 2022 decreased by
0.9% year over year to RMB772.2 million (US$108.6million) from RMB779.3 million for the same period of
2021, which remained relatively flat.
- Insurance-related income includes insurance brokerage income
and technical service income. Insurance brokerage income represents
brokerage commissions earned from insurance companies. Technical
service income is derived from providing technical services
including customer relationship maintenance, customer complaint
management, claim review, and user referral services, among other
things, to insurance companies, insurance brokers, and agency
companies. Our insurance-related income amounted to RMB693.5 million (US$97.5
million) in the third quarter of 2022, representing a
decrease of 8.6% year over year from RMB758.6 million for the third quarter of 2021,
which was mainly due to the decrease in insurance brokerage
income.
- Crowdfunding service fees represent the service income earned
when patients successfully withdraw the proceeds from their
crowdfunding campaigns. Our role is to operate the Waterdrop
Medical Crowdfunding platform to provide crowdfunding related
services through the internet, enabling patients with significant
medical bills to seek help from caring hearts through technology
(the "medical crowdfunding services"). Our medical crowdfunding
services generally consist of providing technical and internet
support, managing, reviewing and supervising the crowdfunding
campaigns, providing comprehensive risk management and anti-fraud
measures, and facilitating the collection and transfer of the
funds. Since April 7, 2022, our
crowdfunding platform has ceased to fully subsidize the related
cost and started to charge a service fee of 3% of the funds raised,
up to a maximum amount of RMB5,000
for a single campaign. Considering the specific situation of each
case, we may selectively subsidize the service fee for certain
extremely needy patients. For the third quarter of 2022, we
generated RMB59.0 million in service
fees, compared to nil in the same period of 2021.
Operating costs and expenses
Operating costs and expenses decreased by 50.5% year over year
to RMB639.6 million (US$89.9 million) for the third quarter of
2022, due to the effective cost control measures taken since the
third quarter of 2021. On a quarter-over-quarter basis, operating
costs and expenses increased by 17.3%.
- Operating costs increased by 15.2% year over year to
RMB341.3 million (US$48.0 million) for the third quarter of 2022,
compared with RMB296.3 million for
the third quarter of 2021, which was primarily driven by (i) a
RMB22.8 million increase in
professional and outsourced customer service fees, (ii) an increase
of RMB63.7 million mainly due to
recording the crowdfunding consultants team costs as operating
costs rather than as sales and marketing expense, as we started to
generate crowdfunding service fees since April, 2022, and (iii) a
RMB19.5 million increase in the cost
of one-year health insurance coverage related to the termination of
mutual aid plan based on the final settlement information,
partially offset by (iv) a RMB85.0
million decrease in personnel cost for our consultants and
insurance agents team. On a quarter-over-quarter basis, operating
costs increased by 39.5% in the third quarter of 2022, primarily
due to the fact that professional and outsourced customer service
fees increased by RMB64.1 million, as
compared to the second quarter of 2022.
- Sales and marketing expenses decreased materially by 82.4% year
over year to RMB137.9 million
(US$19.4 million) for the third
quarter of 2022, compared with RMB781.7
million for the same quarter of 2021. The decrease was
primarily due to (i) a RMB500.6
million decrease in marketing expenses to third-party
traffic channels and (ii) a RMB124.2
million decrease in outsourced sales and marketing service
fees to third parties. On a quarter-over-quarter basis, sales and
marketing expenses remained stable compared with RMB144.4 million for the second quarter of
2022.
- General and administrative expenses decreased by 26.4% year
over year to RMB82.0 million
(US$11.5 million) for the third
quarter of 2022, compared with RMB111.4
million for the same quarter of 2021. The year-over-year
variance was due to the combined impact of (i) a decrease of
RMB8.7 million in share-based
compensation expenses, (ii) a RMB9.9
million decrease in personnel cost, and (iii) a decrease of
RMB5.4 million in rental expenses. On
a quarter-over-quarter basis, general and administrative expenses
remained stable compared with RMB86.1
million for the second quarter of 2022.
- Research and development expenses decreased by 23.8% year over
year to RMB78.4 million (US$11.0 million) for the third quarter of 2022,
compared with RMB102.9 million for
the same period of 2021. The decrease was primarily due to
RMB19.5 million decreases in research
and development personnel costs and share-based compensation
expenses. On a quarter-over-quarter basis, research and development
expenses increased by 11.3% from RMB70.4
million, which was mainly due to RMB7.7 million increases in research and
development personnel costs and share-based compensation
expenses.
Operating profit for the third quarter of
2022 was RMB132.6 million (US$18.6 million), compared with an
operating loss of RMB513.0 million for the third quarter
of 2021 and a profit of RMB155.9
million for the second quarter of 2022.
Interest income for the third quarter of
2022 was RMB24.3 million (US$3.4 million), compared
with RMB11.9 million for the same period of 2021.
The increase was primarily due to the increase in our bank balance
and short-term investments as a result of the positive operating
cash flow generated from the business.
Income tax benefit for the third quarter of
2022 was RMB9.1 million
(US$1.3million), compared with an
income tax benefit of RMB8.2 million for the same period of
2021.
Net profit attributable to Waterdrop for the
third quarter of 2022 was RMB169.6
million (US$23.8million),
compared with a net loss of RMB477.0
million for the same period of 2021, and a net profit of
RMB206.9 million for the second
quarter of 2022.
Adjusted net profit attributable to
Waterdrop for the third quarter of 2022 was
RMB215.7 million (US$30.3 million), compared with an adjusted net
loss of RMB453.6 million for the same
period of 2021, and an adjusted net profit of RMB232.5 million for the second quarter of
2022.
Cash and cash equivalents and short-term
investments
As of September 30, 2022, the
Company had combined cash and cash equivalents and short-term
investments of RMB3,588.6 million
(US$504.5 million), as compared with
RMB2,787.1 million as of
December 31, 2021.
Share Repurchase Plan
Pursuant to the share repurchase program launched in
September 2021 and amended in
September 2022, as of the end of the
third quarter of 2022, we cumulatively repurchased approximately
5.8 million ADSs from the open market with cash for a total
consideration of approximately US$8.5
million.
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD" or "US$") at specified rates solely for
the convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of
RMB7.1135 to US$1.00, the noon buying rate in effect on
September 30, 2022 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or USD amounts referred could
be converted into USD or RMB, as the case may be, at any particular
rate or at all. For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as
adjusted net operating revenue and adjusted net profit/loss, in
evaluating the Company's operating results and for financial and
operational decision-making purposes. Adjusted net operating
revenue represents net operating revenue excluding management fee
income from mutual aid business. Adjusted net profit/loss
represents net profit/loss excluding share-based compensation
expense, the impact of terminating the mutual aid plan and
foreign currency exchange gain or losses. Such adjustments have no
impact on income tax.
The non-GAAP financial measures are not presented in accordance
with U.S. GAAP and may be different from non-GAAP methods of
accounting and reporting used by other companies. The non-GAAP
financial measures have limitations as analytical tools and when
assessing the Company's operating performance, investors should not
consider them in isolation, or as a substitute for net loss or
other consolidated statements of comprehensive loss data prepared
in accordance with U.S. GAAP. The Company encourages investors and
others to review its financial information in its entirety and not
rely on a single financial measure. Investors are encouraged to
review the Company's historical non-GAAP financial measures to the
most directly comparable GAAP measures. Adjusted net operating
revenue and adjusted net profit/loss presented here may not be
comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
our data. The Company encourages investors and others to review its
financial information in its entirety and not rely on a single
financial measure.
The Company mitigates these limitations by reconciling the
non-GAAP financial measures to the most comparable U.S. GAAP
performance measures, all of which should be considered when
evaluating the Company's performance.
For more information on the non-GAAP financial measures, please
see the table captioned "Reconciliation of GAAP and Non-GAAP
Results" set forth at the end of this press release.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. Waterdrop may
also make written or oral forward-looking statements in its
periodic reports to the Securities and Exchange Commission
(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
Waterdrop's beliefs, plans 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: Waterdrop's
mission, goals and strategies; Waterdrop's future business
development, financial condition and results of operations; the
expected growth of the insurance, medical crowdfunding and
healthcare industry in China;
Waterdrop's expectations regarding demand for and market acceptance
of our products and services; Waterdrop's expectations regarding
its relationships with consumers, insurance carriers and other
partners; competition in the industry and relevant government
policies and regulations relating to insurance, medical
crowdfunding and healthcare industry. Further information regarding
these and other risks is included in Waterdrop's filings with the
SEC. All information provided in this press release is as of the
date of this press release, and Waterdrop does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
Conference Call Information
Waterdrop's management team will hold a conference call on
December 6, 2022 at 7:00 AM U.S.
Eastern Time (8:00 PM Beijing/Hong
Kong Time on the same day) to discuss the financial results.
Dial-in details for the earnings conference call are as
follows:
International:
|
1-412-317-6061
|
United States Toll
Free:
|
1-888-317-6003
|
Hong Kong Toll
Free:
|
800-963976
|
Hong Kong:
|
852-58081995
|
Mainland
China:
|
4001-206115
|
Elite Entry
Number:
|
5857670
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the Elite Entry Number to join the call.
A telephone replay will be accessible two hours after the
conclusion of the conference call through December 13, 2022 by dialing the following
numbers:
United States Toll
Free:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Access
Code:
|
4470089
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.waterdrop-inc.com/.
About Waterdrop Inc.
Waterdrop Inc. (NYSE: WDH) is a leading technology platform
dedicated to insurance and healthcare service with a positive
social impact. Founded in 2016, with the comprehensive coverage of
Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding,
Waterdrop aims to bring insurance and healthcare service to
billions through technology. For more information, please visit
www.waterdrop-inc.com.
For investor inquiries, please contact
Waterdrop
Inc.
IR@shuidi-inc.com
WATERDROP
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands, unless otherwise noted)
|
|
As
of
|
|
December
31,2021
|
|
September
30,2022
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
817,719
|
|
598,353
|
|
84,115
|
Restricted
cash
|
667,664
|
|
464,646
|
|
65,319
|
Short-term
investments
|
1,969,362
|
|
2,990,238
|
|
420,361
|
Accounts
receivable, net
|
643,843
|
|
762,402
|
|
107,177
|
Current contract
assets
|
563,611
|
|
389,314
|
|
54,729
|
Amount due from
related parties
|
1,049
|
|
477
|
|
67
|
Prepaid expense
and other assets
|
369,794
|
|
338,962
|
|
47,650
|
Total current
assets
|
5,033,042
|
|
5,544,392
|
|
779,418
|
Non-current
assets
|
|
|
|
|
|
Non-current
contract assets
|
29,889
|
|
93,728
|
|
13,176
|
Property,
equipment and software, net
|
44,762
|
|
35,302
|
|
4,963
|
Intangible
assets, net
|
56,753
|
|
56,649
|
|
7,964
|
Long-term
investments
|
11,812
|
|
12,034
|
|
1,692
|
Right of use
assets, net
|
59,081
|
|
24,944
|
|
3,507
|
Deferred tax
assets
|
11,840
|
|
-
|
|
-
|
Goodwill
|
3,420
|
|
3,420
|
|
481
|
Total non-current
assets
|
217,557
|
|
226,077
|
|
31,783
|
Total
assets
|
5,250,599
|
|
5,770,469
|
|
811,201
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Amount due to
related parties
|
20,449
|
|
11,886
|
|
1,671
|
Insurance
premium payables
|
685,028
|
|
468,504
|
|
65,861
|
Deferred
revenue
|
803
|
|
-
|
|
-
|
Accrued expenses
and other current liabilities
|
498,752
|
|
579,313
|
|
81,439
|
Current lease
liabilities
|
44,113
|
|
15,815
|
|
2,223
|
Total current
liabilities
|
1,249,145
|
|
1,075,518
|
|
151,194
|
Non-current
liabilities
|
|
|
|
|
|
Non-current
lease liabilities
|
14,477
|
|
6,203
|
|
872
|
Deferred tax
liabilities
|
13,551
|
|
20,501
|
|
2,882
|
Total non-current
liabilities
|
28,028
|
|
26,704
|
|
3,754
|
Total
liabilities
|
1,277,173
|
|
1,102,222
|
|
154,948
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Class A ordinary
shares
|
107
|
|
107
|
|
15
|
Class B ordinary
shares
|
27
|
|
27
|
|
4
|
Treasury
stock
|
-
|
|
(2)
|
|
-
|
Additional
paid-in capital
|
7,329,420
|
|
7,368,355
|
|
1,035,827
|
Accumulated
other comprehensive (loss)/income
|
(21,492)
|
|
152,881
|
|
21,492
|
Accumulated
deficit
|
(3,334,636)
|
|
(2,853,121)
|
|
(401,085)
|
Total shareholders'
equity
|
3,973,426
|
|
4,668,247
|
|
656,253
|
Total liabilities
and shareholders' equity
|
5,250,599
|
|
5,770,469
|
|
811,201
|
WATERDROP
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(All amounts in
thousands, except for share and per share data, or otherwise
noted)
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended September 30,
|
|
|
September 30,
2021
|
|
June 30,
2022
|
|
September 30,
2022
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue,
net
|
|
779,305
|
|
701,418
|
|
772,192
|
|
108,553
|
|
2,602,026
|
|
2,122,298
|
|
298,348
|
Operating costs and expenses(i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
(296,317)
|
|
(244,616)
|
|
(341,293)
|
|
(47,978)
|
|
(857,342)
|
|
(740,789)
|
|
(104,138)
|
Sales and
marketing expenses
|
|
(781,671)
|
|
(144,423)
|
|
(137,919)
|
|
(19,388)
|
|
(2,863,759)
|
|
(486,685)
|
|
(68,417)
|
General and
administrative expenses
|
|
(111,419)
|
|
(86,054)
|
|
(82,039)
|
|
(11,533)
|
|
(381,807)
|
|
(270,088)
|
|
(37,968)
|
Research and
development expenses
|
|
(102,889)
|
|
(70,402)
|
|
(78,378)
|
|
(11,018)
|
|
(288,023)
|
|
(219,605)
|
|
(30,872)
|
Total operating
costs and expenses
|
|
(1,292,296)
|
|
(545,495)
|
|
(639,629)
|
|
(89,917)
|
|
(4,390,931)
|
|
(1,717,167)
|
|
(241,395)
|
Operating
(loss)/profit
|
|
(512,991)
|
|
155,923
|
|
132,563
|
|
18,636
|
|
(1,788,905)
|
|
405,131
|
|
56,953
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
11,928
|
|
15,213
|
|
24,331
|
|
3,420
|
|
36,470
|
|
54,036
|
|
7,596
|
Foreign currency
exchange gain/(loss)
|
|
12,708
|
|
163
|
|
(1,012)
|
|
(142)
|
|
14,965
|
|
(196)
|
|
(28)
|
Others,
net
|
|
3,133
|
|
15,888
|
|
4,598
|
|
646
|
|
8,566
|
|
44,975
|
|
6,323
|
(Loss)/profit before
income tax
|
|
(485,222)
|
|
187,187
|
|
160,480
|
|
22,560
|
|
(1,728,904)
|
|
503,946
|
|
70,844
|
Income tax
benefit/(expense)
|
|
8,247
|
|
19,756
|
|
9,134
|
|
1,284
|
|
226,021
|
|
(22,431)
|
|
(3,153)
|
Net (loss)/profit
attributable to Waterdrop Inc.
|
|
(476,975)
|
|
206,943
|
|
169,614
|
|
23,844
|
|
(1,502,883)
|
|
481,515
|
|
67,691
|
Preferred shares
redemption value accretion
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(152,287)
|
|
-
|
|
-
|
Net (loss)/profit
attributable to ordinary shareholders
|
|
(476,975)
|
|
206,943
|
|
169,614
|
|
23,844
|
|
(1,655,170)
|
|
481,515
|
|
67,691
|
Net
(loss)/profit
|
|
(476,975)
|
|
206,943
|
|
169,614
|
|
23,844
|
|
(1,502,883)
|
|
481,515
|
|
67,691
|
Other comprehensive
(loss)/income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of tax
|
|
(14,140)
|
|
83,901
|
|
93,742
|
|
13,178
|
|
(26,175)
|
|
169,860
|
|
23,879
|
Unrealized
(loss)/gains on available for sale investments, net of
tax
|
|
(181)
|
|
3,100
|
|
341
|
|
48
|
|
38
|
|
4,513
|
|
634
|
Comprehensive
(loss)/income
|
|
(491,296)
|
|
293,944
|
|
263,697
|
|
37,070
|
|
(1,529,020)
|
|
655,888
|
|
92,204
|
Weighted average
number of ordinary shares used in computing
net (loss)/profit per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
3,940,716,014
|
|
3,926,602,657
|
|
3,916,993,146
|
|
3,916,993,146
|
|
2,672,182,796
|
|
3,927,371,780
|
|
3,927,371,780
|
Diluted
|
|
3,940,716,014
|
|
4,006,060,346
|
|
3,999,147,416
|
|
3,999,147,416
|
|
2,672,182,796
|
|
4,007,639,428
|
|
4,007,639,428
|
Net (loss)/profit
per share attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.12)
|
|
0.05
|
|
0.04
|
|
0.01
|
|
(0.62)
|
|
0.12
|
|
0.02
|
Diluted
|
|
(0.12)
|
|
0.05
|
|
0.04
|
|
0.01
|
|
(0.62)
|
|
0.12
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Share-based compensation expenses are
included in the operating costs and expenses as
follows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended September 30,
|
|
|
September 30,
2021
|
|
June 30,
2022
|
|
September 30,
2022
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(2,363)
|
|
(1,771)
|
|
(1,912)
|
|
(269)
|
|
(8,977)
|
|
(6,485)
|
|
(912)
|
General and
administrative expenses
|
|
(28,412)
|
|
(19,976)
|
|
(19,665)
|
|
(2,764)
|
|
(164,372)
|
|
(56,562)
|
|
(7,951)
|
Research and
development expenses
|
|
(5,265)
|
|
(3,998)
|
|
(3,975)
|
|
(559)
|
|
(21,038)
|
|
(11,257)
|
|
(1,582)
|
Total
|
|
(36,040)
|
|
(25,745)
|
|
(25,552)
|
|
(3,592)
|
|
(194,387)
|
|
(74,304)
|
|
(10,445)
|
WATERDROP
INC.
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
(All amounts in
thousands, unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended September 30,
|
|
|
September 30,
2021
|
|
June 30,
2022
|
|
September 30,
2022
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
revenue
|
|
779,305
|
|
701,418
|
|
772,192
|
|
108,553
|
|
2,602,026
|
|
2,122,298
|
|
298,348
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fee
income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,745
(ii)
|
|
-
|
|
-
|
Adjusted net
operating revenue
|
|
779,305
|
|
701,418
|
|
772,192
|
|
108,553
|
|
2,599,281
|
|
2,122,298
|
|
298,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended September 30,
|
|
|
September 30,
2021
|
|
June 30,
2022
|
|
September 30,
2022
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/profit
|
|
(476,975)
|
|
206,943
|
|
169,614
|
|
23,844
|
|
(1,502,883)
|
|
481,515
|
|
67,691
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
36,040
|
|
25,745
|
|
25,552
|
|
3,592
|
|
194,387
|
|
74,304
|
|
10,445
|
Foreign
currency exchange (gain)/loss
|
|
(12,708)
|
|
(163)
|
|
1,012
|
|
142
|
|
(14,965)
|
|
196
|
|
28
|
Impact of
terminating the mutual aid plan (iii)
|
|
-
|
|
-
|
|
19,549
|
|
2,748
|
|
96,697
|
|
19,549
|
|
2,748
|
Adjusted net
(loss)/profit
|
|
(453,643)
|
|
232,525
|
|
215,727
|
|
30,326
|
|
(1,226,764)
|
|
575,564
|
|
80,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii) This represents
the net management fee revenue related to the mutual aid business
for the three months ended March 31, 2021 after recording the
RMB19.9 million reduction of
management fee revenue previously recognized for each participant
to the extent of the cumulative amount earned until March 26,
2021.
|
(iii) This represents
the estimated cost of medical expenses and cost of one-year health
insurance coverage. RMB19.9 million (US$3.0 million) was accounted
for as a reduction of
management fee revenue previously recognized for each participant
to the extent of the cumulative amount earned until March 26, 2021.
RMB96.4 million (US$13.6 million)
was recorded as operating costs.
|
View original
content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-third-quarter-2022-unaudited-financial-results-301695457.html
SOURCE Waterdrop Inc.